Welcome Message To New and Established Members


We have quite a few new members who have joined recently. First of all, I want to welcome and thank you for joining the room. More than anything else I want everyone to find success with this service and ultimately make money from the room. This gives me the greatest satisfaction more than anything else and I love that I am able to help people.

Over the years I have heard stories from many long-time members of how the service has had a positive impact on their lives. Whether that is paying off large debts, paying bills, or just earning positive returns each year. Hearing these stories means a lot to me and makes what I do so much more important than just earning a living for myself.

So, on that note, I want to give a little bit of guidance on how best to use the service and what to expect. First and foremost, you must be patient here as I do my best to only take high-probability setups. I don’t trade for the sake of trading or to look busy. I only take setups when I view them to have a high probability of success. This can be detrimental to the service itself in the short term as many traders (especially newer traders) think that you need to always be doing something to make money. This is natural in that our daily work life the harder we work the more we earn. In trading oftentimes less is more.  I am always doing the work of finding the setup but as far as executing on them I feel it is better to wait for a high-probability setup rather than to trade for the sake of trading.

While my goal is to have about 4 trades per month this will not be consistent. Some months will have more and others will have far less. In fact, in December we went almost the entire month with no setups as I just didn’t see anything that was high enough probability to execute on. Of course, right at the end of the month, we hit three really big winners one after the other ranging from 250%-500%. More than having made up for the slow December.

So what are the takeaways from this for you as a member:

  1. Be consistent here and stick around during the slow months or if there is a string of losing trades (this will happen).
  2. Be consistent with your risk management. Find a system that works for you and be consistent with it.
  3. Be consistent with your trading. Take all of the trades posted (with the exception being if I note is a bonus or lotto-type setup). Again some will work others won't.
  4. Be consistent with the fact that these setups are all-or-nothing type trades. The premium paid is your total risk. There are no stops on the option setups. If you want to risk 5% of your account per trade then buy that amount of option premium and let it ride. There are often when a trade will lose the first setup but follow an alternate count and still come out as a winner.
  5. Be consistent letting winners run. I will rarely take profits until we get to at least 100% return. Typically the only time I will is if we are running out of time.

What we do here is not hard to follow and we don’t trade so often that you have to be glued to your screen. But you do have to be consistent with the service. Give it some time and be consistent.

Finally, I often get questions about trade history. My answer to this is always the same and I don’t track history the way some other signal services do as the service is set up a bit differently to appeal to a wider group of traders from very new to very experienced.  One of the service members “joeyjoejoejabadu” did however run some calculations based on last year's published setups. His backtest results are quite close to what I have found in practice and agree with most of the findings in regards to strategy. I encourage everyone to read this post. Now I will note that the risk management he is suggesting is VERY aggressive as he is allocating a small portion of his overall investing portfolio for this service so please note that, this should very much be adjusted to your own personal comfort level and your own overall investment portfolio. 

https://www.elliottwavetrader.net/trading-room/post/8853582

https://www.elliottwavetrader.net/trading-room/post/8853672

Another great post by long-time service member “CapSixLou” can be found here. He has taken a conservative approach to the service over the years and has found really good success. I also highly encourage everyone to read his post as well.

https://www.elliottwavetrader.net/trading-room/post/7929754

I will end with another Thank you for being here and I very much look forward to a long and prosperous time together.

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Michael Golembesky is a senior analyst at ElliottWaveTrader covering US Indices, the US Dollar, and the VIX. He contributes frequently to Avi's Market Alerts service at EWT while also hosting his own VIX Trading service.


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