I really don't want to come across as a TTM-defender, even though I like them. I don't want to get into a position where I'm defending them, because frankly they can defend themselves if they want.
But with respect to what you wrote, it's clear you don't know anything about them.
Quote from Lucias:
If they had audited independent records, yes I would believe them if they were over a sufficient period of time. TimerTrac, C2, or from a reputable auditor. Of course records can be faked by hedging in a separate account. But, to do that requires a lot more work and would not be effective if they were swinging big money.
I think that's my point. There is no way anyone can be audited completely. They could hold accounts in different brokerages, with their wives, their children, etc. You would never know, so there's really no point. They don't give their services based on their winning record. I'm pretty sure the ttm web site has no references claiming any type of winning record.
Big claims
1. Consistently Profitable
I'm one of the best in the world and I struggle with this everyday. Do I believe that these guys are so smart that they can work on selling 24/7 and still be great traders?
This is a nonsensical argument. "Because it's hard for me, how could they possibly do it?" Also, what do you mean by consistently profitable? On a daily basis? They never claim this. In fact, they will talk about their losses often in their videos. He even advocates in his trading plans that if he has 2 losing days in a row, he will stop for the week, etc. On a yearly basis? I have no doubt John is profitable on a consistent yearly basis.
2. Impression one can start with a small account and day trade for a living.
Again, no where do they claim this. In fact, he has stated the opposite. Whenever John Carter addresses people with small accounts, he says the best way is to find high probability swing trades and make large-ish bets. The ones he advocates are usually weekly or monthly squeezes that line up with trends on multiple timeframes. This is not something special, most traders would recommend the same thing. He has never advocated that daytrading with small accounts is something you can do for a living.
3. Price of their goods. If a guy sells a course for 4k then it says he believes it is worth 4k or he believes you are a fool. You decide.
I'm not even sure what your point is.
A lot of beginners think, okay the hard part is getting to where I make a ton of money but surely it is easy to beat the market! Surely it is easy to be consistently profitable. Wrong. [/B]
Again, no where does John Carter say that trading is easy. He gives plenty of anecdotal evidence about how it took him years and years of ups and downs before he became a profitable trader.
