In a world full of fraudulent trading products, you need to think twice before you buy or subscribe to anything.
Don’t just look at a website like Shadow Trader (which is the subject of this review today) and think that you’ve got it all under one roof.
There are myriads of disturbing facts against Shadow Trader, and we’re here to bring them to your attention as far as this Shadow Trader review is concerned.
|Shadow Trader homepage|
Shadow Trader Review: An Overview of what this business is
It’s a platform that offers ”real time” trading room facilities to subscribers who are willing to pay a minimum of $250 per hour.
What is more, Shadow Trader is incorporated into the Think Or Swim platform so that they can somehow exist as one entity.
Think Or Swing is a property of TD Ameritrade, and the purpose of promoting this partnership is to make money for this broker.
TD Ameritrade is a popular broker in the United States, and so this promotion is serving their interest given that they make commissions for every Buy or Sell order placed by clients of Shadow Trader on their platform.
Also, realize that the president of Shadow Trader used to work at both ThinkorSwim and TD Ameritrade as well.
Today, he is promoting his service on these two platforms, and we can clearly see that they are mutually benefiting from this business model.
However, in our opinion, it looks like Shadow Trader is just trying to find customers for Think Or Swim and its Ameritrade counterpart.
If they can drum up support for this broker, both of them will win in the end.
But at the same time, some gullible investors who have attempted to replicate the supposedly ”successful live trades’ on Shadow Trader platform have often lost money a big time.
Details of Shadow Trader
They run a trading advisory service coupled with a day trading chat room business.
The Founder of this company is called Peter Reznicek, and he lives in Haverford, PA. His physical address is stated as 521 W. Lancaster Avenue.
The website of Shadow Trader first appeared in 2008 with the idea of educating novice traders to achieve success in the Forex, stock, and futures business.
However, it appears that this business has since launched other websites that await promotions. The domains associated with this site include TradeScan.com, TranslucentCapital.com, InvestorsLane.net, ShadowTraderPro.net, InvestorsLane.net and WallStreetMinds.net.
When we do a quick research on the background of this guy called Peter Reznicek, we find that he is a previously registered investment advisor and a registered Stock Broker.
His profile can be viewed using this link (https://brokercheck.finra.org/individual/summary/5135345), just in case you doubt his details.
Thankfully, this page was also able to reveal to us the background of this man, including who he has worked for in the past.
We can see that he has worked for TD Ameritrade, ThinkOrSwim, EchoTrade, and SpeedRoute. There are no disclaimers or notes which would suggest that he is not clean. Great news😄😃!
So, what exactly does Shadow Trader sell?
They peddle all sorts of trading products which they allege were created by ”trading experts” in their team.
So far, the smorgasbord looks like this:
- $450 5-hour coaching with Tom Cook
- $100 1-hour coaching with ”
- $1,000 5-hour consultation by Ben Lee
- $250 60-minute consultations with ”
- $75 Spread-sheet analyzer for Shadow Trader Pairs
- $175 A seminar by James Dalton on ”trading like you’ve never had before”
- $775 Past seminars by James Dalton
- $650 Course called ”Field of Vission” by James Dalton
- $20 An e-book highlighting a trader’s journey
- $495 A series on Trading Psychology
- $295 A course on how to protect your portfolio
- $95 Cumulative Tick Indicator
- $195 Tape Reader Indicator
As you can see, Shadow Trader has got ”products” for every need.
If you need to learn how to safeguard your capital, Shadow has it. If you need to master trading psychology, they got it. And what about needing someone who can hold your hand till the end? Well, they got it for you too.
The relationship between TD Ameritrade, ThinkorSwim and Shadow Trader
TD Ameritrade receives 1 million users each month, and so is ThinkorSwim platform. It would also be correct to say that Ameritrade is one of the largest retail trading brokers in the US.
The promotion is quite straight-forward. For instance, if you sign up to TD Ameritrade broker in order to access their ThinkorSwim platform, you will encounter the supposedly ”live trade” screen cast by Shadow Trader.
There is no way you can avoid it. However, in an attempt to conceal this relationship between the two, TD Ameritrade has put a notice that they are in no way responsible for the recommendations which their clients get from Shadow Trader’s screen cast.
But why do they claim that the two are separate entities when no attempt has ever been made to separate this broker from the activities of Shadow Trader?
And if they don’t claim responsibility for your use of Shadow Trader live trade recommendations, why is it that clients are forced to feed into Shadow Trader’s services soon after they log into the ThinkorSwim Platform?
In our opinion,this is just a way of encouraging clients to start trading with live accounts. Shadow Trader is actually very aggressive at it.
They display buying and selling of foreign currencies, stocks, options and futures. But while at it, they also purport that nearly all trades in their trading room are successful. This, in a way, encourages customers of TD Ameritrade to use Shadow Trader services.
You’ve got to remember one thing: that Peter Reznicek is a stock broker, plus he used to work for TD Ameritrade.
He understands that providing trading recommendations and putting them in front of visitors is likely to generate huge commissions for both parties involved.
On the other hand, Shadow Trader understands the psychology of struggling traders. Peter knows that most traders lose, and when they do, they usually start looking for products or services that can change this.
This need is met by Shadow Trader’s long list of products and services which they sell on their website. You can see that they are actually ”very prepared” to make you a profitable trader once again.
No track record
While it’s not a sin to sell Forex EA, Indicators, or trading rooms, it’s a silly game selling these things if you don’t have a track record that can be verified.
The saddest thing is that the supposedly winning trades which are touted on the trading room don’t have any track record.
One wonders what usually happens to people who religiously follow those signals. Do they make any money?
To answer this question, we tried getting in touch with the persons running Shadow Trader. We called, and then emailed and then emailed a few more times. These went answered because they already knew what was coming.
We sought to track the success record of their so-called trading mentors. Guess what, we hit a dead end as well. Shadow Trader was not willing to corporate.
Conclusion of the Matter
Shadow Trader is clearly an investment scam. You don’t deserve to waste your time on this trading room as you will incur nothing but losses. It is advised that you approach with caution if you have to do business with these fraudsters.
Author: W. O.
W. Omondi is an active Forex Trader, a Blogger, a Critique, a Blockchain analyst, an Investor & Coach with over 7+ years of experience trading the financial markets. He currently mentors students who want to learn about trading and online investment in general.