What do you think when you see a famous trader now selling courses & mentorship plans?

ironchef said:
Yes, I knew of two up sell strategies:

1. A couple of friends attended a $795 3 day option trading classes in San Diego. Taught some options basics but most of the time they were selling their services to manage your money for you calling it mentorship. My friends could monitor the trade real time and witnessed how the pros selected what and when to trade. They charged a fee and 20% of the profits but won't share the losses, i.e., like a hedge fund. One guy gave them $100K to trade. Six months later that $100K became $40K and he terminated the relationship and learned a painful lesson.

2. A couple of friends attended a free half day trading seminar in Southern Cal that supposed to teach a patented supply and demand strategy. All the instructor did was trying to sell them a $399 class on what is supply and demand and how to apply that strategy. One guy took the $399 class (which was discounted to $199 when he signed up immediately). Most of what they did in the $399 class was selling a $2,999 class. They have a $30K class which I assumed is when they really teach you their method.
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FTC just busted these guys. I honestly imagined this kind of garbage disappeared back in the early 2000's.
 
FriskyCat said:
FTC just busted these guys. I honestly imagined this kind of garbage disappeared back in the early 2000's.
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I actually also attended their free seminar later and got a free kindle for attending. But I didn't sign up for the paid classes.
 
If he was any good, he would be making hundreds of millions or even billions so, why would he bother selling information or mentoring anyone? Do you see any of those top traders in Market Wizards by Jack Schwager selling anything?
 
tomorton said:
You just have to be realistic as a pupil. If someone teaches you everything they know and everything you need, what will they sell you next year? If you are making abundant money every month from what they taught you, you won't be tempted to buy their next course or book or follow their trading room or whatever.

And if you know what they know, what's to stop you passing it on? Maybe for free.....

All trading training and teaching and textbooks are designed to make you get poorer, but slowly. That way you still have capital, you're still in the game and you just know you're just on the edge of breaking through to easy big money, but you just need a little more knowledge, a little more coaching.......
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You said it perfectly. Just like doctors who treat the symptoms and not the disease. They have every incentive to treat you enough to mask the symptoms but, not the disease. Do this. Ask a doctor if you need vitamins. 99.9% will tell you why? You don't need it but, if you research various illnesses, a lot of it can be traced to vitamin deficiency. Can you imagine a doctor without patients? He will be out of job pronto. Now, a trading guru continues to fluff himself as the next best thing since, the discovery of sliced bread. Take Timothy Sykes, he heavily promotes himself, his books, dvds, seminars and for a couple of thousand, he will teach you what he knows. You might learn a few things that you did not know but, guess what? Those setups he gave you for your monies, you could have gotten off the internet for free? In Wall Street Warriors cable series, a guy interviewed him looking for good hedge fund manager and Timmy had his hedge fund at the time. Timothy did not get the funding. The hedge fund Timothy Sykes ran had $10 million in capital, most of it from one of Timmy's friends. He lost a good amount of it because he did not even have proper risk management and had to close his hedge fund. Now, do you want him as your guru? There are legions of them out there looking to take your monies. Then, you had Option Sellers who were supposed experts? Again, lack of proper risk management imploded that outfit for good.
 
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