Report: #143014

Complaint Review: Teach Me To Trade, Whitney Education, Russ Whitney

  • Submitted: Tue, May 17, 2005
  • Updated: Sun, September 10, 2006
  • Reported By: Glenview Illinois
  • Teach Me To Trade, Whitney Education, Russ Whitney
    1612 E. Cape Coral Parkway
    Cape Coral, Florida
    U.S.A.

Show customers why they should trust your business over your competitors...

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.

Denise
Glenview, Illinois
U.S.A.
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This report was posted on Ripoff Report on 05/17/2005 06:32 AM and is a permanent record located here: http://www.ripoffreport.com/reports/teach-me-to-trade-whitney-education-russ-whitney/cape-coral-florida-33904/teach-me-to-trade-whitney-education-russ-whitney-unethic-business-practices-bait-and-sw-143014. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Suggestion

Full Reimbursement

AUTHOR: Gabriel - (U.S.A.)

If you have payed for this seminar or any classes with a credit card, please consider the following:

Immediately call your Credit Card and file a consumer dispute against these companies, demanding a full refund.

I have done it , and my CC issued me a full refund after explaining to them what has happened.

Good Luck !
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#2 Consumer Comment

I didn't sign up for the course, but...

AUTHOR: Phil - (U.S.A.)

... when I went to the free seminar, my hopes were that I would learn a tip or two that would improve my chances in the stock market. I knew I would be getting a sales pitch and told another attendee prior to the registration that is what they were going to do.

After the presentation the guys in the back of the room were doing their best to get people to sign up. That is what salespeople do. However, I explained my situation to the gentleman trying to sell me - that I had no disposable income every month, that I thought the 3-day seminar and the Trade Center software would be worth the full price if I already had a trade account with sufficient funds to make the trades that would pay for the $39.95/month data feed (which he was kind enough to tell me was necessary for the Trade Center software to be worth anything at all) and that I might be back in the future after I have a trade account that could pay for the data feed. He said he understood and that was that. I still got the free 2-CD information package they promised for attending.

Like Victor of Oakland Park, CA said: do your research, have reasonable expectations, and don't buy anything you are not thoroughly conviced in your own mind (minus the high-pressure sales tactics) is worth the asking price. Never buy on the spot from one of these outfits. Go home, research them like I am doing, and if it still looks good, catch them next time around.

I was reminded of one stock strategy I had read elsewhere but forgotten - find an on-line broker that has cheap stop-loss orders and use them to "lock in" profits. Don't "marry" a stock, "date" it. I did learn from the freebie seminar that covered calls are allowed in self-directed IRA trade accounts and can be used to make money off a stock that has low volatility. Additional education (trip to the library) on how to write a good covered call contract is necessary, but it is nice to know I could make money on a solid company that the market is treating with indifference. So my two hours was worth it. Your mileage may vary.

Keep your eyes open, and good luck!
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#3 Consumer Comment

so far pretty good

AUTHOR: Victor - (U.S.A.)

I went through the free seminar,,, the 200 dollar 3-day and purchased 14thousand dollars worth...

I will tell the good and the bad.
the bad? immediately I was contacted by some female... "melanie" I think-and I was "interviewed" as a good 'candidate'....
the next day some salesman named matt L contacted me and began pressuring me to (A) raise my credit card limit and then utilize his/their techniques to "roll over" my (they hoped) purchases of MORE classes and a COACH,,, which wasnt mentioned in the 3 day workshop.
(B) that I had to make a decision almost immediately,,,

I informed this clown that I have done a variety of sales (door-to-door,,, telephone,,, as well as my own catering business) and that he should drop the sales tactic and just explain why I should but the additional $8500.oo worth of stuff...
I continually reminded him that I already shelled out 14 K and havent made any money (not the company's fault; they stressed DO NOT trade until you study the on demand classed and started using and learning the software) so I wanted to start seeing some $$$,,, then I certainly have no problem furthering my $$$education spending. LOGICAL, so far- EH?

this imbecile continues to browbeat me as if I have a 103 IQ.... and after I have told him I DID SALES AND KNOW WHAT HE'S DOING (maybe he has a 'room-temperature'IQ)
I finally told him to go play with himself (thats the "G" rated version) and immediately called the TMTT company.
they were terrific; probably because they saw (A) I spent $$$,,, and (B) in chatting with me, see Im not a chowderhead(I hope)

more good..... the software that scans and locates stocks based upon YOUR parameters is indeed terrific,,, somewhat tough to use,,, but as I learn it is getting easier.
my friend and I went ahead and did a trade AGAINST WHAT WE WERE TAUGHT (dont but in the 1st 30 minutes of market being open) and immediately went into a sour position...

I got out at a 500 dollar loss (MY FAULT, NOT THE COMPANY) and later I used some of what I learned with the on demand 1st class (master trader) and ecovered 480 dollars,,,which was simply reading minute-by - minute charts-- so I would have to say that based upon my EXTREMELY LIMITED use of the system, I am pleased.
Im no fool,,,, I realize that it takes alot of homework to see if this really works,,, and I am a natural skeptic,,, but I will give it a solid chance. I may have overpaid, but I do agree,,,,, you need to spend $$$ for educationary tools,, and I already have seen stuff in their software and classes that will be useful to me.

whitney ?? maybe he got lucky with this setup,,, maybe I am blind, but Im tired oftyping so draw your own conclusion!!!!!!!!!!!
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#4 Consumer Comment

Teach Me to Trade, Whitney Education Group

AUTHOR: Thomas - (U.S.A.)

I also attended the free TMTT seminar in Feb 05 and did sign up for and attend the $199 3-day training academy in Mar 05 in Norfolk Va. But I also did my research and knew what I was getting into before I went. As previously posted by another, it never ceases to amaze me what people will expect to get from any of these "programs". Any of these "free" two hour seminars are just an open opportunity overview of the program and a sales pitch for the real material. Do you really think you are going to learn how to be an accomplished stock trader in two hours for FREE ? But that is the nature of our microwave, give it to me NOW, society. I also have a mech engineering degree and flew airplanes in the USAF for over 27 years and I can guarantee you I spent A LOT more than a few thousand dollars and a few thousand hours before I was proficient at accomplishing those feats.

I thought the info presented at the 3-day training was well worth the $199 but it is a typical Russ Whitney operation. High pressure sales pitch for the "next seminar" or course. The Trade Center software you get with the 3-day course is good, but is incomplete without the Trade Seeker software they try to get you to buy. In my case, after researching the Whitney Education Group, I was not going to buy into the expensive packages but they would not sell me just the Trade Seeker software. I also did not like that they took a good hour out of my seminar time to try and high pressure sales tactic me into buying a package after I said no. Also, many in the seminar had paid up to $2000 for this same course I got for $199 and the "success coaches" (i.e. WEG salesmen) in the back of the room would not refund the difference. But again, I KNEW about this before I went into the room because I did my research. I have used what I learned that weekend to make money in the market and to build off of through other programs.

I think much of the issue is the Russ Whitney operation. TMTT stared out as Maverick Trading, became TMTT, and was bought by WEG in 2002. BTW, WEG also bought up Star Trader (Rance Masheck's stock program, he is now a VP at WEG) and the Rice brothers "Cash Flow Generator" real estate program in 2003. If you check the BBB reports on these companies it appears they had good reps before they got involved with Whitney. Of course most people on the web think Whitney has horns and a tail so we shall see what becomes of these companies. Rance Masheck had a good rep with the Spread Trader Edge system and Star Trader when he owned the company (Quantum Vision). I may even take some of the WEG courses based on the Masheck old spread trader system based on what I find out in the future.

You have to know what you expect to get from these courses before you go and you HAVE to know what you should be paying for. DO THE RESEARCH BEFORE YOU GO TO THAT FIRST "FREE" SEMINAR. There is value for a certain price but in this case it was not worth $2000, it was worth $199, and maybe there is or is not value in TMTT's other courses, I will see later.

I actually have gone with another program and am very happy with them. Check out INVESTools Inc. However, you do your own research, as that is all I will say about them. You do the research and don't walk into an "open meeting" expecting to come out an expert for next to nothing. If you are the kind of person who goes on a free vacation weekend and ends up buying a time share condo then STAY our of the open seminars. Or (like me) if you can take their free hotel room, take the tour, then go to the local realtor and rent that condo for the week you want without buying it you can profit by going to somne of these "opportunities".
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#5 Consumer Comment

Teach Me To Trade provides quality, experienced instruction

AUTHOR: Steven - (U.S.A.)

I feel badly that Denise did not have the same experience at her 3 day seminar that I did at mine. I took a 3 day seminar in Natick, MA in April of 2005 for $199. I had done some trading between 1999-2000 and knew some of the most basic trading strategies and terminologies. Although I had made a good deal of money trading, the market was screaming at the time and a monkey could have done the same. When the market corrected, I lost all of the money that I had made and more because I didn't have a trading education in place. What I saw at the 3 day seminar convinced me that I would never have to worry about losing that badly again.

Are the courses that the company sells to you expensive?? I thought so and most people would agree. However, I got a bachelor's degree in Mechanical Engineering that cost me $60,000. Why did nobody try to talk me out of it? Because education is expensive... Why is it that nobody seems to mind spending $150,000 to send their child to get a college degree in underwater basket weaving but they think that it is unfathomable to spend upwards of $30,000 to learn something that could set them up for life? Furthermore, the MOST expensive package that they sell is $30,000. I walked out of the 3 day course having spent about $200 for the course and $1,800 for the Trade Seeker software. I can honestly say that I could not have traded as effectively as I have been able to for the past few months if I did not have this software. Since I have taken the course in April, the market has not been performing very well at all and I still have more than paid for the software with the profits that I have made. I am thrilled about it and can not wait for the market to start performing so I can take huge advantage of it. I have recently purchased another $10,000 in courses without hesitation.

I have to state that I am in no way affiliated with Teach Me To Trade. I have willingly purchased what they were selling because I honestly felt that it could help me create financial independence. On a side note, I did not experience what Denise did with respect to salespeople breaking up conversations and asking people to leave. I will say that I was not hugely impressed by the majority of the salespeople at the seminar. Although they all had trading experience, most seemed to act less like traders and more like sellers. However, I was not there to see them! I was there to see the speaker. You are not forced or obligated to buy anything from these people. There were many sceptics at the seminar that I attended as well but I chose not to listen to them. I urge you to do the same.

In my humble opinion, if you are looking to make $1,000,000 this year in the stock market with only a $199 investment for a three day course, stay away from this opportunity. That would be the equivalent of me wanting to make $1,000,000 this year as a plastic surgeon by buying a book on advanced face lift technique and knowing what a scalpel looks like. However, if you are a fairly intelligent person with an open mind and a willingness to learn, you can take advantage of a great opportunity. I hope that at the very least, you take advantage of the 3 day seminar for $199. It changed my life!

Sincerely,
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