Whoa !

[bone]

I am not sure where to begin here... Spam, an illegal public solicitation for funds, is this guy registered to do this type of solicitation from a regulatory aspect, this just smells really bad. Really questionable intentions within this thread and many others quite frankly. And of course his anti-social persona in general. At least make him pony up for a sponsorship for God's sake.

http://www.elitetrader.com/vb/showthread.php?threadid=253174

Quote from oilfxpro:

I have finally come up with a rule based manual trading system which generates about 400 % a year with very low drawdown’s. The result for October was approximately 1900 pips net profit and gross profit of 3500 pips. We have developed a method which ensures we keep the gross profits. If we can earn 3,500 pips a month , using a 10,000 pips account , that is equivalent to 420 % a year on eur usd . If we employ same strategy on Dax ,oil,gbp/usd and eur/gbp , the returns can be 1,000 % a year without compounding.

The whole trading operation would require 5 traders trading full time in two shifts , from 6 am to 20 hours gmt. It would cost around £100k a year in staff and admin costs and generate the above returns , and it would generate much more than 420 % with compounding. A ten million pound investment would generate £42m minimum profit per year.


We can implement the above systems on live accounts and provide trained traders to execute the strategy .I am planning to implement it on my live account over the next 3 months. Please let me know what you think or have any questions.

100k start chart below.

 

[Joe]

Thank you. I have deleted the thread and banned the member.

 

[wrbtrader]

Quote from Joe:

Thank you. I have deleted the thread and banned the member.

Thank you Joe.

Oilxpro did the exact same thing at other forums before he got banned. He's a vendor (nothing wrong with that) that would join a forum and behave himself for awhile. Next, he would slowly begin attacking TA (even though he uses TA). After that, he'll begin attacking other vendors that other members were using and then accuse any member of being a vendor if that member said he/she was profitable.

Finally, he would start mentioning his own services.

This reminds me of the TraderZones character...similar like behavior.

 

[smallStops]

I have to say, I would have preferred olifxpro was given a warning instead of being banned outright . It is clear his approach is not what is mostly advocated in trading books, but hey trading is what each person makes ot it.
Just my 2 cents.

 

[wrbtrader]

Quote from smallStops:

I have to say, I would have preferred olifxpro was given a warning instead of being banned outright . It is clear his approach is not what is mostly advocated in trading books, but hey trading is what each person makes ot it.
Just my 2 cents.

The fact that he has been banned from other trader forums for similar like behavior after receiving warnings (and complaints) and the fact that several members "warned" him here at Elitetrader.com along with reminding him about what happened (being banned) at other forums didn't seem to slow him down here.

In fact, he picked up the pace here at Elitetrader.com after members started complaining directly to him in public that usually resulted in him replying via verbal abuse as if he didn't care.

Yet, I do not know if ET management themselves had warned him in private.

P.S. Had his behavior occurred in the "Chit Chat" threads...ET management wouldn't had cared regardless if members had warned and complained.

 

[bone]

Quote from smallStops:

It is clear his approach is not what is mostly advocated in trading books, but hey trading is what each person makes ot it.

My concern was not his trading commentary, but the appropriateness for his general solicitation for investment funds which were embedded in some of his posts and threads - including the post cited originally in this thread.

 

[smallStops]

Looks like he made 2 core mistakes:

1) not taking a sponsor membership
2) speaking his mind in a very explicit way, thus certainly hurting some other vendors/educators business.

Also, banning people because they have very different TRADING opinions, we might just end up with a bunch of similar trading profiles and miss out possible interesting viewpoints.
Looks like he had been on elitetrader.com since 2007 - that's 5 years of preparing a scam here
Also, following topsteptrader aka patak new business model and the reception it first received, I'd say exagerated claims of trading grandeurs are made I'd say by everyone, some more explicitely than the other. Surely, he could have been suggested to demonstrate his abilities on the combine live for all of us to assess.

 

[wrbtrader]

Quote from smallStops:

Looks like he made 2 core mistakes:

1) not taking a sponsor membership
2) speaking his mind in a very explicit way, thus certainly hurting some other vendors/educators business.

Also, banning people because they have very different TRADING opinions, we might just end up with a bunch of similar trading profiles and miss out possible interesting viewpoints.
Looks like he had been on elitetrader.com since 2007 - that's 5 years of preparing a scam here

Oilfxpro was not banned for having different trading opinions and he was busy elsewhere at other forums while he had a membership here at ET...that's why it took him so long to get started here at ET with the same behavior he was displaying at other forums. In fact, he didn't become an active member here until 2011 even though he was a member here since 2007 as you noted.

Some of us have seen this before via the likes of TraderZones (former member).

1) Attack anyone that say they use TA and attack TA while himself was using TA.

2) Attack vendors that aren't members of ET while he was being a vendor.

3) Accuse any member of being a vendor if he/she say "I'm profitable" while he was saying "I'm profitable too".

4) Start mentioning (spam) his services without ET management permission.

Like I said, some of use have seen him do this before at other forums. I was a little surprise to see it take him several years to repeat what he had did elsewhere. By the way, the "sexual" innuendos by him recently told me he probably wanted out of ET and decided to spam his services to intentionally get banned...

Maybe it was a cried for help by him.

 

[smallStops]

Quote from wrbtrader:



Maybe it was a cried for help by him.

Yes I do think so. I also realise that ET has actually got him to be honest and that he has now been turning to really looking to trading per se. The sexual inuendos were inappropriate, but I can see that these were rare.

I have been reading his posts on TA and TA charts : whenever he has been asked to post these, he cooperated. And he came across as open about how he trades, why he does not believe in TA and is willing to provide academic articled. His TA charts are interesting to see as they are full of mistakes as far as drawing is concerned. However, only one hinted some problems with his trendlines and indeed he doesn't really know how to draw them properly.
His indicator use looks ok.

I would have very much liked to find out more how he uses his grid method - I do know one trader making 10% every single month , but this one would not even talk about what he does exactly. I would have gained some clues here about what he was doing. Also, on his edging he seemed to be using some spreadtrading techniques - and well, I'd have liked to get the tips and techniques for free. I know some sell courses on it - very good one - but free for me is better.

Clearly, oilfxpro has some overconfidence issues - and may be live public combine can cure that . I am sure it will.
haahahah I'd be willing to fork the 200bucks to see him do it live for the whole world to see. hahahaha : how many pips would he lose in 20 days combine :we could create a poll actually.
Glad there is a feedback when people get banned , as I think here , we can do better with this trader and learn quiet a lot from his mistakes and what he knows.

 

[wrbtrader]

smallStops,

He's a member of many forums. Thus, there's a few he's not banned at and not active in posting. Therefore, I strongly suspect he'll become active at one of those forums.

You'll still be able to contact him and continue conversations elsewhere about his "grid method".