Does anyone remember the gray haired guy in the 90s selling books and options trading systems that turned out to be a total sham? What was his name?
Option Trading scammed from the 90s
- Thread starter jasonkgreen
- Start date
Everyone, essentially, selling and teaching trading education and systems are basically scams designed to just enrich that salesman, guru, charlatan on stage.
I figured that's who you were thinking about. I only a year ago finally watched his Options promotional video from that era.
I had read his Wall Street Money Machine book a year just before he died. Didn't realize that just after his 2'nd edition of it, he filed for bankruptcy, Haha! That shyster! Why is it these super-rich dudes are always filing for bankruptcy?! What terrible luck to be so smart with money yet somehow never have enough to pay your own bills!
Yup, talk around these forums lately is that he did go to prison for tax-evasion. While this makes you wonder if he DID make a lot of $... the fact is, he charged thousands for each seat to his workshops ages ago... that must have paid for a lot of coke bags he was snorting. I say this because, IIRC he was a big fan of purchasing options on a non-stop basis which was part of his money-making strat.
The problem, is his method of winning on purchasing options was quite different from how Taleb used to do it on the trading floor. While Taleb used to load up the truck with under-priced options and cash out the mother-load when the inevitable black-swans hit, Wade Cook's scheme was something else combined with technical analysis to work.
I had read his Wall Street Money Machine book a year just before he died. Didn't realize that just after his 2'nd edition of it, he filed for bankruptcy, Haha! That shyster! Why is it these super-rich dudes are always filing for bankruptcy?! What terrible luck to be so smart with money yet somehow never have enough to pay your own bills!
Yup, talk around these forums lately is that he did go to prison for tax-evasion. While this makes you wonder if he DID make a lot of $... the fact is, he charged thousands for each seat to his workshops ages ago... that must have paid for a lot of coke bags he was snorting. I say this because, IIRC he was a big fan of purchasing options on a non-stop basis which was part of his money-making strat.
The problem, is his method of winning on purchasing options was quite different from how Taleb used to do it on the trading floor. While Taleb used to load up the truck with under-priced options and cash out the mother-load when the inevitable black-swans hit, Wade Cook's scheme was something else combined with technical analysis to work.
They file for bankruptcy to get from their creditors not always because they can't pay. One of my cousins is a bankruptcy lawyer...