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.
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.