Pro Trader Programme for Magnetic Trading

This is a discussion on Pro Trader Programme for Magnetic Trading within the Educational Resources forums, part of the Commercial category; This is my personal experience of this programmme. I began the ProTrader program for Magnetic Trading in January 2017. It ...

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Old Jan 20, 2018, 2:46pm   #1
 
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Pro Trader Programme for Magnetic Trading

This is my personal experience of this programmme.

I began the ProTrader program for Magnetic Trading in January 2017. It costs 8000 pounds and then if you want to continue after the year, you need to pay a subscription for trade alerts (around 250 pounds/month)

I definitely learned a huge amount from this programme but it also has some serious weaknesses. There seem to be far more people on the program than the marketing materials lead you to believe and similarly, after attending one of their events, it is my impression that there are far fewer success stories than I would have expected. For me it was definitely not worth the money and if I had my time again, I would spend the money on individual coaching.

Starting with the good stuff. Mark Austin is a very skilled trader and he does teach members how he trades and what his thinking process is. I learned a lot from these sessions and his teaching improved my trading.

But on negative side, there is very little personal engagement. If you trade the FTSE, you email your trades to mark at the end of each day and he responds with a sentence to two. This is useful as a trading journal but it just addresses symptoms rather than geting to the issues.

Mark spoke with me for a total 15 minutes in the year. Cameron spoke to me for an hour which was OK, but then he didn’t turn up at the next Skype meeting he arranged which I found very irritating. When you join Pro Trader they ask you to send in your spreadsheet and bit of background about your trading history. I did this but I got the impression that noone ever read it as I didn't receive any response or feedback to it. There is also a claim that they will work with to develop your own trading system and sale but I didn’t see any evidence of this either. I discussed my research and system with Cameron but he said that the problem with trading systems is that they always stop working so there’s not much point in them.

Secondly, there is almost no help with mindset. They have the mindset for sure, and can demonstate it, but not teach it. At 8 grand, i would have expected them to have a trained coach on the team who could work with people at least once a quarter on their particular situations and trading goals. They seem to have a big blind spot in this area; since Dec 2017 they have someone whose brief is to help with mindset but although he’s a nice guy and it’s a step in the right direction, he’s trader and not a trained coach, so doesn’t seem to have the time or the skill set necessary.

Thirdly, they are running three services at once so it is very confusing. There is a pre-open email with a trade plan which is for the lowest rung, then a live trading room for the next rung up and then there is the ProTrader session after the trading session for the highest payers. All of these use different rules, making learning very difficult. If you follow the rules in one situation you are right and if you follow them in another you will be wrong. They emphasise the importance of following your trading plan and of taking the trades even if they feel uncomfortable but then they break the rules in their own trading and don’t take trades when they feel wrong. This is a appropriate way for professional traders to trade but as a teaching example, it’s a disaster and leads to total confusion.

Overall, I find it impossible to understand how they can justify this fee for the program, when there is so little time spent working with clients directly. I can understand that their time is best spent trading as that is what they do well, but it is very hard to see why they don’t employ somebody who can do this and wants to do it.

I had been a client of theirs for a few years before I joined this. Maybe this was just a very bad fit for me but somehow I expected something more out of the program. When I ran into problems the people who helped me most were others in Skype room.

However, despite all of the wbpve, if you are new to trading and haven't developed any bad habits then I would say definitely take this program as it will save you at least as much money as it costs.

Also, if you can already trade and Mark’s approach to trading fits with yours, then it could also be a good investment. But if you have been trading for a while and have mostly mindset issues to deal with, you would be far better off spending the money on a programme that includes personal, individual coaching.

Last edited by InkPot66; Jan 21, 2018 at 8:21am.
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Old Jan 22, 2018, 5:59am   #2
 
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£8k?

You need your brains tested mate.

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Old Jan 22, 2018, 9:59am   #3
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saw that pushed on cashmaster, think they are still following and reporting on it now and then, the guy posting up reports seems to be getting results.
have also seen peeps reporting that it's very poor
inkpot sounds dissapointed
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Old Jan 25, 2018, 8:11am   #4
 
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saw that pushed on cashmaster, think they are still following and reporting on it now and then, the guy posting up reports seems to be getting results.
have also seen peeps reporting that it's very poor
inkpot sounds dissapointed
They have have some great set ups but the highest probability ones require you to enter without stops. You calculate the risk based on a stop level but you don't use a stop on the trade itself. So you can trade brilliantly for months and then lose the whole lot on one trade, even though you followed the rules to the letter. They also push you to add a lot of risk on these trades e.g. 4% of your account. So if goes wrong..
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Old Jan 28, 2018, 8:12am   #5
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Hi InkPot66

I agree with your sentiment. £8K (or more now) is a not a lot for what you get. I'd see fair value in the actual trading techniques as about £1-3K and the balance should go to a structured program to help you learn the techniques and as you say, personal coaching on mindset.

I've not done Pro-Trader but use some of Magnetics techniques in my toolset to great effect - but I cherry-picked the best and they all required practice/experience.
I think Mark Austin is a great trader and a straight guy but he (& Malik) don't necessarily have optimum products, for some of the reasons you mention.

Cashmasters? How the hell can you take £3K a pop for option selling 101 (actually way less than 101)? I'd put fair value on their product at £150 for the brochure and £250 for brochure + on site training day + lunch. Again, the technique is fine but to lure newbies in at £3K each?

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Old Jan 28, 2018, 1:21pm   #6
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Originally Posted by InkPot66 View Post
I began the ProTrader program for Magnetic Trading in January 2017. It costs 8000 pounds ....
Hi inkpot

Thanks for the review. I'm guessing you have a fairly big pile of cash to trade with if you are willing to pay this much for a course!

Can i ask have you made the course costs back in trading profits as yet?

btw its £3K for the Pro Trader Renewal Programme 2018. How come you paid so much?
https://magnetictrading.com/magnetic...-renewal-2018/

Last edited by Kaeso; Jan 28, 2018 at 2:08pm.
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Old Jan 28, 2018, 1:53pm   #7
 
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Hi inkpot

Thanks for the review. I'm guessing you have a fairly big pile of cash to trade with if you are willing to pay this much for course!

Can i ask have you made the course costs back in trading profits as yet?

btw its £3K for the Pro Trader Renewal Programme 2018. How come you paid so much?
https://magnetictrading.com/magnetic...-renewal-2018/
No - I lost money consistently during the year.
8K is the fee you pay to join in the first place and then after one year you pay a fee monthly to continue membership and to receive the trade alerts.

OK - just looked at this link and it's unbelievable. They charged me 8K last year and now they say it costs 3k for an improved version? Then I was told I would need to pay 250 a month to continue the membership. This is seriously dodgy.

Last edited by InkPot66; Jan 28, 2018 at 2:02pm.
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Old Jan 28, 2018, 2:06pm   #8
 
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No - I lost money consistently during the year.
8K is the fee you pay to join in the first place and then after one year you pay a fee monthly to continue membership and to receive the trade alerts.

OK - just looked at this link and it's unbelievable. They charged me 8K last year and now they say it costs 3k for an improved version? Then I was told I would need to pay 250 a month to continue the membership. This is seriously dodgy.
I guess this is where my 8k went... Ok time to dust myself off and let this one go..

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Old Jan 28, 2018, 3:08pm   #9
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So you going to continue ?
Do you need the membership to continue ?
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Old Jan 28, 2018, 3:24pm   #10
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No - I lost money consistently during the year...
Oh i'm sorry to hear this mainly because you paid so much for the program.

This industry needs some regulation perhaps where courses like this are only be able to take initial fees above, say £500, from any profits you make. They are offering a course which i'm sure is no more useful than many others at a fraction of the price, but targeting people with more money.

Anyway good to hear you have gained something from the course to take forward. Hope you make that £8K back someday!

Last edited by Kaeso; Jan 28, 2018 at 4:32pm.
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Old Jan 28, 2018, 4:51pm   #11
 
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I am still scratching my head why anyone would pay £8,000 (or even £3,000) to any "company" for "education" yet upon viewing their website they have no bonefide address other than some google maps pointer showing an address in Bangkok, Thailand? How did you pay them... in cash no doubt!

And a simple WHOIS on their domain name also returns zero information - alarm bells are ringing louder now;
https://who.is/whois/magnetictrading.com

I also see a thread from a few months ago where some shill was promoting them in a roundabout way;

http://www.trade2win.com/boards/firs...blueprint.html

Scam. Avoid.
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Old Jan 28, 2018, 9:42pm   #12
 
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So you going to continue ?
Do you need the membership to continue ?
No, I found a trading room with more personal interaction, good teaching and much more my trading style so I am working with them and enjoying it a lot more.
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Old Jan 29, 2018, 10:52am   #13
 
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Originally Posted by f2calv View Post
I am still scratching my head why anyone would pay £8,000 (or even £3,000) to any "company" for "education" yet upon viewing their website they have no bonefide address other than some google maps pointer showing an address in Bangkok, Thailand? How did you pay them... in cash no doubt!

And a simple WHOIS on their domain name also returns zero information - alarm bells are ringing louder now;
https://who.is/whois/magnetictrading.com

I also see a thread from a few months ago where some shill was promoting them in a roundabout way;


http://www.trade2win.com/boards/firs...blueprint.html

Scam. Avoid.
Yes they are based in Bangkok and have their offices in the Isle of Man to avoid tax I guess. The payments are processed through PayPal so you do not have the normal credit card protection as PayPal is the counterparty (I called the bank and they explained this to me)
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Old Jan 29, 2018, 11:10am   #14
 
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Yes they are based in Bangkok and have their offices in the Isle of Man to avoid tax I guess. The payments are processed through PayPal so you do not have the normal credit card protection as PayPal is the counterparty (I called the bank and they explained this to me)
lol which "bank" did you call?
Based in Bangkok, yet offices in Isle of Man, which is it?
Hidden domain ownership.
No company registration.
Photos of money/coins on their twitter feed...
Videos on youtube of them on a beach somewhere...
Payments of thousands of GBP made to a personal PayPal account...

hmmmmm smells like a scam to me
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Old Jan 29, 2018, 11:16am   #15
 
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lol which "bank" did you call?
Based in Bangkok, yet offices in Isle of Man, which is it?
Hidden domain ownership.
No company registration.
Photos of money/coins on their twitter feed...
Videos on youtube of them on a beach somewhere...
Payments of thousands of GBP made to a personal PayPal account...

hmmmmm smells like a scam to me
My own - I made a payment to them on Paypal but on my Visa card. So I called my bank who issued my Visa card to find out what my legal position is and they explained that Paypal is the counterparty rather than the company you paid so all complaints have to go through PayPal. In short, it seems that this puts the customer in a weaker position.
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