Now that we've accomplished a two sided conversation I can leave it to the subsequent readers to make their own decisions.
I wouldn't go as far as to call it a scam. Is he selling dreams to dreamers? Yes. But, you can't absolve people from wanting a magic pill to make them rich and talented. Even though Oliver Velez says day trading is not easy, he intentionally promotes it like it is, to get the suckers in. These saps think that if they religiously follow him and call him boss and master, give him their money, that one day they can be like Oliver Velez...lol, I don't know who is to blame...the sucker, or the person who parts the sucker from his/her money. What is deceptive about Oliver Velez's trading is the profit he is making. If you watch his tidbits live on Periscope, you will see he is consistently making $2000-5000. You would think, wow he is one of the best traders I've seen and maybe I can do that too. What he doesn't show you is how he is making it and why you can't make that kind of money. He tends to trades stocks that are around $100-200, like Apple, BABA, etc. He is going for a profit target of $0.20-0.30. But his position size is 8,000-10,000 shares, which with a profit target of 30 cents ends up being $2000-3000. So he takes a trade in the morning with a large share size and starts taking profits when he is about 20 cents in the money. After he closes out majority of his position and has less than 2,000 shares left, he starts to broadcast live on Periscope so as to show people he is making +$2000 profit with less than 2,000 shares...so everyone thinks either that: A. he must be the best trader in the world making $1-2 profit per share or B. I could do that with that share size too. But the reality is that 10,000 shares of Apple at $200/share is $2 million in buying power required, and for comparison, he gives you an initial account with a $50k buying power, which is like 300 shares of Apple. So, is his strategy good enough to consitently make a profit of $0.20 on a $200 stock? Yes. Can you make thousands of dollars without a huge account? No. Meanwhile, he will milk you $125/mo for data fees. In any way you look at it, Oliver Velez is a great trader, even an elite trader. I would not blame Oliver Velez for people's own ignorance for wanting an easy way to make money and/or a lazy way to get educated. People want to get around the years of education/practice/experience needed to master this occupation. All good salespeople will prey upon this human nature of people wanting the magic pill to bypass the hard work.
You have many valid points here. Simple question - can you set up your simulator with 2m BP and make 2-3k a day consistently? If the answer is no, maybe you have something to learn. If the answer is yes, you should have no problem getting 2m in BP from a prop shop after trading on their simulator for a few months.
Listen, I agree that Oliver Velez is a great seasoned trader and that his strategy works for him. What my point is that people want 20 years of trading experience without putting in the 20 years. It's not going to happen. Oliver Velez is as much of a scammer selling to people as the government is a scammer for selling lottery tickets. My advice for people is to do their own research...the majority of stuff these gurus are selling are available online for free, the platforms and data fees are cheap...experience cannot be bought from Oliver Velez or anyone else. Btw, if these gurus had a million dollar strategy, why would they need you?
Agreed again, but my point is he may be the best a retailer/beginner has access to. What he preaches has a lot of validity. A good place to start IMHO.
I agree that a person needs to start somewhere. When people start trading, they are very naiive. In the beginning, we don't know what we don't know.. or how deep this rabbit hole really goes. It takes a year or two just to figure that out. This is a tough game, and will be tough if you do it on your own or with a mentor. It is a game of survival, and if you can survive 4 years of trading everyday without giving up, you may have a chance. And that is easier said than done. But I agree with you that Oliver Velez knows trading and may be a good place to start, especially with his free material. Just know that trading can't be taught, it can only be learned.... and learning it is a pain in the arse.
Oliver Velez is a crook and a liar. He cheated me at the end of his "Trade for Life Program". Stay away!
Hello every one, I believe that the best thing to do is learn for free online, without taking the oliver course you can learn many things, even the oliver material is easily found on the internet. His study material seems good to me, you can read and study without buying the course, or even many traders post it, write books etc, Trading is about reading, learning, trying out strategies for yourself, making a diary and looking at what works and what doesn't. Each trader develops a different way of operating. Before wasting money on a course or on a platform without first knowing something, it is important to practice in demo accounts and when you have consistency and a trading plan, proper handling of the demo account as if it were real, dare to trade in real, (with the 1000 of the course Xd xd xd)