Oliver Velez and iFundTraders (scam proofs)

Discussion in 'Educational Resources' started by enriquep, Sep 7, 2018.

  1. qlai

    qlai

    I don’t think there’s much difference from the course(s) then what you get on YouTube. The strategies themselves are generic ones (at least nowadays) - engulfing candles, narrow range breakouts/downs, etc. I can’t speak for his private courses/mentorship, but IMHO what he teaches is Price Action.
     
    #61     Nov 29, 2020
  2. Hello guys, I have ben watching this thread for a while. I have a small opinion. I took Oliver's course ( paid 7 K back then ) and joined his firm in 2008. He is the Real Deal..and I will put him up against any Trader. His methods are sound and he still teaches the same ones today....and has refined things along the way, but basically the same stuff. I was there with Pristine in the old days....was in the room with Paul, and Dan....watched Oliver trade a losing 1.4 mm position on Blackberry ..and he wanted to show us how to lose like a professional...he lost 30 K on that trade. I am just adding my opinion here today......I have no dog in this fight...... you can/will learn from him...and he and his guys who run his program and rooms.....know how to trade very welll....no BS here......
     
    #62     Dec 21, 2020
    qlai likes this.
  3. I know of Warrior......and have no opinion on Ross, and think he may be talented, but do not know him personally...I have met Oliver personally......and know he can trade....
     
    #63     Dec 21, 2020
  4. mortd

    mortd

    I closed my account with Oliver today. I think he is for real, however this is my experience.
    I paid over 1500 for the program. It came with a pre -recorded two day, about 8 hrs each, what sounded like a seminar.
    At first I was disappointed at the quality of the video. I was not really interested in a funded account, I have my own money to trade.
    I had been trading options for sometime, but I felt I needed more training before my luck ran out. I was doing well.
    What interested me about Oliver was that it looked like a simple strategy.

    For those that are interested, I can summarize 1500 bucks worth of and 16 hrs of badly recorded seminar in a few words.
    1. Use a SMA 20, and the 200
    2. Trade with the trend
    3.1 Enter right after a leading green/red bar aka elephant bar
    3.2 Enter on a TT BT (real name a doji)
    3.3 Enter on a color change
    (basically these are known as breakout, everybody knows this. Its just phrased in a dummy way)
    4. Place your stop on the previous bar
    5. Most important "don't think Daniel Son" just do.

    So, then I got caught up on the funded account. It requires that you pay $125 per month.
    You need to reach 3k profit using the strategy (I could have done it in one week SPX Options on expiration date, sometime after 1hr of the open and once a trend is established and before 1/3 of the day, and if not wait til next exp date. lol)
    But.. here is were I found problems. I feel that the account is set up for swing trading not scalping.
    Max day loss for me was 200 with a 50K BP. Use the strategy not your own. you will dig a hole before you to profit. And digging out takes time, and you cannot place big trades because a pull back can and will take you out for the day, creating a bigger hole.

    At some point, I began to get the idea that I was being set up to continue to trade on the virtual account. One hint was when I learn that Oliver charges $600+ to reset the account to zero. For me, to be safe, once I hit 200 profit for the day, I was done. So, this takes time. That's ok. But it also took me from my personal trading. And with a 40% payout. I was loosing money everyday.

    I began to feel sore from the bottom. Look, I think the secrete sauce is thousand island. TRADE THE BREAKOUTS.

    If you don't know anything about trading, this will sound like gold. I bought this program on a good trading day. I usually do not trade one to two days after a good day because I get too confident. In these two days, I guess I was bored saw his youtube clip and bought in.
    I bought "awayyyyyyy from the 20" on after the doji, on a new high, and got stopped. lol
     
    #64     Jan 11, 2021
    west likes this.
  5. qlai

    qlai

    Thank you for your honest review. Were you attending the chat room? The provided materials is for theory, the chat room is for practice.
     
    #65     Jan 11, 2021
  6. west

    west




    thanks for the review, but can't you help and share some videos
     
    #66     May 31, 2021
  7. TraderX22

    TraderX22

    I took the time to create an account at Elite Trader specifically to set the record straight.
    First, lets discuss all the prior comments which can be grouped into two categories.
    1. People who haven't paid for the training program and know absolutely nothing about it. Seriously, how can you have an opinion on and call something a scam that you personally have never seen, used, and you have absolutely zero knowledge of? What are the motivations of a commenter who admits they haven't used the program, do not know how it works, but claims its a scam? That sounds like the methods of competitors, or just people with little common sense.
    2. People who have paid for the training program.

    To discuss the Ifundtraders and Oscar Velez's trading programs. I want to dive deep into number 2, " People who have paid for the training program" Within that group you have 2 types of people.
    1. People who are lazy, already think they know everything ( makes you wonder why they paid for a trading program to begin with ) and for either of these people who are too undisciplined to truly follow a trading method dependent on strict rules for entries, exits and stoplosses. rather then emotional based trading. So we have the undisciplined / ego based / lazy reviewers, who no program will ever work for.

    2. Then you have the people who truly take the time to study the methods. And then, trade only according to a very detailed, defined, trading plan. It takes time every day, trading and studying the plan. But more then just time, it also takes discipline to start your trading day and look at a written trading plan on paper and then only take trades that match your plan.

    I am going to write the rest of my review, as I myself have paid for the program, the rest of this review is geared towards the people who could or do fall into group 2. Or for anyone wondering what you get with the Oscar Velez trading methods and group.

    1. To be honest, 90% of the education is self guided, meaning besides recorded videos ( of which there are countless recorded videos ) besides the recorded videos, you yourself are expected to do a few things in order to master the trading plan and progress to the funded account.
    a.) You are expected to read the manual, study it, and then test each of the entry methods for 20 trades, to gain experience using each one.
    b.) You are expected to use the trading journal to keep track of your trades, so you can get data from a batch of trades, such as your average loss per trade, average win per trade, average risk unit per trade, win loss ratio, and ROI. Why do you need to know all this data? That way, you can ascertain which of the specific entry methods you are best at, and also, so you can see which specific stocks and which entry methods or "events" that you are best at, and this gets further broken down into each hour of the trading day.
    For example, If you are trading SPY using a 3-5 bar drop to a 20 MA restest with a red bar take out confirmation, you need to know what your average profit or loss per trade is just on Spy, just with that one specific entry method, and just for the 930-1030 hour, so that you can compare that same trade to the 1130 to 1230 hour, or the 230-330 hour. Now, once you calculate that information over at least 20 trades, You can begin to figure out which specific times of the day, that you have the highest successful win rate, with the smallest average loss size. So if your accuracy is higher, with a specific stock during a specific hour, and you are very profitable, you need to know if there is a specific hour of the day when trading that same stock, same entry is not profitable for you. So that you either try a different entry, different stop method, or elininate that stock from trading during that specific hour altogether, and trade a different stock or method.
    You may be super profitable off the open with QQQ, and win 90% of your trades, but during lunch hours maybe you lose 70% of your trades, its only by journaling your trades that you can see the absolute data for your personal trades, so that you can eliminate or reduce your losing sessions.

    The key point to journaling, is that Oscar Velez will not do it for you. You personally, have to open the excel spreadsheet. You have to then fill out the sheet after each trade, and you have to fill it out after every trade that week. This is the only way to have real and accurate data about your trades.. But again, it takes work on your part to do this. And many people who fail, simply refuse to be disciplined and diligent with this aspect of the trading program.

    c.) There are two live trading lessons performed each day by the black team members of Ifundtraders, through access to a live members only chat room. Where you can ask questions from the instructor about any trade in real time every day, ( when they aren't actively giving a lesson) If you do not attend the daily instructional trading chatroom, then you will miss out on the assisted portion of the trading program. Where you have access to trading instructors who discuss in depth all the strategies, market analysis, technical analysis, and all the science and statistics behind the trading method.
    Again, the point here is, if you do not take the time to attend the instructional live trading sessions each day, then how can you expect to learn or be successful? Just like with a: and b:, C: requires your time, energy, end effort. Keep in mind that every trading day you have trading mentor where you can discuss the market and potential plays, in real time.

    d:) the 125$ Monthly fee and what that is for. You DO NOT have to pay the 125$ monthly fee, HOWEVER if you do not pay the fee then you cannot graduate to the fully funded account. Also, even if you do graduate you cannot simply trade a fully funded account. You have to apply, and test online for both your SIE license and series 57. Why? Because you can't trade at a professional trading firm with just your name and good looks, entering the world of professional trading has different rules then trading your own money.
    Back to the 125$ monthly fee and what it is for. The 125$ is not paid to IFT, but rather to the trading platform that you are given access to.
    This trading platform includes all real time data, level 2 data, its a highly complex trading program that allows hot key order entry, its NOT a PFOF platform, so you either pay fees to trade if you are taking liquidity, or you get paid for each lot if you are providing liquidity, these are known as exchange rebates or maker-taker fees.
    The trading platform is also the type used by High Frequency trading algorithms, as the trading platform can interface directly with those. Its the type of platform / software that large trading firms and market makers use. And as such, its not free.
    The trading platform is the same platform you will be required to use when you graduate to a fully funded account. And there is a monthly fee to access it, due to the data, and like most software, you pay a monthly subscription.
    By far, hands down, its the most advanced order entry program I have ever seen. Also, I can put that platform side by side with Webull, Robinhood, Think or swim, and the data feed is much faster, meaning. The platform they have you use is updating its data about a half second to a second faster then your free retail trading apps do.

    d: part 2. Learning to use the trading program itself, is a task. It takes a lot of time to learn how to use the hotkeys to place orders. Now, keep in mind, I am not even discussing the time it takes to actually learn and develop the trading strategy into a trading plan. NO, I mean, it takes time just to learn how the program functions itself. But once you learn how the program functions, it really can't be beat. Why? Because when I identity a trading event where I want to go long or short, within half a second or less, as long as it takes to press 1 key on a keyboard, I can go long or short with a limit buy at a specific price target and I can exit just as fast ( assuming the bid ask spread doesn't outrun my limit price )
    But what if the bid ask spread does outrun your sell or cover limit price that you set by hotkeys? No worries, you have multiple layers of hotkeys you can use, set at any limit price you want above or below the ask, the bid, or the current price.
    I currently have 6 different buying hotkeys set, 2 cents below the bid, at the bid, 2 cents above the bid, at the ask, 2 cents above the ask, and one for a market buy ( when I must enter a long or cover a short at any cost immediately)
    The point of me listing these hotkeys and why I would have them, is because the trading plan calls for different types of entries and exist ( a buy can be both an entry and an exit ) So depending on whether I need the price to rise into my order, drop into my order, or whether I want to execute slight above or below the current price. I can enter any of these orders with typing in numbers, clicking buttons, changing drop down menus, just press a button and you are in exactly where you want your order at.
    Now, I am not gonna go into Buy Stop orders, Or Sell Stop orders, Or Buy - Stop-Trail orders. Or Buy- Server Stop / trailing stop orders.
    But I do want to add this, the trading program allows you to post an order without it showing on level 2 at all. if you do not know or understand why that might be relevant, or not relevant, or what it means. Then, you also probably won't understand most of what I just wrote about the trading platform you are paying for.
    The trading platform is for professionals. And it does professional things, in professional ways. But if you think you're going to master just the software without days / weeks of studying, practice and usage, then truly you do not have the discipline or dedication to make it as a professional trader in the first place.
    But you can have that discipline, if you choose to have it. Though, simply paying for Oscar's program itself will not make you a disciplined trader. Why? because its not going to reprogram your brain. Your trading habits. No, it gives you the framework on how you can become a disciplined professional trader, and Oscar gives you access to the daily guidance you need, but at the end of the day whether or not you succeed or fail will be entirely based on your work ethic, your discipline, your trade management, and the amount of effort you put in to change.

    e:) You get access to at least 2 private ( group only) study sessions with Oliver himself each month, where he discusses some of the basic, or more skilled concepts or trading methods. You have the ability to chat with him live by written chat.


    In conclusion. I paid for the lowest priced complete trader package, which includes access to all of the above. There are higher cost packages which I plan on upgrading to at a later date, that include a higher payout percentage / profit share ( once you have graduated to the professional / proprietary account )

    Personally, I can tell you that its not easy trading by a paper plan rather then your ego. Its not easy, trading based on statistical entry points and exit points, rather then what you think or feel will happen.

    But once you start to see some success and get used to forming the habits of a disciplined professional trader, you begin to realize what professional trading really is. It's repeating the same actions, for the same reasons, in the same way, over and over and over again without thinking all while always exercising appropriate and defined risk management on every single trade, every single time.
    When you get to the point where you no longer think, " Apple is gonna dump today so I'll go short" but instead of thinking you say, "That exact tick from Apple demands I go short with X lots with X risk right now"
    Then once you are in a trade because your trade plan says if this happens, you enter, period. You still should not be thinking, or feeling, but rather following your trade management plan. If your trade management plan says its too soon to take profit, then you do not take profit, you simply allow the stock to move keeping your stop loss in place. If your trade plan says you must add / increase your position because of a specific movement that occurs, you add, no thought or consideration required, and adjust your stop to reduce your risk accordingly. When do you move your stop loss higher or lower? Only when your trade plan dictates that you do so. When do you take profit, whether that means your entire position, or just 1, 2 or 3 lots? I bet you can guess, when your trade plane dictates or allows you to take profits.

    Your ego, your feelings, they should never be traded upon. What you should be trading from, what should be dictating your every trade is the statistical likelihood the trade will succeed, and no matter how likely a trade is to succeed you always maintain a stop loss. Why? because if you play candles and market events that have a 85% follow through, your stop is to ensure that you lose 1r, and your trading plans and rules are to ensure that you make at least 2r or more. that way, Your wins are far more often, for far more profit then your losses are.

    What good does it do you to have an 85% win rate, if your wins average 200$ but your losses are 2,000$? Far better, to have a 35% win rate where your losses average 20$ and your Wins average 200$. Because that path means you are profitable every day / week / month.

    The only way to achieve consistency in trading, is by using a trading plan. A written set of rules you follow before, and during a trade that determine when you enter, how heavy you enter, how tight or loose your stop loss is, when you take profit, when you add, and when you completely exit.
    Consistency comes from following your plan, and only your plan. instead of making trades based off what you think feel or want.

    For anyone who this sounds very strange to, you are probably the ones who need this type of program and discipline the most, but only if you are trying to be a successful day trader.

    If you are trying to build wealth for the long term, the simply put your money into 50% index funds ( SPY, QQQ, DIA ) 20% Bonds 10% BTC / ETH and 20% of your favorite and most loved and used companies. Whatever they may be and just buy and hold. Over the course of 5 years, you cannot go too wrong with that strategy and you will be profitable.

    But if you are trying to day trade equities, or day trade options, and you've ever lost over 5 grand or 10 grand or even more in a year, then you have to ask yourself how much you really want to succeed, and are you willing to trade the way professionals do, based on statistics and strict trade management rules. If you are willing to do that, and make the effort, day in and day out to learn and grow as a disciplined trader. Then the Oscar Velez program offers far more then I have clumsily explained.
    However, if you are not willing to put in the amount of time and personal effort on a continual basis, then its going to be a waste of money on your part.
    Well, almost a waste. Because even if you are lazy and never intend to trade professionally, simply going through the videos, trading manuals, and attending a few daily live trading sessions and listening will at least begin to open your eyes about the proper times to enter and exit a trade, and that alone may at least cut your losses short, if not increase your wins a bit.

    In closing, nothing above is financial advice. Though, once I pass my SIE and Series 57, I wont have to say that any more~ :)

    I hope you can all tell from the depth and detail of the information I have provided, that I am actually in the program. The Program isn't easy. Nor is it a pay to win scenario. But its effective. Sometimes I have days where every single trade I enter and exit is profitable.

    Oscar Velez, is genuinely, the real deal. His program, is far and above the real deal. The trading software used, is professional grade / the real deal.

    But paying for a program does not instantly make YOU Warren Buffet. You're gonna have to work, and work, and WORK before you're gonna be a professional / consistent / successful trader.
     
    #67     Aug 27, 2022
    deaddog and qlai like this.