Advanced Reviewer

EMINIday trader results Dave Johnston & Justin Weinraub

Another important update. The is concern #4 in what will be a series of concerns until fixes get made. I want to make all potential clients aware of the results of the trades that Dave and Justin post daily. But let's be clear, I have serious issues with these calculations even being this positive. It is my opinion and true belief they are much worse. If you don't already know, Dave and Justin keeps 2 sets of results. The first is the tabulation of every trade fired by the software. The second, and the one they will advertise you new clients, is the results base on the logic they teach. For those of you reading my previous concerns you will know that I see no consistent pattern in those logic selections and assert that it can not be done by anyone. I have tried for 3 years, But, the results of their system without regard to logic selection is as follows: This is for 150 trading days thus far in 2011. 719 trades x 4 contracts per trade so 2876 contracts traded. I tabulated $4.80 per contract as that is a good norm and that comes to $13,805.00 to the broker. Of the 719 trades they say 473 won or broke even. We disagree on that as I firmly believe it is lower but let's work with that. They say those trades made $7,725.00. Do the math, subtract the $13805.00 in commissions from the $7725.00 in winnings and you get a net loss of -$6,080.00. Now, how would you like to sit in front of your computer all day and drain your account like that? Now let's review the logic results. This is what they advertise. The logic trades selected by Dave or Justin after the market closed totaled 424 trades of which they say 313 were winners or broke even. Before we get to the results think about what I just wrote. Out of 5 trades fired on average per day you must select the average of 2 that they will label as acceptable. This is a discipline of odds and probabilities. Think what are your odds of picking exactly the logic trades on a daily basis. The way it is set-up, IMPOSSIBLE! and thus the reason for my concerns. But those results are these IF you could be so omniscient. $23,000.00 in winnings (which we strongly disagree as I believe are much lower) with $8,141.00 in commissions with a net profit of $14,859.00 or $99.00 per day for 150 trading days this year. ONLY if you could be correct everyday. Tax that any you com up with about 65 dollars a day or 8 bucks an hour. email me at janno1951@***.com for more.
View full review
1 comment
#326603

While we would prefer to stay silent, this particular client has stated it's his clear mission to hurt our business. It's not like he wants a refund or anything reasonable...he has clearly stated he just wants to go after us.

Therefore we feel we need to respond. Yes, there are a lot of scammers in this industry. We, on the other hand, go out of our way to be transparent. His claims are false.

Every trade we post is first posted by our software in real time and second fits our "2 of 3" criteria, which is also posted in our course. I will happily discuss any trade over the past 5 years. Any. Next, about commissions, yes that's absolutely part of the business.

We don't hide from that fact. In fact, we always post "before commissions" on all we do. Next, if you're paying $4.80, you're paying too much. You should be under $4.

Let us know, we can help with that. Next, commissions typically eat up about 25%. That may seem like a lot, but compare it to a retail business or a restaurant or a manufacturing business. They would love a 75% margin.

Next, let's discuss return on investment and capital required. Even halving our posted results after commissions, your return on investment is outstanding. Next, let's discuss the $8/hour claim. True, if you start with 4 contracts and stay there and trade like a robot.

We talk a lot about NOT being a robot in trading. It's the whole reason a trader would be interested in our approach in the first place. We talk a lot about varying position size based on situation and then strategies for increasing your position size in a safe but effective manner. This client wants the world to be black and white.

If you're looking for black and white, you don't want to work with us. Of course, and this is very important, we speak to that issue in all of our material. We find this whole situation very sad and upsetting as we genuinely care about every one of our clients and we 100% believe in the education we provide and the value we provide to our clients. In fact, we have email upon email from this client praising our service and how much we've helped his trading.

I don't know what's changed.

I suppose this is just part of this business. Too bad.

ID
#254509 Review #254509 is a subjective opinion of poster.
Location
Tampa, Florida
Loss
$3500

Why Trust Reviews on PissedConsumer?

  • Professional auto and live moderation
  • 100% user-generated content
  • Equal opportunity and protection
  • Zero tolerance for fake reviews
  • Verified content

For more information read Blog article