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Trading Reviews and Vendors

Discuss and review vendors of commercial trading products, trading rooms and services, trading indicators or third-party paid add-ons - Stay away at all costs

  #14 (permalink)

Market Wizard
Cleveland Ohio/United States
Trading Experience: Advanced
Platform: Tradestation
Broker/Data: Tradestation, DeCarley, others
Favorite Futures: futures
Posts: 2,612 since Jul 2012
Thanks: 1,344 given, 4,963 received

nquisitive View Post
I'm just a new trader and all of you guys have experience far beyond mine, so please explain what I'm missing here.

I went to the mastersoftrading OTC webinar and thought their system sounded great. Would love something like that with a lot of hand-holding for a while that makes great profits consistently. "80% successful" they said.

But when I checked them out, I came here as part of my research. On this thread I found that two members who also attended the webinar were able to identify the speaker as Mark Katzenberger. I found a Ninjatrader series youtube video introducing the presenter as Mark Katzenberger. He WAS also the presenter of the mastersoftrading webinar, I can verify that myself.

So, I googled Mark Katzenberger and there's plenty of info. None of it good.

For me, the case was closed. Mark Katzenberger in the past has promised what he can't deliver. Mark Katzenberger in the past has failed to honor his money back guarantee. Mark Katzenberger is mastersoftrading.

Since past behavior is the best predictor of future behavior, mastersoftrading therefore can be predicted NOT to deliver on its performance promises and NOT honor its money back guarantee.

But this is only the analysis of a beginner. I need to understand the perspective of the advanced traders who still think this even might be a good way to spend $1000. I've just been feeling quite fortunate that Shredder and rptrader came forward quickly with their experiences to spare others the same fate.

What did I miss?

Be skeptical of EVERYONE selling any kind of trader education. Google them, look for independent reviews, etc. Don't be seduced by glamorous looking equity curves. You did all that - that is great!

The fact is probably 90% of stuff for sale out there is junk. Maybe it is even 95% or 99%. Lots of wannabe or failed traders have found out that selling the gold mining supplies is a lot easier than actually mining for the gold.

So what did you miss? I don't think you missed anything, although you probably are still asking yourself "how do I figure out this trading game?"

My advice would be to get all the information you can, while spending as little money as possible. Read thru (formerly BMT), and if you find value there, sign up for Elite membership (where there is plenty more value). Read as many books on trading as you can - you can probably borrow most from the local library. Keep an open mind, and soon enough you will:

1. Be able to distinguish between absolute garbage and what might be possibly good info
2. Find what you like, and what you don't like, in trading (styles, general methods)
3. Possibly find a trusted mentor for further work, or maybe you'll decide to go it alone (that was what I did, and many others do).

After that phase, you can focus on what excites you (chart reading, discretionary trading, mechanical trading, long-term, short term, futures, options, ETFs, stocks, etc.).

Next, either seek out mentors in your desired area, or gather all the information you can on that area, and work at creating an edge - a way to win long term. Without an edge, nothing else matters. Then, start trading small with real money. Don't waste too much time on a simulator - the benefits of sim trading are small and fleeting. Refine your method. Work on your psychology. Repeat ad infinitum and you'll slowly get better.

Good Luck!

If you have any questions please send me a Private Message or use the "Ask Me Anything" thread
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