This is part three and my final video on my review on Trick Trades. And again, I’m always trying to gather information. And in the screen share, in the morning before trading, Pat will answer some questions. So as I was ready to ask Pat my 16 review questions, I realized that there was a really good chance that I was going to piss him off. And he was going to go off on me through the chat.
It seems like he’s always ready to just go off on someone at any time. Pat is constantly lecturing his students from a point of view of this mindset of where he thinks I just don’t get it. And quite frankly, I feel intimidated just to ask him questions. I’m sure others refrain from asking questions because he is intimidating. And I think a good name for him is Pat The Intimidator.
Now, there are places to ask questions and his moderator was very nice and answered questions. So I’m not going to say you won’t get your questions answered, but asking Pat can be intimidating.
So worried that if I ask too many questions, he’ll just shut me down and kick me out of his group. I still moved forward and asked a couple questions. And he was actually surprisingly okay with the questions rather than just shutting me down. This doesn’t mean he gave solid answers and I’m going to go over the questions right now and the answers. But these answers to the questions are paraphrases. I just wanted to make that clear. So here are the questions.
So I asked him: do you share your P&L? And he said he stopped sharing P&L because a guy making thousands a day creates FOMO. And the FOMO makes his students do things they shouldn’t do. He said to focus on your process. It’s all about your own process; education and process is all I should be worried about.
Now that sounds like he’s seen this question before because he had an excuse right away and I could tell he became a little on edge so I did not probe any further or ask any questions, any more questions, that day. He did also kind of turn things around and focus on the fact that I need more information. That sounds pretty familiar.
I also asked: what is your edge? He recommends that I watch the video lessons. And he also said this is not a good time to ask because it was 5 minutes before the market opens. But, you know, this is the only time I would have access to him or after the market opened. I figured that would be even worse, a worse time, to ask but I guess it wasn’t. But he went on to say that I’m focusing on the wrong stuff. And he needs to rewire my thinking or this is probably not a good fit for me. This is for people who want a career change; not someone like me. So this is a classic tactic of taking away, like this may not be for me in order to make me think ‘oh I’m lucky just to be in this group’.
Then he steered me into ‘I need more information’, you know, to “keep on trying, keep on buying funnel.” I didn’t really ask Pat specifically more questions after that. I think most of the questions I could answer for myself based on my experience of going through his material.
I did ask one more question of him though. I asked what kind of return should I expect. And when I asked Pat this question he said, “if you’re focused on profits you will fail.” And that I need to realize it’s not going to happen overnight, or I’m going to be part of the 90% that fail. And also, that answer to that question depends on my personal progress and you can only trade within your wheelhouse. And it’s up to me if I listen to Pat; and if I do, I can do very well.
And he went on to say the trade plan works. You just need to do it. And if you think about it, he can answer any question with that answer that he just gave, any question that comes up he could say that; and he probably does. And again, he pushes me towards ‘I need more information’ and ‘I need more time to succeed.’
Now, the other questions I didn’t ask Pat directly because I could figure them out based on the material.
So is the course proprietary? And I would say yes to this. I believe his trading method is proprietary. I mean, that doesn’t mean it works, but the trading system is unproven because there’s no available P&L.
Next question: Is the system directional? Well, yes. And I’m personally still looking for a proven consistent directional trader that shares P&L. Pat is not one of them.
Next question: Do you recommend buying option premium or placing low probability trades? Well, the answer is yes, but buying premium with this system is okay, since it is such a short-term play. So with this system the options, do not create a low probability situation.
[Question #7]: Have you back-tested and forward-tested the system, and what are the results? Well, there’s no reason to ask Pat this question because he’ll just say he’s trading it live, and he has good results. Even though he won’t share executions or P&L in a live account.
[Question #8]: Do you trade with objective rules, and what is the trade plan? Pat will say, yes absolutely, that he has an objective trade plan. But I say no, because there’s no clear sizing and no clear defined profit targets.
[Question #9]: Does your trade plan take into account commissions and slippage? I don’t know because I don’t know the actual results of the trades that Pat makes. If Pat is unproven to be profitable, then how am I going to be consistently profitable as a student.
[Question #10]: What is the highest margin requirement that your trade plan will allow? That’s unknown, because sizing is just not defined in this program; not that I could find.
[Question #11]: Do you show real trade execution with real money? First of all, he says that he’s showing it while he’s doing a live stream, but he isn’t. And then also in the sign up forms, you can see the promotional material. It says that he does, but I did not see any trades being executed in an account at all.
[Question #12]: What is the lowest drawdowns you incurred in the crash markets and other market types, and you have back-tests to show what happened during those time periods? Well, that’s unknown. I do know that a system is day trading, and day trading would not really be affected as much as other trade systems in a crash or other markets because there is no overnight exposure.
[Question #13]: What is your money management plan or how much capital do you allocate for trade in percentage terms? Well, Pat’s representative said there is no set formula. So we know he doesn’t answer that.
[Question #14]: What underlyings do you like to trade, and are they tax advantage? Well, they trade single name stocks, and there’s no tax advantages to the trading system. And it’s all going to be calculated as short term capital gains or losses.
[Question #15]: Do I need to be in front of my computer all day or most of the day to trade the system? And the answer is no. This system plays out early in the day.
[Question #10]: Do you share all the trades made in your account as you trade them? And the answer is no. He does not share his account.
A quick note during the last live stream that I attended. Pat asked if anyone placed trades on certain stocks and a couple new members placed trades and he immediately stated that if you’re new you should not be trading because you’re not ready. And this is not surprising. This is congruent with ‘the keep on trying keep on buying’ business model.
Now as of the time of making this video, I have already released part one of my review. Pat has shut down my account and I no longer have access to his material. But fortunately, I planned ahead and I have gathered all the material I wanted for a full review before I released part one; as I anticipated that Pat would kick me out of his group.
Now if his system was legitimate, I would think he would welcome me, in make sure I understood a system, and that he would show that he was successful; so that I could become an affiliate. Pat is very influential and when you listen to him it’s easy to believe him. I mean, I almost feel convinced that he’s a profitable trader when I listen to him. But there is no proof. There’s no P&L. There’s no black and white rules.
To create a consistent output, there needs to be a consistent input. Without black and white rules the input is not consistent. The system sounds really good when Pat explains it, but I have a message for Pat. If you would show your P&L and prove you make consistent profits I will gladly retract this review and promote you. But the main question here: is would I trade my money with this system and the answer is no.
Hey real quick, I want to let you know that I have a new options course for beginners called Options From Day One, and I left a link in the description. And also if you’re interested in a proprietary black and white trade plan, which I believe is the best way to trade options, I’ve provided this course for free. Just see the link in the description below. And hey don’t forget to hit that like button on the way out, thanks.