The Three Most Important Factors in Picking a Day-Trading Academy – with Input from Meir Barak, Tradenet
We see dozens of companies advertising, marketing, and pitching their day-trading academies online. However, the only way to pick one correctly is through market research to find the correct one for your needs.
There are three key factors you must examine before going ahead and picking the right day-trading company for you:
Factor 1: Legitimacy of a day-trading school
Given the large number of companies out there, it is difficult, though crucial, to find one that is fully and honestly legitimate. What constitutes a legitimate name in the world of day-trading education? That would be a reputable company that is all of the following: regulated (if it needs to be); responsive – so clients can contact it in times of challenge; and reliable – so that you know and see that your concerns as a day-trading student are being met. Moreover, you need to know that you are working with a name that is trustworthy, has been around for a long time, and is not going anywhere. Obviously, the right place for you to learn stock trading is not necessarily the right one for everyone else, so you need to find the day-trading education company that fits you best.
What we have found is that the best indicator of how legitimate a company is is to look at the founder and the company’s tenure in the market. When we talked to Meir Barak, founder of Tradenet one of the largest online trading academies, he confirmed the same. “I’ve been in this business for ages,” he says, “and have seen the market going every direction there is.” And my team here at Tradenet have been around to support our students every day for decades, and we will continue to do the exact same going forward,” Barak added.
When picking a trading school, mentorship matters. When you look at professional traders and mentors like Meir Barak of Tradenet, you realise what it means. He is constantly answering questions from his live-audience online trading room, and is always available, despite Tradenet being one of the largest players in the industry.
Factor 2: Transparency when dealing with a day-trading academy
You’ve signed up to take your classes in day trading from an academy or a day-trading education course. That’s great. But how do you know the material you are being taught is worthy? How do you know that the classes are helpful? In other words, your teachers can talk the talk, but can they walk the walk? That’s the million-dollar question right here.
So, here’s my point to you: If the day-trading education company does not have a trader team that teaches and trades live and gives you full access to it, then it is not a transparent day-trading company. A transparent day-trading company is one that has real traders, trading in front of you every day of the week. You don’t see many of these, though there are still a few if you look hard enough.
In addition to the above, a legitimate day-trading company should probably be one that has been around for a while. I mean, there’s nothing wrong with being a startup, but when it comes to education it’s usually better to pick the company that has been around for 20 years and more over the one that has been teaching day trading for a month or two. “Tradenet is a good example of this,” says Meir Barak. Meir tells me that every weekday, their day-trading room, which is live, can be accessed by any of their students. They granted me free access to their live trading room for a couple of days, and it worked brilliantly. The main traders there, Meir Barak and Scott Malatesta, show you every trade they take. But even more than that, you can see their daily profit and loss, along with their streak over the last few days. The nicest part is that even before you join you can watch them live and watch recordings of live streams on our YouTube channel
Factor 3: Would this day-trading school call you back? Responsiveness
Your day-trading education can be brought to you by more than a few potential academies; but how many of them will respond to you when you need them? And who do you get to talk to? Is it just an administrator, or can you actually talk to and reach the guys at the top? That’s not an easy one. Our world of online streaming and the like can be a bit misleading at times. For example, a trader you follow could seem like a great person, but in reality might completely ignore you.
Meir Barak chips in: “You know I have so many employees, but for me the personal connection and communication with traders and students at Tradenet really matters the most, more than anything else.” He adds: “Even my wife is making fun of me: Why am I answering students so late at night, why do I have to respond to every technical question that anyone is asking me on our Facebook . But at Tradenet, that’s our identity, what we do best, and that’s what we are all about.”
Disclaimer: This content does not necessarily represent the views of IWB.