I studied with BT for a year. Looking back at it, I do not like the way in which they sold me the product. They made it sound too easy, that anyone could do this in a fairly quick amount of time; that we would learn it fast enough. There was no indication on how much money would really be needed to get involved with this sort of thing; and how much money you could be stripped of... And the really useful education came from studying specific things with the specific instructors, further online classes and seminars. And much of this stuff is already out there, for free!!!
If you just studied the Market Essentials manual and traded by their rules, you would get into trading trouble and lose money. They do not go into enough depth to get a beginner really started correctly. And they do not really show how a beginner with a little money can grow their account upwards with careful management. They don't demonstrate it, they don't talk about it; they don't help you to position size, and get you to realistically trade your own smaller amount of money.
They did not explain anything much about the greeks, except Delta and time decay. All of these things can be important when you are doing spreads.
They did not explain options pricing either. There is so much that they didn't explain, and not even later when I did the two-hour talks. And if they don't worry about the Greeks, they do not explain well enough why they are not worrying about it, because the Greeks can affect your trade greatly, as I have learned.
The traders are real traders and have their systems of trading and do well by them. But to study with them, an individual mentor, and really get to know what they are doing, be prepared to spend a lot more money. They have taken years to create their systems and have a lot of background to understand the market. And although, they appear to make it easy, it just isn't that easy. They are also working with large sums of money which makes account management a lot easier, IMHO, because you can do more with it, and can position size to really make some gains as well as limit losses.
Some of us who get into this (newbies), do not have the flexibility of much of a position size, and need to be conservative with our sizing or we will lose it all! But they don't talk much of any of this. And then, we are gambling, not realizing a systematic, logical approach to it.
The software is way overpriced. I had it for a year. I liked it very much and it was hard to give it up, but I have since found other free websites, and even equal to better products out there, IMHO. They also did nothing to educate me about position sizing according to your account and other things to consider.
I was brand new at all of this when I started a year and a half ago. I blew $33,000 with Better Trades, something like that. I have learned a lot, but I must say, they don't do it in a way that you can put it all together, and even so that putting it all together takes time. There is no way you can get your money back, as they so easily promise: in six months by doing live trades or get your money back, and they must know it. I couldn't even digest what I was listening to in the first six months from the DVDs and class, having no financial background whatsoever. I am sure many people who sign up for this sort of thing are exactly like me: not from financial backgrounds. And because there's always more to learn, there's always more to purchase to try to get the hang of this thing. So, newbies again, are more vulnerable to the upsell.
I came upon this company through a friend who took me to the seminar. I signed up for it, needing a change in my life. It is interesting enough, and I am starting to make money now and understanding it, but I am also studying with different groups (free education through my broker) and another school that has a system across the board, that I rather like.
I have seen the difference between services, and Better Trades, it seems to me do not have a good beginner's education put together to really help you understand the market, and it costs far too much for what it is. I would not get involved with their software either as it costs a lot to maintain. There are other equivalent alternatives out there. There are ones you can buy too, that are much less expensive.
And for the new folks, don't do any real money trades until you have done plenty of paper trades to prove to yourself you've got it on a strategy. And that too can change as no trader is right 100% of the time.
It's not that simple; there is a lot to it. You do not get rich quick. And if you do, something will most likely block you in your trading eventually, because a lot of this is working with our feelings as well as the logical side of the plan and what we see in the indicators. It is not just something you can learn in six months and say, I've got a skill, and I can make a goodly amount of money. (And that is the wrong impression that Better Trades gave at the selling seminar, and I believe it was and is very misleading.)
Trading is an art; it takes work; it takes time, and you could lose money, a lot of it, not just in their education either. But if you are willing to stick with it and love to learn, you will eventually get it and be successful., finding the right education too If you discover there is nothing you like about it, accept the loss and get out of it.
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