I enrolled in the “academy” in May of 2015 . I did so through speaking with Patrick over the phone many times, in this conversation its sounded very good choice however I did ask a question that concerned me and beyond the cost of the tuition of 3 months which included coaching which was the package proposed to me is “how much money do i need to trade in his room?” I was very specific in this, Patrick told me that: “The VC code was adaptable to almost any size of account capitalization” I then suggested “10,000 dollars as a capitalization” and Mr Montesdeoca “assured me it was more than enough ” and further told me ” He would guide and coach me and not to worry he would help me through the process” All began well enough but i soon learned that the results seen on the website at www.ema2trade.com are a result of much higher capitalization. In order to actually day trade ETFs as are being doing quite often one needs a capitalization of at minimum $25,000 at all times, this is due to the Finra www.finra.org/investors/day-trading-margin-requirements-know-rules requires 25,000 dollars capital to day trade ETFs on an ongoing basis as indicated in the classroom, to suggest that using less capital than this is not correct and not permitted anywhere on an ongoing basis Patrick contends that the VC code is in fact adaptable however it is very unclear to how to do so, one is parleyed into a trading room where trades are called out very clearly however to which is for your particular level of capital is not so clear and when it is clear later on it changes. Finally swing trades (trades that lasted more than one day) were what was proposed for my account size, in so doing often exhibited periods of very high draw down in which positions held would go to high levels against you. Taking losses was a gray area, in fact Patrick told me the reason I initially lost money was because i used a open safety stop loss GTC which (to paraphrase Patrick) “is often what trading specialists would go after these open stop losses ” as reported by Patrick. His stop loss orders are given on a market on close (MOC) basis only allowing markets to move strongly against you during the day and or night Make no mistake, with proper capitalization in excess of $25,000 dollars one can replicate much of Mr Montesdeoca’s trades and this could be a great opportunity However I was told that 10,000 dollars was enough. This being the case I asked for a partial refund because the sales pitch given to me was not entirely truthful, all i asked is for the final 2 months of tuition which is unused to be refunded to me . I asked this solely because I do not have the 25,000 dollars to invest in this , if i had known before paying the tuition the required capitalization i would have not enrolled. At this time Mr Montesdeoca is refusing the refund. I pray this is helpful to whoever reads it as the sales pitch given to me is not a accurate representation of what can be achieved and was solely in my opinion to “get the sale” without concern to the student.
This complaint and/or review was posted on HolySmoke.org on 07:27 am, September 24, 2018 (CST) and is a permanent record located at: https://www.holysmoke.org/scam/equity-management-academy-review/.
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