In this article, I would like to give a review of the Rich Dad education program. However, before I get into the nitty-gritty stuff let me just start off by saying that this article is solely my opinion. I hope that I present this in a way that will help you make an informed decision.
I have often said that opinions are like arm pits. Everyone usually have a couple of them and they typically stink. Therefore, allow my information to be used in conjunction with your own efforts to find out if the Rich Dad Education System is for you.
The Seminar Process
I first started my journey with the Rich Dad system by attending a free seminar. Actually, I have attended two of the free seminars. The first one I attended was on the topic of Real Estate Investing. It was a very informative free seminar, moved very quickly, was very interactive, and there were points made that would help a person who wasn't really educated in real estate.
As I expected this free seminar was to sell a much larger seminar, which is a three-day seminar that was going to be held in the area. The three-day seminar was priced just under $500 (if my memory serves me correctly. It's been a while). I did not sign up for the seminar mainly because of two points.
The first point is that I had purchased and sold several pieces of property already. While some of the course topics looked like information I needed I did not think I would need to give up three days and $500 to obtain the information.
The second reason was because I have a pretty solid grasp on tax code having prepared taxes for over 20 years. The individual giving the seminar was throwing around complex tax codes that applied to real estate investing, but probably only applies to 5% of the real estate investing community. Most individual investors will pick up single-family homes or a duplex, they do not get into large commercial type properties for which the codes he was quoting applied. This turned me off so I didn't purchase.
Some time later I attended another free seminar. I believe the title of it referred to paper assets, but basically dealt with trading stocks. I found this to be very informative and did end up purchasing the three-day seminar that was being offered.
My opinion of this free seminar is that I could have walked away from it with a couple of useful bits of information that would have improved my trading skills. However, what it showed me more than anything was that there was a lot more to learn about trading that I had no clue of. This was the main motivational point for me as I was seriously desiring to up my game in trading, but really didn't know which direction to go.
Let me say something else about the three-day seminar being offered. They were very upfront about the fact that the purpose of the free seminar was to get you to buy the three-day seminar. I thought they handled this in a very good manner.
For signing up for the three-day seminar they also gave you a free copy of a stock program called EduTrader (now called MachTrader). With this free copy, you also received 30 or 60 days of free usage after which it would cost you $49.00 per month. However, if you canceled within the time specified you would have no charge. I will talk about this program a little later. I also received as a free gift a copy of Robert Kiyosaki's book "Prophecy."
It seems like there were at least 30 days before the three-day seminar started. I loaded EduTrader and started playing around with it. I also read the book that was given to me. After reading this book I ordered two more books, Gold & Silver and The ABC's of Real Estate Investing. The first one was extraordinarily interesting the second one didn't impress me. In fact, I never finished reading it.
The Three Day Seminar
I was excited and looking forward to this three-day seminar. When the day came I anxiously arrived. In all honesty, I was totally engaged in the seminar and thought it was excellent! The speaker was dynamic and very knowledgeable and introduced information that was really useful to me.
Now, having said that let me back up. Although I was not a "successful" trader at the time I had traded for over ten years. I would make some money than lose some money, but pretty much kept myself in neutral territory. Remember above that I stated the reason why I invested in this three-day seminar was because I wanted to up my game. In other words, I was in the game and understood a lot of the game, just not enough to be consistently profitable.
In this seminar, we were encouraged to sit at different tables each day. Therefore, we go to know people in the class. In talking with the people that I sat with most had no clue as to what was being talked about. I understood what an option was, how a spread worked, the difference between short and long, what selling short meant. I knew what moving averages were, stop losses, limit orders, and a host of other things that were being talked about were. However, if you didn't understand these basic concepts then the items being talked about could easily go over your head.
So what happened was this, if you had a working knowledge of the language of the markets and a basic concept of how the markets worked then there was information given during this seminar that a person could benefit from. With this seminar costing $500.00, I believe that this type of person could have taken something away from this seminar that would have either saved them more than $500 in losses and/or made them more than $500 in profits. However, if the person was not an active trader then I don't believe that they could have walked away from this seminar with enough that would warrant the $500 they spent.
BUT! The seminar was not about training it was about selling more education. For me, I felt that it was worth my $500 investment, but it made me seriously consider what direction I was going to go. I realized there was a lot more to trading successfully then understanding basic concepts. There were ways of putting trades together where you can limit your risk and maximize your profits. The higher seminars were in the thousands of dollars and appeared to have an enormous amount of information.
Read More From Toughnickel
Before I move on let me bring back up the EduTrader or MachTrader I mentioned early. Remember that I told you it cost $49.00 per month? Well, at this seminar you were introduced to and realized that you needed more than what the $49.00 per month program could offer you. The program that becomes most useful to the user costs $99.00 plus tax ($108. per month). The game is starting to get expensive!
I had a long talk with my wife as to whether or not this fit into our overall plan. We decided that the Advanced courses would be a benefit to helping us achieve our goals. There was another individual who was looking at doing the same thing as we were so we went into this as partners. The cost of going through four advanced courses was going to be $15,000.00 (of which we each paid half).
The courses included three levels each. First, we would go through an on-demand course. This was a series of videos that could be watched at our convenience 24 hours a day. The second portion would be a Webinar. This was an online course led by a live teacher going through the course topic, and then you could attend a three-day live seminar that would be held somewhere around the country.
My analysis: The on-demand videos are hard to stay focused on at least for me. The information in most of them was good. A lot of it is very basic. It lays a good groundwork of understanding. I definitely recommend watching them before attending the Webinar. The Webinar's are much better than the on-demand courses. It is a live instructor and you have the ability to ask questions through the Adobe Presenter program they utilize. Obviously, the live seminar is the most productive since there is a lot of interaction with these.
Is it worth the cost of the program? This is a hard question to answer. I believe that coming into the program you need to take a hard look at yourself. If you are a person that diligently goes after information and applies it, then yes it can be worth the cost. However, if you are just trying to learn something in hopes of making money the cost is probably more then you will recoup.
Rich Dad Coaching
Shortly after I enrolled in the Advanced Education Courses I received another call inviting me to go through their coaching program. This was going to be a program that would allow me to work one-on-one with a professional trader for 12 weeks then have access to a group of professional traders through a hotline for another period of time. I think it was twelve months, but I am not sure.
The Resource Line is very useful if you use it. The majority of the people I have talked to, including my own personal experience is that most do not use it all that much. So while it is beneficial, if it is not used it doesn't do you any good.
This course would also include a Stock Success Team, which is a trading lab that lasted ten weeks or so then a weekly one-hour trading lab for another 12 months (my months may not be exactly right as I am going off of memory).
After severe consideration, I decided to go ahead and utilize the coach process as did my partner in education. My evaluation will be based upon both mine and my partner's experience because our coaching was separate from each other. We both had different coaching and the experience is not a one size fits all approach.
Out of everything that I had done up to this point the coaching was the most beneficial to me. I cannot begin to express what I learned through my coach. This is what I had been looking for the whole time. Something that would up my game and that certainly happened through the coach. However, my education partner's experience was somewhat different.
He started about three weeks before me, but after my second week I was way ahead of him in the learning curve. We discussed our coaching sessions at great lengths. His coach followed the Rich Dad outline verbatim, my coach did not.
In my opinion, if I would have had the coach that my education partner had I would have been totally disappointed, but having the coach I had I am totally elated. So, my opinion of whether the coaching is worth the cost will be totally dependent upon the coach that you get and what your objective it. I did not know this going into the coaching program, but my opinion is that it is a gamble. You may come out greatly ahead, but you may not. After we concluded our sessions I asked my educational partner what he thought of the program. He said that he would give it a C- (to me that's not worth $10K!).
The second part of the coaching was the Stock Success Team. This is a small group of people in a class with a teacher. I think there were seven of us in this team. It was 10 or 12 weeks long and about 2.5 hours each session. While most of the information was basic, I felt that this was a very good program. I learned a lot in this and the interaction with the teacher was awesome. After this program, you are assigned to a trading lab which is once a week for an hour. This was very beneficial also.
As for me, I am very satisfied with the Coaching Program. However, I also have seen where I could be very disappointed in it. I recommend asking a lot of questions and even being introduced to your potential coach before signing up.
One side tip. Although the coaching program worked out very well for me I do not feel that the information given to me prior to the coaching program adequately reflected what the coaching program is. I would ask a lot of questions so that you build your comfort level before purchasing.
Beyond the Coaching program there is also a Mentoring program where you spend a few days with a professional trading and get some real one-on-one training and also where you develop your trading plan. I did not utilize this program so I cannot give my opinion of it.
Based on my coaching experience I would have to say that the success of this program is going to be which mentor you get. One of the good things about the advanced education is that many of the mentors are teachers within the program. Therefore, you can get to know different one's personalities and possibly have a better chance of getting the mentor that is right for you.
All-in-all I feel that working with a person who is successful in what you want to do is FAR better than watching videos. It will obviously cost more, but the information is far more real.
There are many tools that you need if you are going to trade successfully. I guess I should rephrase that, there are many useful tools that can help you trade successfully. EduTrader or MachTrader being one of them.
This program has a lot of useful features, is easy to set up, easy to scan stocks for what you are looking for, create a watch list, draw trend lines, etc. However, you really need the level that cost $99.00 a month plus tax to get good benefit out of it. To me that is very expensive. In addition, how long to you really want to spend analyzing charts?
Once you get your trading strategy down and know how/what you want to trade find a service that can help you identify what you are looking for.
I canceled my subscription to EduTrader (now called MachTrader) and subscribed to www.stockcharts.com for about 1/3 the price I get nearly the same thing. There are a couple of things I liked better about MachTrader, but there are also things I like better about Stock Charts. In the end, it wasn't worth the extra $50+ dollars per month to continue with MachTrader.
As far as stock identification there are several services that can be subscribed to. I use www.breakpointtrades.com. I am not endorsing any of these, they just work for me. Every night I get a video that covers what the market did which I find very informative and then I can sign into their website and look at their recommendations. Not all are trades that fit my style, but I can find enough trades that they have identified that fit what I do and I don't have to spend hours scanning charts.
If you are an options trader there is are many sites you can use for this also. One such site is www.poweropt.com they have some good scanning tools to find the types of spreads that fit your trading style.
Overall, I believe that the Rich Dad Education is a very high-quality education program. I have read many of Robert Kiyosaki's articles and books and believe that he has great insight into how money works and has a real desire to help people get financially educated. On the flip side, you are going to have to be willing to invest in yourself. The investment is not cheap, but neither are you. Even though I am pleased with my outcome I would definitely encourage you to do your homework first.
If you are going to the free seminar beware that the three-day seminar's main purpose is to sell you on advanced education. You will not leave the three-day seminar with enough education to be a totally effective trader.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
© 2010 The Rising Glory
Amri5819 from Chicago, Illinois on December 14, 2014:
Thank-You again!!! I'm getting your e-book now! Didn't know if I was going to get a response being so late to this conversation!
The Rising Glory (author) from California on December 11, 2014:
@Amri5819: Sorry about the delayed response and approval of your comment. I have written a quick ebook about what I wish I had known prior to starting my trading. You can find it on Amazon at http://www.amazon.com/About-Stocks-Before-Started-...
Also, I took some classes from Matt Justus, he is an excellent instructor. However, my opinion has not changed from my original post. I would also encourage you to check out Optionsanimal
Amri5819 from Chicago, Illinois on November 08, 2014:
I know that I am entirely late on this conversation, but I just had to comment because thus far, your review has been 1 of the only ones that I could find (un-biased ones at least ) on the RD Master Trader/Advanced Training program. I just recently attended the 3 day stock training seminar, and overall, feel very satisfied with the quality of information that I received from our instructor who was Matt Justice. My mind was opened up to the diversity of trading and the possibilities it could lead to . Additionally, the information I thought was pretty thorough and worth my $199. I was so engaged in the seminar that I was compelled to purchase the advanced courses because I don't believe the 3-day seminar will prepare a novice to actually start trading. It was more like an in-depth introduction to trading course. If someone was already familiar with the basics, I am sure that they could have picked up on an advance strategy or two to improve their trades immediately.
That said, I am a single mom with 1 income and the amount they were asking for to enroll into the advanced training program quite honestly is about how much I have set a side to start trading and investing with. And, I am not in the position to borrow that kind of money nor would I prefer to go that route (And yes, taking out a loan for the cost of education/i.e. leverage was insinuated throughout the seminar so I knew it was coming)! I left the 3 day training with mixed emotions--part proud of myself because I hadn't gotten taken, but also unsettled because I still didn't know what I was going to do move closer to realizing my trading goals.
I immediately began to scour the internet for other sources to get free information or alternative sources that may be less expensive than what the RD program was offering. Although there is a TON of free info and resources on-line, there is just 1 problem which is a major one. As someone who doesn't really have a solid background in trading, I quickly realized that I found it close to impossible to decipher who I could trust. Who were the real pros? Who were the experts who specialized in the strategies that most closely matched my trading style? Because I was initially exposed to all of these strategies through RD, I have a natural inclination toward their program, but I am willing to do the research to get the biggest bang for my buck.
About a week after attending the 3-day seminar, I received another offer from RD which included the Master Trader Video On-Demand program for $1995 + $995 for a year's worth of trading labs which appears to be a good deal. I am seriously thinking about doing this program but really want to do my due diligence before spending anymore money. Your opinions have been very helpful to me and the resources you have discovered and shared with the general public are extremely appreciated! I was just curious if you have any differing views now that it is several years later than your original post? I think it would be great if you have any updates on this topic or trading resources in general. If I do the alternate program with RD, I will be sure to write my review on here as well as there is a lack of non-Tigrent Learning/RD sponsored reviews on-line that delve into the Advanced Training/Coaching & Mentoring programs.
Thank-You again for the wealth of information that you have given!
The Rising Glory (author) from California on June 18, 2012:
@mk - thanks for stopping by and commenting. I'm sorry I do not state the name of my mentor since I don't have permission from him to do that.
On the other note, I went to the free Rich Dad Real Estate seminar. I was not impressed with it because the guy was throwing around tax codes that you needed to know in order to be successful in real estate. As a tax professional and having rental properties, the codes he was throwing around doesn't apply to the average person accumulating real estate. It was a scare tactic.
mk on June 18, 2012:
Thank u for sharing yr experience. I m more interested in the real estate investing coaching, but would u please give me the name of the coach u been happy from?
The Rising Glory (author) from California on June 13, 2012:
@Raj - thanks for stopping by and commenting. Robert K is in the business of selling education and he is good at it. Selling a book on covered calls for $78 is gouging in my opinion.
It's not a real complex trade. As long as you are good at picking the direction of stocks and understand volatility Covered Calls are simple. Most of the information can be found on the internet for free.
Raj DreamJOBZ on June 13, 2012:
Dear RG, G'day
Thank you and I sincerely appreciate your wholehearted approach to help people. I am a technical trader since 1999, I am doing my due diligence on Joseph Hooper who wrote a book Covered Calls and LEAPS: A Wealth Option - published by Wiley & Sons and forward by Robert Kiyosaki. What Robert and Team is trying to teach are covered in this book and their seminar.
I still have to attend the online seminar, but I first bought the book studying it.
Here is their website unconventionalwisdom.tv or compoundstockearnings.com and let me know your feedback.
Amy on June 11, 2012:
RG, I left several messages here 9 months ago. Since then, I have been reading books and have been trading stocks and options on my own. Although I am still on the losing side, I would like to add some of my opinions here just in case they are helpful to others.
First of all, if one has no idea about option trading, the three day training definitely worths the money. It won't teach you how to trade, but it can open your mind about the possibilities.
Second, after reading several books about option trading techniques, I think the advanced rich dad training won't be able to teach more than the books. (If anyone has attended it and think I am wrong, please respond.) Most probably it will just tell you different types of option spreads and how to calculate risk reward ratios. You can learn these techniques from many books available online. But, these are just "tools". Whether one can use the tools well to make money is a different story.
Third, even though option trading combined with stocks can help you to leverage, de-leverage, and bet on all sorts of things, earning money is never easy. Risk and reward often go together. If you leverage, and take big risk, you can win big but you can also lose big. If you de-leverage and take small risk, you don't lose big even things go wrong, but, you can also miss the big reward even if things go your way. Trading is about fighting real battles with real people. Many big speculators and investors have very tricky techniques to grab money. Until I see these events with my own eyes, I do not think anyone can teach me how to deal with them (since I won't be able to understand). So, there is no easy way, you have to earn experience step by step.
Fourth, I think it will be good to try option trading by yourself first, even if you plan to take the advanced training. Because if you have zero experience, then you will not know what to learn from the coach. But do not use big money at the beginning since almost surely a beginner will be on the losing side. Do not use paper trading as well since you won't feel the real pain when you lose money. Without real pain, it is hard to be serious.
Finally, I heard that many option trading courses use "day trading" to teach their students. I have a friend who made millions of dollars using day trading. But he told me the key feature of day trading is that, you will win small money all the time, but once you lose, you lose big. So, if the coach teaches you day trading, it is very probable that you see him winning all the time. But be careful that it does not mean earning money using day trading is easy.
Jane on May 17, 2012:
Thank you for your article. I almost singed up for this. I can see it is way over my head. I would have been left in the dust. I know nothing about investing. I do want to learn so I will check out your suggested web sites. Here's hoping for the best. Thanks again.
More Mid MI on April 20, 2012:
I also just attended the 2 hour seminar. I have to tell you all that is sounded EXACTLY like a program I baught into 6 or 7 years ago called TEACH ME TO TRADE. I asked Scott... (The Steven Seagal look alike) about this and he said he works for Tigrent. Thank goodness I didn't sign up for anything, and trusted my gut feeling. When I got home, I immediately lookrd up "Tigrent" and found it to be run by the same "Russ Whitney" group that had swindled me out of over $8000 for training I never received.
Right after buying into that "TMTT" program they just sort of dissapeared... along with my money. I will say thet the "Master Trader" program that I received (Now called 'Mach Trader' was very cool, but costly. For all my money spent, I did receive a few training DVD's which were somewhat helpful, but definaely not worth all the money lost. I DID receive a notice about a class action lawsuit about the Russ Whitney TMTT scam and signed up to be part of it, but have never heard anything more about it.
Just thought you all should know... BUYER BEWARE!!
Mid-Michigan on April 18, 2012:
TODAY I ATTENDED THE FREE STOCK TRADING SEMINAR (APRIL, 2012). I had to take the day off of work today but Rich Dad has written some great books so I figured I'd give it a shot. As the seminar started the lady from Rich Dad told us that the material is copywrited and that there would be no recording devices, cameras, etc., of any kind. Then they had us sit and read a few disclaimers.
I'm not a stock trader. I invest in real estate and trade commodities. However, I've never been against learning something new. I'm now going to comment on the very few notes I took during the 2 hour free seminar.
The instructor was Chris Briggs. He said he was from FL and I thought looked like like a short, less muscular version of Steven Seagal. He was wearing a short-sleeved Hawaiian button-down shirt. The first thing he made us write down was "take action." He kept referring to this throughout the rest of the talk and later wove taking action into meaning that we could take the 3-day training for $199. If you didn't take the training you were not taking action.
The next 30-45 minutes of the seminar were used to tell us about how stock brokers are horrible, how they steal your money, and how through the use of the Internet, you can learn to trade by yourself. This was a huge chunk of the two hours.
The next sub-heading in my notebook (provided by the hotel, not Rich Dad) reads "Advertisement." I thought this was just going to be a small advertisement but the rest of the seminar, at least 1 hour, was dedicated to how we should pay for this 3-day training. We would get a free gift of a Robert Kiyosaki book or two and a copy of Mach Trader, the computer program for analyzing stocks (formerly Edu Trader). He made a huge fuss over how software like this is available for like $2000, but from reading this thread I can see that you can do it online for free without any software at all (more on monthly fees below and also above in previous comments).
I've always wanted to buy a good book to learn about options, puts, stops, etc., and I figured this training might just do the trick (I read slow so 3 days isn't more than it'd take me to read a book). I could put $1000 in the market, see how I do, and have a bit of fun. Plus with the $199 I'd get a $20 Kiyosaki book that I might buy anyway and would be able to bring a friend who would pay me half of the signup fee. I went to talk to the nice guy in the back about signing up and started writing my name, address, etc. A couple other guys were asking some high-level questions regarding what the 3-day training includes. After reading this thread I now know that they probably need the $10k+ higher level Rich Dad mentoring courses, not the 3-day training.
Anyway, While they were talking, I was reminded that the software needed to do the training costs $39 per month. And from reading this thread I see that $39 probably isn't enough, and that you'll have to pay for the $99 per month version. Ouch! Remembering that, I snatched my credit card back and didn't sign up. Paying $199 a month is going to cost me another $39 a month. Now, I do plan to purchase undervalued stocks and sell when they rise, yes, but I don't want to be a day trader and don't want to worry about market fluctuations daily, which is what this 3-day training and Mach Trader is all about. I want investments with slower velocity. Are commodities fast? I don't know, but I'm actually interested and excited about the price of silver, so I check it as often as I check my email. I'm not interested in stocks.
Finally, after reading through this article and the comments I realize that the $199 won't get me anything that will be useful to me. For me it will cost a lot more than $199 because I'll miss 3 days of work. Also, as someone mentioned above, several how-to-get-rich books say to stay out of the stock market. Kiyosaki himself says so. Yet he sells us education to do it? Hmm.
Bottom line: I texted my friend and told him that he can go if he wants but I'm not going with him. It's not worth the $100 and 3 days of time IMO. Thank you for this article!
Hai Nguyen on March 25, 2012:
Hey fellow tigrent student here....my opinion...i didn't like the coaching...but the mentorship was WOW!! I mentored with Gino...to me and others I've talked it's all about the mentorship where u get 3 full days personal attention. The some of the mentors are very elite..Micah has owned multi million dollar hedge funds...with Gino was crazy he taught me how to create theta positions into the thousands all while I felt being safer then just selling credit spreads...the classes and coaching for me just can't compare to the things I learned through mentorship...Gino is a specialist at theta he collects thousands everyday
Chris on December 30, 2011:
i'll attend the 3 day course, in a month time. A wanna ask if someone has actually acquired enough skills and knowledge to be a successful trader. By that i mean - to be on the winning side-? Cuz i don't have to money for the advanced class. I'm not spending 10-15 hours a week, i'm spending 30 hours in studying.
tty on November 02, 2011:
A trading journal is a log book for all your trades. Mine is a spreadsheet which documents stock name, date, entry price, stop loss, target, reasons for entry/exit.
I also have a scratch tab were I have very similar information. It lets me quickly fill in a few columns which spits out a Risk:Reward and sizing profile for each potential trade.
I've found several free options calculator macros for Excel online although I don't use those.
i.e. there is no magic to a trading journal and you can roll your own.
The Rising Glory (author) from California on October 22, 2011:
@Jacob - thanks for stopping by and adding to the comments. First of all I am not familiar with the trading journal you mention. However, I have seen many items like you mentioned available.
I know there are options calculators on a couple of sites I belong to. If you look around you can probably find these for free.
The one thing that I would caution you is the trading with paper money. The problem with this is that it is emotionless and emotions is where most people loss money. Learning to trade with the proper risk size is key to longevity.
I referred to items in some of my hubs, but one of the best "for the money" programs that I have looked at is the (CRISS) Chris Rowe's Internal Strength System. For $995 I feel it's an excellent value.
Also check out http://www.tylerstrading.com/ Tyler was the moderator of the Lab that I was involved in. I thought he was a good teacher. Anyway, he posts hubs in trading almost daily. It's a good resource.
Again, thanks for commenting.
Jacob on October 22, 2011:
RG, thanks a lot for your sincere opinions and tips on RichDad (RD) education and other cheaper/free options available. You have a generous person to take time and share your experience with others, which you do not have to do.
I just attended the 3 day stock success seminar by RD for $199. I think, from my perspective (and I have some experience trading in stocks without proper technical analysis education), the seminar was alright for the money, though a lot of time was spent in promoting the advanced classes; it showed me some possible techniques and definitely opened my eyes to the fact that you can only do all this through a good education and knowledge.
Where there is a lot money to be made, the entry barriers (in this case knowledge) are higher and risk is very high. Market system is constantly changing as the smartest people around the world are in it, so constant education is what will keep you afloat, so to speak. For example, all the day traders up to 2000 fell by the way side when market dynamics changed from 2000.
I decided that I was not ready for the RD's advanced training classes at those high prices. Based on your tips, I am going to try the cheaper solutions first to educate myself to a point where I can tread the 'market water' using paper money and test the concepts before rsiking my real money. When I am confortable, then I may consider RD's or any other advanced training. I may also try Tigrent's Learning Lab (as you also recommended) for a one or two months. I am going to try a variety of things. I am frustrated because my self-directed IRA money is on the sidelines, earning nothing, but I don't want to lose my capital.
RD instructor Scott S. recommended the Trading Journal Spreadsheet (for $147 for stock and options package, it also downloads free software tools, 8 different ones, like Risk/Reward calculator, probability calculator, etc.). Have you used this journal software?
Thanks again for your help. Have a great day.
Amy on August 29, 2011:
Thanks RG! After knowing the trading detail, I think I understood its potential, and I was also scared by its sophistication level (anyone can screw up easily). However, I think it is indeed worth learning. Will come back to your blog if I have any question. Thanks!
The Rising Glory (author) from California on August 28, 2011:
Another side point...go to www.breakpointtrades.com and subscribe to their two week free trial. They send out a daily video email and analyze the market. The technical analysis is advanced, but if you pay attention you can learn a lot from them.
The Rising Glory (author) from California on August 28, 2011:
The easy answer, which is also the most truthful, is that it depends. I know people who do well above this and I know people who can't make a profit for anything.
In my estimation, a person who consistently makes a 10% return is doing ABOVE average. Note the word "consistently." The approach that the Rich Dad takes is incomplete in being a successful trader. There are programs that I personally think are much better.
Go to http://www.ifii.com/ and look at the "Internal Strength System" This is an excellent training program. Better then what I have experienced through RD. They are coming out with Technical Analysis Millionaire, but I've not seen it.
Another source is http://www.stansberryresearch.com/ they sell newsletters (which are expensive), but you will learn more through most of them then most training programs.
Hope this helps!
Amy on August 28, 2011:
Dear RG, you review is excellent! I just attended the 3-day seminar. I must say it is mind refreshing. But at the end of the day, they claim they can "target" you at a 36% annual return rate if you pay for the expensive advanced classes. I think the whole trading story introduced sounds like flying a plane, and I know from my hedge fund friends that trading based on your own probability estimations is not going to work well. So, can I ask you that, based on your own seemingly "successful" experience, are you able to make above 15% annual return now? I do not want to ask you to disclose the exact figure, but I will be grateful if you can just answer whether it is above or below 15%...
The Rising Glory (author) from California on August 04, 2011:
I find this interesting. Robert Kiyosaki said today, "For those of you who have read Conspiracy of the Rich, you know I do not play the stock market. To me, the stock market is for suckers, unless you are an insider who is very, very, close to the floor of the actual market and you are in the market every minute of the day." It is interesting that this is his belief system yet he sells education for stock trading at thousands of dollars per class.
The Rising Glory (author) from California on July 14, 2011:
In my opinion the right one could be different for each of us. The mentor style of my mentor clicked with my personality. His thinking process with mine. I have met some other mentors (not of the RDPD organization) and some I have thought, "I could really learn from this guy" and others who were very successful traders I would think "I'm glad they are not my mentor."
So mine, who I feel was excellent may not be good for you. I don't want to give his name on here because I don't have permission, however I will say that his first name and last name are both common first names so I will give you one of the names but not tell you if it is the first or last name. Fair enough? "Ray"
Anita on July 14, 2011:
We are planning to go with a RDPD mentoring program for options trading and would like to know any specific pointers that you might have for us to find a really good mentor. Also would you be able to share the name of the mentor that worked well for you so we may request for this person?
Thank you for your detailed review, it comes handy in a space where there are few objective comments on this company's advanced courses.
thegogitter on July 01, 2011:
This hub was exactly what I needed. I am about to complete the last day of the 3 day seminar for $199. I learned a lot about finances and trading and found the seminar beneficial. The next step is to find money to do the mentoring. I thought this would be a good thing since I am a novice at this, but after reading your blog I might go a cheapr route and become more familiar with this industry before struggling to get up all this money to invest in a mentor. I would feel better knowing a bit more before plunging into this, cause thats how I feel like I am diving off a cliff becuase its so scary to get into something that you are not sure about and you could lose so much if your not careful just by buying into the program. However, your positive outlook on the program also made me feel better too, but I do agree with your advice as to get as much free to cheaper info first before investing such a large amount...they have many different programs on sale in which we have to make a decision by the last day or the price goes back up. The best suggested program was the one you took, but now its $34000 to start. That is pretty scary and the least amount is the online videos and such for $6000 which is just as scary. I no it takes money to make it but when you don't have the much of it to begin with you can become very reluctant to go that route..again thanks
@The Rising Glory this blog helped a lot.
The Rising Glory (author) from California on June 11, 2011:
@Boster, I hear your pain! As I continue trading and continue learning what I have discovered is that there are programs out there that are a lot cheaper and teach really good. One area I was weak on is Internal Strength so I ordered CRISS (http://criss.tycoonresearch.com/subscribe/launch/g... --It's excellent. However, what I did was got on their free newsletter and waited for a special. I got it for $995. I've also looked at programs through Options Animal (http://www.optionsanimal.com/) and have like what I've seen, although I've not actually signed up for any of their trainings. Anyway, don't give up but don't get taken either.
Bobster on June 11, 2011:
I just returned from the $199 3 day seminar. I must say it was worth every penny as I have lost much more in my Scottrade account over the years due to my ignorance. However, I did not sign up for the continuing education because the speaker emphatically suggested we all borrow on credit cards to pay for it. In fact, the first nights homework assignment was to check your FICO score and call your credit card companies and ask for maximum increases for cash advances in order to pay for your continuing education and fund your start up account! This is ludicrous. I know that Rich Dad suggests we should use OPM "other peoples money" but common - this is dangerous. I met one lady who after the second day said she was going to borrow 20k on credit cards for the Advanced Education and borrow another 10K for her start up account. I politely expressed my reservations on this but in the end, this type of selling technique rubbed me the wrong way. I am left very curious as to the outcome of this poor soul. Again, I would pay the $200 and attend the 3 day seminar just because it's so informative and it's a glimpse into the world of trading so you can measure if its right for you. The world of stock trading is much more complex than I thought and probably something I will not be doing. I am better off with a market indexed life insurance policy.
realjoya on March 05, 2011:
I have been reading the Rich Dad books like crazy recently and find a lot of great nuggets of information and attended the free seminar on real estate investing. I initially signed up but canceled because when I came home I read so many negative reviews. What you did here Rising Glory was fantastic and well organized. I appreciate so much that you and the other responders have offered others paths to explore. Thank you again!
dusy7969 from San Diego, California on February 06, 2011:
If your Rich Dad Poor Dad Education facts are out-of-date, how will that affect your actions and decisions? Make certain you don't let important Rich Dad Poor Dad Education information slip by you.
CR on January 20, 2011:
Proceed with caution!
I attended the free seminar in VA and I thought it was very shady. The presenter acted like a used car salesman. He was knowledgeable but it's obvious that he was preying on his naïve audience. And what's with that "sliver of silver" they give you at the beginning of the seminar? A silverfish hook would have been more appropriate. What a joke! The presenter claimed to be married and mentioned that he attended church and I thought that could be questionable too. Also, an attractive lady got up in the middle of the presentation, signed up for the course, and walked out. During the next segment, the presenter mentioed to the audience that, "somebody already signed up and left." I wonder if she was part of their "show."
At the end of the sales pitch, I was amazed at home many people actually signed up for the $199.00 3-day class (probably 60 out of 80 people) without doing any due diligence. They make it just affordable enough to suck the average working class person in.
During one part of the class the presenter posted an example of a put options trade he did on June 10 put for GOOG @ 514.72. Upon reviewing GOOG's stock chart, the stock was never above 500 from the 7th to the 14 so why would he have ever purchased this contract if it even existed? Food for thought,,,
My suggestion is to watch some youtube videos onstock trading to familiarize yourself with different concepts and and look elsewhere for a coach who you can trust and shadow or pay in installments.
Vicjones on January 06, 2011:
To Rising Glory: Thanks for your intelligent, detailed, clearly expressed opinion regarding the Rich Dad 3-day courses. Instead of rushing to take the course, I think I'll use some of the suggestions and follow links shared in this forum and maybe pick up the 3-day course later. It might be more expensive, but now, I think I need to be prepared enough to make the information useful.
Rama on January 04, 2011:
To "The Rising Glory"
Thanks for your review. In July of 2010 I attended the 3 day stock workshop and thought that it was quite worth it. I really wanted to attend the advanced trainings, but at the time I did not have enough money to pay for them. I'm kicking myself for not getting the contact info off of any of the other 20 people who were going ahead with the advanced trainings. Do you know of anyone else who has gone through and finished the Advanced Stock Training Seminars? I've spend many hours online trying to find reviews for the advanced stock trainings. There seem to be MANY people who have gone through the 3 day training and left reviews but I have had no luck finding people who have completed this course. Your review was very helpful, but and you could understand, before spending 20K and up I want to talk with multiple people who have actually done it. Or do you know of anywhere I can find reviews of the advanced stock training?
On the one had I feel that it is a good thing that I cannot find reviews of people who have done these advanced stock training based on the fact that the trading community (those that actually know what they are doing and make good money doing it) seem to be a very closed community and don't like sharing their trading knowledge with others, or advertising how lucrative it actually is when you know what you're doing... because if too many people start trying to do the same technique it will no longer work. Also I am sure if somebody spent tens of thousands of dollars on these advanced stock trainings and they did not work or were dissatisfied, they would make their voice heard- being out of 10-20K or so...
Please let me know if you have any additional information. Thank you
The Rising Glory (author) from California on December 28, 2010:
@Kelly, our instructor weaved the sales pitch throughout as he discussed other things. There was a lot of pitching, but there was a lot of other information also. Thanks for you comment!
Kelly on December 27, 2010:
I don't like the three day seminar. The instructor spent more than 60% of the time to promote expensive advanced classes.
Uzma on November 11, 2010:
Thanks for ur time in putting up such useful info. I couldn't decide if i should take the personal coaching, though I have signed up for the realestate 3 day course. After reading ur article I am getting more serious about the personal coaching program. The only thing which put me off when I called their coach program & they interviewed me, is @ the end their totally salesperson attitude. They don't want to give u time to think. They only want to get ur money as soon as possible & close the deal.
Edward Daniel from United States on October 30, 2010:
Great lessons to be learnt through this book! A very useful hub. Thanks!
Mary on October 11, 2010:
As I read this book "Rich Dad,Poor Dad",it gives me more idea on how to be more efficient and to be progressive enough in terms of money.Both fathers have the same goals in reaching everything.This book can be used of everybody most especially the youth today.There are a lot of lessons and interesting topics on how to be independent enough and to be successful in life!
The Rising Glory (author) from California on October 08, 2010:
@Mark, I understand where you are coming from. On the one side there are a ton of people out there just selling programs in order to line their pockets, but there are also some good programs. I think that these programs are like diets. They all work to some degree if you follow the system, but what I prefer over following somebody's system is to learn how to trade myself. What I would recommend before you spend a great deal of money is to determine how you want to trade then locate someone who teaches along your desired way of learning. Go to http://breakpointtrades.com/ and sign up for their free two week subscription. They no only give good trade recommendations, but one can learn a lot from their nightly videos if you pay attention to how they analyze. Also you can call Tigrent Learning and ask them about their trading labs. I have found these to be excellent. They have beginning to advance and I believe they are about $99 per month, but they are interactive so you will learn a lot.
mark snyder on October 07, 2010:
here the deal i make 42k a year i have 21k 401 10k pention working myself to death for a company that get worse every year! worn out all the time. looking for some way to make an extra 500 to 1000 a month! and build up to 5 k a month can i do this with learning to be a good trade? if yes how would i get started. i was sold tonite at the seminar that would be possible! but when they said you have to buy it tonite for 199 because it will be 999 the next day i walked out. I asume they sold 10 of them! yes iwould have gone half with someone that has more knollege than me. I just dont trust people who use this tactic! any way i would like to learn to trade and make a good profit. any sugestion?
The Rising Glory (author) from California on October 07, 2010:
@Mark, that is a simplistic analysis because you can take 10 people and put them through the exact same training and you will get 10 different results. There is a lot of subjectivity when you trade. People draw trend lines differently, use different tools, etc. For me, yes it is profitable. But that should not be taken as a hard and fast rule that everyone who utilizes the training will experience the same success that I have experienced.
mark on October 07, 2010:
did you make a lot of profit with the program or not!! I fyou used the program and made good profit?? it works if you used it and didn't make profit it didn't work!
TBinSeattle on September 15, 2010:
Thank you for the informative, objective and well-written post. I just attended the free seminar and signed up for the three day seminar ($199). I now have a really good idea of what to expect from the seminar and what I will need to invest if I want to 'up my game' in stock and option trading going forward. Thanks again.
risk_analyst on August 21, 2010:
I really enjoyed your post. I will be checking out the resources you mentioned. I am signed up for rich dad education and will be attending in the fall. Have your studied much about liquidity? When you are looking at what affects price movement, you don't hear much about the liquidity affect on demand. You hear about news, financial events, volatility, no one mentions liquidity. What are your thoughts?
tty on July 16, 2010:
growwithyou is spot on. i went for the 3 day and paid $$ for extra 2 courses. Each course allows you to view the full tutorials online before taking the actual class. I did the first online tutorial and from that could start trading. The online tutorial took a go-slow approach and covered material deweyduck eluded to (except Options, first course is strictly stock trading). I haven't taken the course formally yet.
I was 2% down the first 3 months of trading, 4% up after 6 months and promptly gave those 4% back in the last two weeks! *sigh*
After trading for 6 months I decided to load up on books. After reading several books on stock trading and V.K. Tharp's 'Trade your way to Financial Freedom' I realize the quality of instruction in the course.
There aren't many trade-able patterns taught but they are trend based high probable high yield patterns using a percent volatility model with a strong focus on capital loss prevention. Key points that V.K. Tharp indicates as quality characteristics of a good system.
Do you need to spend the $$ like I did ? Maybe not, I do find various bits scattered thru the books and websites I have since read. The catch being you would likely spend a part of the $$ and lots of time backtesting your custom made system.
I strongly recommend V.K. Tharp book for any serious trader.
growithyou from UK on July 10, 2010:
Nice Hub! I enjoyied your writing. I think you've really opened your heart giving us some useful tips. I'm studying to become a professional option trader as well. It will become my main activity in a short time because I'm very keen on about it. And I totally agree with you: this kind of seminars and tutorials are helpful and they're worth the price, but only if people truly understand that they have to do their homework before the course and after it. Trading is one of the most difficult job in the world and one of the most rewarding too and anybody wants to learn how to do it needs to spend a lot of time studying to make it works. Thanks for your hub. I've also written some hubs about trading and the use of psychology in this job. I would be delighted if you had a look to them and let me know. Good luck
This is the Link to my presentation hub:
The Rising Glory (author) from California on July 09, 2010:
Thanks for the comment deweyduck. As for your question, "Absolutely!" However, one must realize that "systems" are kind of like diets. As long as you adhere to the system it will probably prove to be somewhat successful, but once you deviate your losses will pile up, just like all the weight will come back that was lost.
You have to understand principles of the market. The MACD is a great tool, but the power of it is in the divergences not just the crossovers.
I am a pretty diligent worker so when I was training I probably put about 15 hours a week on average into learning. At that pace it took me well over a year before I really grasped how to successfully trade. Unfortunately, most people are not willing to pay that price.
deweyduck from USA on July 08, 2010:
Great review! I always wondered what came out of those paid seminars. I also went to a free Rich Dad investing seminar a while back, but I decided not to buy the 3-day workshop and such. I was looking to see what investing was about, but it was way over my head when the speaker talked about MACD and options and all that stuff.
What I got out of that seminar was realizing how uneducated I was. I felt what he talked about must have been elementary. So it made me go out and do lots more reading on basic technical analysis and investing in general.
This is just my opinion, but the more I read into it, the more uneasy I felt about trying to predict price moves and finding patterns through various charts.
Have you had more success in applying all that education to actual trading?
The Rising Glory (author) from California on July 04, 2010:
@tty the main things are Machtrader is much quicker in scanning through stocks, their scan features are probably what I miss the most along with the constant data feed. Stockcharts automatically refreshes every 15 seconds so I use the quote in my Think or Swim account. The ability to annotate the chart is far superior in Stockcharts at a highly reduced price.
tty on July 04, 2010:
I'm on a Mac and I find it annoying having to run Windows to use Machtrader. www.stockcharts.com looks interesting although I do admit to being spoiled with Machtrader II ($60/mth).
What are the things you find www.stockcharts.com doing
better ? What does Machtrader do better ?
Csjun89 on June 26, 2010:
These are really interesting insights, I just finished reading a book by him
toyz on February 28, 2010:
I just attended the same 500 dollar conference, I have traded stocks and options for 4 years. I learned 3 useful things that will help me make money in the future. I think the idea is sound. I hope nobody went home and tried any of the things they showed us there. You need a lot of experience or you can lose everything far quicker than you ever made it. I do agree it is a good program if followed properly. I would interview my mentor before selecting one. Remember they work for you and are paid handsomely to do so.
The Rising Glory (author) from California on February 24, 2010:
What a technician would say is that the fundamentals are already factored into the price, but I know that both sides of the equation can be argued. My take on it is that you can learn technical analysis in a relatively short period of time and be good at it whereas fundamental analysis it will take much longer. As a technician I can scan charts relatively fast, but it takes much longer to have a true understanding of their fundamental strength. Besides this, I have seen too many fundamentally strong companies tank and fundamentally weak companies soar.
So while I hear what you are saying and understand the logic you are expressing I prefer the technical side. But I do believe that both sides have their strengths and weaknesses.
scheng1 on February 24, 2010:
I think it's better to sign up for CFA course to build a strong fundamental in stock trading. After that, it's easier to merge fundamental analysis and technical analysis.