Pagetrader -- Rock or Rip Off?

[StevenSJC 10]

I've seen these guys in the back pages of Futures Mag and other places for many years. Never really talked to anyone who uses/used their signals so I'm just curious. I have had limited success with real time signal services over the years. I've learned a lot more from a handful of courses I've purchased, some actually quite good. Signals, not so much.

 

However, curiosity is getting the best of me if anyone has any feedback....

[thomasanderson 10]

I tried pagetrader for about 6 months a couple of years ago. I have honestly been dying to write a review of this trading service for a while. I feel like it's one of the biggest scams going. I lost thousands of dollars trading his exact signals, which were totally aweful.

 

The problem, or the 'scam' part of pagetrader is that the system recommends going long or short at a particular price, PLUS OR MINUS two ticks. When they report the results, and advertise them on their site, they assume the best possible entry price. This effectively exaggerates all their results by two ticks, and if you go through ALL their posted results (which i have), you'll see they average two ticks per trade!!! I went back over months and months of their results and did the math myself.

 

Here's an example to illustrate what i mean:

 

They will recommend a buy limit order on the ES at 1332.0, and suggest that you could get up to two ticks earlier than that. IF the price comes down to 1332.5 and bounces up from there, they assume that you DID get in 2 ticks earlier (even though you likely wouldn't have filled), and made money on the trade. They report this as a winner.

 

If the price comes down to 1331.5, they assume you got filled at 1332.0 (even though they suggested you could get in as early as 1332.5). So, if this trade happens to be a winner, they report that they got in at 1332.0 (again, even though they suggested you could get in as early as 1332.5). See the problem? In addition to that, of course if this trade was a stop out, they report a loss of two ticks less than what it would really be if you got in at 1332.5.

 

So, they have a methodology which seems to break-even, and they exaggerate all the results by two ticks because they're assuming best-case scenario, so overall it looks like their results are profitable.

 

TOTAL SCAM ARTISTS.

 

I have been a member of many many trading rooms, and lost thousands of dollars with lots of them (like i did with pagetrader), but i REALLY hate these guys in particular because i think they are completely dishonest.

 

I would highly recommend staying away, and not getting sucked in by their reported results, because they are total BS.

 

Cheers.

[traderslabprosper11 10]

My experience I believe is similar to Thomas's..

 

I believe they make a practice fairly often of distorting or rewriting history regarding what they actually recommended, especially regarding their 'roadmaps', in order to claim they made a good call when in reality they did not.

 

Another example- they put out numerous support/resistance levels at the beginning of the day, and if one out of 10 happens to actually work, you will see in their nightly report that the market hit their 'target' and then reversed, and what a great trade it was!!

 

I guess the other 9 were not targets (since they didn't work!)

 

We all can claim this kind of success if we just put out enough support/resistance levels in advance, and then only talk about the ones that were valid after the fact (or close to being valid), sort of like psychics who publish in some obscure place a list of 500 celebrities they are predicting will die in 2012, and then make a big fuss about their 'success' when by luck one does pass away in 2012.!

 

The smaller-size daytrades that are recommended are not too bad, and are reported fairly accurately, but I don't think those are worth the high monthly subscription price..

 

And for me, it's really aggravating when they keep claiming wonderful success on the 'roadmap' trades that in my limited experience (admitted only 2 - 3 weeks, and I will cancel before I get billed again) are not necessarily an accurate reflection of the actual trading advice given in real time..