John Carter - Hubert Senters - tradethemarkets.com SCAMS?

[joneog]

Quote from austinp:

...Unless the broker limits day-trade margin to something greater than $500 per contract or limits the amount of contracts able to use day-trade margin, it looks like an initial balance of +/- $750k to start the day became +/- $400k to end...

Some firms only offer those low day margins for positions under a certain size.

The fact that he tried to add and couldn't means: 1) he lost his mind, had no idea of his remaining buying power, and tried one last desperate move or 2) he had the buying power but the brokers risk-control systems shut it down anyway.

Imagine if some bad news came out of europe or on the debt ceiling - before the position was closed - and everything gapped down %2. Even though he lost 300k he still got lucky imo, considering TF dropped another 100 ticks after he was liquidated.

Also, risking almost $4000 to make $1 ? Seriously? And this guy trains others? I wish new/struggling traders would lose their money to the market instead, at least they would learn something. Although watching some guy average down from 1 to 800+ contracts is a good way to learn what not to do.

 

[Glenn64]

Alot of discussion pertaining to this recent event. As someone who has been exposed to his 'methods' in another forum PRIOR to the formation of his own private room and recent association with TTM, it comes as no surprise to hear of his recent 'experience'.

Mr Fade was an accident waiting to happen. His 'marketing' prowess w/ misleading statements such as the duration of his 'professional' career, etc., unfortunately has probably cost others some $$$. I hope those who have not signed up for his services got a wake up call Thursday!

 

[Whimsy]

Quote from Glenn64:[BHis 'marketing' prowess w/ misleading statements such as the duration of his 'professional' career, etc.,[/B]

What has he stated that is misleading about his "professional career"?

 

[stock777]

My luck, I decided to sign up last week and followed this guy into the toilet. Now Im only worth 200 million, down from 210 million.

 

[jedwards]

Quote from stock777:

My luck, I decided to sign up last week and followed this guy into the toilet. Now Im only worth 200 million, down from 210 million.

That sucks. I scaled up to 12,575 contracts on the TF when it hit 820, and exited the trade with a net profit $675.00 when it retraced to 821.3.

 

[stock777]

This martingale strat is used by a lot of touts, as it allows them to show high % of winning days, which sells well.

Who knows is they even trade real $$$.

All the profit is made selling the system to suckers.

 

[EPrado]

Quote from stock777:

This martingale strat is used by a lot of touts, as it allows them to show high % of winning days, which sells well.

Who knows is they even trade real $$$.

All the profit is made selling the system to suckers.

Number of winning days vs losing days means little to next to nothing. Like you said, these tout services love talking about their win %, they only have a few losing days a year. If they showed their avg winning trade vs avg losing trade nobody would subscribe.

The problem is, like those scambags from puretick, these people go for 5-6 ticks profit in something like the dow futures, but give their losers 80 ticks. They also like to build bigger positions into losers. All they need is one trade to go bad, like this Hoffman guy, and their account is blown out.

Like I have said 10000 times on here, if they had a strategy that was worthwhile, they would be trading it with their own money or be able to raise capital easily. They could make a hell of a lot more trading then scamming people out of 200 bucks a month.

 

[RedDuke]

Quote from EPrado:

....
Like I have said 10000 times on here, if they had a strategy that was worthwhile, they would be trading it with their own money or be able to raise capital easily. They could make a hell of a lot more trading then scamming people out of 200 bucks a month.

Yet this simple concept can not get through people's heads. I find this fascinating.

 

[EPrado]

Quote from RedDuke:

Yet this simple concept can not get through people's heads. I find this fascinating.

Yeah. It's crazy how people flock to these tout sites paying these clowns money to "teach" them. Someone else posted on this site that good/great traders will teach people for free. I couldn't agree more. That's because these traders make plenty from their own successful strategies. they don't need to be bothered trying to make 100 a month off of some new guy.

Back when I started in 1993 it was unheard of a firm like these clowns at TTM. Trading firms brought in new guys that were trained by the experienced traders for FREE. Over the years these leach firms like TTM have popped up more and more with their fancy websites....their dog and pony shows. But at the end of the day they cant produce any verified records...why...because they don't make money. Hell......most of them probably don't even trade real money....trade on simulators.

 

[stock777]

Eprado, back in the day, while it may not have been 'easy' , it was a damn sight easier to teach someone how to take $$$ out of the market.

Today, only the bots and a select few can earn. And it's not something you can teach to any old clown that has an urge to play Mr. Big