Trading The Tape Review

Trading The Tape Review
  • Honesty
    (1)
  • Quality
    (1)
  • Verified Trades
    (1)
  • User Experience
    (1)
1

Summary

Vendor refuses to disclose whether he even trades. If questioned, vendor responds with disdain and disbelief that anyone would question his integrity. Low user experience, trader receives no feedback or help during trading session.

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User Review
3.6 (5 votes)
Comments Rating 0 (0 reviews)
Pros: Clever sales copy on website hits all the right notes. As long as you seem like a rube, then vendor will treat you nicely.
Cons: Vendor refuses to provide any performance summary of personal trading. Even refuses to admit whether he actually trades. When asked if he would provide any disclosure, the vendor responded that he will be raising his prices shortly. No help during the trading session. You are trading on your own, with help from the educator.

In depth review of Trading The Tape

Trading The Tape is owned and operated by a single trader named Scott Maxie, working out of Toronto Canada.He offers an educational course at a cost of $1750 for three months. The course includes access to a library of training videos, and each day users can read a quick review of the bond futures markets via a rudimentary chat software. After three months, if the student wants to become part of, “a closed private group of serious professional traders” then student can pay an additional $750 per quarter to “receive unlimited training and be part of the synergy within the winners group”.

Scott Is A Tape Reader

Tape Reading Bond FuturesWhat is tape reading? First let me say what tape reading is not. Tape reading cannot be quantified. Its not something that can be back tested and scientifically validated. It cannot pass the null hypothesis. Is is an art form. It is the art of looking at the auction order book and divining the future. If you have ever seen a live order book, then you know that a massive amount of information can pass through the order book and this can generate a lot of visual stimulus. With lights and numbers quickly flashing, some traders claim that they can notice patterns that other cannot notice. Sort of like seeing a ghost, or having a strong intuition about future events, or mind reading. I personally believe in ghosts, but I am just not sure I believe in tape reading. But I am willing to listen and keep my mind open to the possibility that it exists and it works. But I am also a believer in science, and many psychologists that specialize in helping traders overcome mental mistakes also claim that Tape Reading is just Visual Release Hallucinations, or Charles Bonnet Syndrome. I wont spend an hour explaining what Visual Release Hallucinations are, but I will give you a simplified explanation. Suppose that you watching grass grow very, very slowly. Suddenly you see a plane flying overhead, and then you look down and see that the gardener just moved the grass. You quickly surmised that the plane flying overhead has a causation effect on the growing grass, and the plane actually triggered the gardener to mow the lawn right before your very eyes. Lets get back into the review, and the next section on Scott’s claims that he trades with nearly zero risk.

Trading With Zero Risk?

Trading The Tape ReviewIn additional to training videos, the student also receives access to a proprietary indicator on Ninja Trader, that shows the trader what the smart money is doing. Scott also claims that success is possible with 0 to 1 tick risk with his trading methodology. Yes, you are reading this correctly…0-1 tick risk on each trade. In the 400+ trading products that I have reviewed, this would be the first and only trading product that claims success with basically zero risk. Is this sounding a bit too good to be true? You can make up your own mind.

Digging Deeper For The Truth

Several weeks prior to writing this review, I contacted Scott with an alias name and asked a few questions about the education service. I started off my emails explaining that I was a complete newbie to trading. He responded nicely to my  newbie questions. But on the ensuing days, I started to ask deeper and more probing questions like how long have you been trading? How much do you typically earn each month trading? Would you be willing to show a monthly account statement of trading activity? Whenever I began to ask these uncomfortable questions, the conversation would immediately turn defensive and cold. He became offended that anyone should, or would ever question his credibility and honesty. I even asked him if he would be willing to verify a single trade, I never even got a response for this single and simple request, I just wanted to verify the existence that a single trade had ever occurred.

You Want Me To Trust, But Not Verify

Trust Trading The Tape?In truth, I have no idea whether Scott Maxie is really a professional trader or just another trading charlatan and or an outright fraud. Maybe even Scott Maxie is not sure. But one thing I am sure of, is that if you are going to give him $1750, then you are doing so on nothing more than hope and a promise. Perhaps after reading this, you will even work up enough courage to ask Scott to show you his trading statement. You would be surprised at how many people will not do this, because they don’t want to seem rude.

Anyway, there plenty of trading educators out there, and plenty that have specialized order flow indicators. And plenty that disclose trades, provide statements, and provide a live interactive training environment. Don’t waste your time or hard earned money on educators that refuse to verify that they have ever made even a single trade. Its just not worth the risk.

Scott, if you are reading this and you have a change of heart about being more forthcoming with your trading, then please reach out to me. Nothing would make me happier than to eat crow, and give my readers access to great trading product. I would love to rewrite this review!

Thanks for reading. And don’t forget to leave any comments or questions below.

 

 

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31 Comments
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Pamela
4 years ago

I’m quite surprised by the inaccuracies of this review. I do appreciate what the author is doing, as there are billions made each year by people selling trading education and the latest ‘magical indicator’. And I ahve fallen prey to a few of them. But the first time I read the home page of Trading the Tape my initial reaction was, “This is so obvious! Why doesn’t everyone trade this way?” I am now starting my second month with Scott and am thrilled with my education and the personal time Scott has spent teaching me. To clarify a few things: TTT is not $1000s/per month as has been said in the comments, we are not ‘left alone’ in the trading room–Scott calls the market in detail during the trading session and we don’t use the order book. To give Scott Maxie 1 star for honesty because he refuses to give you, a non-subscriber, any free information is naive at best.

Osikani
Osikani
4 years ago
Reply to  Pamela

“To give Scott Maxie 1 star for honesty because he refuses to give you, a non-subscriber, any free information is naive at best.” Just like Nancy Pelosi told the Congress that they have to vote for the ObaminationCare in order to find out what is in it, he has to pay to subscribe before he knows that for which he is paying?

Such ridiculous illogic never ceases to amaze me.

sam
sam
4 years ago

The guy basically says why bother with performance and evaluation then goes on ranting about this review and later TTT’s vendor review thread on Big Mike’s.
tradingthetape.com/performance/reviews/
It looks like the “chessbase” guy was an old plant. TTT has been around. many vendors join Big Mike’s early on as sleeper plants later.
https://futures.io/vendors-product-reviews/30031-tradingthetape-com-5.html#post553255
https://futures.io/vendors-product-reviews/30031-tradingthetape-com-4.html#post415465
https://futures.io/vendors-product-reviews/30031-tradingthetape-com-2.html#post405311

Dan
Dan
5 years ago

Total waste of money. Could not stand his condescending attitude towards his subscribers. Makes you watch his old videos (from Feb 2014) over and over again. Total BS… He gives only vague answers when asked for performance history and actually becomes angry.

Imad
Imad
5 years ago

I signed up with tradingthetape.com a year ago, you get training and software, plus a method that offers 0-1-2 ticks stop. Focus on risk control and let profit come in your way. If I did not love it, then why would I have signed up 4 times! Two words great stuff.

Imad
Imad
5 years ago
Reply to  Emmett Moore

I do appreciate your advocacy for people like us. Now you do wanna distinguish 2 things, the program / education on one hand, and the trader performance on the other hand. There are a lot of systems out there, however, success will depend on the individual trader. Scott Does not claim get rich quick plan, He offers a solid educational program. He does not promise that his students will make money quick, he offers them tools to help them increasing their chances of success. I am a professional sales person/ Marketer, and I assure you that based on my several conversations with him, he is not interested in mass marketing.
The question is : does his educational program has value? the answer is yes. Does he make millions of dollars from trading? It’s not our business.
Let;s say he only makes money from his teaching and software, then what is wrong with that?
If you are only interested in performance, maybe you should pay attention more to mutual funds performances.
If I wipe off my funds, which I did, it is not because of a system, it is because of me. Let’s take ownership of our actions and decisions, In my humble opinion, it’s a first step for advancement.
There are many good systems out there, are their all crap? No, are they all suitable for all traders, no. Each one of us feels comfortable with a different style/method. i personally like instant gratification.
Finally, I understand your persistence in getting his statements, However, it is not a good metric/indication to assess his program. He might be a good mentor / programmer and not a good trader, he might be a good programmer but not a good trader, and he might be both.
Another example, You can graduate from a good university, but it does not guarantee you millions of dollars.
Cheers
Imad

trevor
trevor
5 years ago

hi rob,

you’d have to ask scott for that. i am not affiliated with trading the tape.

trevor
trevor
5 years ago

“Unfortunately, the internet is clogged full of folks selling indicator packages that promise trading riches.” absolutely…and that’s why you have to do your due diligence. get all the facts and make an informed decision. Scott has never or will ever sell an indicator. setting up a website and blasting the guy for it is wrong. im not sure where you are getting your information from but its grossly incorrect. his system is pitt based order flow…period. you said in your comment…Lets be objective…..your review is far from that.

trevor
trevor
5 years ago
Reply to  Emmett Moore

why do you need any of that anyway…they can easily be fabricated to sell a product. like you said snake oil salesmen pollute this industry. personally would want to test the hell out of a system for myself, get my own set of data to evaluate its value. after all its you that will be using it so your decisions (review) should be based on your own trading experience. i would never base my decision on someone else “track record”. i would never believe anyone telling me that they make trading..anyone that shows you a bunch of pay slips or highlighted statements is a salesman. go and test it (not this just this system but any)…let your own stats prove it..but give it your full attention. if it doesn’t live up to your minimum standards then that’s fine move on. unfortunately that’s the only sound way of getting through the BS that’s out there and finding legit traders and not just a salesmen . i would have wanted your review to show that. it would make your site more professional. i wish you the best in your trading endeavors.

Robert
Robert
5 years ago
Reply to  trevor

Trevor(scott?),
The thing is the site asks for $1750 for the TRIAL.
At this point in my trading career I find that laughable – but then 10 years back I almost paid $4000 for practially the same sort of deal, promoted in a convincing way with lots of ” satisfied” customers etc. so i guess someone wil front up and probably learn something..

On the possibilty of someone sending fake broker statements: that is a very real possibility. It is also illegal and the CTFC would prosecute in a heartbeat if Emmett sent the statements in and they didn’t match with the brokers records ( they do check). On the other hand showing genuine statements is welcomed by the watchdogs and if a trader has them why would he not want to show them. You can read about one reviewed site (trading professor) who sent statements for the past 20 years ( not every year/ month profitable).

trevor
trevor
5 years ago
Reply to  Robert

hi robert,

no im not scott. im just saying that a little due diligence on your behalf in order to see a system for what its worth should be the minimum. we are supposed to be professionals in what we do, as traders. before you get into a trade you go through checks and balances, shouldn’t it be the same to test out a system? no just bag it cause there is a disagreement with the owner. just saying.

Flibinite Vende
Flibinite Vende
4 years ago
Reply to  trevor

Can I sell you a program for $2000. I promise it will teach you how to trade the market. But do not ask me for anything, even proof, as the individual result is your own, and any loss is not my systems fault. My system is great. Real great

Robert
Robert
5 years ago
Reply to  Robert

Still
I would be happy to join his live trading room for a week – as a genuine free trial member- and if it looks promising I will write a favourable comment here . Heck i might even pay the fee for the full 3 months and give a solid review which i know emmett will add.
Let me know..
Robert

Tyler Voglini
Tyler Voglini
5 years ago

So we shouldn’t listen to Scott because he refused to show us his personal trading statements. Fair enough. But why don’t you post YOUR trading statement on this site, so we know who we’re taking advice from? I think it would lend more credence to your reviews. As you judge others’ website and methods, one could easily judge you. ie: having a site less than 6 months old with nothing more than affiliate links and Adsense, contacting vendors hiding behind alias names, etc Fair enough?

trevor
trevor
5 years ago

so you in depth review on this system is based on a few emails where you didn’t get what you wanted. i wouldn’t give you statements either. have you even spent some time actually testing out his method…where is your due diligence. your review is full of inaccuracies based on opinion not fact. how about you actually do a review that people can get a point of view that is informed or leave it to someone that can. your review sounds like a cry to mom.

You are wrong. Scott trades
You are wrong. Scott trades
5 years ago

You are wrong on this guy. He trades. I have worked with him and am a former student. Sometimes he does live trade for students, but mostly he likes to stay private and and focused on his trades.

I have also had good success with his indicators. You would redo this review. Its not fair.

Don
Don
5 years ago
Reply to  Emmett Moore

Emmett,

While a website for reviewing trading vendors MIGHT be a valid concept, you’re clearly not qualified to be a judge of such sites. You obviously know nothing about trading and nothing about tape reading. Even worse your review of TTT is based on not getting something for free?

Can you not see you have been filtered/ignored based on your stupid/invalid approach?

Both my son and I have been trading the TTT method since last July. We trade with 0-1 tick of entry risk every trade, every day. Our winning trade percentages are 87% and 91% based solely on the TTT method. Scott is not only honest he is the only vendor if have found in 10+ years of trading that actually knows how markets work.

The best service you could do for traders looking for good vendors is to shut your website down. Not only is your method of review flawed you clearly have no trading experience nor knowledge on which to base your opinions. You are worse for the trading industry than the majority of vendors who mass market nonsense. Get a life.”

Don
Don
5 years ago
Reply to  Don

Should have added, the basis of WHY TTT clearly works is given away for free on the TTT home page for those intelligent enough to realize it. Those that do not ‘get it’ have no future at TTT. Don’t be a hater man!!!

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