T3 LiveFalse advertising

R
This review was posted by
a verified customer
Verified customer
Review updated:

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.

False advertising
False advertising

Responses

  • Re
    REOticker.com/REOticker.net Aug 29, 2012
    This comment was posted by
    a verified customer
    Verified customer

    Now they are trying to bury the search results so that potential customers on won't know the truth about them.

    2 Votes
  • Tr
    Trader MH May 03, 2014
    This comment was posted by
    a verified customer
    Verified customer

    The shocking T3 Trading Annual Report on the SEC website


    The T3 Trading Group Annual Report (Form X-17A-5) can be downloaded from Edgar on the SEC website. In 2012, 99.89 percent of T3 Trading's revenues came from the monthly fees and the trading fees its proprietary traders paid to the company ($15, 106, 432). Only 0.106 percent of T3 Trading's revenues came from its share of the trading profits ($16, 082). T3 Trading charges its traders for every share they trade. Traders are discouraged from trading a low number of shares per trade even if their trades lose a lot of money and even if they are placing the same number of trades.


    T3 Trading charged each of my co-workers about $1, 000 a month in trading fees. The $1, 000 a month does not include the losses from the trades. On some days traders were profitable, but on most days they were not. Many traders are also charged several monthly fees. Total monthly fees can be as low as $120 a month. After one month at T3 Trading, one unprofitable trader was allowed to double the number of shares he traded ($2, 000 a month in trading fees). Some traders may have trading profits that will offset some of the trading fees (and monthly fees). My manager told us on several occasions that many traders deposit additional money when the fees and the trading losses deplete their initial $7, 500 capital contribution.


    Turnover at T3 Trading is high. The Linked In website profile of CEO Sean Hendelman reveals that T3 Trading has more than 400 proprietary trading jobs. My manager told us that it takes 6 months for traders to become profitable at T3 Trading. If the average trader quits T3 Trading in 6 months, then 800 people held those 400 trading jobs in 2012. In 2012, each of those 800 traders paid T3 Trading $18, 883 in monthly fees and trading fees. Some traders may have trading profits that will offset some of the trading fees (and monthly fees).


    What are the odds of being a successful trader at T3 Trading Group? In 2012, all of the traders at T3 Trading had $53, 607 in trading profits. The traders’ share was $37, 525 (70%), and T3 Trading’s share was $16, 082
    (30%). It is possible that 799 out of 800 traders received nothing, and one trader received $37, 525. It is possible that 798 out of 800 traders received nothing, and two traders received $18, 762.50 each (the equivalent of a $9.38 per hour full-time job). It is possible that the top one percent of the 800 traders received $4, 690.62 each, and the remaining 792 traders received nothing. No wonder most traders resign in a short period of time.


    The T3 Trading website reveals why revenues from the paid training products are not on the T3 Trading Group Annual Report: “T3 Live and T3 Trading Group, LLC are separate, but affiliated companies through common ownership.” The T3 Live website advertises two courses that cost $1, 997 each. The Virtual Trading Floor costs $200 a month. T3 Live has many paid products. I never purchased any T3 Live training
    products. For one day and only one day, I listened to the Virtual Trading Floor. I printed the transcript of the one day period. My manager's free training classes were vague. My manager's free training materials were skimpy. About two months after I resigned from T3 Trading, T3 Live sent me an email that offered me a yearly subscription to the Virtual Trading Floor for $999.50. I was also offered a package of one course (I had three choices) and one year of private mentoring for $1, 199.

    2 Votes
  • Jo
    John E Gomes Sep 26, 2014

    I don't get it. Your image shows it clearly. 7 days free trial. Then it becomes $199.99 afterwards. Your subtotal is even $0. Is this a legit complaint?

    -2 Votes
  • Co
    CommonCents5 Apr 05, 2017

    No offense, but you sound like a complete ###. First, most of these people are obnoxious loud mouth East Coast Jewish guys who care little for anything else other than lining their own pockets. I'm not surprised about that part of your "mentoring." That's not your fault, but what follows below is your fault: Think about what you did: Basically, you made it sound like you just booked a plane flight to visit someone you have never met before with no plan, or basically no communication that you were coming. And that's what you did as I read further! Cmon man, no plan, no itinerary, no schedule, no plan for lunch or anything, no plan of how to get in or out of their building, no plan for what the ### you would be doing during this training? You literally just show up one Monday morning? This was your own fault.

    0 Votes
  • Co
    Conti Tonight Show 🎙️ Apr 24, 2018
    This comment was posted by
    a verified customer
    Verified customer

    Trader? Use This TwitterAudit "Fake Follower" Link & Discover If Your Trading Educators and Mentors Are Being Honest With You. If They Are As Good As They Claim There Would Be No Reason To Be Dishonest About Their True Audience. Make Sense? Give It A Try And Learn Who The Real Deals Might Be...

    https://www.twitteraudit.com/

    Analytics and results provided by Twitter Audit. com (not a Twitter product) #education #twitter #mentoring #trading #traders

    0 Votes

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