LeslyTarqTow
Junior member
- Messages
- 18
- Likes
- 3
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.
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: