Wednesday, August 23, 2006

Email Question: Am I Making Any Money?

On 8/18/06, Jane* wrote:
I recently attended a 3 day seminar on tmtt as the guest of someone who had paid. I thought it was quite interesting but I'm well aware of the sales tactics used and am skeptical. I saw some negatives on line about the company as well. Jane*

I'm pretty sure I've seen most of the negative posts or "reviews" online. The vast majority of the negative reviews are not from actual students but from people who have very limited first-hand experience with Teach Me To Trade/EduTrades. Since starting my blog, a few TMTT students have come forward to report that it is working for them and to wish me all the best. I believe these are honest, real people taking a moment to say hi and encourage me. You can see some of their comments on my blog and a few more have emailed me directly.

I've been rather diligent to seek other sources of information on trading and, if you've been reading my blog recently, you're probably aware of some of the books I've been recommending. TMTT isn't teaching something strange or magical. Similar concepts, tactics and practices can be found in many reputable books. TMTT does distill down the information to its essence and highlights and teaches the most successful of the tactics, including easy-to-follow guidelines and rules. Their marketing may be a bit over-the-top (which I personally think is what has garnered the negative "reviews"), but they teach best practices and responsibly. That's not going to stop some people from going out and donating their money to the market on haphazard trades. I have heard of some people losing a lot of money after jumping into the market -- sometimes only based on the 3-day seminar! They walk away thinking they're going to be market genius overnight! The people that have lost big-time didn't even follow the guidelines, yet they want to blame someone!

Sorry, I'm beginning to rant... how 'bout I just answer your question:

No, I have not made any money yet. The more in-depth answer is: Yes, I'm beginning to make profitable paper trades. I have not yet placed a live trade with actual money, so it's not possible for me to make money yet (it's also not possible for me to lose money yet). I will be placing live trades very soon, but am still refining my system/style and learning from some mistakes in my paper trading account. It's far cheaper to learn on a virtual account, but I'm actually a slightly positive for the last couple weeks. I've been keeping a trading journal starting from last week and I'll share some entries demonstrating the good the bad and the ugly here in my blog.

The good news is that I am getting better at entering and managing my trades. I'm also getting more consistent about my analysis. I'm more thorough and am getting a better feel for the market. I'm putting it all together and will be making trades soon, stay tuned!

*Name changed to protect the presumed innocent.

1 comment:

DebFair60 said...

I too found the sales tactics to be undesirable -- but pushed past the negative feelings and signed up for some classes. I had my first online class this week and am very excited about what I'm learning. I read a book called Rule #1 by Phil Town (recommended by Jim Cramer) who has a similar approach to trading. I'm looking forward to applying my new knowledge to real trades and appreciate the time you're taking for this blog, Mark.