Tag Archive for Dean A. Handley

422 Futures Trading Rooms in the US: Trading Advantage

tradingadvArticle by Dean A. Handley, PhD, MBA, JD

Trading Advantage is owned Larry Levin, with Dan O’Brien as head trader, and is open 9:30~4.00 EST (14:50-21:00 Zulu), 5 days a week. Trades are only taken on the ES and were announced according to their names: break out trade (BO); algo trade; poor son of a bitch (PSOB) trade, etc. Exact entries, targets or stops were not provided in 2009 or in later years. I remember how electrified I felt when Larry occasionally entered the trade room; I paid for two memberships and the advanced training for a total of over $7300 over 2 years; I was under three assumptions: Traders Advantage was a successful trading room; successful trading could be learned and this was the room was going to teach me successful trading.  This room was the first of the 422 rooms I would eventually review and the $7300 I paid was my first of two great fleecings that occurred over the next 3.7 years within the futures trading industry (remember: good judgment comes from experience; experience comes from bad judgment). I had never heard of RipOffReports, ForexPeaceArmy or Elite Trader but apparently serious condemnations of Trading Advantage reside at those sites.

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422 Futures Trading Rooms in the US

Article by Dean A. Handley, PhD, MBA, JD

Beware: Gross profits vs. Net profits.

Understanding trade performance of a futures room is paramount in your initial selection process to find which rooms to evaluate in depth. As 262/422 futures sites do not post any performance [Market Clips April 8, 2013], it is natural to focus on those rooms that do post some form of performance. Note: all (100.00%) performance information I have seen in the last 3.7 years was gross P/L, not net P/L. Many of my fellow trades casually presume that net profits follow diligently behind gross profits in an orderly fashion and that gross profits are a faithful manifestation of what is occurring with net profits. Let’s see.
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