Completed 7-day training.
Trading platform doesn't work. Disconnected from server several times a day. This happened to all the students. The instructor explained that improvements were planned. He also explained the the CEO was trying to buy the software company so that he could get the necessary upgrades accomplished. Until then we are stuck with this outdated piece of $%#$%.
Current trader advancement chart shows that out of over 1000 traders in the program, 95% of them have never advanced beyond Level 1 in the trader advancement program.
Instructor said that the traders who the CEO spoke of who were beyond level 12 were not part of the trade for life program. They contract with the company as independent traders. They use a different trading platform than the people in Trade For Life program. They pay extra for it, but it actually works.
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8 comments:
I'm sorry you feel that way. There was no guarentee that you would make money if you don't have what it takes to stick it out. Since you offer nothing but a gripe, Looks like you just aren't good at this kind of trading. Maybe you should try something else like real estate or Bank CDs. They are safer and less stressful. that way you will live a happier life and not let be crying in some lame useless Blog.
Dear scammed,
I am about to sign up, could you pls help us by clarifying the following:
What kind of internet connection do you have?
What time periods are you connected to the platform? (eg I connect from 9AM-4pm eastern standard time, and was disconnected 5 times....)
were you allowed to make any trades?
could you pls elaborate on how "trading platform doesn't work"?
could you post the trader advancement chart?
any reply would be GREATLY appreciated
thank you
http://www.elitetrader.com/vb/printthread.php?threadid=114207
http://www.elitetrader.com/vb/showthread.php?threadid=97373
Hey look Sharma was the first to figure it out. He paid for the prop trader program...Bought it hook line and sinker like we all did and couldn't get through the maze. Then he opened an independent account had a little more success with it but was still failing. So he volunteers to become a moderator. Now on the inside he finds out the truth. That this whole deal was simply to get huge upfront money ( 3000 traders times 10k) and then induce them to trade a lot. Now they are collecting the rebates on all of the order flow. All Velez had to do was keep them trading and they would get these huge rebates. Unfortunately for Velez he was drinking his own koolaid and forgot that most of his techniques don't work. Sharma found out that the levels were rigged in such a way ( rules the casinos use for blackjack that put the edge in their favor) that no one would really succeed. But they would feel like they were succeeding and would still trade. Sharma wanted to make money and had a bit of integrity so he just left. Now Velez can't get enough new traders at the bottom of the pyramid and guess what the trade rebates start to decline ( no one making the big money so less trading). Now VCM is in trouble and losing money. Vaccaro who backed the deal starts to put pressure on Velez and so Velez starts the face book thing that is designed to make all of the traders think that the problem is with the trader not the Velez techniques and the rules of advancing up the ladder. That works for about six months and then someone with real money isn't happy sues and sends letters to the SEC and the New York State AG. The game is rigged and all the holy grail techniques can't beat the reality. The reality is that “92% of people who want to be full time traders can't do it.” The problem of course is that unlike other schemes Velez is a rock star with the motto “Trade for Life”....Its on tapes, videos with hundreds of witnesses....This idea was brought up when Velez was at Pristine but Greg Capra new that it wouldn't work so he would not do it.....Velez (the rock star) thought we would all rollover and open an independent account and let Trade for life die while they keep the money. Truly a brilliant come on.....Use the numbers from independent Traders not people in the program...Promise everyone a 50k account....get them over trading (ATMing) and create a constant stream of rebates from all of the shares traded (and keep Orbis trading platform that even the moderators don't use)...Oh and buy the way it isn't the buying power it is the limited share size at each level 10 shares 100 shares 200 shares....Hence the age old set up get a puppet (Velez) and the puppeteers (the real decision makers with the money) and put on a show....Did you get your 10k of entertainment yet?
Wow, That said a lot...I have been in the VCM program for a while now and see it changing into nusiness that is worried about the bottom line, not trainging tarders....they more than doubled the tarding fees per share and now charge for the software that breaks alomost daily......Now Oliver has left the company and is being sued by Charles the CEO. Where this is headed I don't know but I do feel scammed and heard they have a black box on all new traders and take the other side of their trades knowing that 90% of their trainees will lose money...does anyone know if that is true? I can not get an answer out of Team Trading management.
I think all of you guys who post negative comments are looking for the holy grail and there is none out there. I mean no where. Trading is not easy. Try this on for size. The holy grail is a trading plan and trade management and doing it over and over again until you get it. It's like riding a bike. You don't even think about it, you just pedal. Remember when you first learned how to ride a bike? You fell many times, scraped your knee, cried like a baby, and got back on the bike to give it another try. In trading it's the same thing. Trading can be taught. It's up to the individual to make it happen. Stop crying and find out why you are not making money. It's all psychological looking for someone to blame except the enemy that resides internal.
I was part of the program since 2009. It was money well invested. I started from scratch and went up to level 10. Platform worked for me. The strategies I learned have a lot of commonsense. I concentrated in my trading i using Velez techiniqques and also other techiniques that I have been able to experiece and develop myself. Overall for me it was a good start, the support I received from his team was always outstanding. I open my own account with my own money and I am doing very well. I still listen to his chat room and I was there till the end of Team Trading. For my friend the creator of this blog I would like to say that yoour focus was in the wrong area. I hope you change your approach and concentrate on reaching the target of learning how to trade.
A friend with the capability to turn all sorts of challenges into opportunities and excellent outcomes.
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