You made a lot of good points. Of course, it all boils down to education. But also to critical thinking skills. Or thinking skills at all. Some people simply don't have them. Think about Big Mike and his sham, now re-invented as futures.io, before Big Mike Trading forum. He claims to have 75000 followers. They follow a guy who blew 2 of his day trading accounts, and 5 years later is still not a competent trader. He rips people off by selling indicators you can get for free. He keeps them hooked up on the webinars served by dubious trading teachers, most of whom are about as successful as traders as he is. It's an obvious fraud. They get nothing out of it, their time and money is wasted. Yet, they somehow (magically) believe that being in his company and in the company of his anointed vendors will help them become better at trading. Mind-boggling! Some people fall for cults for the same reason. No critical thinking skills. And futures.io is operated like a cult. It's not a trading forum, but a personality cult of Mike Boulter. It's also a vendor syndicate.
Yep, these guys are good. I follow them on Twitter and check out their blog regularly. One of the best, non-bullshit sites out there, trading or not. I noticed that they have at least 4 Ph.D.s among their Twitter followers. Wanna guess how many follow Big Mike? I did not notice a single one. That tells you that educated people vote for them and steer clear of Big Bozo. Also, Trading Loonies are followed by better, more reputable vendors than those that Big Mike draws. In fact, he attracts outright criminals, IMO, like this German asshole: https://tradingloonies.wordpress.co...einhaus-a-seriously-twisted-german-sociopath/
I am not familiar of "Big Mike"? but then I am not looking for help or more entertainment I can get on this forum. This forum has a few good traders on it and occasionally good ideas come from inexperienced traders as their questions will give me an idea. WOW 75,000, I wonder if there is that many day traders that need help, sounds like "Woodie" and his bs of "I don't need charts", CCI - I know of one trader that does well with this indicator-think he waits for those who follow Woodie and goes other way. Only pattern I actually liked was "Ghost" but it didn't test out well enough for me to trade. There was a guy I recall back in 90s? Ken Roberts, He wore a cowboy hat and lived out in Oregon, he was like dog and pony act and then some, He would trout huge trades and always keep the inexperienced into thinking something more to buy, and if YOU want the best broker around, use so and so, but never told you he co-owned brokerage. Where everyone was paying $12-25 for a round turn, you be paying them like $95, so a small trader be paying huge for a Eurodollar trade, only the real greedy would sign up with this guy. I always saw traders trying to find someone to buy their mistake of buying very expensive courses. I think NFA eventually got him but not before Roberts collected $60 million. http://turtletrader.com/jake-bernstein-forbes/ There been a number of lawyers who have sold information like Bernstein and Bruce Bacock, although I think Bacock had couple methods that actually worked. I found this book pretty good but traded for daily bars:Found it to work well enough on erratic markets like Meats. Nofri & Steinberg – Success in Commodities: The Congestion Phase System – PP Press, 1975 This was a tough read for me, but started to get deeper into Price Structures. Marvin Romley – Market Dynamics - Privately printed, 1981 And good reads. L D Belveal – Speculation in Commodity Contracts and Options – Dow Jones Irwin, 1969 L Dee Delveal – Charting Commodity Price Behaviour (2nd ed) – Dow Jones Irwin, 1985 Al of them came before Home PCs, so many ideas back then were hand tested and drawn. I won't say the above is stand alone systems that are fantastic, but offer added study to expand knowledge. Have found Joe Duffy to have fairly profitable systems regardless of what others believe. His stuff is a little more complicated than most others. But what is cool, his advertising and gives charts, if you are experienced enough at chart reading, you can figure out how his entries are made. That is usually pretty much how many that sell systems, if they show a few charts and even if they omit indicators, can figure out what is missing due to the fact, if you did enough of indicators, you know what they should be doing based on the Price.
%%%%%%%%%%%%% I like his hard back book; NOT that i day trade,anymore, but he has some good candle chart patterns-uptrend + downtrends.Tools + Tactics of Master Daytrader , by MR Velez. Even if it has fractions, a trend is a trend.LOL but still true Something you may want to keep in mind; Millionaire Mind book[Dr Stanley] has real small % of millionaires in stock or futures trading; investment+ REALTY millionaires are much more common.Wisdom is profitable to direct
I saw an email that Dr. Handley in response to the email posted by Alex Soares - it was very revealing what Dr; Handley said; see here:
the law suit has been taken down, seems the lawyer for Alex quit for some reason and case is in limbo.
FYI, the poser here with handle babybarry is in fact Dean Handley. He keeps spamming my email address with the same handle. What a fucking lamer. And the lawsuit hasn't been taken down to my knowledge. Let's see is babybarry aka Dean Handley, can post some proof since he is the Defendant. So, therefore, ALL POSTS by babybarry are from Dean Handley, not some other third party and thus should be considered self serving drool from a looser who lives in a circa 1971 trailer park in Florida with a Mexican catalogue bride. His new gig is to flaunt his suitcase of worthless diplomas, holding himself out to be the superman of futures trade room evaluators. It's no wonder Dean Handley got fired from Sepracor after it was revealed he lied to the FDA about test results during trial of the drug, Soltara (which was rejected by the FDA), leading to a massive class action lawsuit against Sepracor. Dean Handley was more than happy to put the public's health at risk in hopes of FDA approval, so he and a handful of other Sepracor executives could line their pockets with big performance bonus. The next time you think about the word slime, Dean Handley should immediately come to mind. https://casetext.com/case/in-re-sepracor
"Americans are so gullible, just advertise no commission costs and they come out of woodwork but make spread wider and then some." Yes, Americans definitely are. But I don't think this is limited to Americans. I once saw a documentary about a Nigerian scam and one of the victims featured there was a Canadian guy. Well, so much about the Canadian superiority. Some people are just willfully ignorant. They refuse to face the facts. Here's a good example: https://tradingloonies.wordpress.com/2016/03/30/a-note-on-integrity/
So this guy is a JD, PhD, MBA and he is still dumb. Well, too much of a good thing, I guess. He probably got a JD first and then they just could not refuse giving him the other two, LOL. Lawsuits can be costly.
You have confused cause and effect, the cause of the trading industry being lined with fraud is due to lack of regulation and goverment controls on what sort of extraordinary BS claims of profitability vendors can sell to the unprotetected public. The effect of industry-wide fraud, not the cause, is shown by deceived consumers thinking they can become profitable by following vendors' unverifiable and unrealistic claims of profitability.