I went to a "free" seminar for Teach me to Trade. They spent 2 hours telling you how you can have financial freedom and you will only have to spend $200 for their 3 day seminar and software. As a former Chicago Board of Trade Floor trader, I thought the software was worth the $200 and I would go to the seminar to see if they had any good information.
The first day of the seminar you are told that if you follow their exact "recipe" you can be successful in trading. The instructor says she made $100,000 her first year but she did everything they told her to do and that included spending $30,000 on their classes and software. The instructor spends 3 hours telling you her background and how she came to this seminar and it changed her life. She makes it clear that she never traded before and learned everything from their classes.
The second day they continue teaching you the basics of trading and how their software will help you identify stocks to trade but you have to learn how to read charts and they have classes for that and other advanced classes you will need. In addition, you must use their software that is $1800.00.
Many of the participants had begun to be skeptical that this was just another sales pitch and for most beginners was too confusing to start trading.
The third day many of the participants are skeptical and talking about other software and classes that are much cheaper. Any time there were a few of us talking the sales people made sure they came over to break it up. They asked a gentlemen to leave and threatened him simply because he mentioned the name Russ Whitney. We were told that Russ bought this company. Russ does not have a good reputation and is in fact a convicted felon. The man refused to leave and was allowed to stay.
They asked people to fill out what packages they were interested in buying which the least expensive being the software for $1795, then $7995, $10,995, $13995, $19,955, $25,995, and $30,995. They encourage people to go into debt to get these packages because they assure them they will make the money back if they follow their "recipe".
During the lunch break, I was approachd by a sales person and accused of marketing a software. I told them that someone had asked me a question and I answered them. They asked me to leave and threatened to call the police. I welcomed this because I wanted to see what the police would do with their complaint. I offered to call the police myself and the sales person got very loud and angry. I stood firm that I would finish the seminar unless they refuned my $200.00. After a crowd had gathered, he said he would refund me the money which they did. I was happy to get my $200.00 back and believe that I made the most money of anybody attending this seminar
You have to wonder why they are so concerned that people talk with one another. There is software available that can do more that what theirs does for a lot less. Classes are available at community colleges and elsewhere for $100-200 and not the $4,000 that they charge.
Interstingly, they make claims that if you follow their plan, they have a 95% success rate but don't show any statements or back up that fact. Russ Whtineys company showed a 12 million dollar in the last quarter of 2004. If he is so successful, why is the company loosing millions.
Trading is not as easy as they would make you believe and most people will loose their money. This company takes advantage of the most financially vulnerable and should be stopped.