Welcome to my Dan Parker Truetrader review! I like what I see with this service!
I recently came across Truetrader.net when I clicked on one of their Facebook ads. I swear, I get more stock alerts service ads than anyone else!
I hadn’t heard of True Trader or Dan Parker so I decided to learn more about them and write it up for you guys.
My initial impression is that Dan Parker is a legit trader and that his TrueTrader service is pretty great.
My only complaint is the cost – there are much cheaper services out there that you can make just as much money from.
Disclosure: There are some affiliate links below, but these are all products I highly recommend. I won’t put anything on this page that I haven’t verified and/or personally used. I may received a commission if you click through a link and purchase a product or service.
I write up every single trade that I make in Kyle Dennis’s Fast 5 Trades in my trading diary.
I think that if you are new to trading, my trading diary might be able to help you learn how I make money every single week from Kyle’s alerts.
Who is Dan Parker of TrueTrader.net ?
I wasn’t able to find out much about who Dan Parker is exactly. However, after watching hours of his live trading recordings, I feel like I know him!
But, this doesn’t help my confidence all that much – why is there no record of him on social media? I can’t find him on Facebook, Linkedin, Twitter or anything else….
The TrueTrader.net live trading recording below gives you a good idea of what would happen if you joined his live streaming trading chatroom.
How Does True Trader Work?
True Trader is a day trading alerts service. They offer some of the fastest trade alerts that I have ever seen – this is a simple scalping strategy that is hard to replicate.
Dan offers subscribers a trading plan before the market opens. This includes things like the stocks he is watching and what will trigger a trade in them.
The morning live-stream that he runs is extremely exciting and fast paced. It looks like it would be very difficult to copy his trades though…..as he will become very excited and shout ‘Guys, I am in $FCEL at $2.45’ then repeat it a few times and within a minute or less ‘Guys, I am out FCEL at $2.5’.
While this style of live-streaming trading is quite unique and exciting, I am not sure how useful it is for subscribers. If this is the style of trading that interests you, then seeing an expert do it could be extremely useful and confidence inspiring.
The stocks that Dan Parker is interested in usually have a simple pattern. A stock often makes a dramatic move either up or down in price at the stock market open.
Dan’s strategy is to enter the stock on this unjustified move and sell it when the price corrects within a few minutes.
This works when a stock price drops then bounces back up or when it spikes up and then drops back down. It isn’t a bad strategy but if you are not quick enough to copy him, you will get burned because you are trading against the current price direction.
However, there are some advantages to this style of stock trading.
1. You get a good risk/reward ratio because you only enter trades on short-term extreme price movements. This means you generally get a stock at an unjustified low price. It isn’t like you are catching a falling knife.
2. It looks like TrueTrader’s winning trades are much bigger than their losers.
3. Limited exposure to the market works well in today’s volatile world. You are not at the mercy of some crazy world event in the same way that swing traders are.
You can do this strategy and follow along as long as you can focus on the service for the hour after the market opens. This is usually when all the trades are executed – 9:30am-10:30am EST.
True Trader claims that you can ‘piggy back’ on the trades but they encourage you to learn how to find your own trades and become self-sufficient. Copying the trades seems like it would be very difficult to me because they are so fast.
What is Included in the TrueTrader.net Subscription?
You do seem to get some decent value for your money. Here are the things that I think are quite valuable in the service.
1. They teach you the trading process that Dan uses so that you can trade without him. This is the key to longer term stock trading success.
2. Dan seems to be very patient and diligent when it comes to his pre-market analysis. He teaches you how to allow the market to come to you and how to stay disciplined. You get a trade plan 15 minutes before the market opens that includes things like buy/sell zones of particular stocks on watch. Technical indicators seem to be quite simple (a good thing!) and usually focus on just support/resistance levels.
3. Apparently, you can also personally chat with him on live trading sessions! If this is true, it is quite unique in my experience with live trading chatrooms.
4. Trading alongside an expert can help to give you the confidence to actually enter trades. New traders often lack the confidence in their ideas and fail to take action for fear of losing money.
5. There is also an end-of-day video lesson that shows you what went well and what failed. This is always a good thing to have in a stock alerts service.
6. A lot of alerts and trades throughout the day. It seems like they have a good success rate of 70% – 80% wins. You get to see all the trades live so there is no doubt that they are real trades being executed.
Dan Parker Truetrader Review: Cost
True Trader is not cheap. Currently, the price is $395 monthly which is one of the most expensive services I have seen.
However, their annual cost is extremely reasonable at the equivalent of just $99 a month. Weirdly, this makes me wonder why it is only 25% of the month-to-month cost.
I understand nice discounts for yearly memberships, but it makes me wonder if the reason for such a deep discount yearly might be because they have found that noone stays for more than a month or two. A yearly subscription might get them way more money.
Of course, this might be nonsense and they just want to give value for committed members!
When you compare the cost to other competing services like Fast5 Trades ($299 per year but only one great trade a week) or Trade With Kyle ($250 every 3 months, several day trades a day and swing trades) the annual plan price is similar.
Although, I would say that Trade With Kyle is better because it offers better trades (Kyle made $500,000 last month and subscribers followed along!). You can replicate Kyle Dennis’s Trade With Kyle strategy more easily than True Trader.
Dan Parker Truetrader Review: Testimonials
There are plenty positive testimonials for True Trader on their website and YouTube Channel. Here are some of them.
“I have been a member of your service for about 5 or 6 months now, I love it! Your levels are bang on and I am constantly profitable with them” – Elliot
“Signed up last week and wow loving the service. The best thing about it that its stopped me over trading in the chop.” – Bryden
“Out of the hundreds of trading systems I have tried, yours has jumped to the top part of my list. Your levels are virtually perfect.” – Winfried
“After sitting and watching the livestream for the last week, I want to say WOW, I am blown away…I feel that I have come home, this is where I should be, and I can see that following you will really help me mature as a trader.” – Rick
“There is no question and you may quote me, your service pays for itself quickly.” – Chase
“During the six months I’ve had your service I’ve tried about ten others for various trading strategies and yours is the only one I’ve kept the whole time.” – John
“I joined TT 9 months ago, and since that time I have had 31 winning weeks and only 4 losing ones, without a single losing month. I am generally profitable 4 of 5 days per week. Each profitable month I have increased my trading size by 15% and I have actually had several days where I made more in a day than I took home in a month working for the San Francisco Zoo. I know it is about the process and not so much about the money, but when you have bills to pay, it is nice to be making money. I can say without a doubt that had I not found truetrader.net, I would not be trading today.” – Emry
“I’ve been with you guys for the last 4 months or so and have been doing incredibly well. To be honest I was a little worried with the oil drop and covid19 affecting the market and causing a massive spike in volatility. Well one month into the “chaos”, and you guys are still killing it as if nothing even happened. World class group of traders here.” – Armin
Dan Parker Truetrader Review: Conclusions
True Trader seems like a legit stock alerts and education service. I really enjoy watching the recordings of the live trading sessions and I think new trades could get a lot out of that.
However, if you would like a more laid back alerts service that delivers good results in a longer time frame, consider trying Kyle Dennis Fast5 Alerts.
It is by far my favorite stock alerts service – I paid for a lifetime membership.
Kyle alerts just one trade a week that you can just buy and allow to grow in price throughout the week. This is way less stressful and more lucrative than crack head day trading.
Good Luck!
Russell
P.S I run a Facebook group called How To Make Money Trading Stock Alerts that brings together people that use stock alerts services. It’s a great place to share what works and what doesn’t! We welcome anyone and it is FREE to join.
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Thanks, Russel for the review, I am completely new to the world of Day Trading and I am doing my research now to get started. What other trading platforms or strategy can you suggest for a real beginner?
Honestly, I am having a lot of success with Kyle Dennis’s Fast5 Alerts and many of the new traders in my Facebook group are as well. I am not sure if you are in the group (if not you can join here) its a good place to learn and I am confident that we can help you make money day trading Kyle Dennis’s Fast5 alerts. I keep a diary on all of the trades I do in his service in this review article.
Hope this helps!
Russell
So you actually joined TrueTrader to create this review? Or is this review based on the various information you were able to gather about it over the internet? Thx.
Hi Kevin, thanks for the comment. I was going to join and write the review – that is normally what I do with these services. However, after watching Dan’s live training recordings on Youtube, I realized it is not what I am looking for. So I just researched it and wrote it up. The reason I am not joining is because the alerts are way too fast in real-time. It’s like out of the blue he will just frantically say ‘I’m in $XXX blah blah’ then 30 seconds later ‘I’m out $XXX. I am looking for alerts services that are a bit more laid back than that!
Hi Russell,
Thanks for all these valuable information.
I am new to trading. Don’t have any idea on what or where to start.
Any help?
What’s the first thing I should do? Open up a brokers account or something?
Which one you recommend for newbies like me?
Been watching youtube videos and reading a lot of information and I am excited!
Thanks!
Hi John, yes opening a broker account is the first step to being able to trade stocks. You can find many broker accounts that don’t charge any commission for trades and some don’t require a minimum balance either. Here are some of the best https://www.nerdwallet.com/best/investing/online-brokers-for-stock-trading . I started by joining a stock alerts service where I followed along with trade alerts and learned their strategy from their educational materials. This helped build my confidence and get my feet wet while I learned how to trade technical chart patterns etc. Unfortunately, it can be expensive in this industry to learn specific trading strategies etc.