Like everyone else, I receive frequent e-mail invitations to attend free trading webinars. The webinars typically attempt to persuade attendees to purchase trading courses that often cost several thousand dollars. It has been my experience that the webinar speaker usually gives away a valuable trading method for free in order to convince people to purchase the course. I have learned a lot for free from these webinars and occasionally still attend those that sound interesting. I listened to a webinar today from a guy who claims to trade the e-minis for the first half hour of the day only and makes $1000 on all but 2-3 days per month. He explained one of the seven set-ups he uses during the first half hour after the market opens. If was very interesting and I plan to manually back-test it. He states that he calls out trades live and that everyone in his room can take his trades, which he takes using real money. I decided to e-mail him and ask some of the questions people on ET suggest asking trading educators. Honestly, I did not expect a response because of the nature of my questions. Surprisingly, his associate responded within an hour to most of my questions. I have listed my exact questions below, but out of respect for the confidentiality of the e-mail, I will state his answers in my own words and I will not mention the name of the company. Question 1. If you have dozens of people taking the same trades at once, doesn't the number of contracts being traded simultaneously make it difficult to get a good fill? Answer: The instructor purposely keeps the room small, no one has ever had trouble filling their trades and they do not have enough volume collectively to move the market. Question 2. Why do you teach people to trade instead of simply trading 100 or 200 contracts at a time yourself? Answer: The instructor got bored trading 30 minutes a day and decided he wanted to help other people. Question 3. As you know, some trading educators are not truly successful traders. Will you provide audited brokerage statements with the account number removed to verify that you are a profitable trader? Answer: They do not provide audited brokerage statements. It does not matter if the instructor is successful, only whether the students achieve success. If students are not happy with their success, there is an unconditional 14 day 100% money-back guarantee. Question 4. Do you have any students who earn over $10,000 per month using your method who are willing to personally recommend your service? They do not provide references for the same reason as in question number 3 above. Just because someone else is successful does not mean that a given student will be, which is why they have the money-back guarantee.
The money back guarantee will be conditional...the other answers to 2 and 3 really mean diddly squat . The respondent was spinning you. Thank you for your post...interesting. NiN
Wow it sounds like they are somewhat honest. That's unusual. I was a member of EOT, and Bill shows his DOM ( not a sim DOM ) and account statement. I think this should be the default standard. Regarding audited statements Franz Shoar/ TI did that several years ago and turned out he is a scammer. If they are willing to offer a money back guarantee good, but get it in writing or make a screenshot with a time stamp. I have had internet vendors, not trading but software, change the terms of the website after you sign up! Without that sceen shot I would not have got my money back. I disagree completely with their assertion it doesn't matter if they teacher makes money as long as the student. If the master of the method ain't making money..............don't think the student is going to beat them normally. I do believe that just because the teacher makes money doesn't mean the student will. Their method may not fit your belief system and you won't pull the trigger. Your point about liquidity is valid. They don't know who is on the other side of the IP address. It could be some HFT hedge fund or BSD removing all liquidity in one swipe, depending on the market. Is there a reason you don't want to mention the educator's name?
Your first point above is a very logical way to address the issue. I will work that into my question the next time I send such an e-mail. I am not really interested in taking any expensive courses, but it is fun to send these e-mails to see the responses. I used the "Golden Rule" to decide whether to post the trading educator's name and decided that I would not appreciate if someone posted information I sent in a private e-mail to them onto a public on-line bulletin board.
Oh yeah, they sounded real honest in those answers. Just spinning you off in another direction on Q3. He got bored making money, what a croc of sh!t. I will never get bored making money........and they will NOT show you broker statements. Same old story. Nothing to see here, move along now.
Fair enough. I don't see a problem posting info as long as the confidential source is not disclosed. Ppl reading the info can decide for themselves if the poster is credible or not.
I'm guessing they advertise right? you didn't have to hunt them down to find them? This dude jumped on your email and answered back within the hour. sounds more like they are anxious to get anybody they can, rather than trying to 'keep it small'.
Quote from DrPepper: Question 1. If you have dozens of people taking the same trades at once, doesn't the number of contracts being traded simultaneously make it difficult to get a good fill? Answer: The instructor purposely keeps the room small THEN WHY IS HE RUNNING SEMINARS TO GET NEW TRADERS? no one has ever had trouble filling their trades ONLY CTAs/RIAs ARE ALLOWED TO KNOW ABOUT THEIR CUSTOMERS' SPECIFIC TRADING and they do not have enough volume collectively to move the market.HOW DO THEY KNOW THAT? Question 2. Why do you teach people to trade instead of simply trading 100 or 200 contracts at a time yourself? Answer: The instructor got bored trading 30 minutes a day and decided he wanted to help other people.I HAVE HEARD THIS ANSWER FROM OTHER "INSTRUCTOR/GURUS" AND IT IS AS UNCONVINCING AS THEY WERE Question 3. As you know, some trading educators are not truly successful traders. THAT IS WHY THEY ARE PROMOTING FOR STUDENTS Will you provide audited brokerage statements with the account number removed to verify that you are a profitable trader?I KNEW THE ANSWER BEFORE YOU PROVIDED IT Answer: They do not provide audited brokerage statements. It does not matter if the instructor is successful, only whether the students achieve success. IF THE INSTRUCTOR IS NOT SUCCESSFUL, NEITHER WILL BE THE STUDENTS If students are not happy with their success, there is an unconditional 14 day 100% money-back guarantee. GOOD LUCK WITH THAT ONE. A NUMBER OF PEOPLE HAVE COMLAINED THAT IT IS HARD TO SCRAPE THEIR MONEY BACK FROM THESE "INSTRUCTORS". AND 14 DAYS HAS LITTLE ABILITY TO PREDICT LONGTERM SUCCESS Question 4. Do you have any students who earn over $10,000 per month using your method who are willing to personally recommend your service? YES, THE INSTRUCTOR, AND OF COURSE, HE WILL PERSONALLY RECOMMEND IT TO ANYONE They do not provide references for the same reason as in question number 3 above. Just because someone else is successful does not mean that a given student will be, which is why they have the money-back guarantee. THAT IS ABOUT WHAT I WOULD EXPECT THEM TO SAY.