The Chart Guys is a trading brand and you can find several courses/services there.
It's centered around day trading and technical analysis.
Question is: Is Chart Guys a scam or a legit way to learn?
I'll answer that completely in this review.
Additionally, you'll see some background information that you won't find anywhere else.
You'll know if Chart Guys is worth it by the time you're done reading.
Let's get started!
The Chart Guys Summary
Creator: Dan McDermitt and Jason Garry
Price to join: Depends on course
Do I recommend? No.
Overall rating: 2/5
The Chart Guys are a typical guru day trading brand.
They built their business through Youtube and sell a few different courses and chatroom access.
In the end day trading is the worst way to invest and almost no one succeeds with it.
The Chart Guys won't fix that.
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Succeeding With Day Trading Is Basically Impossible
I never recommend any day trading courses or products.
It's a completely bogus way to make money and basically everyone that tries will fail.
So it really doesn't matter how "good" a program is, I'm not going to recommend it.
Having a "good" day trading course is like having a good course on reading someone's mind.
Both can't happen so the quality of the training is irrelevant.
Here's a few reasons why you should avoid day trading:
99% Of People Fail
If you Google day trading success rate you'll usually see it's somewhere between 5% to 10%.
That's extremely low but it's still not correct - it's actually much lower than that.
Day trading is a full time job and success has to be measured with that in mind.
If you make $10 after a year of day trading that's failing because you're day trading hours a day.
Many studies have concluded that only 1% of people make more than minimum wage day trading.
Even the people that profit tend to make less than long term investors.
So even if you make money you'll still lose to the market.
It's not worth trying because of this.
Just save yourself hours a week and invest long term - it's less stressful and you make more!
There's No Getting Better
The main pitch of The Chart Guys is they'll teach you how to be successful with day trading through technical analysis.
The truth is technical analysis is mostly BS as well.
Don't take my word for it either - this is what Warren Buffest has to say about it:
Technical analysis doesn't work and many studies have proven this.
In fact, every study shows that more you day trade the worst results you get!
This is because day trading is simply gambling.
If you walked into the casino every day you'd expect to lose more than if you just went once in a while.
That's day trading.
No amount of technical analysis or chart reading will ever allow you to reliably predict what a stock's price will be in a few hours.
It's just flipping a coin but worst!
Fees Are High
The reason day trading is worst than flipping a coin is because of the high fees involved.
Every trade you make can cost up to $100 and the taxes on day trades are higher than on long term investments.
So every time you profit you need to pay 28% to the government.
Even if you somehow manage to get a slight mathematical edge through day trading you still would end up losing because of high fees.
I'm telling you day trading is not the answer to your money problems.
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Who Are The Chart Guys?
The Chart Guys are headed by Dan McDermitt and Jason Garry.
To be honest there's really nothing out there about these guys.
The Chart Guys seems to be a typical day trading program and built their brand through Youtube.
In fact, they have over 9000 videos on Youtube and started in 2014.. that's the same time the domain for The Chart Guys was created as well.
I did find an interesting debate between a long term investor and Dan.
The long term investor basically has the same view point as me.
Basically technical analysis is junk and there's no way to guess what price an asset will be in a couple of hours.
In the video Dan claims he's green every year but specifically states he doesn't actually keep track of his results.
He claims he can show you results from Ethereum trades from 2017 but there's no way to see his overall track record.
That's a red flag.
You don't know owe Chart Guys your trust. If they can't produce verified results, they're not trustworthy.
What Does The Chart Guys Offer?
There's a bunch of different courses and services for sale at Chart Guys.
You can bundle them and save as well.
Here's what you get:
Essential Candlesticks ($199.99)
Candlestick reading is a way day traders claim you can make money.
Basically you can detect patterns in the movement of an asset's price and determine when to buy and sell.
If it were this easy you'd see billionaires trading this way..
Anyway, there's 16 modules in this program and you'll learn about different candlestick patterns.
Mainly they're broken up into bullish and bearish patterns.
Entries And Exits ($199.99)
The next course is a beginner technical analysis course.. it basically covers different strategies for buying and selling.
This is a pretty brisk training program and is only 5 hours long.
It contains 11 modules where you'll learn about the following:
- Trading psychology
- Bullish and bearish entries
- Price targets
- Risk management
- Patterns
And more.
Cryptocurrency ($149.99)
The cryptocurrency course covers day trading crypto.. which is a horrible idea.
Crypto is WAY too volatile to even attempt to day trade and will be even harder to do so than stocks.
This course covers the following topics:
- Crypto indicators and analysis
- Stocks vs cryptos
- Overview of different tools
- Trends
And more.
Community ($99 Per Month)
Access to the community is different than the training courses.
This community is basically a day trading room where you can ask questions, get answers and float trade ideas.
Additionally, you'll get daily live video coverage of the markets and access to the community 24/7.
Swing Report ($699 Per Year)
Lastly, there's the Swing Report.
This is basically a service that gives indicators and is based on funtech (technical analysis and fundamentals).
The Chart Guys are trying to find patterns and trends in different markets.
Once they do they send you charts and indicators for trades.
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The Chart Guys FAQ's
Still have some questions about The Chart Guys?
Here's some answers to any remaining questions you might have:
1) Is The Chart Guys Legit?
Ehhhh.. I have a hard time believing any person pushing day trading (especially day trading crypto) is legit.
There's A LOT of money in selling day trading products.
Many people aren't profitable traders but make millions selling courses or chatroom access.
Is that going on here?
If it's not the crew at Chart Guys are in the 1% that actually make more than minimum wage day trading.
I'd have to see their broker statements to know if they are or not and Dan already stated he doesn't keep track of his trades.
2) Is The Price Fair?
The price actually isn't too bad for what you're getting.
Many courses like these cost double or even triple the price.
Same with the chatroom.
There's plenty of places that cost several thousands a year for chatroom access.
So while I don't think you should get started with day trading, the prices aren't too bad here.
3) Is There Any Refunds?
It doesn't seem like it:
This is pretty lame to be honest.
All legitimate places offer some sort of refund but this one doesn't.
This all points to these guys not being legitimate.
If you're making so much day trading why wouldn't you just give someone their $199 back if they're unhappy?
Most likely because their entire income is through course sales at The Chart Guys.
4) Are There Similar Products?
Yes, there's a million day trading programs that are just like this one.
Some include:
And plenty of more.
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The Chart Guys Pros And Cons
The Chart Guys Conclusion
The Chart Guys is a pretty generic day trading community.
The main face is Dan and he seems like a harmless guy but that's just a persona.
No one who tries to get you to day trade is a good guy in my books.
It's so difficult and time consuming.. which is fine if you have a legit shot at making money.
The truth is the opposite, though.
You're most likely going to lose money and spend a lot of effort to do so.
Doesn't matter what plan you have for day trading or what secret chart pattern you've learned.
It's most likely not going to work.
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I'd pass on The Chart Guys.
You're just not going to have success with day trading.
The better option will always be to invest in the long term.. it's been proven to make money time and time again.
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The chatgroup here is very toxic. Mods are arrogant and snobby, their way or the highway. If you challenge them when they mess up, you will be silenced. Out of the thousands of member accounts, only about 25 of them are still active. This shows that the members either lost all their money, or left because they didn’t think it was worth the money. Don’t waste your time here, there are better options available. – EX chart guy member.
Thanks for your insights!
A good bit of incorrect information here.
Also, happy to send you my day trading results.
All you have to do is some research from the source!
I’d only be interested in customer results
Half the article is about Dan not showing his record but you’re not interested in the results when he offers them?
Wow, sounds like someone has tried his hand at day trading and been burned a few times so like most others who failed is adamant if he can’t do it, it doesn’t work period.
If Buffet flipped a chart upsidedown and got the same answer, he must not have been wearing his readers. It’s Pretty easy to see an uptrend when flipped upside down is now a down trend and vice versa. = different answer.
How bout Gann? Wyckoff? Linda Raschke? Elliott? Marty Schwartz? Just to name a few. What did they all secretly work McD’s on the side?
I’m not advocating for the chart guys, nor am I saying everyone will make it day trading. But surely an intelligent guy like yourself can see, the best at any given subject are also the very few.
Just because many don’t succeed, doesn’t mean it doesn’t work.
Feel free to drop your email, I’ll send over my tax forms as my backing.
Ps, try taking the bias out of your writing. It will only lead you to success.
I was a member of the Chart Guys and the training there allowed me to turn $20k (2017) into what is a $329k portfolio today. And I’m no genius, believe me.
I interacted with people in the group who claimed to have started $500 leverage accounts on FTX in 2019/2020 and were millionaires at the top of the last cycle. I can’t confirm this, but I can say that I took many trades along side them and made great money while laughing at memes in chat with them. Great people there.
There’s the occasional blow hard, but they don’t last long in the group.
I don’t want to sit here and blow smoke up Dan’s ass but go trade next to Dan for a month and tell me the guy is anything less than exceptional.
I get skepticism but I don’t get the hate Dan receives. People want to believe it’s not possible I guess. Your loss.