Educational Resources Reviewed

Discussion in 'Educational Resources' started by NewbieTrader123, Mar 12, 2008.

  1. Hello,

    I have been around in this forum looking around at different opinions from people for quite some time. I have gathered some decent info from here but never have made a post because I never had anything of value to add. I have no intention of ever using this name again for reasons of anonymity, as some of the reviews I may give may be taken negatively and I would still like to remain a member. On the other side of the coin I hope people can see this for what it is and that I am certainly not a shill on here promoting everyone’s services for some sort of kick back or something.

    These reviews of these services have been done over the period of a year or more, so they are not the initial pumped up “I am gonna make millions” review.

    I would also like to preface this with a statement that I don’t think any service, method, room, or system will completely fit a specific individual. That individual needs to take what he learns, create his/her own plan or repeatable method and trade that….regardless of what Joe or Bob is doing in some room. You need to do what fits you, as you will never be willing to execute, hold, exit the trade properly if it doesn’t fit you and your plan.
    On to the reviews.

    1.Secrets of Traders.

    I took the course that includes the room. It is supposedly based on what some floor traders do, and includes around a half a dozen setups or so. I am sure that the setups can be decent (one in particular for sure), but I have found that overall it can have a fairly low percentage. Now….changing them up a little can yield decent profits, but I eventually ruled all but one of the trades out. I just didn’t feel like the fit what I was looking for. I am NOT saying at all that a guy could not trade this profitably. Larry is very open and records what all of the trades have done, and they use a three lot. Larry recommends that a guy starts with one, but can certainly be more difficult to achieve his recommended goal of at least $200/day on one contract for four months before going larger…that is great, just don’t think the trades are good enough to produce that, but again, I am sure there are people out there that can do that with the methods. The main thing that I didn’t like was the fact that Larry himself is rarely ever in the room imparting his wisdom….seems like he is more into being on television, and promoting the business with little TV recordings than providing a service, which is certainly needed to make a business successful, but I thought I was paying to learn from a seasoned trader on a daily business, not a younger fairly new trader that does marginally well (who runs the ES room). He is a great guy, but I didn’t pay to follow a great guy…I payed to follow to great trader. The room is very professional and the trader really does do his best and probably will be a great trader some day, but I found that I didn’t get that much out of it. Anyway, it was definitely not a complete loss as I was introduced to market profile (they do not teach it much at all, but I was introduced, which was worth it in itself). In the end, I would have taken the course again just due to finding MP, but I probably would’ve found that at some point anyway. If Larry was in the room quite a bit more instead of doing his BS TV spots it would probably be a great service.
  2. 2. JPJ Trading

    JP is a great trader who does his absolute best to impart his knowledge of Market Profile onto his students. He charges a very nominal fee to everyone for a period of three months and then you pay no more. He has some great MP setups that work very well for some great profits. He risks anywhere from 1-3 points and targets 5-10 pts. or so depending on the trade. Obviously, not all of the trades work, but a fair amount do very well. He is a large trader and can scale out every point for 10 or more points. It can be difficult following this with a one lot, but if you devise your own plan you should be able to do fine and build the account. JP has a huge heart and really wants to help people. Now, for the less than great features. JP has one of the worst internet connections known to man….absolute POS. Couple that with an even crappier trading platform and not so savvy computer skills…you are bound for technical issues, which occur on a daily basis. This causes JP to miss out on many trades that could have been winners. This doesn’t really hurt me personally but it would be nice if JP didn’t have to deal with this on a daily basis as it would mean he could focus on the market more. I have no idea why or even how anyone could put up with this especially a guy that trades his size. There can be up to 200 people in the room all wanting JP to tell them what they should do…well that would be fine if they actually took some personal responsibility and learned the trades and developed their own plan instead of riding JP all day…as it would allow JP to follow the market more, instead of providing guidance to quite a few “gimps” who will probably never stand on their own. On the other hand, there are quite a few great traders who add quite a bit of value to the room, and I have taken quite a bit of good knowledge from them. There is an admin guy that can really drive me nuts, and I probably wouldn’t mention it but he can’t be muted on paltalk. All this guy does is talk about how lucky he is at the blackjack table or how he did on his oil trade, or how he got out to early, how he shorted the high on ES 5 minutes ago…etc. Really adds very little value to the room imo. My intention is not to bash the guy but give you and idea of what occurs in the room daily to give you a feel for it. The culture of the room is very jovial in nature, they all celebrate and play music when one gets the “elusive 10 pt. buck” which can be great, but I prefer a more serious attitude. Speaking of this, I should also mention that some senior members broke off of JP’s room and created their own when JP was doing his last new class. JP had no problem with it in the beginning, but when the room started to allow members who had not gone through JP’s class into the room, JP got upset….which is understandable, as he thought some of his trades were being propagated throughout the internet. The real deal is, the new room doesn’t share any of JP’s stuff and we all trade our own plan, in fact the members in the room that did not go through JP couldn’t give a sh@t about what he does they are profitable on their own. This is not an educational room, just a room for people to get together and share our own opinion on the market. It is accessed through a member sponsoring you or you come from JP’s room….and no… I will not sponsor anyone who has not gone through JP’s room…so don’t even ask. In the end, I think both of these rooms have been great value. I would highly recommend both of them, but I would certainly go through JP’s room first.

    3. Ned Gandevani – Winning Edge Systems.

    Ned offers three levels of a daytrading system or methodology. I have taken the level 1 system. It is a great system that works very well. It can be very difficult to trade as there is some discretion involved but one can write a plan on this and be profitable. It also can be combined with other reversal/counter trend systems, which is what I have done. Risk is usually around 1-3 pts. and targets of 4-8 pts or more depending on the situation, but all of this can be found on the site. The only issue that I have with this is that there is no room that Ned runs even on a part time basis to give his real time experience, if he did have a room this would be an exceptional service, but right now one is kind of left one their own to figure it out, which has worked for me but it will take some time on your part. Ned is a great person who is patient with you, but I think he expects a lot out of a person for such a short period of instruction. I have not taken the other 2 levels and I am sure that they will provide much more definition on how to trade this, and I certainly intend to do so once I feel that I can add to my plan.
  3. 4.Books

    This is kind of a general view and will probably not add much value but I will give it anyway. I have never found a book that gave a specific setup that actually worked very well at all….at least from what I have seen. I am sure there are some out there, but I just have not found them. Now, Mark Douglas has two excellent books on trading psychology that help a lot, they are definitely recommended.

    5. Brokers

    In all these rooms one will get exposed to a lot of different people using their brokers, you also get to hear about how they are doing, good or bad. I can only speak about the TT platform personally, so I won’t mention others, but I will say that there have been many times that peoples platforms fail and TT is running great. I only trade the ES so I can’t comment on much more than that, but I find the service is well worth the money, and would not trade with anything else, unless something changes drastically.

    Again, I think consistent profitability comes from knowing your personality, finding a methodology/system that fits it, putting it into a plan, fixing psychological issues, and trading that plan. I also think it takes time to integrate any new ideas into a profitable plan and should only be done when opportunity costs have been taken into account and at a high level of discretion.

    I hope that my reviews have added value to the forum. Again, I did not mean to personally offend anyone, just give a fairly objective review that a new guy could use to his benefit.

    Take care,


    The pursuit of excellence in the face of adversity is invariably matched by the glory of the result.
  4. Good job. Now be prepared to get flamed by the usual cast of characters. Smart of you not to come back and defend yourself--you don't need to.
  5. Thanks for the info. I like the way you think.
  6. ZBEAR



    Jeeeesh ,
    You think you could put some page breaks in that stuff !
    ....well there are a few.

    I go blind tryin' to read it.

  7. No good deed goes unpunished...
  8. Thanks for referring me to your thread NewbieTrader123. I've compiled my own list of trading services over the last few months, but getting feedback from actual users is great.

    Funny thing that you mention platforms going down. I'd definitely agree with you that an extremely reliable platform is worth the cost.
  9. well said trader123..jpj actually seems like one of the good guys....

    What ever happened to Liza....she was a master at MP when I had his trial 2 years ago......I would imagine she split off with you folks....a nice person too.

    Anyone sitting in on the latest trial? How they doing..

  10. It is very difficult to find much on Winning Edge, but what I have seen, has been pretty negative. For example, what he books into his "track record" (which is always extremely rosy) does not reflect what people experienced at all.
    #10     Mar 28, 2008