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

Quote from eudaemon:

I know several cases first hand. They get imprinted like ducks after winning for maybe 2 or 3 years. Leeson went through several billion that way too. It's a waste of time explaining it to them. They can and do win 90-95% of the time. In fact 99% of the time can be built too, still loser at the end.
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Good call on Nick Leeson. Forgot about him. Probably is Hoffman's hero.
 
Quote from nkhoi:

somebody said 23 people in power charting room blew up in 1 day.
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Isn't the point of trading to make your own decisions, otherwise why not let some half ass mutual fund manager lose it slowly over time.
I don't get paying someone else for their lotto numbers?
 
Quote from TraDaToR:

A pure arb'er or a guy using multiple strategies across multiple instruments can have this kind of results, but a mentor trading a mainstream overcrowded contract like TF, no way...I would be interested to know how consistent the best TF traders are. I suspect they may still lose one day per week or so.
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Agree. Honestly, IF I was going to mentor newbies it would not be in something like the dow or russell futures. They seem to be way over crowded with tiny retail accounts shooting at each other.

Newbies should not be in the most volatile contracts. Something more like the SP's or 10 yrs would make more sense.
 
Quote from joneog:

Fair enough, but during the 87' crash some of the index arbs took a big hit and during summer 07' and throughout 08' a number of the big stat arb guys suffered big losses. (although the latter aren't pure arbs)

Even the most advanced quant funds can show profit day-after-day for years and suffer a blow-up. If MIT PHDs can blow-up what chance does a guy in a chat room averaging down have?
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While Arb guys should not even be mentioned in the same paragraph as a blowout trader like Hoffman, they too can get caught bad and have a big part of their account wiped out at some point. I know some very sharp arb/traders who have gotten wiped out/lost most their yrs profit in days. It doesn't often, but it does happen. The ones who survive recognize shit is hitting the fan quicker than the guys who completely implode.

Just look back to summer of 08.............
 
Quote from marketsurfer:

Any evidence this brilliant marketing move was not in a simulator? I heard colors of platform but that's easily changed.... Any evidence?
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Maybe he is, but at this point isn't it a moot point? He, as the consummate professional trader, made that trade and claims it was real.

So either: 1) he's a good scam artist, a bad trader, and his credulous followers lost quite a bit of money or 2) he's a poor scam artist, a bad trader, and his credulous followers lost quite a bit of money.
 
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