Saturday, February 14, 2009

Open Letter to Fellow Day Traders of 'XXX' Broker (and those of CNBC speaking "Known Universe")

Dear fellow Day Traders.

It took years of search for a lot of us to find home - one of the best brokers in the wild and unpredictable world of eternal fight for becoming a better trader, and, when we found it and made ourselves at home - "change" has come, and change is not always for the better.

As we all "anxiously await" not previously anticipated arrival of 7 millions of new 'XXX' trading platform users - we need to answer some questions, get prepared for the worse case scenario, in short - 'Plan B' is in desperate need to be created.

We have been "forewarned, therefore - forearmed" - now time is as good as ever to "arm" ourselves.

There is nothing we can do with anticipated trading volume burst, data feed problems, orders delays, customer service degradation ( My hopes are that, knowing brilliant people in charge for "XXX', a lot of questions WILL be addressed in a timely manner) - what we CAN and SHOULD do - is to preserve "online brotherhood of collective thinking/acting, maintain attitude of helping less experienced traders to achieve adequate level of performance in order to survive murky waters of trading.

Chat feature provided us with this option for a long time now. Unfortunately, unmoderated and overpopulated rooms as of late have been witnessing a lot of unproductive noise introduced by "not entirely trading dedicated newcomers", I myself recently got involved in savage outburst of ridiculous finger-pointing and lost my famous cool for few seconds for what I apologize sincerely.

In light of the above, I have decided to proceed with "plan B" and create premium chat room in PalTalk.

Here is a list of features Premium PalTalk room provides:

  • Real time chat room (no need to "refresh" or wait)
  • Voice chat (will be used in moderation by "approved" members with proven track record only)
  • Video - will be blocked for now, unless at the certain point of time the need arises in "desktop sharing", but then PalTalk is not the right tool for that.
  • Passcode protected - only members with "password" will be able to enter the room - this will guard against "trolls" (free room has a limit of 10 "passcode" members, premium room has no limit.
  • Highly moderated room - I, myself, or any of appointed admins, will use our full power to ban even unproved members in case if they will cause much distraction to trading community.
  • Always open - premium room (as oppose to free version) will always be "open" - 24x7 - come in share ideas, communicate with "likes"
  • Staging area for posting charts with immediate access by all members. (Flash tutorials, software manuals, trading methodologies ideas might reside permanently in such area)
  • PalTalk also provides "IM connect" tool - Yahoo, AOL and few other IM's might be connected from within PalTalk application.

Lack of one feature I am not particularly happy about - history/log is not kept - or may be I am still not aware of that or may be it is just "free room" limitation. But in fast changing trading world 5 seconds is a long time and I can see some benefit of not having long log with obsolete ideas.

Number of participants will be limited to reasonable number, probably no more than 100-200 (As of now I already have more than 40 emails with "strong expression of interest"

Having limited number of participants will have multiple benefits - one of such will be more open sharing of tested and true personal trading strategies. I, for one, will never disclose working strategies I was searching for years in front of thousand of lurking "XXX" chat traders, sorry ladies and gents - when everybody trade the same strategy - that strategy does not work.

This is not a final plan, it is still open for discussion, we still need to involve more skilled traders to participate. I, for one, would LOVE to see "DarkHouse" in "leading team", his experience, brilliant ideas and cold running way of trading is indispensable for even the most skilled of us. (ParrParr, BirdDog, T-Gunn, Lakai…and A LOT of others will be indispensible to this chat)

If created (well, it IS already created and I intend to proceed with the room at least for the benefits of -my site readers) such room will NOT be free - only for initial "introduction" period, "free" has never been appreciated (as Warren Buffet said - "money inherited never done any good to anybody") there will be a low monthly fee, let say "$N per month" ($20-30 sounds reasonable - for the price of few Starbucks Coffee Latte benefits might prove far outweighing the price tag attached), there are "monetary and time spent costs involved for me.

In order to protect personal email addresses I'd like to urge you to subscribe to mailing list for improved communications.

Feel free to communicate this idea to any traders who you think might be interested.

Those who would like to "test drive" new room are welcome to visit it at

Temporary password for the room is "0212"

This is a "free" version of the room - I is NOT open 24x7, but I will try to keep it open most of the time.

Only 10 "passcode" users can be in the current free room at a time (read bulleted list above)

If you like it - email PalTalk ID to me - I will start "building" the list.

Further details will be provided...

Thank you

DavidDT of Trading to Win