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

[deaddog]

No, I am talking about a guy who is intelligent enough to realize that he can also earn truckloads of cash doing something else than playing ball.

OK I'll be waiting to see your trading course.

 

[smallfil]

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.

They could have two live accounts. Day before they buy a huge number of shares in one account. Next day, in another account they show students a token buy for less shares. Establishes credibility that they are trading live with the students. They do not know the guru already had a huge position at even cheaper prices. Stock rockets and guru tells his students that he is a coward and bailed out earlier. They even did better than him? There is a good chance he shorts it on the way down since, he knows prices will collapse once, he exits his long position.

 

[smallfil]

Time and the hassle involved.

If you are a profitable trader why do you need to have other sources of income that take up more of your time for less money.

It would be like owning a profitable business and working part time at your favourite fast food outlet in the evening.

The gurus make millions off their students from the training seminars, dvds, books, advanced training etc. with zero risk. Hell, they do not even have to make monies in the stockmarket. All they need to show is token trades to their students. They can front run those trades too and add hundreds of thousands of easy monies on top of that. It is a business after all.

 

[Tradex]

The gurus make millions off their students from the training seminars, dvds, books, advanced training etc. with zero risk.

Yes, but it does not necessarily mean that all these mentors are crooks and thieves.

 

[Tradex]

OK I'll be waiting to see your trading course.

No need to publish anything (books or DVDs), to supplement his income a top trader can simply sell trading signals, or give regular stock recommendations to wealthy individuals.

 

[smallfil]

Yes, but it does not necessarily mean that all these mentors are crooks and thieves.

Never said all of them are crooks. However, a couple of them might be. Too much monies and temptation to do so.

 

[Millionaire]

Why would you limit yourself to just one source of income (plain trading), when you can create multiple sources of income, all related to trading?

Because manual day trading requires intense focus. You cant easily trade profitably and run a chat room at the same time. It will be distracting and you will lose focus for sure.

 

[Tradex]

You cant easily trade profitably and run a chat room.

After a while you get used to it I guess, and some people perform better and are more focused when the action is intense.

But yes you are right, it is not an easy task.

 

[guru]

Usually what they do is have 2 different demo accounts. One demo account they go long in large size and the other demo account they go short in big size on the same stock. Whichever one (long or short) is the big winner they post a screenshot of that “Huge Win” and claim it’s “real money”

BS. That was 20 years ago. Now it’s not possible as they stream their trades online and in chat rooms, upload the same day to YouTube, etc.
You can follow the single account every day and see the continuous P&L every day.

 

[guru]

They could have two live accounts. Day before they buy a huge number of shares in one account. Next day, in another account they show students a token buy for less shares. Establishes credibility that they are trading live with the students. They do not know the guru already had a huge position at even cheaper prices. Stock rockets and guru tells his students that he is a coward and bailed out earlier. They even did better than him? There is a good chance he shorts it on the way down since, he knows prices will collapse once, he exits his long position.

Not possible since their followers can see everything they’re doing in real-time, while others can see continuity in uploaded YouTube videos. You can see their tweets and comments 20-100 times a day, with no room for switching stuff around.
What you’re describing is an outdated approach that can no longer work.