by Gavin M.
<-- Looks like Tim Sykes doesn't it? hahahaha
There's a ton of negative connotation out there on trading subscription services. As co-founder of Equity Sense, I am also not immune to being verbally attacked. We as a company are continually getting challenged if we provide real service to market participants out there.
Join us at Equity Sense and enjoy a Free Trial.
Just what really makes a scam, well, a SCAM? Let's think about that for a second. When you sign up for a class, trade alerts service or any type of market service and you literally do not get any value from it, it isn't necessarily a scam... at least not yet. When you took Geometry in high school and did not learn anything from it, would you have told your mom your school's scamming you? I think not.
There are two players in the subscription service: the ones who really know what they're doing and the ones who think or pretend to know what they're doing. Unfortunately, 90% belong to the latter and only a handful of people really do know what they're doing.
So how do you know when you're being scammed? When people over exaggerate claims. When people tell you they can teach you to trade in less than a week. When people give you trade alerts minutes after they've entered or give you the claims late.
My path to daytrader status was not an easy one. Nothing in life is easy. Period. I spent a full summer paying more than $12,000 to learn how to trade from professionals from New York. On top of that, I got mentored for a few more months. THAT is real learning and trading.
There are good subscriptions out there. The trick to finding the right ones is to find what suits your personality as a trader. Just as some individuals are best suited for Princeton, some are also better off dropping out or going to UCLA for example. Finding what works for you is an art - there can be some trial and error but you will get there.
There is great benefit in getting subscriptions from someone who truly knows what they're doing. It will show when you've subscribed with them. When the person/company you are with show they have great affinity to trading, that is one proof that they really are serious about what they do. When the people you're calling as mentors prioritize their own trading before you, those are the people who truly mean it. Subscriptions are great for people who are busy - who just don't have the time to analyze and prepare for their trades. It is good to follow someone who is consistent and successful. At Equity Sense for example, we allow prospective clients to ask our existing clients what they really think candidly about our classes and services. We welcome any bad or good feedback because we know that each person has different needs.
The saying, "those who can't do teach" does not apply to trading education. You want to get taught by someone successful, not someone who's pretending to have a $500,000 E-TRADE account. It would be nice someday for people to stop generalizing every person who provides subscriptions out there as a scammer but to actually take the time to evaluate what they do. While most can be con artists, there are always those rare few who genuinely want to help you succeed.
All the best in your trades.
Gavin Martinsson is Co-Founder of Equity Sense. He founded Equity Sense together with Mike Lim. His twitter handle is @GEQSENSE. He has been trading for close to 12 years. He mainly trades futures, forex and options.
Traders from Equity Sense will be writing on this blog on positions and other market-related things.