Chatroom gurus claiming to have $100k days -- total BS?

[trade2020]

That’s why they have 2 demo accounts. The trading can be “live” in real time with virtual money - a favorite platform for most fintwit gurus is ThinkorSwim - simply have 2 different thinkorswim accts each with a virtual funds demo Acct that trades in real time

short in 1 demo Acct and long in the other demo Acct and at the end of the day 1 account will always be a bigger winner on a “highly volatile underlying of the day” - then just post a screenshot of whichever one was the big winner along with a picture of you by your Rented Lamborghini and stable of models and sell the dream for $299 a month for chat room access and your course that tells all the secrets for $2,999

@Guruleaks1 on Twitter

there’s no fraud - read the disclosures

‘live trading’ does not equal trading in a production account

you can be trading live in a demo account

 

[Tradex]

Even “IF” some of these trade gurus have real accounts (which I seriously doubt) it’s a whole lot easier to take big risk big reward plays over and over when you’ve got 1,000 people paying you $100 to $299 a month as your trading Capital is quickly replenished each month

like this person as an example

https://www.warriortrading.com/verified-earnings-2019/

True.

Also notice how these hot-shot traders never give the profits in percentage (%).

No, they just love to throw big numbers around, in $$$, to impress the naive.

 

[qlai]

Do you folks actually honestly believe that chatroom small cap guys are making $100,000 profit real money in 1 day? Fcking ludicrous -- let's see tax return proof.

I am kinda disappointed with you that you started this thread being an educator yourself. As you know, Ross has broker statements available and had them audited. What do you say to that? Do you have yours available? Oh, I forgot you are not allowed to but he got an exception from the SEC I guess.

 

[StockTrader100k]

I think Ross Cameron is the only one that shows statements so cudos for him for that as he is about the only one who does. However—-Whether those statements are ALL of the statements of every single brokerage account he owns or controls with every broker is another story.

Now if the “trading educator” space was highly regulated and there was serious jail time and consequences for misrepresenting to the public....then that might have a real effect on getting rid of some of these people who are a problem but realistically I don’t see the government stepping in to do anything about it as it’s not really a big issue with the general public so no pressure to do anything

I am kinda disappointed with you that you started this thread being an educator yourself. As you know, Ross has broker statements available and had them audited. What do you say to that? Do you have yours available? Oh, I forgot you are not allowed to but he got an exception from the SEC I guess.

 

[snowman80]

No fraud does not mean you are not deceiving people, one way or the other...

my only point was that once you disclose that ‘it’s for entertainment purposes only’ and that you are ‘not obligated to state whether it’s real or sim’ any fraud allegations are off the table

etrade’s Yacht Life commercial can also be deceiving to some...

i’m not making a moral judgment here

 

[Tradex]

then just post a screenshot of whichever one was the big winner along with a picture of you by your Rented Lamborghini and stable of models and sell the dream for $299 a month for chat room access and your course that tells all the secrets for $2,999

The oldest trick in the book.

 

[deaddog]

That’s why they have 2 demo accounts. The trading can be “live” in real time with virtual money - a favorite platform for most fintwit gurus is ThinkorSwim - simply have 2 different thinkorswim accts each with a virtual funds demo Acct that trades in real time

short in 1 demo Acct and long in the other demo Acct and at the end of the day 1 account will always be a bigger winner on a “highly volatile underlying of the day” - then just post a screenshot of whichever one was the big winner along with a picture of you by your Rented Lamborghini and stable of models and sell the dream for $299 a month for chat room access and your course that tells all the secrets for $2,999

@Guruleaks1 on Twitter

But but but: If they are trading live how do they switch from account to account?

If you are following a guru live you probably have your own platform up and running so you can follow their trades. If the guru says go long and he makes money, if you are quick enough you'll follow suit. It's tough when they are scalping minuscule moves but if they are in a trade for more than a minute it shouldn't be to tough to follow their lead.

The only room I paid attention to is Kens (Free recording last week) and he gave pretty implicit direction although he had so much going on it was hard to follow. There was no way he could have faked a trade where he made money and I lost.

Day trading isn't my thing, too fast for my old brain cells, but I don't see how you fake a live trading room. Even if you are trading fake money in a demo account you have to call good trades or your clients will leave.

 

[StockTrader100k]

Easy one account is on a laptop and the other account is on another computer so you are logged into 2 different accounts on same trading platform- nothing to it

But but but: If they are trading live how do they switch from account to account?

If you are following a guru live you probably have your own platform up and running so you can follow their trades. If the guru says go long and he makes money, if you are quick enough you'll follow suit. It's tough when they are scalping minuscule moves but if they are in a trade for more than a minute it shouldn't be to tough to follow their lead.

The only room I paid attention to is Kens (Free recording last week) and he gave pretty implicit direction although he had so much going on it was hard to follow. There was no way he could have faked a trade where he made money and I lost.

Day trading isn't my thing, too fast for my old brain cells, but I don't see how you fake a live trading room. Even if you are trading fake money in a demo account you have to call good trades or your clients will leave.

 

[trade2020]

And now with COVID-19 lots of people unemployed and at home looking for any way to get on the market gravy train and gurus are all to happy to take their last line of credit on their credit card to sell the dream

True.

Also notice how these hot-shot traders never give the profits in percentage (%).

No, they just love to throw big numbers around, in $$$, to impress the naive.

I am kinda disappointed with you that you started this thread being an educator yourself. As you know, Ross has broker statements available and had them audited. What do you say to that? Do you have yours available? Oh, I forgot you are not allowed to but he got an exception from the SEC I guess.

 

[Tradex]

Who is the regulator for selling educational courses? Is it even regulated?

Is book publishing "regulated" in any way?

Is it illegal to write crappy books or compose awful "music" and sell them on Amazon or elsewhere?

And why should some people regulate our freedom of speech, in any domain?