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Wednesday, November 20, 2013

A website for finding out about trading services/newsletters

Today's article is about a website that I recently discovered but hadn't found the time to blog about. I'm talking about Pro-Trading-Profits. This site is useful for finding profitable trading newsletters out there, and even better: to know in advance whether a certain newsletter is profitable or not before you even decide to subscribe.

How do they track all of those services? I don't know. Most of them are premium services so I guess the easiest way is to purchase a subscription in every one of them, although that would be costly. Maybe they get a free peek into the services as a way for the services to get exposure and visibility on their web site. I don't know, I have no idea. The truth is that as of this writing they are tracking the results of 434 trading websites/newsletters in total. And right off the bat you can see who is being profitable this year, who is not, whether the service has auto trade or not, free trial period, what the subscription price is etc.

Equally impressive is the list of services they no longer track (438 as of this writing) and they take the extra step to specify why the service is no longer tracked (Unprofitable, Poorly Performing Strategy, Untrustworthy Data etc). Great resource that you can quickly check out to find out about the universe of trading newsletters out there.

They also have a premium membership (I have no affiliation with them) that allows you to monitor trading services' performances and analyze hypothetical results by combining them in a common portfolio.

Well, to my surprise Pro-Trading-Profits has been tracking the results of yours truly, The Lazy Trader. Somehow they learned about this crazy Cuban who has been sharing his philosophy and trading ideas for free for two years now. Of course the first thing I did was I searched for other crazy dudes as myself. Guys trading options who share all their trades totally for free and in a totally transparent manner, measuring the performance of a hypothetical portfolio including commissions and everything, and not reporting misleading results, but a pure and simple reality: How much there was in the portfolio when the year began, and how much there was when the year ended. As it should be!

Sadly I didn't find anybody! Not in the Options realm. For a while I have been looking for something similar to what I do here on this blog and haven't found anything. Yes, I have found some blogs about options that share some trade ideas, but most don't share all their trades, they don't show a portfolio approach, or can't follow it for a whole year or simply they don't do it entirely for free. So, it becomes hard to know in the end how good or bad they are performing. And sadly most free options trading blogs stop blogging after a while. And I understand. Doing this for free takes a lot of conviction, motivation, desire to inspire/help others and love for the game. The $40-$50 advertisement dollars I make from this blog every month is nothing compared to the effort that writing 9 - 10 articles a month represents. Pro Trading Profits has shown me what I already suspected, there are not many crazy dudes out there doing something similar for free, and there's a part of me who is proud of that. Although of course I would love it if all of a sudden, hundreds of free sites sharing their style, trading strategies, position sizes, portfolio growth etc started to pop up on the internet.

Anyways, take a look at Pro-Trading-Profits. Again, I'm not affiliated with them and do not receive any kind of compensation for writing aout them. I simply think it definitely serves a good purpose and has value even if you only use their free stuffs. It might be a useful resource for you.

Be wise, have fun trading and stay tuned my friends!

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