I watched the entire trade happen, and it was actually 308k and maybe some 'change'. In any case, it was quite a loss, and he was closed out of the trade by the broker via a margin call.
It was a Russell Futures trade, and he did continue to pile on contracts. I think the final number of contracts on the trade was 1000 - but I am not 100% sure on that. I actually did that trade with him, but had set a small stop. I was out of the trade almost immediately, and watched his unfold.
I was a member of TTM before Hoffman joined them, and then in the paid trading room every day for 9 months while he was running it. Though I did have some takeaways in the form of useful practical information that I now use in my trading, it is my opinion that I paid WAY too much for that information. The exorbitant pricing was the reason that I cancelled. So, though I do think that he and they have offered good information that I can apply, they are charging a ridiculously inflated premium for it.
It is my humble belief that if they were as good as they say that they are, then they should have no problem offering their wisdom at far more affordable rates. I have seen this over and over, there are people in the industry who do actually have useful things to teach, but they are so stingy with their information, that the value is almost all lost.
I disagree with the idea that if they can get away with it, they should charge whatever they can get away with.
As far as Hoffman is concerned, I did some rough estimating based upon the trades that I SAW him do every day, and based upon that, it was my guess that his 308k loss took out about 2 years of day-trading gains. He does have a very large trading account, (and he does do other longer term investments and trades that the public can't see), and can take a hit like that and keep going, HOWEVER, he would not be in the teaching/seminar/trading room/indicator biz, if he was making so much money trading.
I think that if they were making so much money trading, then he, and TTM would just trade. They are clearly not philanthropic in their intentions, so clearly the money they get from their attendees is the motivation.
I believe that Hoffman alienated alot of people by being so condescending in his approach. He was generally very rude and talked down to people. He also spoke quite disparagingly on a daily basis about "junior traders", those idiots who didn't trade by his guidelines.
I think that if someone is truly teaching and sharing something of value, the teacher respects the students and sincerely desires successful application of the principles for every student. Hoffman talked the teacher talk, but really did not do the teacher walk.
Ultimately, this is a very individual occupation, and there are as many ways to maneuver it as there are people.
I think the only basic truth about trading is that one must find one's own way, and if lucky enough to hit on the right combination, run with it for as long as it works. When it is time to make adjustments, make adjustments.
Hoffman and the TTM crew have taken a tactic that I don't entirely agree with, but there are still people out there (myself included), who were/are willing to cough up the dough. I have learned my lesson. Perhaps that is part of the game, though I would rather not have had to pay so much for it.
It was a Russell Futures trade, and he did continue to pile on contracts. I think the final number of contracts on the trade was 1000 - but I am not 100% sure on that. I actually did that trade with him, but had set a small stop. I was out of the trade almost immediately, and watched his unfold.
I was a member of TTM before Hoffman joined them, and then in the paid trading room every day for 9 months while he was running it. Though I did have some takeaways in the form of useful practical information that I now use in my trading, it is my opinion that I paid WAY too much for that information. The exorbitant pricing was the reason that I cancelled. So, though I do think that he and they have offered good information that I can apply, they are charging a ridiculously inflated premium for it.
It is my humble belief that if they were as good as they say that they are, then they should have no problem offering their wisdom at far more affordable rates. I have seen this over and over, there are people in the industry who do actually have useful things to teach, but they are so stingy with their information, that the value is almost all lost.
I disagree with the idea that if they can get away with it, they should charge whatever they can get away with.
As far as Hoffman is concerned, I did some rough estimating based upon the trades that I SAW him do every day, and based upon that, it was my guess that his 308k loss took out about 2 years of day-trading gains. He does have a very large trading account, (and he does do other longer term investments and trades that the public can't see), and can take a hit like that and keep going, HOWEVER, he would not be in the teaching/seminar/trading room/indicator biz, if he was making so much money trading.
I think that if they were making so much money trading, then he, and TTM would just trade. They are clearly not philanthropic in their intentions, so clearly the money they get from their attendees is the motivation.
I believe that Hoffman alienated alot of people by being so condescending in his approach. He was generally very rude and talked down to people. He also spoke quite disparagingly on a daily basis about "junior traders", those idiots who didn't trade by his guidelines.
I think that if someone is truly teaching and sharing something of value, the teacher respects the students and sincerely desires successful application of the principles for every student. Hoffman talked the teacher talk, but really did not do the teacher walk.
Ultimately, this is a very individual occupation, and there are as many ways to maneuver it as there are people.
I think the only basic truth about trading is that one must find one's own way, and if lucky enough to hit on the right combination, run with it for as long as it works. When it is time to make adjustments, make adjustments.
Hoffman and the TTM crew have taken a tactic that I don't entirely agree with, but there are still people out there (myself included), who were/are willing to cough up the dough. I have learned my lesson. Perhaps that is part of the game, though I would rather not have had to pay so much for it.
