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Whilst I agree that trading is a long term proposition, a few days is enough to provide a flavour of the said trading room.
You can tell very quickly if there is a) any trading going on and b) if it is just an infomercial for additional products or services.
And what we shouldn’t forget is this. Emmett requests that the vendor provide redacted trading statements to prove that they are actually trading LIVE in the first place. 99.9% of them can’t even provide a single day of verifiable evidence.
So whether they are selling a trading room, an indicator or a system. If there is no proof there is actual trading happening then that can be determined very quickly.
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- Trade what you see. Invest in what you believe -
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You should not have to spend a "few years" in a trading room to figure out if it is fake. Common sense usually gives you the answer very quickly. Heck, with most of these knucklehead vendors, you don't even have to go in the room to know they are slinging manure.
My motto: "if it looks too good to be true, it probably is."
Be very skeptical of EVERY vendor. Assume they are frauds, unless they can prove otherwise. Most people do the exact opposite - they assume the vendors are real, and then ignore the fraud signs.
I agree. Spending a few years on a website to see if it's fake is unnecessary (and downright financially dangerous) as with most dodgy websites as Kevin points out you can easily read the signs for fraud.
I guess once something is posted into CyberSpace, it never actually goes away.
@NinjaTrader - I guess you will have to admit defeat on this one. It may not have been listed on ninjatraderecosystem.com but School of Trade was certainly listed as an "Education Partner" at some point.
And I quote "The world’s leading trading education providers use NinjaTrader. No compromises. They demand the best and NinjaTrader delivers."
Don't get me wrong. I am a big fan of NinjaTrader trading platform (NT8 bumps and all) and have been using NT since 2009. But you really have to introduce a much more in depth background check and vetting process. Your decision tree on whether to list a vendor/educator needs a serious overhaul. You are getting a bad rap here. IMO I would stop with immediate effect until you can roll out something that people can begin to trust, because right now they really don't.
Do you receive any compensation from vendors listed as “Education Partners” or listed on the EcoSystem?
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- Trade what you see. Invest in what you believe -
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Clearly I was wrong, in fact they were listed on our website for a period of time. I am looking into this since I sincerely thought they were never listed.
Improving how vendors are listed and continually audited has been a high priority project for us over the last few months. I appreciate the concerns raised by members of the forum and know that I take this very seriously. As a result, our improved process will be more transparent and public communications more frequent.
The fact these guys were listed as a trusted partner by both Ninjatrader and Mirus Futures (since acquired by Ninjatrader in June 2014) did have a big impact on my (stupid) decision to join schooloftrade.com. Being listed as a trusted partner by two respected organisations lent schooloftrade.com some considerable credibility that they clearly did not deserve. I am sure others can fill in the blanks but my understanding is that Joseph Dufresne used a connection at Mirus Futures well to enjoy this status.
In retrospect, yes I agree, I should not have typed years. I suppose a few weeks would suffice. But my point was not about seeing if they were "fake", but the totality of the experience. My bad in choice of timeframe.
Gotcha. I guess you could theoretically learn from some of these guys, maybe some things to do, but really what not to do. And maybe that would make it worth whatever cost.
But most of these bonehead vendors talk a good game, yet cannot trade their way out of a paper bag. That to me is a big deal.