A shares day trading area that’s moderated by fine people, but not a great deal of track record. They claim to create about $14,000 a month, but can offer no evidence of excellent returns. No listing of transactions called inside the live trading area, I inquired but none were supplied. Trading area should improve by becoming more transparent and supplying a precise listing of transactions. Until thenyou ought to avoid.
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Thanks for reading today’s review of Pristine Trading
What’s Pristine Trading? Pristine Trading is exactly what I’d consider one of those”heritage” trading teachers. I’ll go into a lot of detail about both these guys, but I can tell you that Oliver Velez is certainly someone to prevent at any cost. He’s got a very long history of running various deceptive trading actions, such as a prop day trading company called Element Trading. What has been Element Trading? Element Trading pooled little traders collectively in an omnibus trading accounts that enabled small traders to prevent the 25k day trading principle. It functioned for a brief time period, before Oliver Velez closed up shop and vanished together with the trading residue of everybody that had led funds to the omnibus account. At about that moment, Oliver Velez, together with all his fraudulent luggage broke from Pristine Trading and began a new company named IfundTrader.com. An overview of Ifundtraders will be released soon, but lets just stay concentrated on Pristine.com.
Is it fair for me to mention Oliver Velez with Greg Capra? Some might say that since Oliver Velez left the firm in 2012, then everything since his departure should be considered fresh and new. However, I believe that it is important to at least include a broader history of Pristine.com so that we can bring some contrast and comparison to the new Pristine.com.
What exactly is Pristine.com offering? In a nutshell, Pristine is selling an educational package for $9,000. A quick review of the website claims that the $9,000 trading educational package is everything that a person will need to become a professional full time trader. And they also promise to continue to work with a trader until they reach their goals of becoming a successful trader. In addition to the $9,000 trading educational package, Pristine also offers a live day trading room titled “The Black Room”. This room comes at a cost of $197 a month.
The “Black Room” is considered to be the marquee trading experience, where Pristine’s very best traders display live daily stocks trading. This live daily trading experience is supposed to include entries, exits, profits, etc…and be fully trackable by the subscriber. If the $9,000 trading educational experience has any value, then we should be able to fully witness this value within the “Black” trading room. When I think of the word “Black Trading Room”, this elicits feelings of exclusivity. Like a black american express card, or a really exclusive night club, or a private portion of a topless bar where the lady is going to give me the “special show”. In short, I had really high hopes for this exclusive trading room.
In addition to the sense of exclusivity for the Black Trading Room, I have also been receiving a steady stream of marketing emails highlighting the Black Trading Room as the Trader Planet winner of the Best Live Trading Room of 2013-2014. The marketing piece claims that anyone duplicating the three moderators would have over $129,600 since January 5, 2015. Furthermore, the marketing piece claims that the Black Trading Room never risked more than $300 per trade and had only three losing weeks. Below is the marketing piece that is emailed to prospective purchasers…
Lets take a moment and put this into context…$129,600 in profits since January 5, 2015. This means that the Black Trading Room generated an average of $16,200 in profits each and every month. Pretty impressive stuff. Especially considering that they never risked more than $300 per trade, and had only three losing weeks. I am not sure how to calculate the mathematical probabilities, but this seems on the outer spectrum of believable possibilities.
Asking For Proof
Among the situations which you won’t find anyplace on the Pristine.com site is a list of transactions called interior the Dark Trading Room. I emailed a few times and asked a spreadsheet of transactions, nevertheless Amber Capra couldn’t supply me with any documents. I asked because of statements that establish these magnificent performance amounts, once more I couldn’t appear to coerce Pristine into supplying any evidence of the yields. I tried to collect verifiable performance amounts a few times, using many distinct personas, emails identities and address etc.. But, I had been roundly ignored. The very best they could provide was that I must attend the live trading area and that each the trades will be known as live and in real time.
My final attempt at checking the above mentioned performance came after I stated I was prepared to devote my $9,000 for the superior instruction package. I stated that my payment was determined upon verifying the promised functionality, nevertheless I was again dismissed. Nonetheless, it isn’t OK to let me confirm the promises of 16,000 average annual gains. This situation represent everything that’s wrong with all the trading instruction market.
Inside of the Black Trading Room
The Black Trading Room is moderated primarily by Robert Shapiro and Paul Lange. It appears that they are calling trades from a charting package provided by Lightspeed Trading. At no time did I see a trading DOM present on the screen, nor did I see any trading directly on the charts. The following is a visual of what you will see inside of the trading room…
In total, we recorded 8 complete trading sessions. As I reviewed the tapes of the trading sessions, one of the things that I found to be confusing and annoying is that the moderators never did tell you how many shares they were trading per trade. For instance, they would enter a trade and if the trade would gain in value then they would declare that they were out 1/3, after it moved some more in their favor they would declare that they were out 2/3, and then finally out 100%.
Another annoying aspect would be that sometimes a trade would be initiated, and then the chat box would scroll through and new trades would be introduced, however the original trade would just be forgotten about. No mention of it. Sometimes a person from the general chat would call this into question, if the trade was a winner then the moderator would say that we are still holding. But if the trade were a loser, then the moderator would declare that he dumped it earlier.
Over the course of the nearly two weeks of recording trades, (those that we could actually record) we discovered that the Black Trading Room was basically a scratch trading experience. Equal amounts of losers to winners. But again, everything was so informal and difficult to follow our records could be off. My overall impression is that no records are being kept because there is no real trading actually happening. It appears that the moderators are just sort of winging it, fumbling through charts and making comments about this or that. No real concrete trading was happening, just slippery comments rolling through the chat box. The whole experience is to give the impression that actual trading is happening, but in reality what was happening is a lot of chat and commentary.
Pristine Needs To Improve
Based upon what I saw inside of the Black Trading Room, it would be a waste of time and money spending $197 each month for this sort of experience. Pristine needs to make some major improvements to this trading room. The first would be using a trading DOM or trading directly from the charts. This way customers can actually see what is happening. The second, and most important would be keeping accurate records of the trades being called inside of the trading room. If I am going to spend $9,000 to learn from one of these moderators, I want to make sure that he actually has a track record of positive performance.
Pristine needs to also provide some sort of proof that the stated gains of $129,600 in profits over the prior 8 months is legitimate. An account statement would suffice, and if you are considering spending your money with Pristine, then you should demand proof of these returns.
As it stands now, this is yet another trading room making some outrageous claims of massive profits, but unfortunately cannot provide even the most scant amount of evidence to substantiate these fantastic claims.
Well, thats it for today. Another crummy trading room. Please don’t forget to leave your comments below. Even the haters are cherished.