Mentoring From Main Street
- Thread starter Zulu
- Start date
No court can protect a person from his own stupidity. Gurus make money because people SEEK them. They seek the magic potion and NOTHING will stop them.
I firmly believe that the relatively honest gurus, such as Linda, Brandon, or Vad, actually make much less money guruing than the real scum - those who sell the "I'll make you 6,784% in one year" schemes. They charge less but probably get 10 times the clients. Then they disappear and re-emerge under a different name, and repeat the scheme all over again. I know of one who even planned to go IPO with his advisory service!! And he offered his clients to participate in the initial offering!
Getting rich is all about selling dreams to stupid people. This is how capitalism works. Courts won't stop it imho. It's like trying to stop drug dealers. It will never work. As long as there is demand, there will be supply, one way or another.
Cheers
50
\Quote from ddog:
It amazes me how these people can make all these claims of being profitable even showing their setups (after the fact of course) and then when you ask them for their trading track record they claim they can't show it because it will get them in legal trouble.
You can bet if they had a good record they'd be shouting it from the rooftops. "Legal issues" didn't stop Larry Williams from marketing his 10k to 1 million feat. I see a long list of CTA's in Futures every month with their returns shown ( and most of them suck). I appreciate there are legal issues regarding hedge fund managers broadcasting their returns, but I think that is limited to the hedge fund returns. If a hedge fund manager also has a chat room, I don't know why he can't display hte chatroom performance.
I just don't understand why anyone really think that a top trader will spend time with you for a few hundred dollars a month.
If e.g. LRB and Brandon are top trader they'd be pulling in 10s of thousands each day. Why would they even want to waste the time in a chatroom calling out trades in the ES? Silly
Paid mentors are pretty much akin to buying friendship: They'll talk to you as long as you continue to pay.
If e.g. LRB and Brandon are top trader they'd be pulling in 10s of thousands each day. Why would they even want to waste the time in a chatroom calling out trades in the ES? Silly
Paid mentors are pretty much akin to buying friendship: They'll talk to you as long as you continue to pay.
I think Lindas room when I was there had over a hundred people. She charged about $300 a month. That adds up to over $30,000 a month. It covers her esignal fees and electricty bills I guess.
Of course she only does it because she enjoys helping others.
I remember Brandon said on another thread he makes more from his room than from trading but he still makes a good income from trading.
Quote from roberk:
I think Lindas room when I was there had over a hundred people. She charged about $300 a month. That adds up to over $30,000 a month. It covers her esignal fees and electricty bills I guess.
Yes but then you do need to ask yourself: how come a market wizard, super veteran, well capitalized trader, that also gets additional immense leverage when trading futures, doesn't make much more than that per month? Why bother so much with the guruing? I mean sure, guruing is definitely a very nice additional income, but it is a very big commitment. Why not enjoy trading and the freedom it gives, and dedicate so much to guruing?
Interesting indeed.
I mean, there is so much competition in the guru world. If one would provide track records, he would have definite advantage over his competitors. And yet nobody does...
That aside, you can still learn a lot from these gurus, if you use your COMMON SENSE to filter the bs, and take what's good for you.
i expected to check in today and see elindy pounce on my challenge with stats. I expected the stats to be a little questionable because I now it is hard to scalp and keeps linda's trades at the same time. Hence I thought he would say he was about break even, but he knows she made money.
I hope to see something by the end of the weekend. It seemed like a trivial challenge to a researcher.
I hope to see something by the end of the weekend. It seemed like a trivial challenge to a researcher.