1.pertaining to education.
2.tending or intended to educate, instruct, or inform.
Within the SOT website I counted over 40 educational videos, that's not including the links for download which include all of the indicators, automated strategies, or written notes. All of them with the intention to EDUCATE the members on everything from advanced price patterns to the use of the NT platform, as well as a wide range of educational subjects that pertain to trading. They are not on selling insurance, not on changing brake pads, not on how to cook a good turkey. The lessons are trading education. JJ is not breaking any laws by offering education, therefore by definition he is a legitimate educational service. If he was offering education and then did not deliver on such an offer, he would be illegitimate.
Once again however, you are assuming that I care about Joseph James or Joseph Dufresne or Joseph Whatever's character. I do not. I cut my loss on the trade a long time ago. You should do the same. I do not care if he is a professional scam artist or the most honest guy on earth. That doesn't concern me, I am worried about myself and my own trading. It wouldn't make a difference to me if he is selling snake oil on the corner of Hollywood blvd. The trading industry, unfortunately is full of scams and people promising you financial freedom, however success ultimately lies within the individual. Just accept that.
Anyone can go to Clickbank and become an affiliate for some dumb forex robot, and start peddling people pipe dreams, the internet is littered with them. That's the reality of this business.
Cut your loss, or take him to court if you feel you have a case. (either way I don't really care)
There is no doubt that JJ (Joseph Dufresne) has taken a considerable amount of good educational material and incorporated into his offering. Information the likes of which you will find in any good day trading/futures trading book for $50.
This is what I would call window dressing for his scam. JJ thinks his is smart and slick and capable of staying one step ahead of the rest of us. This is why his message is constantly changing as he reacts to things when he gets exposed. This is why SOT is setup as a Delaware company and using a mail drop box, to hide the contact details of the individuals behind this scam.
For example, when I was a member early in 2010 he was selling the James Wave trading system, a proprietary system developed exclusively by Joseph James including trade entry & exit methods, patterns for setups, strategies and technical indicators all which delivered amazing profits. Poppycock, this was an elaborate scam based around SIM trading and deception. JJ would hide failed trade entries from the room and produce a cook book trading summary showing amazing results. This was a web of lies and JJ sold it. You will find no mention of this on his website today. His advanced course was supposed to teach you how to master the James Wave trading system and yes it contained the same window dressing from the $50 trading books.
Look at the latest information in 2012 about his advanced course here http://www.schooloftrade.com/information.php?id=3, what you will find is lots of emphasis on his auto trader. You will hear lots of heavy selling and huge claims of REAL MONEY PROFITS from this auto trader. He talks about no overnight margin and $500 to get started. He covers drawdown and how good his auto trader is in this regard. Drawdown is of course a major concern for live trading as it relates to equity required in your live account to support the auto trader. Well firstly, this is in direct contradiction to his disclaimer about how this is all for “educational purposes only”. Secondly, it is more deceit and miss-selling of a product from JJ. The profits promised from the auto trader will be based on SIMULATED results and yet JJ sells them in his video to you as REAL MONEY PROFITS. Just like his James wave trading system this auto trader will produce dramatically different results if used on a live account. He continues to promise that his members will re-produce the same profits he publishes for his live trade room against their live accounts. This is a total lie and JJ knows it, he knows very well that everything he teaches will NOT perform anything like this in live trading. Why you ask? well the details and facts surrounding why SIM trading and live trading are very different and how JJ hides failed trade entries from view are well documented in many of the forum threads on SOT, just go read them all thoroughly.
Let’s look at his sales waffle surrounding lifetime membership; this is more of the same from JJ. He maintains the lifetime membership is there to allow his experienced members to give back to the community and help the new traders. Poppycock again, he does not charge monthly fees because members who are foolish enough to join soon work out he if full of c**p and would simply cancel their subscription immediately.
Is it a fair representation of SOT to ignore all of these facts and simply put all the focus on the fact that JJ has incorporated some valid educational material worth $50 into his scam school? I say DEFINITELY NOT!
Do these lines taken direct from JJ advanced course sales video sound like valid education to you?
“Trade 1 contract or a 1000 contracts, trade anything that moves”
“make money while you sleep”
Last edited by LloydH; March 29th, 2012 at 06:03 AM.
The following user says Thank You to LloydH for this post:
I did his 2 week free trial and sim traded along with him and he tweaks his stats to his favor. I don't think he trades live but in sim because every trader room I have been in, the trader says, I am trading now, I will call it out but don't ask any questions during this time. We will answer your questions later after our live trading is done.
This guy does nothing but teach during the session and tells his students to ask him if there is a set up and he will let them know!!! Traders: is that how you trade, i think not. You are concentrating on your charts for your entry.
I think he makes his money off of selling his systems.
My two cents.
The following user says Thank You to Rachel for this post:
Pictures too small. Don't use external picture service, just attach them directly to the post.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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Fibbee, myself and others firmly believe SOT is a SCAM. I commented on your post because I felt it did not accurately reflect what SOT is all about, I hope you can understand that. I want to expose this scam and warn as many people as possible from becoming a victim of these individuals.
my apologize, but I really do not know what is wrong with you, that many years attacking SOT. Why is important for your trading, if JJ trading live or demo account???? Do you become a better trader just because a JJ trading live account instead of the demo account without other knowledge??? You do not!!!
Please, we are going to hate all your comments on all possible forums about SOT.
Always repeat the same and you do not tell us anything new and smart. And all of this just because you thought that followed like a shadow JJ calling and earning money without any knowledge.
The Joseph James Consulting site is a different guy. On the about us page it's some guy named Joseph Mertes. Which is kind of strange that his site would be Joseph James Consulting and not Joseph Mertes Consulting but regardless it definitely not the same guy.