Product Name: TradeNet
Product Description: TradeNet is a day trading education and chat room service run by trader Meir Barak. At 14 years old, the company claims to have taught over 30,000 to trade the US markets. TradeNet offers a multitude of services for upcoming traders, including day trading education, a daily chat room, and a prop firm model similar to that of Topstep Trader, where the prospect pays for a trading course, after which they apply to get funded by the course proprietor.
Ease of Use
TradeNet is a rapidly growing day trading chat room and education service. The service is run by veteran trader, Meir Barak, who is the head trader in the chat room. Read this review to see if this service is a good fit for you.
TradeNet is a day trading education and chat room service run by trader Meir Barak. At 14 years old, the company claims to have taught over 30,000 to trade the US markets.
TradeNet offers a multitude of services for upcoming traders, including day trading education, a daily chat room, and a prop firm model similar to that of Topstep Trader, where the prospect pays for a trading course, after which they apply to get funded by the course proprietor.
Who is Meir Barak?
Barak is the main chairman of TradeNet and is the focus of the majority of their promotional materials. Barak has successfully built a brand around himself as a trustworthy, competent, and transparent trader. He follows a slightly more promotional version of the Gary Vaynerchuk/Pat Flynn content marketing model: give tons of free content and value, with asks (not expectations) for business.
Barak harnesses YouTube in particular to his advantage, putting out free trading videos every day. He often streams his entire ~7-hour trading day.
Additionally, Barak is the author of a trading book called “The Market Whisperer” where he details his trading methods and mindset. With 127 reviews and a 4.4 average rating, the book is quite well regarded on Amazon.
Meir Barak’s Claims
Like most trading gurus, Barak makes hefty claims about his earnings, like “$2,440 in 12 minutes,” or other eye-catching headlines. As of today, those claims are unsupported by brokerage statements or other documentation. While lack of documentation is not an indicator of guilt in of itself, it’s always key to note that you can’t truly know if Barak is earning this money unless he proves it.
TradeNet Chat Room
Meir’s, while a decent supplement to the livestream, has some issues. However, on the bright side, In many chat rooms, the trading guru is the only authority in the room. Meir has multiple analysts in his room that also call out trade levels and ideas. Among these analysts are Scott Malatesta, Gil Paz, Schlomo Cooper, Amir Barak, and Michael Orevi.
One problem with the chat room arises due to the free trial. Barak uses the chat room as a funnel to get new clients to purchase his training, become members of his prop firm, and of course, continue their chat room subscriptions. Due to this, many of the chat room members are novice free trial members who are constantly asking questions and misunderstanding things. While this is fine and a big reason why trading chat rooms exist, it can be frustrating when the trade calls are overshadowed by newbie questions.
These are the type of messages that fill up the majority of the chat room, with some ticker calls and setup callouts mixed in.
While the chat room does suffer from issues like these, it excels elsewhere. While on the TradeNet website it is referred to as just a “chat room,” you also get access to a live video feed of Meir’s desktop. Instead of a simple chat room with various ticker callouts and chat room members giving advice, you see Meir’s trading process in real time. From his trade execution, to his chart setup, to his level 2 analysis, you get to step inside the mind of a successful trader. For a novice trader, this type of experience is priceless.
Meir stays on the stream for 4-6 hours each day, talking through his trades, answering questions, and reviewing charts. When looking over the shoulder of a successful trader, you pick up on small things, like how he starts his morning, or the sequence of his screens. You get to see the sum of seemingly inconsequential habits that compound on each other to form a successful trader.
With all of this in mind, at $300/month, Barak’s chat room is still quite expensive. Compare his room to ClayTrader’s $99/year, or even Bulls on Wall St’s $139/month.
TradeNet Educational Materials
TradeNet has multiple different trading courses, including the Top Trader Course, Self Study Course, Star Trader Course, etc. Some are aimed at beginner traders, other at advanced traders, some are aimed at stock traders, and others at forex traders. Ultimately, though, the material is all quite similar. It’s all based on intraday technical trading, with some use of level 2. Like most traders, Barak creates a lot of his own jargon for common trading phenomena, things like giving common trade setups flashy names, similar to ClayTrader. I’m going to go over a few key concepts you’ll hear repeatedly in Meir’s trading courses.
Meir is a trend-follower, as opposed to making trades based on reversion to the mean. This means he takes trades in the direction of the prevailing price trend of the asset. This is a philosophy that trickles down to the rest of his trading methodology and is crucial to understand if you’re considering purchasing some of his training.
If your natural inclination is to fade a stock that is in a roaring uptrend, then Meir’s style probably isn’t for you. It’s important to go with what makes you comfortable, or else you’ll constantly be second guessing your trades, or afraid to even pull the trigger and execute a trade. If you’re naturally a mean-reversion trader, you’re better off sticking with that and learning from guys like Cesar Alvarez or Larry Connors.
Gap & Go
The gap & go is a trading setup that occurs when a stock significantly gaps down (usually around 3% or more) and puts in an intraday low and begins to pullback in the upward direction. Simply put a sell (short) order below the intraday low and a stop above the intraday high. This setup operates under the assumption that when the stock significantly gaps down, that the momentum in that direction is so strong, that it is bound to continue. This trade can be taken on either the long or short side.
The gap & go is Barak’s bread-and-butter setup which he trades the most. Just by watching some of his daily trade recap videos on his YouTube page, you can see that Barak favors the gap & over most other setups.
Another crucial aspect of Barak’s trading methodology is trading the breakouts and breakdowns of stocks that are consolidating. While gap & go trades count for the majority of his trades, consolidation breakouts make up a healthy portion of his trades. Like the gap & go, the setup is simple, being successful with this setup takes proper execution and trade management.
Here are multiple examples of a consolidation breakout from Tradeciety.
Is TradeNet Legit or a Scam?
When looking at Meir Barak’s content alone, he comes off as a successful, down to earth trader. He shares plenty of his content and strategies for free, and posts his trading livestreams almost everyday, creating transparency unlike most other trading gurus.
However, with every story of success, there are skeptics. There are unverified reports of TradeNet soliciting money for a forex brokerage from his free-trial participants. While this isn’t inherently unethical, nobody likes getting unsolicited phone calls to sign up for forex brokerages.
With that said, I think Barak’s trading style is straightforward and sound. He doesn’t try to reinvent the wheel, nor does he spew nonsense. Plenty of other traders have success trading gappers and consolidation breakouts.
For those considering purchasing product from TradeNet and Meir Barak, start with their 14-day free trial of the chat room, the trial requires no credit card. If 14 days isn’t long enough, consider watching some of Meir’s past stream VODs on YouTube. At 6 hours each, you should be able to get a feel for whether or not TradeNet’s products are worth it to you.