Mistake: Paying for Trading Seminars, Books & Videos
Day Trading Seminars Can Be Misleading
Above all, if you learn nothing else from reading this chapter, please remember the following fact:
In most cases, day trading seminars are the equivalent to really expensive (albeit live-action) YouTube videos.
What this means for traders is that the same information and strategies being used and taught in most of these seminars can be found, for free, on common sites like YouTube.
In a recent experience, I came across a seminar which charged $3,600 for a six-hour introduction class. Further research showed the class’ curriculum covering general market facts alone.
Students attending class received really fancy-looking binders, a catered lunch and the smug feeling that only comes from knowing “the secret.”
What these students did not receive was any information whatsoever on how to trade.
There’s a reason these seminars have the negative reputation that they do. The entire seminar model itself is basically ideal for scammers and should immediately trigger multiple red flags.
This model includes three basic steps:
Show up in a town for a couple days.
Collect lots and lots of money.
High-tail it out of town with no real way for unhappy customers to contact you.
Can you think of a better scam?
A good way to sniff out these scams is to remember the following:
A company’s pricing model directly reflects how it intends on maintaining its future relationship with you.
For example, if a company charges you everything up front, chances are there’s a high amount of risk involved in the product. If the charges are incurred on a monthly basis, chances are the company is banking on you being satisfied with the product.
Trading educators that charge monthly fees generally offer a higher level of support and concern for your success. To put it simply, if you’re not successful, they stop making money.
Tip: Be cautious of large up-front costs.
You’re Clear on Day Trading Seminars, But What About Books?
Books remain a great, inexpensive educational resource for those looking to learn about the markets.
Unfortunately, if a trader wants to actually make money in the market, it requires a lot more (even for the most avid readers) than simply reading some material to get started.
Another issue with these books is how quickly they become outdated. With trading platforms and software evolving so rapidly in recent years, books on a specific subject become useless if more than two years old.
Tip: Avoid books surrounding a specific trade strategy that are more than two years old.
In my experience, I’ve found the most beneficial reading material for traders often has nothing to do with the actual act of making trades. Instead, books dealing with psychology and mental readiness in trading have made the most difference in my trading.
Many traders believe this aspect of trading to be irrelevant. In contrast, I believe it to the driving factor behind 75% of your trading success.
Tip: Not a big reader? Listen to the audio version in the car or at the office.
We’ve Covered Day Trading Seminars and Books. What About Video?
It’s easy to see technological advances in education, television and digital media becoming more and more interactive by the day. Due to this, videos are becoming a faster, more efficient way to consume trading education material.
However, prior warnings in this chapter still apply.
This may seem obvious, but if you come across a system that doesn’t include education videos in its curriculum, it’s likely outdated and faulty. This is clear indication of the system as a whole.
As we previously discussed, there’s more free trading education videos on YouTube and other streaming sites than you can imagine. But know the information in these locations can be repetitive, and even incorrect at times.
If you’re diligent in your research, it will quickly become clear to you which video sources are reliable.
Day Trade FEED’s Picks for Day Trading Seminars
Here at Day Trade FEED, we have a specific way of choosing which seminars have the correct information to incorporate into our day trading system. After years of research and trial/error, we’ve found some really great seminars that provided information that would fit perfectly into our trading system. We determine this by making sure the information is a good fit for traders using Kevin Jones Day Trading Indicators.
Traders have been using these indicators for more than 20 years, and so far they’ve worked perfectly for us in our trading.
We were also careful to make sure these seminars were safe, reliable and properly vetted prior to receiving our endorsement. To receive a list of Day Trade FEED’s picks for Quality Day Trading Seminars, contact us or fill out the form below.
This article is only part two in a series aimed at helping day traders understand what mistakes to avoid.
Subscribe below to be notified of future editions.