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

Carlos Hathcock said:
Hello wouter - About how many people are in Rob's room now...I was a member for 3 months on a special. My membership ended just before his blowup.
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There is no way to know as there is no counter, but the admin said there were 100 long time members who stay year after year.
 
I am not sure why people make a big deal on this. He is using a high win rate & super high risk/reward strategy (martingale). A big drawdown is something expected after a series of small wins in martingale. The question is how many small wins he has before this big drawdown?

The question we should ask is how much money is he already make so far, is 312k blow up his accout? or it is just a drawdown from the overall account? Is he still in profit after the 312k loss?
 
Rob is a salesman. I saw Rob make $50 or $200 or not trade at all. VERY rarely 2k or 3k on a martingale. Then he blows up his account with a 312k loss. I just wondered if Rob had run out of suckers but I guess that will never happen. After all, I was a sucker for 3 months. There are thousands of us I guess.
 
First. All of you in his trade room are there for entertainment. Secondly, any moron trading that type of size on an ILLIQUID market like the Russell 2000 has no business trading. 800 lots, on a single day trade? Are you serious......And to all of you calling 'Martingale BS' - You don't do that with 800 lots - You do it with swing trades. This entire thread is hilarious and sad because some of you actually go into that room. If he was at a dealer/bank or a real HF he - hes not for a reason - that shit would not fly.
 
ees said:
I was one of the people "in the room" (remotely) with him when he had that loss. I watched it happen from start to finish. I believe he hit a loss of 308k when he got the margin call. At the time I was a member of Trade The Markets, and was "in the room" with him every day - - I did not take most of his trades. He had been brought in by Hubert Senters and John Carter to join Trade The Markets. I tolerated Rob because there was no other choice, unless I wanted to drop TTM altogether, but I found him overbearing and pompous. Unless he had other trades going on that he was not sharing with the room, that were earning him huge profits, he had many days in a row where he would end the day up $50. His whole philosophy was patience for the right set-up, and don't move a muscle without the right set-up. Even IF he averaged $150,000 in clear net profit for Trades-ONLY in a year, he still blew 2 years of work in that one trade. It was not long after that, that TTM and Hoffman parted ways. I have no doubt his loss was the reason.

On a side note, I am not currently a member of TTM, as I am not entirely convinced that they are "all that" either. My general opinion on these types of paradigms where there are the expert traders "sharing" (selling) their knowledge is that, they probably would not be so keen to share it, if it were so "guaranteed" profitable. They are in it for the massive profits they can make from selling the sizzle of their trading. No big surprise.

Perhaps in time I may feel differently, and can learn from this sort again, but for now, I am leaving it to those who may be wiser than me.
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2 years of work? Look, if this guy has a $1m or even $500K account using $500 margins he should be making a minimum of $50K a week trading. But hes a gambler, not a trader.
 
Carlos Hathcock said:
Rob is a salesman. I saw Rob make $50 or $200 or not trade at all. VERY rarely 2k or 3k on a martingale. Then he blows up his account with a 312k loss. I just wondered if Rob had run out of suckers but I guess that will never happen. After all, I was a sucker for 3 months. There are thousands of us I guess.
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No - you're not a sucker. You need to pay the market its 'dues' - so to speak, whether that means paying for trading books, seminars, losing $20K on a trade to teach a lesson, whatever it is - its all a cost of business. Think if you were running say a restaurant and you tried to earn more cash by hiring a marketing guy and it turned out not to be as great as you thought. Big deal, you learn from it. Also, if you're smart you realize that you can write off educational courses/chat rooms/ etc if you are an independent trader.
 
Busta21 said:
No - you're not a sucker. You need to pay the market its 'dues' - so to speak, whether that means paying for trading books, seminars, losing $20K on a trade to teach a lesson, whatever it is - its all a cost of business. Think if you were running say a restaurant and you tried to earn more cash by hiring a marketing guy and it turned out not to be as great as you thought. Big deal, you learn from it. Also, if you're smart you realize that you can write off educational courses/chat rooms/ etc if you are an independent trader.
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You need to use common sense and do the proper vetting before losing your money. Ask the right questions, get a 2nd opinion, and make a smart business decision. Gurus are 99% frauds, and when they don't show a proper P/L when you give them your money this is not 'paying the market'. this is just being dumb. Writing off something doesn't make it the right decision, since most jokers have 25k and giving a guru 5k isn't smart because it is a write off. don't be conditioned that you must make all the same mistakes as other suckers. don't ever use a guru, give guru your money, get conned by a guru, etc....you can watch enough free videos to know which ones are super horrible and hindsight crap, which is about all of them. books are worthless, seminars are worthless.....use your brain, think, they want your money and it's easier to sucker you than make it from trading. it's ONLY when they have a proper P/L and made it legitimately that you can trust them. Even those guys, like Buffet, have such deep pockets that it might not help you at all. But I would rather read Buffet (I don't) than listen to youtube Guru on how he could have made 1,000 points in 9 seconds.
 
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