They also charge 10K for training if you have no record and can't guarantee you'll get in.But the online room is nice...
When reading treat training fees and risk deposits as the same thing b/c they are..... After sampling a few online services with intentions of possibly implementing my own I have come up with these General OPINIONS: You should never pay anyone to teach you anything unless they're putting up big numbers themselves and talking you thru it. If they are just straight teaching then they aren't going to tell you anything you can't learn for free with a library card or an internet connection. None of the firms that offer these services are a scam or illegal or anything in this realm of thought, this is just my OPINION after recording a day or two of some of these online training courses and watching them after the close. IF YOU CAN'T SEE SOMEONE PUTTING UP BIG NUMBERS THEMSELVES, THEN THEY SHOULDN'T BE REQUIRING THOUSANDS FROM YOU. FOR TEACHING SERVICES, I WOULD RECOMMEND PAYING MONTHLY AS OPPOSED TO A LUMP SUM, THIS WAY THEY HAVE TO RETAIN YOUR BUSINESS AND NOT THE OTHER WAY AROUND. What you should be looking for is SOMEWHERE THAT THE TEACHERS SHOW YOU THEIR TRADES LIVE, DO SIGNIFICANT VOLUME RELATIVE TO THE STOCK, BE AT THEIR TRADING SCREEN ALL DAY B/C THEY KNOW THAT'S WHERE THEY'RE MAKING THE BULK OF THEIR INCOME AND BE ABLE TO GENERATE ATLEAST TENS OF THOUSANDS IN A GIVEN DAY. Wasting your money learning from any one esle is exactly that..... A WASTE OF MONEY.
Most traders who do this "training" during the day DO NOT MAKE MONEY. You are absolutely right in asking this question, even though as in almost all the boards here people just love to jump down your throat. Their are a few big traders that teach intraday, but it's not really teaching. You used T3 as an example, I'm familiar with the firm as they have one trader that used to be with broadway that is very successful. He teaches either before or after the close, during the day he is basically on the microphone just talking out his positions. While this is great for a novice trader to hear why he got in and why he got out, in actuality he's just saying his process out loud instead of in his head, so it's not like he's doing anything he wouldn't be otherwise. Even though there are one or two guys out there that basically spoon feed you trades and make a lot of money themselves, most guys who teach online especially during the day run a business and DO NOT MAKE THEIR MONEY FROM TRADING. There are many firms out there where the teachers are trading 1000 shares of Citibank and preaching to people who spent good money to learn from an experienced guy. Just b/c someone is experienced doesn't mean that they're good. The guys that actually make money might be on the mic, but they also have size on and have their size and price on the screen for you to observe. THERE IS A BIG DIFFERENCE BETWEEN GUYS WHO TALK OUT THEIR OWN TRADES AND GUYS THAT ACTUALLY TEACH DURING THE DAY. Many shops let you demo their TEACHING ROOM, or whatever they want to call it, for free. Sample a few of them out and make sure that the guy teaching is actually trading and making money. I have sampled many of these rooms to see which features I wanted to use in my own Teaching Room, however I decided against it. The reason that firms have these rooms is to make money, which is only fair if they are helping you make money. Just be sure who is teaching you and HOW MUCH THEY ARE MAKING. I sampled the t3 room, some hold brothers sub group rooms, keystone room, assent sub group rooms, dimension and their subgroups rooms and so on. The only one out of all the 15 or so I checked out that was worth subscribing to was the T3 room. It was the only room that was well put together, had tutorials all day and most importantly had a MULTIMILLION DOLLAR PRODUCER on the radio all day. Don't get me wrong, I don't trade with them and will say that there were a few guys on the mic that I personally wouldn't follow trading, but there big sell point to me was that a trader making millions a year talked you thru what he was doing while he was doing it. All of the other groups were awful in comparison, which is when I decided against doing my own room. To be blunt, I wasn't looking to sink that much effort and money into an online room and to be competitive enough to justify charging an amount of money that would be worth my while I would have had to be at their level. To conclude I will say it again, make sure you know who's trading and can see their position. I previewed assent, hold, Keystone, etc and all of these internet rooms had the owner of the firm going thru slides and trading bullshit stocks. If you're trying to learn don't pay to learn from the guys that Charge a TRAINING FEE, learn from guys who will charge a monthly fee where you can cancel if not satified. I watched some of the bad rooms and was sickened by watching guys who claimed to make money consistently and really only made money from the website. Just ask yourself the same question I did, WHY THE HELL WOULD I WANT TO LISTEN FROM SOMEONE WHO CAN CONSISTENTLY MAKE MONEY IF THE MONEY HE/SHE IS MAKING IS 200 BUCKS A DAY. And that is most of these sites were like. Someone sitting there teaching you to scalp shares of stocks that don't move while they themselves are trading the same pieces of shit all day. Why would anyone be trading 2000 shares of C for a five cent move who is supposed to be a PROFITABLE TRADER. If you compare something like that to a model such as a T3 or similiar you are watching one guy make 200 bucks grinding bullshit stocks and the other trading up to hundreds of thousands of shares of whatever is in play and that actually have a traders range (minimum 10% move in a cheaper stock or atleast 4-5% on an expensive stock)
WinItAll, You are correct, the T3 live chat room is really good. However, trading there is very expensive. You should NEVER pay up front for "training". That is a total scam and done by firms instead of calling it a deposit. Firms that do that are not members of an exchange so they cannot legally take a capital contribution from there members. A good combination if you are doing at least a couple hundred thousand shares a month is to trade at JC Trading Group and subscribe to T3 radio. JC doesn't charge for training and are a member or a stock exchange and charge a reasonable rate. GT
Help? If u really are trying to help a newbie, you would warn against scams that require an enormous upfront fee. Instead, when a newbie has the sense to stay away and let others know about the scams, u do personal attacks. You won't be here during trading hours if u indeed work for Canadian big 5. In any case, there is no need for u to reply as u are now on ignore with all your alias.
Hey... thanks for the reply, but I'm talking about stuff from someone who is managing a group of trader's point of view. I'm not looking to sign up for a training room, I was thinking about opening one so I recorded a few different ones during the day and watched them at night. I have no affiliation with any of these rooms and decided not to open a training room b/c aside from not liking what most of them do in general, it takes too much concentration away from my own trading. In a previous thread, someone asked me my opinion on these things so I'm just sharing the same reply here b/c it's pertanent to this convo as well. Also, another group I heard has good training is WTS, which is a Canadian based firm, I think out of Quebec and they have a NYC location for whoever was talking about trading thru a Canadian firm.