Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

Guest forsearch

Trading the OMNI Live with O$CAR

Is $50 per round-trip a fair fee for a future broker to charge?  

14 members have voted

  1. 1. Is $50 per round-trip a fair fee for a future broker to charge?

    • Yes, if it is a full-service broker.
      2
    • Hell, no! $50.00/rt - isn't that USURY?
      12


Recommended Posts

Guest forsearch

Trading the OMNI live with O$CAR

 

In another thread, a broker from NY (now trading out of Vegas), known to his many YouTube fans as "Oscar", was referenced. Since my reply was probably off-topic there, I've started a thread here for discussion.

 

Michael Carboni (http://www.livewithoscar.com) for instance never trades the day before a holiday weekend because he has reason to belief -and as he's been trading for 26 years, so this is obviously based on experience in the field- that market participants behave differently. I think I read somewhere that Fridays (especially after lunchtime) most of the pro's have left the field...

 

Curiously, I had come across one of his videos wherein he was speaking to a group down under about his services. I couldn't believe it when I saw him say how much he charges for a round-trip futures trade in the US markets (and presumably in US dollars, although it's just as egregious in Aussie bucks too).

 

 

Just go to the 1hr 17min mark and you'll see it for yourself.

 

attachment.php?attachmentid=7131&stc=1&d=1213811518

 

Fifty (yes, 50) dollars a round trip. No typo or misquote here. In fact, at the 1hr 18min mark on the video he repeated his fee, just in case you didn't catch it the first time around.

 

Unbelievable.

So my question to everyone in TL land is...for any broker, full service or discount, is FIFTY dollars a round-trip ever justified?

 

-fs

Share this post


Link to post
Share on other sites

Apart from the free vids on YouTube, I don't know him very well, so I don't feel it's my place to condemn anybody.

 

However, he looks like a decent knowledgeable guy and from what I've seen some of his analysis is pretty good (apart from the indicators which I personally dislike). However, I must say that some elements of the video posted by forsearch have a tendency to sound like the typical "I want to sell you something and you better pick the most expensive service because ... etc etc".

 

Personally, I'd ask some good questions what those $50 per roundtrip cover, because that's a full 1 ES point you need to make up on each trade. And that still doesn't cover the spread, inherent to any instrument.

 

Starting from minute 42 up to 43 or so is also interesting. The other guy says "I rather have an expert tell me what to do and where to buy... that's all you need to know" :hmmmm:

Edited by firewalker

Share this post


Link to post
Share on other sites

You need an answer that says "Depends".

 

And it depends on what you are getting for that $50/rt.

 

I've watched some of Oscar's videos before but not sure what that $50/rt is getting you. If it's a 'set it and forget' system that makes money, sure $50/rt is doable. If you are doing a lot of the work then $50/rt is expensive.

 

So, it depends on what that $50/rt gets you.

Share this post


Link to post
Share on other sites

you can get an fair idea of his abilities, since he posted youtubes for a long while.

he gets them wrong as well, but he tends to pick the entries and exits fairly well, even pointing to support or resistance on the way to the profit target, and if tou look at the charts, the price seems to stall at these points.

 

he, of course, gets them spectacularly wrong as well, but the stops should take care of that.

he has reduced the number of youtubes of late.

his site has a forum, and the free calls are generalish, eg, "buy mid-to-low xx".

he has a premium room, which I am loathe to pay for.

 

he is one of the few people to post his views/calls in advance for a considerable amount of time, and his reputation stands or falls on that.

 

$50 r/t = a bit steep.

Share this post


Link to post
Share on other sites

Personally if I was a customer I would rather pay a competitive rate for the execution part and pay for any "value added" separately. Just more transparent like that, I guess I am a transparent sort of guy.

Share this post


Link to post
Share on other sites
Personally if I was a customer I would rather pay a competitive rate for the execution part and pay for any "value added" separately. Just more transparent like that, I guess I am a transparent sort of guy.

 

Well I think that's actually the case, it seems like you need to pay for both separately...

 

http://www.livewithoscar.com/index.php?pa=membership

 

You need to have the Gold membership ($99.95/month), if you want detailed daily recommendations...

 

Come to think of it, I should've asked money for some of the daily targets I posted in the past. Obviously, some were wrong as well ;)

Share this post


Link to post
Share on other sites

This commision rate in current times is robbery, if your paying it I'm sorry to say your the sucker in the room. This is what commoditity brokers used to charge 20 years ago when there was very little access and no one knew any better. Plus they actually provided some services. Its a majorily out of date model. These days I consider $2.40 an average rate. If have any negoiating leg to stand on, for ex you do any volume or have potential to do so, you can cut that in half or more.

Share this post


Link to post
Share on other sites

to be fair i have to revise my thoughts a bit. I just reviewed some of that video and while it is an outrageous some per carr he is also offering some mentoring. So it becomes are you getting your moneys worth for the education. He's dealing with the green of the green so he probably deserves $100 a turn. If you have any experience and like him, use the service but open an acct elsewhere.

Share this post


Link to post
Share on other sites

I'm a great believer of paying for service where you are getting it rather than 'hidden' somewhere else. So give him $10 a RT (or whatever the rate is) for execution and then pay him a management fee based on his performance, or a system fee or an advisory fee, whatever is appropriate.

 

Edit: damn I already said that 6 months ago...at least I am consistent.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Similar Content

    • By ridhuanuzz
      Here are some trading courses that I know they have experienced trader as a teacher:
      - Stock Trading & Investing for Beginners by Udemy
      - Consistent Profits from Stocks With AI Assistance In Just 10 Minutes a Day! by Snap Academy
      - Trend Following For Stocks by Decodingmarkets
       
      Give me advice which one is the best to join?
    • By sergio
      Hi,
      We are doing a university job where we must investigate how banks manage their financial products that require trading, for example, they offer a fund, as they manage capital internally. Could you help me?
      Thank you!
    • By millonmethod
      Hello everyone!
      I am an advanced trader, with many years of experience (about 15 years - 10 living exclusively from this)
      I am going to give you some tips that you must know:
      There are going to be many people who tell you that trade is easy, that with only crossiing a line  with another one you will win a lot of money.... and that´s not true.  No, Sir, reality is far away from that. Many people who start arrive here with the hope that someone "gives them" a free method, they watch youtube videos thinking that this will give them the "strategy" and in a few days they realize that it does not work for them - they lose money - and then They go looking for a new one ... and so on. YES, IT´S TRUE YOU EARN IN TRADING, A LOT. BUT THINK: for a few to win (10% + any BROKER) many others must lose (90% people). YOU MUST HAVE A MONEY MANAGMENT FORMULA ( you can email me) People study so many years to live on this, not because they are dumb, but to know what they do, when, and have absolute effectiveness. It´s very easy to get lost here: do not disperse, jumping from one to another strategy WILL NEVER give you money, it will only waste your time and make you nervous when trading. PEOPLE WHO CHANGE THEIR METHOD CONSTANTLY : LOOOOSE ALWAYS.   If you have the knowledge to develop it, take your time and do it.  Always try it first on DEMO for at least 2 weeks! If not: search to buy a solid strategy (no you tube videos pleassse ! Avoid losing money! ) This is like any business, it requires some capital to start (capital = money in the broker + solid made /purchased strategy) If you are lost: I RECOMMEND YOU NOT TO WASTE TIME IN YOUTUBE, JOIN PEOPLE WHO HAVE EXPERIENCE AND IF YOU ARE GOING TO BUY A METHOD ... PLEASE !!!! DO NOT BUY 10 BAD AND CHEAP METHODS, SAVE MONEY AND BUY ONLY 1 BUT EXCLUSIVE AND MUST ALLWAYS HAVE SUPPORT !!!!!  Do not buy Signals! They never keep up with constant profits! One week will win and the next will lose. Nothing that does not depend absolutely on you will give you the money you are looking for. And if you do not have a strategy (made or purchased) do not even try PLEASE PLEASE PLEASE: DO NOT USE REAL MONEY! AT LEAST 2 WEEK DEMO FREE HELP HERE!!!!!  IF YOU FOLLOW MY ADVICE YOU WILL BE PART OF THAT 10% WINNER, email me.
      Have a nice trading day
       
       
    • By Georgebro8
      So I've been 18 for about 4 months, since I turned 18 I started up an account, and basically thought I was doing amazing because of beginners luck, put in some of my savings and managed to do well, some days I would make £200, one day I even made £900, after time I lost my profits and made a loss as well. I've realised I need to spend the time analysing the market and making technical judgments. I'm trying to read more and spend a lot of my time looking at the charts. is there any advice people can give me. and is making 5% a week a realistic goal to set myself? before anyone assumes that im looking for a get rich quick scheme, im certainly not, I see every loss ive made as a lesson and ensure that I learn from each mistake I make. 
      any advice about indicators, strategies, how to analyse the market, or even analysing earning reports would help me.
    • By jason.lee
      Does it mean that you are an expert just because you make a lot of profit? The amount of profit cannot be used to measure the value of a trader. Yes, you must be doing something right if you are making a frequent profit. However, that does not determine if you are an expert or not just by your profit. This is quite a common misunderstanding in the forex industry.
      Making a large profit is only one side of the forex market. Majority of forex traders tend to lose most of the time after they have experienced profit. But why?
      So many traders fall into a fantasy land where they make an endless amount of money at the beginning. Many beginner traders tend to gain profit at the start not knowing the importance of technical analysis of the market.
      The experts on the other hand who stayed became wealthy and stayed that way, continue gaining profit, are all knowledgeable when it comes to the basics. Experts have dialed many ways to control their minds to be set right to be a trader.
      Understanding of the market is a must know anyway. Expert traders wait patiently until the right opportunity comes. Opportunity comes to everyone.
      What differentiates the experts and the beginners is that experts know when the opportunity has come and knows to take advantage of it. Making profit by luck is possible, and yes luck is also very important. But can you profit with luck every time?
      How an expert trader is determined is not by how much the person gained, it’s about the precision and the frequency of results. Profit can’t be maintained by luck. It is maintained and is a result of precision and strategical execution. You shouldn’t worry because you’re not gaining any profit right now.
      You should be building your skill sets to be a better trader by experiencing many trading situations of losses and wins. If you invest in your time to improve, your results are guaranteed to increase more frequently and will become more stable.
  • Topics

  • Posts

    • Be careful who you blame.   I can tell you one thing for sure.   Effective traders don’t blame others when things start to go wrong.   You can hang onto your tendency to play the victim, or the martyr… but if you want to achieve in trading, you have to be prepared to take responsibility.   People assign reasons to outcomes, whether based on internal or external factors.   When traders face losses, it's common for them to blame bad luck, poor advice, or other external factors, rather than reflecting on their own personal attributes like arrogance, fear, or greed.   This is a challenging lesson to grasp in your trading journey, but one that holds immense value.   This is called attribution theory. Taking responsibility for your actions is the key to improving your trading skills. Pause and ask yourself - What role did I play in my financial decisions?   After all, you were the one who listened to that source, and decided to act on that trade based on the rumour. Attributing results solely to external circumstances is what is known as having an ‘external locus of control’.   It's a concept coined by psychologist Julian Rotter in 1954. A trader with an external locus of control might say, "I made a profit because the markets are currently favourable."   Instead, strive to develop an "internal locus of control" and take ownership of your actions.   Assume that all trading results are within your realm of responsibility and actively seek ways to improve your own behaviour.   This is the fastest route to enhancing your trading abilities. A trader with an internal locus of control might proudly state, "My equity curve is rising because I am a disciplined trader who faithfully follows my trading plan." Author: Louise Bedford Source: https://www.tradinggame.com.au/
    • SELF IMPROVEMENT.   The whole self-help industry began when Dale Carnegie published How to Win Friends and Influence People in 1936. Then came other classics like Think And Grow Rich by Napoleon Hill, Awaken the Giant Within by Tony Robbins toward the end of the century.   Today, teaching people how to improve themselves is a business. A pure ruthless business where some people sell utter bullshit.   There are broke Instagrammers and YouTubers with literally no solid background teaching men how to be attractive to women, how to begin a start-up, how to become successful — most of these guys speaking nothing more than hollow motivational words and cliche stuff. They waste your time. Some of these people who present themselves as hugely successful also give talks and write books.   There are so many books on financial advice, self-improvement, love, etc and some people actually try to read them. They are a waste of time, mostly.   When you start reading a dozen books on finance you realize that they all say the same stuff.   You are not going to live forever in the learning phase. Don't procrastinate by reading bull-shit or the same good knowledge in 10 books. What we ought to do is choose wisely.   Yes. A good book can change your life, given you do what it asks you to do.   All the books I have named up to now are worthy of reading. Tim Ferriss, Simon Sinek, Robert Greene — these guys are worthy of reading. These guys teach what others don't. Their books are unique and actually, come from relevant and successful people.   When Richard Branson writes a book about entrepreneurship, go read it. Every line in that book is said by one of the greatest entrepreneurs of our time.   When a Chinese millionaire( he claims to be) Youtuber who releases a video titled “Why reading books keeps you broke” and a year later another one “My recommendation of books for grand success” you should be wise to tell him to jump from Victoria Falls.   These self-improvement gurus sell you delusions.   They say they have those little tricks that only they know that if you use, everything in your life will be perfect. Those little tricks. We are just “making of a to-do-list before sleeping” away from becoming the next Bill Gates.   There are no little tricks.   There is no success-mantra.   Self-improvement is a trap for 99% of the people. You can't do that unless you are very, very strong.   If you are looking for easy ways, you will only keep wasting your time forgetting that your time on this planet is limited, as alive humans that is.   Also, I feel that people who claim to read like a book a day or promote it are idiots. You retain nothing. When you do read a good book, you read slow, sometimes a whole paragraph, again and again, dwelling on it, trying to internalize its knowledge. You try to understand. You think. It takes time.   It's better to read a good book 10 times than 1000 stupid ones.   So be choosy. Read from the guys who actually know something, not some wannabe ‘influencers’.   Edit: Think And Grow Rich was written as a result of a project assigned to Napoleon Hill by Andrew Carnegie(the 2nd richest man in recent history). He was asked to study the most successful people on the planet and document which characteristics made them great. He did extensive work in studying hundreds of the most successful people of that time. The result was that little book.   Nowadays some people just study Instagram algorithms and think of themselves as a Dale Carnegie or Anthony Robbins. By Nupur Nishant, Quora Profits from free accurate cryptos signals: https://www.predictmag.com/    
    • there is no avoiding loses to be honest, its just how the market is. you win some and hopefully more, but u do lose some. 
    • $CSCO Cisco Systems stock, nice top of range breakout, from Stocks to Watch at https://stockconsultant.com/?CSCOSEPN Septerna stock watch for a bottom breakout, good upside price gap
    • $CSCO Cisco Systems stock, nice top of range breakout, from Stocks to Watch at https://stockconsultant.com/?CSCOSEPN Septerna stock watch for a bottom breakout, good upside price gap
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.