"Not caring" about the money in order to win big

lindq said:
I hold a special place of pure disgust in my heart for your friend Wade Cook, and I am very familiar with his books and seminars, as following his advice 17 years ago nearly wiped out my account until I became wise to his ways, and those of his ilk. He is a fraud, a scammer, a thief, and has been documented as one of history's worst traders.

The fact that you have come here 3 times to promote his "wisdom", now earns you a very special and coveted spot on E.T: My ignore list.
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Ha. I can understand how you feel.
I had similar experience with quite a few coaches.
More than 3/4 of them are hopeless, fraud scammer thief .... and they wiped out my accounts numerous times.
Fortunately I have decontaminated my mind of their false teachings.
 
Xela said:
Today, specifically, he also had a bit of bad news: http://www.bbc.co.uk/news/uk-41751208
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Interesting what the courts considered as fair and unfair dealing. It seems even the slightest of edges does not entitle you to any wining. At least, this is I saw it.
 
MattZ said:
It seems even the slightest of edges does not entitle you to any winning.
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That would surely be absolutely right, by definition, for something that's designated under the UK's Gaming Acts as a "game of chance only".

If it were classified as a game of mixed chance and skill (like Blackjack, for example) the situation might be different, I think.

Honestly, I was surprised that he took it as far as the Supreme Court, after the Court of Appeal, and expected that the verdict there would be quick and unanimous: it did seem to me that he had no possible leg to stand on, given the point of law involved.
 
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What he was doing was not an edge though, it was cheating. It's not part of the game to analyse the patterns on the back of the cards.
 
lindq said:
Ah, yes, I remember Wade Cook. What a scum bag. I paste below, for your edification, his Wikipedia intro.

Wade Bruce Cook (born October 9, 1949) is an American author and self-proclaimed financial guru. Cook claims to have started his success when he was a taxi driver in the 1970s. His first book, Real Estate Money Machine, was originally self-published in 1981. He filed for personal bankruptcy in 1987. An updated version of his book was published in 1996. His company was liquidated in 2003 after it had been forced into Chapter 11 bankruptcy by creditors, and he served 88 months in prison for tax evasion. He still offers trading advice through his website and publications.

P.S.: His advice to take in pocket change, as you put it, was precisely what caused him to bankrupt his own trading account. He tried to push the value of short puts on his audience during a bull market run, as today, until it caught up with him.

If there is anyone whose advice you do NOT want to take, it is Wade Cook.
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Wade Cook: Wall Street Money Machine. Making money is so easy an idiot can do it.:strong:
 
considering the scam Phil Ivey pulled on the casino, you have to wonder what other 'edge' he might have employed in poker

I know little about him, as I don't follow poker, but generally speaking, truly skilled players don't suddenly look for scammy edges.
 
lawrence-lugar said:
More like...Writing a Book and Sharing your Wisdom: So easy an idiot can do it.
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I was being sarcastic.

It is a money machine, why not, I can guarantee you 95% win rate by mechanically selling naked DOTM calls and selling naked DOTM puts, on margins. :D
 
Daal said:
This is a lot easier said than done, I find it very hard not to care about the money and be motivated at the same time. Starting at charts is not fun, if not for the money, why do it?
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The same reason someone wants to solve a jigsaw puzzle, figures a new way to fold origami, finds gravity wave....

The joy is in solving the puzzle of a winning method, money is the icing on the cake. If your focus is on the money you may not solve the puzzle.
 
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