Did Robert Hoffman really lose 312K in a single TF trade? Yikes!
- Thread starter Jreality
- Start date
years ago I joined his room for a couple of months in the beginning, all day he would talk and then take one frantic trade where he averaged in and got out with a tick, for 9 months in his room I never saw him make more than 1 es point and when this happened with 2 contracts you would have thought he cured cancer, ridiculous. This did me a terrible disservice; it put averaging at the front of my mind when trading.
I did see a clearing statement that he went through before he had a room when he was selling videos and had a mIRC chat. He said he was showing his scales, but I believe he did it to show his account size to get subscribers. His account had over 13 million so he can afford the loss.
After watching him trade I believe he got the money somewhere else. Maybe inheritance, lottery, IDK.
He truly lost me when he said he was getting to big for the emini and would have to move to the big SP (pit contract) he was serious!
I did see a clearing statement that he went through before he had a room when he was selling videos and had a mIRC chat. He said he was showing his scales, but I believe he did it to show his account size to get subscribers. His account had over 13 million so he can afford the loss.
After watching him trade I believe he got the money somewhere else. Maybe inheritance, lottery, IDK.
He truly lost me when he said he was getting to big for the emini and would have to move to the big SP (pit contract) he was serious!
I should add, when I started following him I had a personal tragedy in my life and was not thinking clearly and when I left I contemplated writing a letter to the NFA or CFTC regarding his complete misrepresentation of himself but did not know if this was illegal or not but he is definitely unethical.
The facts about futures trading, (futures are not investments) is nothing more than "risk transfer" toys from a business entity to a so called speculator. The system was designed to be a suckers game, else what value would it be to the business person? Vegas is a suckers game and 99% know it but they still go in droves. The never ending flow of new fools to any game of chance must continue or the game will end, look what happened when the price of houses started to fall.........GAME OVER!!!!
The draw to constantly bring in new price speculators is "how hard can this really be?" "I have bought a car, i have a good job, i am smart, i went to college so i must be brilliant, my Mom still believes in me, etc, etc.
The knowledge needed to win at a game of chance is gained in bits and pieces. The process is about discarding what does not work to find what works............like panning for gold....you know some is out there, all you have to do is find it, ha. How many tons of rock and dirt are thrown aside to HOPE some dust is left behind?
NoDoji is one smart cookie, she did the deed in short order to be a really well defined trader. She trades crude oil like doing the launday. Can i trade crude oil as well as NoDoji, heck no. That is her style, it is her forte, i dare not challenge her in a numbers contest trading crude. I see many new persons trying to do what that gal has done, tisk-tisk. (16 year old brand new drivers should not drive a 12 cylinder RED FERRARI to school and show off for the chicks and try to impress the nerd friends)
PS: compared to ES, crude trades basically the same, the "PACE" of ES far more fits me. Donna likes manic trading..........ha
The draw to constantly bring in new price speculators is "how hard can this really be?" "I have bought a car, i have a good job, i am smart, i went to college so i must be brilliant, my Mom still believes in me, etc, etc.
The knowledge needed to win at a game of chance is gained in bits and pieces. The process is about discarding what does not work to find what works............like panning for gold....you know some is out there, all you have to do is find it, ha. How many tons of rock and dirt are thrown aside to HOPE some dust is left behind?
NoDoji is one smart cookie, she did the deed in short order to be a really well defined trader. She trades crude oil like doing the launday. Can i trade crude oil as well as NoDoji, heck no. That is her style, it is her forte, i dare not challenge her in a numbers contest trading crude. I see many new persons trying to do what that gal has done, tisk-tisk. (16 year old brand new drivers should not drive a 12 cylinder RED FERRARI to school and show off for the chicks and try to impress the nerd friends)
PS: compared to ES, crude trades basically the same, the "PACE" of ES far more fits me. Donna likes manic trading..........ha
Man..your only two posts this month has been nodoji this and nodoji that...nodoji's better than any male trader that ever lived...blah blah blah
Dude you can quit kissing her A$$...this is an anonymous board you know..
Quote from NoDoji:
I'm not saying that paying for trading education is bad in and of itself. As a total beginner, I paid for two subscription services and both were excellent, but I had this notion that all trades should be winners even if it meant stretching the extremes of risk management and my hair-brained idea cost me all of my beginner's profits and more.
Any trading room or service where risk management is absent (such as averaging down without a fixed stop loss stated in advance) is, to use a favorite phrase from a trading buddy, "the Devil's chocolate".
I said it would take a couple thousand hours "to get started". I keep meeting people who've blown thousands (maybe tens of thousands) and haven't even yet attempted to do the basic research to develop and test a core plan. Someone asking for help once provided me with a day's signals based on their trading plan and there was a short signal and a long signal at the exact same time and this person did not see this as a problem.
Austin, just one of your videos sparked a whole trading plan idea for me, which I still use to this day, but I spent months putting it together and learning to trust it.
BTW, your risk management is top notch
robert hoffman has number one risk management to the subscriber. better than all the other gurus.
Hog, it's not "smart", it's OCD. "Short order", ha! Try 10 hours a day. And I dare not challenge you trading ES. You called a trade setup for me once and all I could think was, "This will never work, what's he thinking?" and I put on the trade so I could whine at you when it didn't work and of course it worked. Your ES trading was as mysterious to me as my CL trading was to you
Come on, just say something nice and feel good rest of the day. May you have a million dollar week!
Hmm, it's okay for you to throw rocks at Miller's 10K per chair trader training glass house and it's okay for you to diminish Al Brooks's work by saying it's only worthy of a pamphlet's level of coverage. And it most definitely is okay in your eyes to charge $2495 for web trading seminars and maintain a training feeder fund at soiledmarkets [sic] dot com.
But you can't have it both ways. When you decided to accept dollar one from another trader off the battlefield, you lost your moral high ground to negatively criticize others trying to make a buck off of their trading acumen.
You may be a good trader. You may be a good educator. And you may even be an all around good guy to have a beer with.
But you lack integrity...in droves.
I may as well post this here because it's on my mind...
Bob Volman has written a very thoughtful and approachable book on price action trading called "Forex Price Action Scalping". Like me, most people are probably finding out about it as a cross reference on Amazon from one of the new Brooks books.
He trades the EUR/USD Forex pair on a 70 tick chart with a 10 pip initial 1:1 risk/reward basis with the avg stop more like 6 pips over 100's of trades. There's some overlap with what Brooks does without the detailed naming conventions he uses and not so much intensity in his analysis on a per bar and per chart basis.
I wish that this book had been published at the time of Al's first book and had read this one first. It's not dense and yet it's not full of "filler pages" either. For me it hits the right balance of content before moving on to the next setup (7 fully explained setups in all). If I can sit down in one reading session and get through almost 1/3rd of the book without feeling tired and/or confused, that means the writer has grabbed my attention and the pacing is excellent.
If you're new to trading, don't be put off by the trading instrument or the speed of his favorite scalping chart. You can always trade something else and on a slower chart and the basic principles being taught still apply.
I thought it was a pleasant coincidence that Bob also likes a clean candle chart with just a 20 ema on it as Al also prefers. There you go: two independent, highly experienced traders who come to a lot of common conclusions based on their detailed study of price action.
I give Bob the edge for clarity of explanation when he talks about passing on his setups because the context of the trade (i.e., up, down, sideways) isn't quite right. I give Al the edge in putting across the major observations about two-legged pullbacks, measured moves and when to expect them. Brooks is *way* more involved in the bar-by-bar analysis of price action than Volman and you do get some gems coming from such detailed study.
Bob Volman has written a very thoughtful and approachable book on price action trading called "Forex Price Action Scalping". Like me, most people are probably finding out about it as a cross reference on Amazon from one of the new Brooks books.
He trades the EUR/USD Forex pair on a 70 tick chart with a 10 pip initial 1:1 risk/reward basis with the avg stop more like 6 pips over 100's of trades. There's some overlap with what Brooks does without the detailed naming conventions he uses and not so much intensity in his analysis on a per bar and per chart basis.
I wish that this book had been published at the time of Al's first book and had read this one first. It's not dense and yet it's not full of "filler pages" either. For me it hits the right balance of content before moving on to the next setup (7 fully explained setups in all). If I can sit down in one reading session and get through almost 1/3rd of the book without feeling tired and/or confused, that means the writer has grabbed my attention and the pacing is excellent.
If you're new to trading, don't be put off by the trading instrument or the speed of his favorite scalping chart. You can always trade something else and on a slower chart and the basic principles being taught still apply.
I thought it was a pleasant coincidence that Bob also likes a clean candle chart with just a 20 ema on it as Al also prefers. There you go: two independent, highly experienced traders who come to a lot of common conclusions based on their detailed study of price action.
I give Bob the edge for clarity of explanation when he talks about passing on his setups because the context of the trade (i.e., up, down, sideways) isn't quite right. I give Al the edge in putting across the major observations about two-legged pullbacks, measured moves and when to expect them. Brooks is *way* more involved in the bar-by-bar analysis of price action than Volman and you do get some gems coming from such detailed study.