General Information
The Pattern Trader is primarily a trading education platform, managed by Mark Shawzin, a veteran trader with over 30 years of experience in the market. The platform is designed to help traders understand and utilize pattern-based trading strategies.It provides comprehensive trading education including weekly webinars, video tutorials, trading patterns, and ongoing mentorship. These resources are applicable for various financial markets such as stocks, commodities, and forex markets.
Pros and Cons
The Pattern Trader has some advantages, like no initial cost to open a live account and generous leverage options for forex trading. They also offer demo accounts for practice. However, there are notable drawbacks, including the lack of regulation, a limited range of trading products, and a missing tiered account system. Additionally, their customer support response time can be slow, and there have been accessibility issues with their official website. It's important to weigh these pros and cons carefully before considering The Pattern Trader as your trading platform.
Regulation
While The Pattern Trader is registered in the United States, it doesn't have any regulation from authorities like the NFA or any other similar governing bodies.
Trading with an unregulated broker can be very risky because they aren't held to the same rules and ethical guidelines as licensed brokers. This means that if you deal with an unlicensed broker, you might have limited options if they engage in unfair practices like undisclosed fees, manipulating trades, or even stealing your funds. It's crucial to be aware of these risks before choosing a broker.
Market Instruments
The Pattern Trader claims to provide access to three classes of assets in financial markets: forex, stocks, and commodities. However, they do not offer other well-known trading options like shares, cryptocurrencies, ETFs, indices, and bonds.
Products
The Pattern Trader also offers two kinds of products, namely the Freedom Trader Handbook and the Pattern Trader Elite. Other specific information can be found in the screenshot below.
Account Types
The Pattern Trader offers both demo accounts and live accounts to its clients. This broker assures traders that they can begin trading with virtually any account type, and interestingly, they can even start with no initial capital investment.
Minimum Deposit
Opening an account with Pattern Trader supposedly requires no minimum deposit. If this is accurate, it presents a distinct advantage when compared to other brokers. Let's take a look at the comparison table, which shows the minimum deposit requirements of Pattern Trader alongside those of other brokers:
Leverage
The leverage options provided by this broker vary depending on the asset class you're interested in trading. Specifically, they offer leverage of up to 1:500 for forex pairs, up to 1:100 for commodities and indices, and up to 1:50 for stocks and cryptocurrencies.
Spreads & Commissions
When it comes to spreads and commissions, this broker offers some enticing options. They provide ultra-tight fixed spreads starting at 0 pips for major forex pairs, while minor currency pairs typically have average fixed spreads of just 1 pip. Additionally, spreads for commodities, stocks, and indices start at 0.4 pips.Moreover, there are no commissions whatsoever for forex and crypto trading, making it cost-effective for traders. For commodities and equities, commissions are low, ranging from just $5 to $10 per lot. These favorable terms can certainly enhance the trading experience.
Customer Support
The Pattern Trader‘s customer support can be reached by email: support@thepatterntrader.com or send messages online to get in touch. Besides, you can also follow this broker on some social media platforms such as Twitter, Facebook and YouTube. Company address: 2234 North Federal Hwy, Boca Raton, FL 33431. However, this broker doesn’t disclose other more direct contact information like telephone numbers that most brokers offer.
FAQs
Q: Who operates The Pattern Trader？
A: The Pattern Trader is a trading platform offering trading education and is run by Mark Shawzin, a veteran trader with over 30 years of market experience.
Q: Is The Pattern Trader a regulated platform？
A: While The Pattern Trader is registered in the United States, it's not regulated by governing authorities like the NFA or any other similar bodies.
Q: What type of trading education does The Pattern Trader offer？
A: The Pattern Trader provides comprehensive trading education including weekly webinars, video tutorials, trading patterns, and ongoing mentorship.
Q: Can I use the strategies learned from The Pattern Trader in any type of market？
A: Yes, the trading patterns and strategies taught by The Pattern Trader can be applied in various financial markets including stocks, commodities, and forex markets.
Q: How is The Pattern Trader different from other trading education platforms？
A: One of the unique aspects of The Pattern Trader is its focus on pattern-based trading strategies. These strategies are the product of Mark Shawzin's years of research and trading experience.
