Live Traders is a day trading community run by Jared Wesley.
They offer courses, newsletters and a live trading room.
Are you thinking about joining and want to know if it's a scam or not?
This review will help you.
I spent the day going through all the offers and investigated the company thoroughly.
You'll get insights here that you won't find anywhere else.. you'll know if Live Traders is worth joining by the time you're done.
Let's get into it!
Live Traders Summary
Owner: Jared Wesley
Price: Depends on product
Do I Recommend? No.
Summary: Live Traders is well put together and a professional operation.. this is all I really like about it.
The owner admits he exaggerates his earnings to sell products and everything is just too expensive.
I personally wouldn't recommend getting involved with day trading either. It's almost impossible to succeed with.
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3 Facts About Live Traders
Before we get into everything Live Traders offers, let's take a look at some important background information.
Here's what I think is most important:
1) Live Traders Is Run By Jared Wesley
The man behind the current at Live Traders is Jared Wesley.
There's not that much out there about Jared but there is something that's important - he comes from Pristine Trading.
Pristine Trading was one of the first organized day trading education programs.
It started in the late 80's and early 90's.
Their trading method was known as The Pristine Method and it was run Greg Capra and Oliver Velez.
Greg Capra rebranded Pristine into Master Trader and Oliver Velez is a known scammer now.
Pristine was a sales machine but it wasn't a good place to learn trading.
The products were very expensive and there really wasn't proof many people had success there.
Did Jared learn how to be a successful trader at Pristine or did he just learn how to sell day trading products?
The next section should answer this question..
2) No Proof Of Successful Trading
Jared is someone that likes to show off his wealth on Instagram and wants people to know he's rich:
This is called selling the lifestyle.
Guys like Jared like to appeal to people's desire to be rich.
He's basically saying "you like these cars, private jets and mansions? Buy my products and you can live like me."
The opening video on his popular Youtube channel basically just shows off how rich he is as well:
If Jared was making most of his money from trading I wouldn't have a problem with this.
But truth is he doesn't make that much trading and he's admitted to this.
One person interviewed Jared and he said the track records of trades they display "are for entertainment purposes only."
He even claims to fake aspects of his wealth because "everyone else is doing it, we cannot sell unless we do it."
So who knows what Jared owns or how rich he is.
Any wealth he does have, however, almost exclusively comes from selling products and other means.
In my opinion it's pretty rotten to pretend to be rich from trading to get people to buy your services.
3) The Main Focus Is On Day Trading
There's a reason why Jared doesn't make a lot of money trading.
It's not because Jared isn't smart.. if you hear him talk it's obvious that he's very bright.
The truth is day trading is extremely hard to succeed with and I'd almost say it's impossible to have real success day trading.
This might confuse some people because of how many gurus claim to make millions trading but it's true.
The only real way to make money day trading is to build an audience and front load penny stocks.
Basically you buy a stock, tell your followers about it, have them buy to superficially raise the stock and then sell when the price rises.
This is illegal but it works.
If you don't believe me day trading is a scam, here's some undeniable facts that prove it is:
The More You Day Trade, The More You Lose
If I told you the more you went to a casino to gamble, the more you lose you would probably agree.
You might get lucky one or two times but the house always win.
So if you keep pressing your luck you're going to eventually lose because the odds are not in your favor (unless you cheat).
This is the same with day trading.
A massive day trading study was conducted in Brazil that followed thousands of traders.
Barely anyone was able to profit but there was something shocking about who was able to profit..
It turns out the more you day trade, the less likely you are to make money doing it.
This proves day trading isn't something you can learn.
It's like spinning a roulette wheel. You might get lucky from time to time but if you keep spinning, you'll lose money.
Those Who Profit Make Very Little
97% of people that day trade are going to lose money.
Many studies have proven this outside the Brazilian one I mentioned up top.
That leaves around 3% that make ANY money at all.
However, most of the people in the 3% are making less than minimum wage.
Day trading comes with a lot of fees so the little amount you can make will get eaten up by that.
There's probably less than 1% of day traders that make a living wage from trading and it honestly might be even less than that.
Technical Analysis Is Mainly Fraudulent
The main argument you'll hear from day traders is that the people who fail aren't getting the fundamentals down.
These same people claim through technical analysis and learning complicated charts and indicators you can make profitable trades.
But technical analysis is largely fraudulent.
Don't take my word for it either.
This is what Warren Buffet thinks about technical analysis:
Basically what he's saying is charts can be interpreted a million different ways.
I mean look at what technical analysis is:
Warren Buffet is right.
You flip that thing upside down and you'll probably come to the same conclusion.
The truth is it's impossible to guess where a stock will be in a few hours. There's too many different factors involved.
It's much easier to predict where a stock will be in a few years.
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What Does Live Trading Offer?
There's a lot of different products and services for sale at Live Trading.
Here's an overview of each one:
Live Trading Room ($175 Per Month)
The Live Trading Room is probably one of the more popular services at Live Trading.
The room is pretty typical and reminds me of other ones I've come across.
It opens right when the market does and Jared is in there for around 2 hours talking about the market.
He's also making trades.
After that his partner takes over and moderates the room until about noon.
Here's a look at their schedule:
Some features you get with this room include:
- Entry, stop and target for trades
- 5 to 10 trade ideas per day
- Support and a community
- Chat feature so you can ask questions
Swing Trading Newsletter ($147 Per Month)
Swing trading is a little different than day trading.
Day trading requires buying and selling stocks the same day.. swing trading requires buying and selling stocks in a few days to a few weeks.
This newsletter will give you stock ideas to trade in the short term.
Each trade alert comes with an entry, stop and target.. you get a watchlist of trades as well.
This is for people that don't have the time to day trade but still want to make money relatively quickly.
Options Trading ($127 Per Month)
This newsletter is based around swing trading and options.
Instead of just buying and selling stocks, you will create an option contract around a stock.
Option trading is essentially guessing a stocks price in the future.
A contract allows you to lock yourself into a price for a stock at a future date.
If you think a stock is going to go up, you create an option at a certain price at a certain date.
If the price goes above the contract price, you get the stock at what you predicted.
You can also sell the stock before the contract date is up.
This newsletter will give you option ideas.
Angel Investing Newsletter ($997 Per Year)
Swing trading and day trading are for people that are looking for fast money.. angel investing is the opposite.
These investments take 3 to 10 years to bear fruit.
Angel investing is different than investing in stocks.
Angel investors provide finances to small companies and you get part ownership in return.
The benefit is your returns are much bigger than investing in a stock.
This newsletter will give you angel investing opportunities to invest in that are can be as low as $50.
Credit Spreads Service ($197 Per Month)w
The last newsletter is based on credit spreads.
To be completely honest I don't know much about credit spreads.
They're defined as "the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality."
Apparently this newsletter gives you opportunities to make money with credit spreads.
Additionally, Live Traders has a bunch of courses for sales.
Here's a break down of them:
Professional Trading Strategies ($1997)
This is the flagship course offered by Live Traders and is pretty expensive.
You don't even get to see the price until you create an account with them.
People typically don't buy products that cost several thousands of dollars right away.. they want your email to keep selling you on buying.
This is a day trading course program that will teach you:
- Order entry
- Trade management
It is important to keep in mind the owner admits his trading profits aren't that great.
So if you're expecting to become a millionaire from this course I'd bring your expectations down a lot.
Options Mastery ($497)
The next course teaches you about options and comes with 5 hours of training.
This is honestly isn't that much training.
Along with this course you get 1 month of Option Alerts.
I doubt the training is enough to help you be profitable with options.. so you'll probably have to buy Options Alerts for $97 eventually.
Trading Psychology ($497)
This course tackles the mental aspects of trading.
In this course you'll learn the following:
- How to develop good trading habits
- how to relax and program you subconscious
- Come up with a new belief system
- Stress management
Honestly, this just seems like a weird course and you should skip over it.
Forex Mastery ($497)
This course covers forex, which is trading currencies.
Here's what you get in this course:
- An introduction to what forex is
- Forex fundamentals
- Different forex strategies
- Forex patterns
- Chart review
You can expect as much success with forex as you would with day trading.. meaning the odds are not in your favor.
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FAQ's About Live Traders
Here's some answers to some remaining questions you might have:
1) Is Live Traders Fairly Priced?
I'd say every product at Liver Traders is too expensive except maybe the trading room.
I review a lot of investing and trading newsletters and the ones at Live Traders are more than most entry level newsletters.
For example, the cheapest newsletter at Live Traders costs $147 a month which is pretty hefty.
Other programs usually offer at least one newsletter that's affordable.
Additionally, the courses are overpriced in my opinion.
There's not that much training in them and as many people point out, you can find most of the stuff for free on Live Trader's Youtube channel:
So buying the courses doesn't seem worth it.
The trading room is definitely expensive but most trading chatrooms are.
2) Is There Refunds?
The excuse they give is pretty lame in my opinion.
For example, I did a review yesterday where the investing newsletter gives 6 months to get your money back.
I'm guessing Live Traders know their services and products don't live up to the hype.
Because of this there would be a fair amount of refunds.
Jared has lambo payments to make, though.
3) How Much Do I Need To Invest?
One thing you never see these day trading communities mention is that federal laws require you to have $25,000 in your trading account to make more than 3 trades a week.
In the trading room you might get 5 to 10 trades PER DAY.
So you will definitely, at a minimum, need $25,000 to trade with.
You honestly want $30,000 just to make sure that you never go under $25,000.
You'll likely need hundreds of thousands to trade with as well if you want to make anything significant.
4) Is Jared Wesley Legit?
Someone I trust claims Jared does make money trading but it's nothing close to what he claims.
Making anything from day trading is an accomplishment so kudos to Jared for that.
BUT he wouldn't be making nearly what he's making without the profits from Live Traders.
This gives him a huge account to absorb losses with.
Do I think he could start with a bare minimum account and work it to making 6 figures a year?
I highly doubt it.
So I guess he's legit in a sense.. but I don't like the misrepresentation of how much he makes trading.
5) What Are Common Customer Complaints
There's definitely some bad sentiments from customers of Live Traders.
One of the most common complaints I've seen is about their customer service.
Here's a few people complaining about this:
So there's enough complaints about customer service that lets you know it's pretty bad.
Another common criticism is there's not much extra value compared to the free Youtube channel.
Many people felt the courses were basically just the videos reformatted.
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Live Traders Pros And Cons
Live Traders Conclusion
Here's the deal..
I will never recommend a day trading program because I'm completely against day trading.
The success rate is so low and there's just better ways to trade/invest.
It doesn't really matter what a day trading program is offering, I'm not recommending.
Despite the facts about day trading some people will still want to do it.
And if that's the case Live Traders isn't the worst out there.
The chatroom is professional and the course is pretty well known.
Do I think you'll make money if you join Live Traders? No, you're pretty much guaranteed to lose money.
But if you're dead set on trying anyway, Live Traders is one of the better options.
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I'd pass on Live Traders and anything day trading.
The odds of success is just too low.
However, there's plenty of legitimate ways to make money with investing.
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