John Carter - Hubert Senters - tradethemarkets.com SCAMS?

I got this from someone in Hoffman's (TTM's) trading room -
14 July. Hoffman started buying TF on a dip at about 838. Bought 1 contract. He normally goes for 7 to 10 ticks. Got a bounce to 3 ticks up. Not enough profit. Then TF continued down. Hoffman began to Martingale up in size (average down in price) as TF continued down. As his size grew there were a number of times he could have taken a scratch trade or a small ($1,000-$3,000) profit or loss along the downward path. After about an hour, his position was up to 852 contracts, showing a $200,000 loss ($8,520 a tick) . He was trying to add more when his broker's risk system blocked his buy side, notified him of a margin violation, and then closed his position at the market for a $312,000 loss.
 
Sounds like he was selling snakeoil and blew his account.

No serious professional trades this way. Serious traders protect profits.

Also, no serious trader trades this way either because his size on his winning trades (his best trades) would be pathetic.

Its like trading a 400k like it was a 5k account. You can't produce any meaningful returns that way.

This is not to say that controlled and limited scaling in/out of a position can't be done or that limited martingale couldn't work. But it would only be done in specific cases with very clear rules and discipline.




Quote from Whimsy:

I got this from someone in Hoffman's (TTM's) trading room -
14 July. Hoffman started buying TF on a dip at about 838. Bought 1 contract. He normally goes for 7 to 10 ticks. Got a bounce to 3 ticks up. Not enough profit. Then TF continued down. Hoffman began to Martingale up in size (average down in price) as TF continued down. As his size grew there were a number of times he could have taken a scratch trade or a small ($1,000-$3,000) loss along the downward path. After about an hour, his position was up to 852 contracts, showing a $200,000 loss ($8,520 a tick) . He was trying to add more when his broker's risk system blocked his buy side, notified him of a margin violation, and then closed his position at the market for a $312,000 loss.
More...
 
Quote from Whimsy:

I got this from someone in Hoffman's (TTM's) trading room -
14 July. Hoffman started buying TF on a dip at about 838. Bought 1 contract. He normally goes for 7 to 10 ticks. Got a bounce to 3 ticks up. Not enough profit. Then TF continued down. Hoffman began to Martingale up in size (average down in price) as TF continued down. As his size grew there were a number of times he could have taken a scratch trade or a small ($1,000-$3,000) profit or loss along the downward path. After about an hour, his position was up to 852 contracts, showing a $200,000 loss ($8,520 a tick) . He was trying to add more when his broker's risk system blocked his buy side, notified him of a margin violation, and then closed his position at the market for a $312,000 loss.
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I bet there was some slippage when 852 contracts hit that market sell.

Made for quite an adventurous day... starting from one contract short in the morning. Must have been an interesting dinner conversation at home that night.
 
Hey, why you guys looking at me like that?

videoimagev2.png


Maybe this is why?

http://youtu.be/W2sKN7LQoT4?t=2m50s
 
"FROM THE DESK OF JOHN CARTER:

Dear Trader,

There are streaks that have been mathematically proven to be impossible:

Baseball has Joe DiMaggio's 56 game hitting streak
Football has Brett Favre's 297 consecutive game streak
Hockey has Wayne Gretzky's 51 straight games with a point

And, now traders have Rob Hoffman's 535 straight days without a losing trade.

That's right. If you haven't heard, it's over."
 
Quote from LVMises:

"FROM THE DESK OF JOHN CARTER:

Dear Trader,

There are streaks that have been mathematically proven to be impossible:

Baseball has Joe DiMaggio's 56 game hitting streak
Football has Brett Favre's 297 consecutive game streak
Hockey has Wayne Gretzky's 51 straight games with a point

And, now traders have Rob Hoffman's 535 straight days without a losing trade.

That's right. If you haven't heard, it's over."
More...

Yes, apparently he was blown up by the hubris bomb
 
http://en.wikipedia.org/wiki/Heel_(professional_wrestling)

Brilliant Mr. Carter, now can you explain why you offered training from a guy who would blow out his entire account on a scalp? I guess that Carter and Hubert will now play this up and try to sell this event about the importance of being disciplined, etc.

In fact, Mr. Carter your decision to partner with this individual leaves no doubt as to your true abilities, ethics, and motives.

See the "heel" definition above.

Quote from LVMises:

"FROM THE DESK OF JOHN CARTER:

Dear Trader,

There are streaks that have been mathematically proven to be impossible:

Baseball has Joe DiMaggio's 56 game hitting streak
Football has Brett Favre's 297 consecutive game streak
Hockey has Wayne Gretzky's 51 straight games with a point

And, now traders have Rob Hoffman's 535 straight days without a losing trade.

That's right. If you haven't heard, it's over."
More...
 
BTW these Carter/Senter are pure brilliant hustlers, snakeoil promoters.

Notice how he created associated between this trader's record and other great performers. The goal was clearly to divert attention away from the obvious fact that this Hoffman's strategy clearly has no value and only idiots would pay to learn from him. I wonder why his 5 year returns are now, clearly likely abysmal.

The nice thing is they can play this right.. they can make a come back and preach about how doubling down is bad, etc. Hoffman can be put on a simulator and they can probably rake in more money from fish. There is a reason these guys are richer then you or me.. and I don't think its their trading "ability".
 
I love these guys who claim they never have losing trades. They have draw downs/down days that are 100x worse than their best days.

It was like Lenny Dykstra's old options site. He claimed to never had losing trades. He would take all his 1000-2000 dollar winners, and never close out the losers.I believe before he imploded his "account" showed all positions closed for small profits, except one...which was 200k against him.

It's hilarious how people like Dykstra and these four clowns on that site on this thread call themselves traders.

This guy Hoffman is a joke...taking 3-7 tick scalps, then losing over 300k. Brilliant.
 
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