Did Robert Hoffman really lose 312K in a single TF trade? Yikes!

I know making fun of traders making bad calls is a habit in Elite Trader, something I don't condone and consider very poor taste, but in this case, being a fake and charging so much for crap, I think I would make an exception.

What a guy.

FoN
 
I saw him go down 144k on a trade with 60 contracts. He got out of that one with about a 28k profit but I knew his days were numbered. He has nothing, whatsoever, for the beginning trader. No money management advice and his trades, if you used a stop, which he does not, are not profitable from a percentage of winners basis. His technique is to keep adding to a losing position by heaping on more contracts than any mere mortal could ever do. You cannot copy his trading style to make money. His room is also hella expensive at around $300 per month. He is making around 800k annually on the subscriptions from his "family" so the 312k loss is not going to effect him too much.
 
I'm told that he supposedly made a bunch of changes in the room for the purpose of better risk management. I suppose that is analogous to locking the barn door after most of the horses already got out.

I'm told he trades smaller sizes now (usually 10 contracts or less total). I'm told he uses stops now. I'm told that, after he got stopped on one particular occassion, he then emailed people saying that it "felt great". Well, if getting stopped out "feels great" then why did he avoid using stops for at least a year and a half?

$300 a month?..... for a sudden revelation that it might not be a bad idea, after all, to put in a stop when trading highly leveraged instruments, and that it might not be such a good idea to keep averaging down into highly leveraged instruments, without any exit, plan should a trade keep going against him? :)
 
Quote from weewilly:

Apparently Infinity Futures still believes Rob Hoffman still has credibility. I guess they didn't get the memo.
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This is a funny thread.

Now I'm no pro and I've blown out my own account too many times - and Rob blew it with that trade losing all that money etc - - - - but I gotta say that I am doing great trading his methodology using volume, levels and MAs.

One thing I do not do is scale in like I'm using a sim trader lol.

I stop out probably as regular as anyone, but his methods fit me fantastically. For that, he will always have credibility with me no matter what this peanut gallery has to say about him and I'd rec him to anyone who wants to learn to trade for a living.
 
Quote from RockyRacoon:

This is a funny thread.

Now I'm no pro and I've blown out my own account too many times - and Rob blew it with that trade losing all that money etc - - - - but I gotta say that I am doing great trading his methodology using volume, levels and MAs.

One thing I do not do is scale in like I'm using a sim trader lol.

I stop out probably as regular as anyone, but his methods fit me fantastically. For that, he will always have credibility with me no matter what this peanut gallery has to say about him and I'd rec him to anyone who wants to learn to trade for a living.
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Yeah...learn from a guy who has zero risk management and has blown out horrendously....great idea. It amazes me that someone would pay 300 bucks a month to learn from some blow out artist. But I guess this shows why 90% of traders fail......
 
Quote from RockyRacoon:

I stop out probably as regular as anyone, but his methods fit me fantastically. For that, he will always have credibility with me no matter what this peanut gallery has to say about him and I'd rec him to anyone who wants to learn to trade for a living.
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Rob? Is that you? :D
 
That is news to me Jreality. When I was with him in late 2010 his response to people in his room asking about stops or money management was that he was not a licensed financial adviser and had nothing to say on the topic. Also, that they should get a job and increase the size of their trading account. Apparently their accounts should have been increased to over 312K to follow his trading. It is good news that he now uses stops.
 
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