SchoolOfTrade.com and Joseph James is a SCAM, He trades only in sim, Everything he claims on webinars that how is his trading room is not. That he is trading real live account with made up sim account numbers to reflect a brokers account number. For three weeks I been attending Joe's webinars at 3 PM EST. and every day he showed his dome reflecting how much they made in his live trading room, TRADING LIVE WITH REAL MONEY AND NOT IN SIM. From 8/19/13 to 9/9/13 every day he showed positive numbers and only trading 4 contracts at a time, he made exactly $30,750.00 Gross before commision. That is amazing results. I signed up that week and what a change to the live room that he runs in the mornings. Why is it a scam? Well let me list the things in order.
3 PM webinar to recruit new students. Which I recorded to review later.
*Joseph James strategy risk to reward is 1 to 4. Great
*You can shadow trade him because he uses limit orders and there is plenty of time to place it. Great
*Joseph James trades LIVE WITH REAL MONEY AT A REAL BROKER (He always mentions in his webinars that you should never trust or follow someone that is trading in sim, I agree, unfortunately Joseph James ONLY TRADES ON SIM)
*Joseph James has indicators that he and his programmer thought off and they will make you be better trader.
*You can make your membership of $5,000.00 back in six weeks if you simply follow his every trade he takes and trading two contracts and with only $2,500.00 margin per contract, 4 Days a week, so thats 24 trading days. He trades pretty much everything but most that I seen in his room was CL, GC, 6E, TF, ES, NQ.
*His trading method is what he is using for over ten years and he came up with his trading strategy and that's when he became consistently profitable.
*Joseph James Schooloftrade.com is the best and only trading room that trades live and not in sim.
Now this is my experience since I signed up since 9/9/2013 and paid $4,995.00. Then after complaining to his Wife Megan James several times and then Joseph James they closed my account and blocked me from entering trading room. The membership fee that I paid suppose to be a life time membership. I also screen recorded his trading room in the mornings from 8 am till 11 am and all his trades taken.
*Lets start with risk to reward of 1 to 4 since I signed up and been in live trading room, on the first day risk to reward on his strategy changed and kept changing pretty much every day till I was booted from the room, last day I was in the trading room his risk to reward was risking 10 tic's and first target 5 tic's and then a runner, wow huge change but on his afternoon webinars he still was advertising 1 to 4.
*Joseph James DOES NOT USE LIMIT ORDERS, every order he places was a MARKET ORDER. Hard to get the same fills with market orders especially on TF, CL and GC and his stop was always 10 tic's never less.
*He trades sim, how do I know? Because in live trading room he doen't display total for the day but uses the same sim account as he does his 3 pm est webinars, In the month that I spent in the live trading room which was exactly 27 trading days, Joseph James had only 4 winning days and never over $500.00 total. 23 loosing days maximum of $8,900.00 one day, Every day I logged in with different IP and new email address to his after noon 3 pm est webinars because once you sign up to his advance course they will block you so you can't see the after noon webinars anymore, but every day on webinar he showed that he is very profitable in the live trading room, even seen some youtube video's of Joseph James taking trades that make money and his explaining of the trade is to make you believe that it was recorded in the live trading room, but I'm sorry I was there and have the proof recorded sessions of his live trading room that day and that trade did happen but never was called in the live room by him.
*Joseph James takes indicators from BigMikeForum or ninja trading website and changes the name and try's to sell them as he is the creator, you can google schooloftrade and see for yourself, everyhting he uses you can download for free from ninjatrader support website and you have to have membership on bigmikeforum to download. his strategy is very simple you can hear about it twenty times on cnbc or from and basic educational website, you don''t even need any indicators, just amazes me why he is not profitable at all and why the scam.
*His margin requirement only work between 9:30 am and 4 pm but often he takes trades before the 9:30 am market open, so traders with $5000 accounts can't trade most of the instruments because of the margins, but he never mentions that part, few times his target got penetrated by few tic's but his order was never filled, that only happens on sim.
As for me I trade religiously ES, have been for over 4 years but only scalping one point at a time, have been doing ok, was trying to find a education where can I take my trading to next level and start trading CL, been watch it but my way of trading ES and trying to trade same way on CL the risk is just way to much and percentage drops by 14%, but its my fault for signing up with schooloftrade.com and wasting $5000.00. Should of done some research on the web as I see that there is 90% of negative comments and the remaining 10% is Joseph James and his friends because I don't see how anyone would be ok with consistantly loosing days and every week risk to reward getting change and indicators getting added on and then off the strategy, Every profitable trader knows that if you change anything on your strategy you need a lot of data to support the change and testing forward and backwards, but Joseph James changed his on a daily basis,
The final point of Schooloftrade.com and Joseph James a scam, if I would of taken all the trades in the room with the same amount of contracts as he did, I would of been $37,840.00 in the whole plus the membership of $4,4995.00 but on his Log sheet that he shows afternoons webinar at 3 PM everyday that he has made for the same time period $64,830.00, I'm sorry but that's a scam, The only way he can prove that he is legit is show his trading account from his broker with the same account as he shows in the live trading room and let the broker verify that the statement is real instead of something that his wife Megan created on a computer, His account should show around half a million dollars for the year as per his trading log that he so freely shows in the webinar.
please excuse brevity and typo
Just a trader
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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