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Trading is a profession. Learn it like one.

Independent reviews of the Institute of Trading and Portfolio Management from Michael, an ITPM graduate who trades a long/short US equities and options portfolio from Melbourne. Real results, losing months included, and what happens after the courses.

  • IPLT, PTM &
    POTM graduate
  • Mentored by
    Anthony Iser
  • Broker-reported
    results published
  • Affiliate
    relationship disclosed
Read my ITPM review See my results

Compare the courses View discount codes ITPM FAQs

Anton Kreil, founder of ITPM, presenting at an ITPM conference
Anton Kreil presenting
at an ITPM conference
Anton Kreil presenting at an ITPM seminar
An ITPM seminar
  • Mentored ITPM graduateCompleted IPLT, PTM 2.0 and POTM, then a three-month online mentoring program with Anthony Iser.
  • Broker-reported results published+145.64% Interactive Brokers time-weighted return, 31 Oct 2024 to 31 Oct 2025. Whole corporate account, self-published and unaudited. How it is measured →
  • Trading the process from MelbourneA long/short book of NYSE equities, expressed mostly through options. Research and analysis during the day, with part of the trading done at night.

Facts are from Michael’s own course and trading records. About Michael

Michael with his family in a paddock near Melbourne at sunset (children's faces blurred for privacy)
MichaelWith the family, Melbourne

Who you’ll be reading

Michael

I'm Michael, a retail trader from Melbourne. I began my trading journey in 2022 with very little experience before discovering Anton Kreil and the Institute of Trading and Portfolio Management (ITPM). After completing the courses and mentoring program, I began developing my own systematic trading process, building on the foundations I learned.

I started The Institute Trader in 2023 to share my experience with ITPM and help others considering the same educational pathway. Since then, both my trading and my mindset have evolved considerably. Through ongoing 1% daily improvements, practical experience and deep study, I have developed a deeper understanding of trading on top of the ITPM methodology. It has made me a better trader, with a system I can call my own. My focus for this site is to give back to my community the educational pathways available to improve their trading. The site will keep evolving with me as a trader.

  • IPLT, PTM 2.0 & POTM graduate
  • Mentored by Anthony Iser
  • Long/short options trader
  • ITPM affiliate (disclosed)
  1. IPLT, PTM and POTMI completed the ITPM courses one after the other.
  2. Three month mentoringAn online mentoring program with Anthony Iser.
  3. Running the processA long/short book of US stocks, expressed with options, traded from Australia.
  4. 12 months to Oct 2025+145.64% time-weighted return, as reported by Interactive Brokers for the whole account. Past performance is not a reliable indicator of future results. How it is measured.
Read my full storyEmail me a question
Why I chose ITPMWatch · 4 minutes

You are probably here because

  • You're interested in trading, but haven't found a process you think will work.
  • You want to know if the Institute of Trading and Portfolio Management is the real deal.
  • You found The Institute Trader online and like what Anton Kreil says about trading.
  • You want to know if the ITPM courses have value.
  • You want to hear from a student about completing the ITPM online programs.
  • You want to see how other students actually apply what ITPM teaches.

The Institute Trader · The reality of trading

Why Are Retail Traders Set Up to Fail?

The markets have never been easier to access. But access to the market is not the same as having an advantage in it.

Decades of academic research and regulatory evidence reveal an uncomfortable reality: sustained success in speculative short-term trading is uncommon. Trading costs, leverage, competition and behavioural mistakes can turn a promising strategy into a losing process.

  • Brazil97%of persistent equity futures day traders lost money1Equity futures · started 2013–15, traded 300+ days
  • United Kingdom~80%of CFD customers lose money2Leveraged CFDs · FCA, December 2022
  • Australia68%of retail CFD investors lost money in FY20243Retail CFDs · ASIC, losses above A$458m incl. A$73m fees
  • United States11.4%a year for the most-active brokerage households, vs 17.9% for the market6US stocks · 66,465 households, 1991–96 · a shortfall, not a loss rate

These figures relate to different financial products, populations and periods. They do not constitute a single global retail-trading failure rate.

A strategy is not the same as a trading process.

Trading requires more than finding an entry. Risk management, portfolio construction, market context, exit decisions and performance measurement are equally important. Understanding how the market works is the starting point. It is not the promise of guaranteed results.

Understand the evidence. Build a process. How I report my own results
  1. Chague, De-Losso & Giovannetti, Day Trading for a Living? (2020)
  2. UK FCA, CFD sector concerns (1 Dec 2022)
  3. ASIC, Report 828 announcement / FY2024 CFD losses (2026)
  4. Barber & Odean, Trading Is Hazardous to Your Wealth (2000)

Education only, not financial advice. I do not hold an Australian Financial Services Licence.

ITPM course reviews

My review of each ITPM course

I recorded a video review of each course I completed. Here is what each one covers and who I think it suits.

Compare the courses

Course 1

IPLT

Introduction to Professional Level Trading

★★★★★
10 videos18 hours

The foundation: opportunity and risk, an introduction to long/short portfolio management, and a volatility masterclass.

Read my IPLT reviewSee the 50% discount →

Course 2

PTM 2.0

Professional Trading Masterclass

★★★★★
43 videos64 hours

The core program — a full systematic professional process for the US stock market, from macro to portfolio construction to risk.

Read my PTM reviewSee the 50% discount →

Course 3

POTM 2.0

Professional Options Trading Masterclass

★★★★★
37 videos49 hours

Structuring long/short ideas with equity options to improve ROI — what works, what doesn’t, and portfolio hedging.

Read my POTM reviewSee the 50% discount →
Read the full ITPM review See current course pricing How I review the courses

The Institute Trader · Education & research

Trading Education & Research

Explore macroeconomics, fundamentals, options, portfolio management and the practical lessons I've learned from trading.

Latest educational articles

Macro Education and Insights

AI Slowdown: Is the Boom Over?

Explore the potential impact of an AI slowdown on stock trading. Discover how AI slowdown might affect investments, infrastructure, and market sent…

· 4 min read

View all articles →

Student stories

What other ITPM students say

Don't just take my word for it. Four ITPM students on how the process changed the way they trade, from ITPM's own channel.

Common questions

Questions traders ask about ITPM

What is ITPM?

The Institute of Trading and Portfolio Management was founded in 2011 by Anton Kreil, a former professional trader at Goldman Sachs, Lehman Brothers and JP Morgan. It teaches retail traders a professional long/short process. Read what ITPM is.

Which ITPM course should I start with?

Most people should start with IPLT, then the Professional Trading Masterclass (PTM 2.0), then the options course (POTM 2.0). I explain why in which ITPM course to take.

Are your trading results real?

Yes. They are actual brokerage-account results, not simulated. The headline figure is the time-weighted return reported by Interactive Brokers for the whole account I manage, in Australian dollars. It is self-published and has not been independently audited. The method, the redacted statement and the full disclosures are on my trading results page. Past performance is not a reliable indicator of future results.

Do you earn a commission?

Yes. I am an ITPM affiliate, so I may earn a commission if you buy a course through my links or codes. You pay the discounted price, never more than going direct.

Can I ask you questions about ITPM?

Of course. Email me and I will reply personally.

Read the full ITPM FAQ →

Contact

What are you looking to do?

Choose one and your email opens with the right subject. Or write to me directly: theinstitutetrader@gmail.com

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