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Trading Mission Review - The good, the bad and the ugly!
The following article will tell of my experience since joining the live trading room hosted by Carlos Diaz (pictured on the right) called Trading Mission (found at TradingMission.com). This will be a “tell all” article that focuses on the good, the bad and the ugly when it comes to my own experience with this particular service. There's a comments section at the bottom of the page if you would like to share your own Trading Mission Review. However before we get into that I would like to share a little about myself.
My name is Pat Russell and I’ve been trading for 7 years on and off. I’ve tried my hand at everything from Binary Options to Forex, precious metals and stocks. I’ve had some small successes here and there but largely my experience of trading has been painful and disappointing since I always seem to lose in the end. In fact I’ve lost count of the amount of times I’ve decided to give up, only to relapse a few months later like a typical gambling addict.
6 months ago I found Trading Mission. A live trading room hosted by Carlos Diaz. Things haven’t exactly been perfect since trading with Carlos but they have been a lot better than during the previous 6 years which almost killed me and I now see light at the end of the tunnel. I believe I am on track to have my first ever winning year if things continue as they have for the last 6 months and that is why I am writing this today.
However, just because I’m profitable with Trading Mission doesn’t mean you will be also. There are some things to consider before joining and I will explain all in this article.
I stumbled across the Trading Mission live trading room because of a recommendation from a friend. He was a member and he recommended I join one of their “open day” events. This is really just a fancy way of saying a free trial day where Carlos runs the room as normal but also answers a lot of questions from non-members who are attending for a taster session.
I wasn’t really interested at first because I had tried a few trading rooms before including CFRN and Chartsky and neither were for me. However I changed my tune when my friend showed me his own trading results from 3 months of trading with Carlos. They looked impressive, especially for a relative newbie like my friend so I figured I had to check it out.
My initial reaction was one of disappointment. The room only traded Oil (and occasionally the Emini S&P 500) and on some days there would be no trading at all if the head trader wasn’t happy with the market conditions. This experience was definitely not going to be a high octane thrill ride. However I did like the simplicity of it. Carlos the head trader explained the rules of the room and it was very different to my other experiences. The gist of it is that we are aiming for 1 profitable trade per day and going for around 10 – 20 ticks on light sweet crude which has ‘CL’ as the code on NinjaTrader. Ninjatrader is the platform which Carlos uses although you can use any platform you like. I already use NinjaTrader so it was easy for me to follow along.
How it works
If Carlos calls a trade and it wins then he will generally close the room and we call that a profitable day. This can take anywhere from 10 minutes to 4 hours in my experience.
If Carlos calls a losing trade we will usually stay to trade again and win it back. Sometimes if the market conditions are bad Carlos will call it a day there and we will finish for the day on a loss. Now I know what you are thinking. This all seems a bit strange. Why not open for 4 or 5 hours everyday and just trade the market conditions?
This is what I thought but Carlos has shown me a new way. It’s all about having a specific daily objective and finishing once that objective is hit. This takes some of the stress out of trading and also stops you from over trading. It took a while to get used to but I really love the approach now.
Carlos also has a specific amount of losing trades he is willing to suffer. So if he tried for 3 trade set ups and each fails he will close the room and we all return the next day to trade with him to make up the losses with profits. The effect is that most members seem to be making the same profits each month.
One thing I really struggled with at first was the stop losses. Sometimes they are larger than I would like. I have always used SL’s like how we are taught as newbies – to always aim for more than I risk. However when following Trading Mission you will be using a SL which is calculated using price action. This means you will sometimes risk more than you are aiming to gain. I really hated this at first but over time I have come to accept that this is how the professionals do it (Carlos is a professional fund manager).
What I have found is that the Trading Mission strategy generally works over the course of a month. If you are expecting every day or even every week to be profitable then you can forget it. That is not how this room works. To be honest, that just isn’t how trading works in general. If you can’t take losses then I recommend you leave trading and get a regular job.
If you keep the faith and keep trading Carlos you will generally come out on top. In the last 6 months I have had one losing month and the loss when just -$500 at the end of the month. That isn’t bad considering my best months have netted me upwards of +$4000 profit!
Yes my results are impressive (or at least I think so) but does that mean yours will be too? Definitely not. Just like with everything in life this will be a good fit for some people and a bad fit for others. If you are the kind of trader that loves action and thrill that comes with taking huge risks then this room is not for you. Although the SL’s can sometimes be fairly big I would consider Carlos a very conservative trader. His money management is very tight and the most likely cause of being stopped out is because he moves his stop during the trade in order to lock in small profits and reduce risk. I often play it more risky than he does because I believe in his calls now after witnessing so many wins. However he is looking after the guys with smaller accounts and so he often plays it a little too conservative for my liking. That’s why I have slightly adapted the way I follow him to suit my own goals and risk assessments. So if you are looking for tons of action then this might not be for you as we are often waiting like a sniper for the perfect set up to appear.
We are also trading just before the NYC open starting at 08:30am EST so if you can’t trade at that time then this won’t be for you. We are seeing some very nice moves around this time though so I recommend you make time to trade with us then.
The Oil trades are really why myself and other members are attending but Carlos and the Trading Mission team will sometimes take set ups on the Emini S&P500. I have found these trades to be much more unpredictable and less profitable than the oil trades so I know just sit them out. Maybe I will trade them in future if things settle down but for now the Emini seems just too volatile.
Trading Mission is about following and trading like Carlos. It is not a teaching based room and Carlos is not revealing his strategies for the trades in these sessions. He will often take time out to analyze the market and you will glean some amazing insights from the sessions but these are really just a bonus. The focus is on trading and there will be times when it’s just dead air and a chart ticking away which Carlos does his calculations in the background.
An inside look at Trading Mission!
Inside look at Trading Mission part 2!
Trading Mission chat room
I’ve just realised I’ve got this far without talking about the Trading Mission chat room! This is a very valuable part of the service which I love. For the most part we are all watching Carlos’s screen and getting ready to execute trades. The Chat room is there so we can communicate with Carlos and the other members. Usually after a trade is complete the members will post their results (good or bad) in the chat. This allows you to see how everyone is doing and really boosts comradery. It is also a great place to ask questions during the session. I have even made some good friends in the chat room and I have traded with them outside of the regular room hours. This is made easy as the chat room is open 24 hours even though Carlos isn’t around.
Another things that is good for the traders who just can’t seem to tear themselves from the charts even when the room is closed is the bigger targets. During the trading session Carlos will give out his bigger targets for that day and they are shockingly accurate. The only problem is that they can take all day to get hit so we don’t trade them during the room (we stick to 10-20 ticks) but having the targets is like having a game plan for trading on your own for the rest of the day. This alone is a great thing to have since I’ve seen these targets e reach over and over again. A word of warning though! You must understand good money management to trade this targets since Oil is volatile and if you go out there willy-nilly without a real strategy you can lose big time. Trading these targets is definitely more for the experienced traders in the room.
In closing I would like to say that I am a huge fan of Carlos Diaz and Trading Mission. You can tell that Carlos really does care about his members and when he loses you can hear the pain in his voice. In a perfect world the initial SL’s would be a little tighter and sometimes I wish there was a bit more action but overall I’m extremely happy and my trading accounts have never looked so profitable. If you are considering joining then I urge you to do so, but to really think about what your own personal objectives are before you go into it. Think about the risks you are happy to bear and think about how much profit you need to make this worthwhile. Then join and trade with an open mind. You might just be surprised at how things go from there.