Last Updated on May 10, 2021 by Jay Clover
True Trader has long been one of the most dubious trading communities, but more sketchy is the identity of its Gurus especially Dan Parker. Looking online at all the intermingled good and bad reviews, it is tough to guesstimate whether to join the platform or not.
Can you actually make money using True Trader as its gurus claim? Is Dan Parker trustworthy? Can you blindly follow Parker’s trading advice?
Well don’t worry, we have got your back. In this article, you will get a complete insight and first-hand unbiased review of True Trader. So, let’s start with the beginning:
What is True Trader?
True Trader, founded in September 2014, based in Florida, USA, is a day-trading community platform. As a Limited Liability Company (LLC) True Trader aims to help fellow traders get the most out of the market.
As says the tag line ‘We focus on high-profitability trading during the first hour of the day’ the brand offers its member several high-quality and low-risk trading courses
According to the brand, its gurus (including Dan Parker) work towards pinpointing ‘accurate Key Inflection Point’s and give the members a pre-market trade plan as well as the exact criteria we need to see to take the trades.’
These Key Inflection Points are verified every day as soon as the market opens, and as per the KIPs, the gurus go live with their strategies for the session.TRUE TRADER
But, how can you make money using True Traders? Here’s how:
- When you join the platform, you will be offered a high-quality and low-risk trading Masterclass course.
- The courses include hours of day trading-related educational content to help you to cope up with the strategies utilized by gurus during live sessions of trading.
- Being a member you will be able to see the guru’s trade plan exactly 15 minutes before the market opens.
- You will be able to see Dan’s screen share as he trade during his one-hour session.
- Your membership will enable you to access True Trader’s world-class scanner and indicator set, which will help you in finding the perfect setups for low-effort trading.
- You will always be in touch with a close-knit community of traders following Dan’s and other guru’s trading strategies using the Live Community Chat.
1. Strategy Masterclass
The brand claims the masterclass to teach its members:
- The eye for identifying and grab the A+ trade.
- The skill of managing risk with the cases when trades go against us.
- The ability to set up trading platforms which can help to elevate our success in the market.
- And, the principles of winning/losing stocks.
But before signing up for the masterclass you should know that it is not for beginners. You need to know the basics of trading before opting for this class as it mostly focuses on scalping techniques used by expert traders with some pre-market analysis, custom support/resistance zones, and custom trading files. This all can be quite impossible to understand without any basic knowledge of trading backing you.
This course will revolve around Dan Parker’s way of trading which more often than not includes diving in and out of profit range of 2%-5%.Enrol In Masterclass
2. Broker: ThinkorSwim
This is nearly a default platform to trade which is mostly used by the expert traders like Dan himself because of its easy-to-navigate and understandable interface.
Despite being categorized as a course, it is more of a small tutorial that will teach you how to apply:
- Bollinger bands
- Resistances and Supports
- Fibonacci percentages
But, if you want to learn these techniques then various other platforms offer much better tutorials for them. Most of the traders prefer using electronic trading platforms developed by Ameritrade instead.Ameritrade
3. Broker: Lightspeed
Lightspeed, a flagship trading platform, is one of the best trading software in the market. It is very close to the ThinkorSwim tutorial, but both of them will give you a quick day-trading guide on True Trader.Lightspeed
The chat room is where all the magic happens, it is a crucial part of all the contents that you get to access in Ture Trader. Though it might look a bit chaotic at the beginning, especially because of the people calling out stock continuously on the platform. But in some time, you will understand which one to trust and which one to ignore.
In the chatroom, you will get all the needed advice, and it is the space where you will be spending a great deal of your time. One of the best things about this is that you can just sit back and learn from people’s experiences of succeeding or failing in their stock trading.
Negativity Surrounding True Trader
Despite claiming to offer all these exclusive and educating services, True Trader has no lack of haters. Surfing online you can find people sharing their experience on the platform and a considerable portion of the people are not happy with the brand.
One of the main drivers of this targetted hatred can be Dan Parker’s anonymity. The fact that there is almost no information about the biggest Guru of the platform who claims to have earned tons of money, is a straight red flag for traders, especially those who have some experience in trading and know how complicated it is to make money in day-trading.
Youtube named Real P&L has done an incredible job in clearing the fishiness surrounding Dan when he took a one-month subscription to the platform and showed how Dan Parker hides the actual amount of money won or lost on the platform.
So, Is True Trader Worth Giving a Shot?
Despite claiming to offer incredible services there is several things that lifts the red flag against the True Trader Platform:
- No verified success story
- One needs to make a huge investment even before starting to make money using the services. ($20k for justifying investment)
- Un-verified identity of the gurus, especially Dan Parker.
- Not a beginner-friendly platform.
- Expensive membership
There is no denying that trading is by its very nature is risky. So, seeing all the sketchiness surrounding True Trade, and high prices, if you are an experienced trader and think you will be able to gain using the pros of the platform then you can give it a shot.
But, if not, then True Trader might not be the most cost-effective method of learning to trade and making money online!