This story is a little different.
It is about a fine gentleman – intelligent, friendly and eager to make money. Perhaps a little too eager. Like so many, he had been burned by the charlatans before he discovered us. We had a one-on-one session prior to his joining and he liked what he heard. Given some personal setbacks, I extended some courtesies to help him become a great trader.
Thomas was excited to get started. We talked of the potentials with day trading SPY options and also about the risks. We discussed that this is a process. It is not a get rich quick scheme or that there will never be losses – that kind of success only happens in one’s imagination. I invited his wife to partake in all the sessions and collateral material as well, recognizing the need for spousal support.
Soon enough, Thomas purchased the Ultimate Training Course. Those who have gone through it know the protocol… study the high performance videos and eBooks, then join us in the Trading Room. Execute 20 to 25 solid simulated trades, log your entries and review the results. Only after that period, should you transition into real trades, starting small at about $1,000. Then ramp it up.
It seems to have started out fine. Thomas and I had a number of emails back and forth and I was anxious to help him at every step. Within a few short days – much sooner than I thought it should be – I started receiving emails about my student’s trades. Real trades.
Oh oh, not good.
Turned out, Thomas had a different idea. I’m not sure what compelled him to deviate from the path, but I believe he placed only a handful of simulated trades before embarking in real money positions. After all, he had tasted success on paper, so real money shouldn’t be any different, right?
It wasn’t long before he found himself in a losing position. Panic set in and he sold for a massive loss. Had he followed the course, he would have:
a) likely not have been in the losing position;
b) been able to recover with a viable repair, or perhaps
c) cut his losses.
In fact, for reasons known only to himself, he hardly even ventured into our Trading Room, despite having paid for it.
Then he thought it prudent to ask for a refund. Really? Very awkward… for both of us, I’m sure.
Sorry, Thomas, it doesn’t work that way. He had proprietary material for which we do not give refunds any more than a college returns tuition if you drop out.
I felt bad for this guy because he really could have made it work. All he needed to do was take his time and go through the process, step by step. Patiently.
He unsubscribed to everything, despite having credits in both the Inner Circle and the Trading Room.
In his closing argument, Thomas mentioned that he consulted ‘experts’ who said that making 5% a day is not sustainable. I emailed him to ask who the experts are… I’m still waiting for a response. It is annoying hearing seemingly convincing comments from so called ‘experts’ about those of us who truly are. After doing this for many years, learning the extensive lessons and taking our own personal hits along the way, we have earned our expertise in our craft, unlike those who know nothing about what we do.
Another comment was that we do not display our real money trades in the Trading Room. Again, this was not entirely accurate. The various elements of our programs call for different approaches. My involvement in the Trading Room, for instance, is intended as a training facility to review the concepts taught in our courses in live market conditions. From time to time, I intentionally enter trades that are excessively risky or against directional indicators to demonstrate a concept, such as a repair. Anyone would agree that it is foolish to deliberately enter a losing position with real money.
One final note before we leave this segment: if I sound bitter over Doubting Thomas, it is because we receive many praising accolades on a daily basis from our students. Clearly, many traders are doing well.
Guys like Thomas make me wonder why I continue to do this. lol