Registered: Nov 2009
Posts: 126

There are quite a few bad trading authors/educators out there, I just wanted to point out a few who make more money off selling books, educational material, and subscriptions than actual trading.

Books by charlatans:

Trend Following (turtletrader.com) - Michael Covel
The Art of Contrarian Trading (carlfutia.blogspot.com) - Carl Futia
Mastering the Trade - John Carter

Anyone have any more authors to add?

Registered: Jul 2009
Posts: 688

Is Covel really a charlatan? I thought he was just a journalist who wrote about the Turtles. I looked at his book and it didn't look charlatanic.

Registered: Nov 2009
Posts: 126

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Quote from billyjoerob:

Is Covel really a charlatan? I thought he was just a journalist who wrote about the Turtles. I looked at his book and it didn't look charlatanic.

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Registered: Jun 2011
Posts: 7357

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Quote from MarketOwl:

There are quite a few bad trading authors/educators out there, I just wanted to point out a few who make more money off selling books, educational material, and subscriptions than actual trading.

Books by charlatans:

Trend Following (turtletrader.com) - Michael Covel
The Art of Contrarian Trading (carlfutia.blogspot.com) - Carl Futia
Mastering the Trade - John Carter

Anyone have any more authors to add?

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Registered: Apr 2001
Posts: 1555

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Quote from MarketOwl:

He was a failed Turtle Trader, and is now selling the turtle trader system which is just a 20 day or 40 day breakout system on DVD for $2997.

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Registered: May 2005
Posts: 3150

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Quote from billyjoerob:

Is Covel really a charlatan? I thought he was just a journalist who wrote about the Turtles. I looked at his book and it didn't look charlatanic.

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He really is a charlatan. The proof of his scam is right on his website.

One of the links in his $3K trend following course is labeled "Performance". This is supposed to be the evidence that Covel's course is worth taking. What you quickly discover is that not one of the tf "masters" took Covel's course. Most were trading long before Covel ever heard the phrase "trend following". So he is implying success by association. This sort of deception depends on the mark potential student not realizing that trend following is not a single strategy, it is an umbrella phrase that includes at least a million and one different strategies, most of which are abject failures.

So Covel listing a bunch of tf success stories that have nothing to do with what he is offering is proof positive of a scam. It's like a golf instructor claiming that he can make you rich and famous because, hey, look over here! Tiger Woods learned golf and now he's rich and famous! Of course the golf instructor himself isn't rich and famous. And Covel isn't one of the trading success stories he likes to point to.

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