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77SigmaTrading.com (Something sounds too good to be true)
I have seen a presentation from NinjaTrader with a company called 77SigmaTrading.com. After the presentation I sent the guy an email, that I am interrested in his service. At that point I was not exactly sure what the company is offering or doing, but I was interrested. A couple of days later he wrote me back, that he would like to have a conference on skype with him. Then I called him on skype and he explained me in one hour what he is doing, and what he would like to do with me.
He told me he would like to build traders, train them, teach them, everything for free (like the turtels). He said the only thing I have to invest is my time. In the future I will go live, and if I am good he will put money on me, or I can work for his company. Thats the deal. He explained me his company exist now since February and he is searching for traders.
There's the downloadable .pdf. Looks like the trading is done via Ninjatrader. Looking through the pages shows Ninja with a MACD and stochs. One page shows the stats for July 1st to July 15th.
Well according to your post he spent an hour talking to you and indicated that it is all for free. So he spent a lot of his time and has asked for nothing in return yet. His performance report looks reasonable, but is only for half a month. His website looks reasonable and nothing I could see indicated he wanted to sell anything.
I say give it a go, all you have to lose is time spend on the en devour.
If you do take up his offer let us know,how it went and what happend.
That is the same that I thought. I just try it. Maybe it is serious. I will write every step what I am doing with this company here in this thread.
1. Step: He want me to write down a Swot-analysis. Thatīs write down my Strength, Weakness, Opportunity and Threats and send him per email. I will do this, and let us see what comes next.
Sounds like a reasonable first step to me. Also notice that you are from Europe and that his focus is on European instruments, so it should be a fit for your working hours.
It was a really interresting day with the company. The guy called Paco, spoke with me more than two hours via skype
and explained me the importance of the psychological aspect of trading. He was always very friendly. Then he gave me some homework for the weekend, to write down again, my strenghs and weaknesses and opportunities and threats. He gave me also homework for tommorow, I have to find the trend on the daily, 60m, 15m, chart, and I have to draw support and resistance lines on this charts. Then tommorrow it is only allowed for me to trade if price is on that lines. And I have a morning meeting again with him.
Very interresting until now, but I am still searching the scam.
He sounds serious and in business, I would agree. But I'm not sure about the substance and quality of the services imo. The material in the .pdf I think helps one to form their own opinion.
So, after one week of free education with Paco, it came out that he is selling trading courses. There is one trading course for one month, the costs are 1000 pounds, and one course for three months for 5000 pounds.
In his ninja trader presentation he said clearly that he is a trader and does not need to sell something. And now he is selling trading courses. It sounds too good to be true, the titel of my thread is right.
The problem is not that he is selling something, I would pay much more if I could be sure that he is a good trader. I think the problem is that he was not honest.
One last thing, in his trading courses you get every day a two hours one to one session with Paco. If he has a couple of students when he will find the time to trade?
This is only my impression of the whole story, maybe he is a really good trader and if you buy the course you can learn a lot, I donīt know. I can not say that the course is bad, because I did not bought it.
