After having had an Enron type experience in the market, we decided to need to get training. TMTT appeared to be the way to go after the FREE seminar that introduced us to the $198 seminar. At the latter we were asked if we thought we were going to be asked to sign up for something else. Most stuck up their hands, as did we.
During the $198 seminar we were given the basics of higher highs and higher lows basis of the trading system. At the end of the session there were the "EXPERTS" in the back of the room, to whom the instructor had frequently referred for CONFIRMATION of what he spoke.
The seminar was fast paced, covered a lot of ground and APPEARED to supply information that novices such as we were needed to be succesful in the market.
In the back of the room we spoke with the EXPERT named MARK. He signed us up and quickly took the two credit cards we offered for the 16,000 that the two courses and the SOFTWARE would cover. MARK told us that in less than two years we would have paid off the 16,000 that we now owed. He flatly stated that we could look forward to 13% profit per MONTH and if we were not as succesful that we would make at least 7% per MONTH if we followed ALL the rules of the TMTT trading method.
We were near broke at age 74, having a bit less than 28,000 remaining from a once 170,000 retirement portfolio. We decided to opt for the CD training as the expense of travel to UTAH and staying in hotels would be beyond our income level ability.
Before we received any materials for the course, we were bombarded by phone calls, attempting to sign us up for more courses and our mentor ship. We were then assigned to our MENTOR for a two day FOLLOW-UP.in fact the Mentor, a personable character was pleasant and patient but he had nothing to work with as we had not had any training. Thus he gave us the basics again and the two days, which were supposed to have been FOLLOW-UP on the classroom training, giving LIFE TRADING etc, were wasted on the basics that later on came via the CD's.
This all took place between June and August. We started trading and with beginners luck we actually made some gains giving a false sense of security.in retrospect the small gains were just due to the market being exuberant. Then we started losing. Comments in my logbook state something like: CAN WE AFFORD TO CONTINUE TO DO THIS?
So here we are nearly two years later. How much are we ahead? Did we pay off the 16,000? NO on both counts.
Actually, according to our MENTOR, with whom we have occasional contact because he wants to MENTOR us at the going rates of 3000 for a week, most TMTT students are broke within 6 months. (quoted!)
Compared to them, we did fairly well, perhaps because we rigorously followed the rules. Once we actually gained 1500 in one trade, but against that stand several 790 -850 losses. At present we are $1500 ahead, a far cry from the promised minimum gains per month of 7%.
In my opinion the TMTT people have a money making scheme that ought to be evident from the standpoint that IF THEY KNOW SO MUCH ABOUT TRADING, then why do they have to SELL the system to make money?
Buyer BEWARE goes here too. Look at one of the MANTRAS that TMTT gives you which states: Rule #1: THE MARKET IS ALWAYS RIGHT
Rule #2: IF THE MARKET IS WRONG, see RULE #1.
That SHOULD tell any smart person (we were not!) that it is not a scheme that works all the time. Does TMTT give useful information? I would have to say YES.
Does what they provide live up to the exhorbitant prices for the materials and mediocre software? NOT IN MY OPINION. Perhaps if you have a couple of hundred thousand or more in your account it could be considered useful.
My major complaint about TMTT is that they prey on the innocent. A bonafide organization would have advised us that this was beyond our means.
We are still paying from our Social Security benefits as none of the socalled WINNINGS have gone towards pay-off. There just isn't any.
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