TradeNet is it Legit?

Is Tradenet a Legit day trading program?

Primary site owner/personality: Meir Barak.

Website: www.tradenet.com

TradeNet is another of the ‘let me teach you to day trade’ sites. One thing I noticed about the TradeNet website is that it has a more professional set up. Although it does feel a little bit like a carnival sells site to me, which might push you away from the site.

Another think about Meir, he has a lot of personality which might make you think he is more of a sales person than a trader. He does trade on the site and is not just a figure head.

You can sign up for a free newsletter which gives you a daily report that is somewhat useful, especially if you are currently a trader and wondering what stocks to focus on during the day.

Meir is also an author. He wrote “The Market Whisperer: A New Approach to Stock Trading” which I might review another time. It is a good book and teaches many of the same things TradeNet teaches in their courses.

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They have a number of courses and up sells available.

  1. Self Study Course: $290.00
  2. Star Trader Couse: $1,900.00
  3. Top Trader Course: $1,900.00
  4. Forex, Commodities & EU Markets Course: $1,900.00

There are some other options which get presented later. Probably some discounts also.

Their chat room is $120.00 per month on the month to month and $75.00 per month on a yearly purchase. The month to month price is not completely unreasonable, the yearly price for the chat room is good.

One thing I like about their program is you can get around the $25,000.00 cash requirement for day trading by trading one of their funded accounts. Basically in their funded account you deposit a small amount and they add the rest of the money in a ‘group’ type account for you to trade. You are capped at losing slightly more than you deposit before the cut you off. You get a percentage of the profit trading their account and they get the rest. Your percentage is pretty high so do not let that discourage you.

Summary of funded accounts:

  1. $500.00 deposit.
    1. 1 month study program.
    2. Self Study Course.
    3. Trading Book.
    4. Live Trading Room
    5. Demo training account.
    6. $14,000.00 to trade with.
    7. Max Loss: $700.00
    8. Revenue split 80/20.
  2. $3,000.00 deposit.
    1. 4 month mentorship.
    2. Self-Study course.
    3. Star Trader course.
    4. Live Trading room.
    5. Trading book.
    6. Demo training account.
    7. $80,000.00 to trade with.
    8. $4,000.00 max loss.
    9. Revenue split 85/15
  3. $6,000.00 deposit.
    1. 8-month mentorship.
    2. Self-Study course.
    3. Forex Trader course.
    4. Star Trader course
    5. Live trading room.
    6. Demo training account.
    7. Trading book.
    8. $160,000.00 to trade with.
    9. $8,000.00 max loss.
    10. Revenue split 90/10.
  4. $9,000.00 deposit.
    1. 12-month mentorship.
    2. Self-Study course.
    3. Forex Trader course.
    4. Star Trader course.
    5. Top Trader course.
    6. Live Trading room.
    7. Demo training account.
    8. Trading book.
    9. $240,000.00 to trade with.
    10. $12,000.00 max loss.
    11. Revenue split 95/5.

As you can see their funded accounts come with a lot of advantages. If you are serious about day trading one of these accounts can provide you with a good size account to trade as well as training.

Meir does trade in their trade room but he is not the primary trader. Not sure that is really a problem;, I really like the other trader in the room. Meir takes a few too many chances for me. He can get some huge gains but also take some huge losses.

They offer a free chat which is nice, gives you a good feel for the community. There are also a number of You-Tube videos under Meir Barak and/or Tradenet.

Their trading style is a little slower paced than some. I would describe it as swing or breakout based. They do trade on momentum but it is not usually that fast paced click frenzy type of trading some traders do. You usually have called enter points for the stocks during chat.

Positives:

  1. Funded accounts are awesome. IF YOU KNOW HOW TO TRADE. Their funded accounts are the least expensive way for you to open a day trading account. If you trade successfully your return on investment will be much higher with their funded accounts as opposed to opening your own US based account.
  2. Funded accounts give you most of the training the offer plus the ability to actually trade.
  3. Nice chat room. Informative and easy to follow.
  4. YouTube videos and free chat are valuable.
  5. Free daily stock reports can be useful if you are looking for stocks to trade.

Negatives.

  1. Be careful with your position sizing. Some of their stops are not called out well in chat or are too far away if you are trading too many shares.
  2. The website feels a little promotional, which really does not give service to the value they offer.
  3. Courses by themselves are expensive.
  4. They do not bombard you with testimonials on how much everyone is making with their program.

Overall this program is LEGIT. I can recommend it if you want to learn to day trade. I would start with Meir’s book “The Market Whisperer: A New Approach to Stock Trading” and the free chat just to get an idea of how they trade.

Always remember day trading is NOT for everyone and it is NOT easy.

Be sure to check out my post Can you Make a Living Daytrading.

 

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