T3 Live — False advertising
This company offers educational material to the stock trading community. I've been following them on a regular basis for over a year. Although some of what they offer is helpful, much of what they advertise is completely misleading or an outright lie. They often advertise "free lessons" or "free trials" and the reality is that they are not free or they don't exist at all. It's their classic "bait and switch" tactics that really bother me. In the attached photos you will see that they advertise a 30 day free online training. I registered for the training and over the course of the first week or so I received three emails with links to "training videos" which are about 30 minutes long and of the 30 minutes, 20 of them are spent on describing other products that you must pay to receive. After the first week the emails stopped coming. I was wondering when the remaining 27 lessons were coming so I emailed Rick Meadows as well as others at the company several times and I have not once received a reply. In another example, the photos attached show them advertising "free registration" for a summit. Once you click on the link, you realize that there is nothing free about it. Another scam.
I can go on and on but I want to provide the most egregious example yet. About a year back they advertised a program where for the sum of $5000.00 you would receive a 30 day home study course equipped with web video, manual and one full week of "mentoring" with Evan Lazarus on the t-3 trading floor in NYC. I registered for the course and found the home study part of it helpful. Once I completed the home study I scheduled the mentoring portion of the lesson, booked my plane ticket, hotel room, and arrived at their offices the following Monday morning.
When I arrived, there wasn't a single person at reception, I waited about an hour in the lobby before someone finally came to greet me. I told the person who I was and why I was there. They led me to an empty conference room and there I sat for a while before someone else walked in and told me that they had no idea I was coming and they have no record of me. After bumbling around with paperwork they finally figured out that they were more than happy to take my $5000.00 so they had to accommodate me somehow. They told me the person who schedule my "mentoring" was no longer employed there and that's why they had no record of me. Very organized! Furthermore, they told me Evan was out of town for the next three days and that they were going to have me sit next to Mike Lee for three days. So begins my "mentoring". I sat with Mike who was trading his own account jumping in and out of stocks like an emotionally charged frantic maniac for about two hours. Being new to the business, I had no idea what he was doing and why he was doing it. I found it hard to ask questions because I didn't know the right questions to ask and when I did, I would get quick one or two word responses that made no sense to me. He was so frantic during his trading I wanted give him a hand full or Ritalin. After he finished trading he said I'm stepping out for a few hours and I'll be back. I was left there completely alone with nothing to do until he returned. This went on for three days and on one of the days, he never came back at all. Also, I was never given any kind of ID badge to enter the office so everyday after lunch I was forced to wait around in the hallway like a lost puppy until someone else returning from lunch would open the door for me. Finally on the fourth day Evan came back and I sat with him. He was much better at explaining things than Mike but it was still more of him worrying about trading his own account than teaching or mentoring me on how to improve my skills.
I will admit that I did walk away from the experience with a few more tools in my belt but it was not worth the large some of money I spent. I would suggest to anyone considering paying for any of their services to obtain, in writing, a complete syllabus or layout of EXACTLY what you will receive and the hours your mentors are going to spend with you. If you don't you'll find that your mentors will talk you for a few minutes before the opening bell, mumble through the trades they are making without telling you exactly why they are doing it, take off for lunch at 11:30 and hopefully come back for another few hours of mumbling through trades. That will be the extent of your so called mentoring.
If you guys at t-3 are going to offer education, please understand that just because some of your guys are good traders doesn't mean that they are good teachers, mentors, or coaches. Find more people like Peter Renzulli who is by far the best educator you have on your staff. He is exceptional at explaining things clearly and concisely.