Trading The Tape Review
Vendor refuses to disclose whether he even trades. If questioned, vendor responds with disdain and disbelief that anyone would question his integrity. Low user experience, trader receives no feedback or help during trading session.
In depth review of Trading The Tape
Trading The Tape is owned and operated by a single trader named Scott Maxie, working out of Toronto Canada.He offers an educational course at a cost of $1750 for three months. The course includes access to a library of training videos, and each day users can read a quick review of the bond futures markets via a rudimentary chat software. After three months, if the student wants to become part of, “a closed private group of serious professional traders” then student can pay an additional $750 per quarter to “receive unlimited training and be part of the synergy within the winners group”.
Scott Is A Tape Reader
What is tape reading? First let me say what tape reading is not. Tape reading cannot be quantified. Its not something that can be back tested and scientifically validated. It cannot pass the null hypothesis. Is is an art form. It is the art of looking at the auction order book and divining the future. If you have ever seen a live order book, then you know that a massive amount of information can pass through the order book and this can generate a lot of visual stimulus. With lights and numbers quickly flashing, some traders claim that they can notice patterns that other cannot notice. Sort of like seeing a ghost, or having a strong intuition about future events, or mind reading. I personally believe in ghosts, but I am just not sure I believe in tape reading. But I am willing to listen and keep my mind open to the possibility that it exists and it works. But I am also a believer in science, and many psychologists that specialize in helping traders overcome mental mistakes also claim that Tape Reading is just Visual Release Hallucinations, or Charles Bonnet Syndrome. I wont spend an hour explaining what Visual Release Hallucinations are, but I will give you a simplified explanation. Suppose that you watching grass grow very, very slowly. Suddenly you see a plane flying overhead, and then you look down and see that the gardener just moved the grass. You quickly surmised that the plane flying overhead has a causation effect on the growing grass, and the plane actually triggered the gardener to mow the lawn right before your very eyes. Lets get back into the review, and the next section on Scott’s claims that he trades with nearly zero risk.
Trading With Zero Risk?
In additional to training videos, the student also receives access to a proprietary indicator on Ninja Trader, that shows the trader what the smart money is doing. Scott also claims that success is possible with 0 to 1 tick risk with his trading methodology. Yes, you are reading this correctly…0-1 tick risk on each trade. In the 400+ trading products that I have reviewed, this would be the first and only trading product that claims success with basically zero risk. Is this sounding a bit too good to be true? You can make up your own mind.
Digging Deeper For The Truth
Several weeks prior to writing this review, I contacted Scott with an alias name and asked a few questions about the education service. I started off my emails explaining that I was a complete newbie to trading. He responded nicely to my newbie questions. But on the ensuing days, I started to ask deeper and more probing questions like how long have you been trading? How much do you typically earn each month trading? Would you be willing to show a monthly account statement of trading activity? Whenever I began to ask these uncomfortable questions, the conversation would immediately turn defensive and cold. He became offended that anyone should, or would ever question his credibility and honesty. I even asked him if he would be willing to verify a single trade, I never even got a response for this single and simple request, I just wanted to verify the existence that a single trade had ever occurred.
You Want Me To Trust, But Not Verify
In truth, I have no idea whether Scott Maxie is really a professional trader or just another trading charlatan and or an outright fraud. Maybe even Scott Maxie is not sure. But one thing I am sure of, is that if you are going to give him $1750, then you are doing so on nothing more than hope and a promise. Perhaps after reading this, you will even work up enough courage to ask Scott to show you his trading statement. You would be surprised at how many people will not do this, because they don’t want to seem rude.
Anyway, there plenty of trading educators out there, and plenty that have specialized order flow indicators. And plenty that disclose trades, provide statements, and provide a live interactive training environment. Don’t waste your time or hard earned money on educators that refuse to verify that they have ever made even a single trade. Its just not worth the risk.
Scott, if you are reading this and you have a change of heart about being more forthcoming with your trading, then please reach out to me. Nothing would make me happier than to eat crow, and give my readers access to great trading product. I would love to rewrite this review!
Thanks for reading. And don’t forget to leave any comments or questions below.