Leroy Rushing offers day trading mentoring under the entity name Trading Everyday. The mentoring is done completely online and over Skype.in addition to receiving 60-90 minute mentoring sessions, all of his students log on to a gotomeeting session throughout the trading day.
In our initial conversation he told me that he would no longer be accepting new clients after the end of the month, which was just a day or two away. I spoke with another student who seemed to be pleased by the mentoring. The cost seemed fair, so not wanting to miss the opportunity I signed up. There were about 7 people already in the program and approximately 9 more people signed up for the program after the end of the month.
He provided a bunch of nifty tools that were designed to teach us how to see the market cycle. He initially had us trading in simulator. We were simply to enter a trade when the color changed on our chart. He would change the time frame we would trade. He would also change out exit conditions—stay in a winning trade, get out at your target. None of us were doing the same thing. There were a few contradictions that we chalked up to him trying to prove a point. The conditions for the color change were clear. He insisted that we would not be able to follow these instructions for an entire week. I did, so did others. He claimed that following the "bar chart" was all we needed. Yet, it was clear that it wouldn't work in certain trading environments. He even said he had the strategy automated, but he'd have to turn it off during certain conditions. He never gave an answer when pressed to provide additional information on how to know when not to trade the system.
Despite the fact that he claimed the "bar chart" was all we ever needed, the natural progression in his program was to move away from the bar chart and onto just trading candlestick patterns. The contradictions became more frequent. All of us were trading on different time frames, from 2 min to 15 min. Some of us were told not to trade for the first 6 minutes others were told not to trade for up to 30 minutes. There was an entire 8 week period where the market was in a "Phase 3"—which means sideways consolidation. He told us never to trade those conditions. But, when we missed a move he chastised us for missing it. We couldn't win and we were always wrong. There are always going to be conditions where you take a good setup but the trade goes against you. This never happened with Leroy. Whenever a trade went against us there was always a reason we should have avoided it. After several weeks of this some of us would try to compare notes to see what we learned for the day. We could never agree, but we also never forced our opinion because we were so unsure.
The hardest part about the whole experience was that Leroy convinced many that it was their fault. If they only followed the rules. They stuck around and lost a lot of money because of his mind games. Following the rules was like trying to hit a very fast moving target. They changed daily. I was one of the first people to leave the program. Shortly after leaving he changed the structure. He tried to create an elite group, call the Inner Circle. The remaining students were either not invited to join or chose not to join, except for three. Two of the three have left the program now, including the one who initially recommended the program. They are still not profitable and they have grown bitter over the time and money they spent while with Leroy. Two others who joined after me are now in the inner circle. One is not allowed to speak because she asks too many questions.
I did learn some things while with Leroy, but it certainly wasn't worth the cost of the program or the money I lost trying to follow his rules. Leroy is a workaholic. He spends countless hours in the gotomeeting room and doing mentoring session. But, he's a control freak unwilling to take feedback or criticism. His instructions are not clear—he should not be mentoring students to trade.
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