Educators who Have Zero proof they even trade (99%) - wtf?

[ChipShotTrader]

How was 2001 and 2002? Did you have to reinvent or tweak because of the chop?

First half of 2001 was fine. Second half was a grind, just to break even. After the September 11 Attacks, I took it easier. I knew the world would never be the same. I traded small, then traveled in Europe, Summer 2002. The REAL change happened when MCI-Worldcom went bankrupt in July 2002, and I was in Marbella. I knew the dice were "loaded" in the casino. If this "real company" could go bankrupt, anything was fair game. I took the rest of the year off, and spent 6 months at Skydive Deland (Florida), doing my AFF certification, and jumping out of a plane every day. I returned to trading in 2003, but definitely tweaked it. Averaging down a losing position, expecting an eventual bounce was out of my playbook. I spent Summer 2003, B.A.S.E. Jumping.

I reinvented in 2009, and definitely reinvented in 2020-2021, and I think I found my bread & butter, and happy with it.

Taking breaks is important...

 

[007Arb]

When I sold a daytrading manual in the early to mid 90s I enclosed 122 months of my monthly statements. When I spoke at a trading seminar in Vegas in late 1999 claiming to be profitable 106 of the past 112 months I sent the seminar organizer all my monthlies covering that period. I also took them to the seminar in case any of the attendees wanted to do their own due diligence. When I got into a spitting contest recently with a private trader about my long term track record I sent him all my 1040s going back to 1992.

I haven’t been a vendor though for over 20 years. At some point a good trader should produce a sufficient income where he doesn’t have to pander some trading related product to the public. Since 2009 I have averaged $225,000 annually. Worst year during that period was $72,000 in 2018 with the best year being $552,000 in 2020. That is a long ways from my initial stake of $2200 in 1985. I trade bond mutual funds now and doubt there would be much demand for learning how to trade that asset class. It has a misguided stigma of being boring and slow moving. Plus you need a minimum six figures to even make it worth your while.

The crooks, con men, and charlatans will give you 1001 excuses why they can’t or won’t validate themselves via real money trading statements. That will never change because then their scam would be exposed. One or two years of real money statements proves nothing since the markets could be trending in favor of whatever methodology is being promoted. 5 years or more would be best as that would cover various market cycles.

 

[deaddog]

They are selling dreams to dreamers. There are people who want to buy the Brooklyn Bridge.

 

[padutrader]

So many innocent traders are getting scammed in this trading industry from this crap.

once you start trading you are no longer innocent......you have lost your virginity........losing that is the trader's fault alone.........because trader were tempted by outlandish claims and wanted unrealistic returns................the trader believed the hype

 

[padutrader]

Hello trend2009,

I am student of Al Brooks for 2 years and no winning year/month and still not good enough. I am not being negative on him just telling the truth. My other friend studying him 5 years and no money made either. In addition, I know about 3 others who has stop trading all together from this guy teaching cause the losses piled on them and they loss confidence and just gave up from the losing. His teaching is not good. I do not listen to his video course anymore.

And I was disappointed in SIM trades here in video below. He talk and sell all these books and course and all this scalping stuff and does not even trade real money. I am not buying any more discretionary trading books or videos courses. And his chat room is $99 per month and he never show his account balance for trading. He can keep his trading setups or edge, just give trader some confidence in his results.

I do not give damn what anyone says here at ET, if you can not trade real money and show your results for 1 year in real time, STOP requesting money/time/energy/effort from people to teach and sell them courses.

If you want to teach and not trade real money, teach for FREE.

So many innocent traders are getting scammed in this trading industry from this crap. It is damn shame.

as you know i have read a lot of what there is to read in my 30 years of learning and trying to trade......having been there and done that i have finally found that the best way to learn is to rely upon yourself ONLY.....as i have told you in our telephonic contact.........no profitable trader can ever tell you why he took that trade or took that profit....it is hugely subjective.

that said others can 'guide' you but you have to travel that dangerous road your self and at your risk.

it is unfair to say that the guidance-paid or free - is bad......

those who sell are 95% sadly just frauds.

 

[SimpleMeLike]

When I sold a daytrading manual in the early to mid 90s I enclosed 122 months of my monthly statements. When I spoke at a trading seminar in Vegas in late 1999 claiming to be profitable 106 of the past 112 months I sent the seminar organizer all my monthlies covering that period. I also took them to the seminar in case any of the attendees wanted to do their own due diligence. When I got into a spitting contest recently with a private trader about my long term track record I sent him all my 1040s going back to 1992.

I haven’t been a vendor though for over 20 years. At some point a good trader should produce a sufficient income where he doesn’t have to pander some trading related product to the public. Since 2009 I have averaged $225,000 annually. Worst year during that period was $72,000 in 2018 with the best year being $552,000 in 2020. That is a long ways from my initial stake of $2200 in 1985. I trade bond mutual funds now and doubt there would be much demand for learning how to trade that asset class. It has a misguided stigma of being boring and slow moving. Plus you need a minimum six figures to even make it worth your while.

The crooks, con men, and charlatans will give you 1001 excuses why they can’t or won’t validate themselves via real money trading statements. That will never change because then their scam would be exposed. One or two years of real money statements proves nothing since the markets could be trending in favor of whatever methodology is being promoted. 5 years or more would be best as that would cover various market cycles.

Hello 007Arb,

Good write up.

Amen to this "The crooks, con men, and charlatans will give you 1001 excuses why they can’t or won’t validate themselves via real money trading statements."

 

[SimpleMeLike]

i have finally found that the best way to learn is to rely upon yourself ONLY

Amen this as well. Thanks

 

[padutrader]

Amen this as well. Thanks

it is important a trader develop their own style that suits their unique personality and needs- trading is the only money making activity that affords this customization and was what drew me to this highly difficult activity

 

[TrailerParkTed]

First half of 2001 was fine. Second half was a grind, just to break even. After the September 11 Attacks, I took it easier. I knew the world would never be the same. I traded small, then traveled in Europe, Summer 2002. The REAL change happened when MCI-Worldcom went bankrupt in July 2002, and I was in Marbella. I knew the dice were "loaded" in the casino. If this "real company" could go bankrupt, anything was fair game. I took the rest of the year off, and spent 6 months at Skydive Deland (Florida), doing my AFF certification, and jumping out of a plane every day. I returned to trading in 2003, but definitely tweaked it. Averaging down a losing position, expecting an eventual bounce was out of my playbook. I spent Summer 2003, B.A.S.E. Jumping.

I reinvented in 2009, and definitely reinvented in 2020-2021, and I think I found my bread & butter, and happy with it.

Taking breaks is important...

Awesome post, thank you!

 

[southall]

I'm going to be unpopular by respectfully disagreeing. To me, the purpose of the educator or mentor is to teach a process. To teach a skill and for the trader to take that knowledge and fit that to his/her risk tolerance and account size. A tennis coach does not have to be a top player to teach skills. I think this is no different.

I think trading education can be broken down as follow.

There is general trading theory and there is live trading education in real time.

1)General trading theory: mental side, risk management, profit taking exits, money management etc.
When teaching this general trading education, the teacher can use rule based market edges that have worked in the past as examples.
These can be taught by someone who no longer trades. But is an expert educator. Ideally they would have been highly profitable in the past for at least five years.
You don't need to attend a course for this kind of stuff unless you think it will help you, books can be good enough.

But this on its own might not be enough. The trader still needs an edge that works in todays markets. They can develop one themselves through real trading, trail and error and hard work, there probably aren't any shortcuts.

2)Live trading education with current market edges, these can only be taught by a current trader. And ideally to give the student enough confidence should be taught 'live' in real time with real money on the line and a track record real money account to show the educator isn't just a bull shitter. Most students don't demand proof, they will happily believe a good sales pitch.

One problem with 2) a trader giving away a current market edge, it is likely they are a discretionary trader, not 100% rule based, the student might never be able to replicate the success of the trader even if the teacher is legit and highly profitable.