After googling the story, this is from another site. This probably happened on the 14th, when the market dropped 20+ ES pts in 3 hours: "Hoffman blew up today. He had Martingaled short about 852 TF contracts and was down about $250K when the system (He uses Infinity) locked the account and closed his position. Total loss about $312K as I guess the Infinity system closed him out with a market order.. I think his ego got to him. There were many times during the 1 1/2 hours he was in the trade that he could have gotten out with a small loss or profit in the $3K to $5K range. He has a number of trend indicators that were all showing down and getting worse, but he ignored them, though he almost never mentions them when he trades." And blast from the past, 3 years ago here: http://www.elitetrader.com/vb/showthread.php?threadid=133807 Female intuition:
thanks for explaining the symbol TF. it never ceases to amaze me why the know nothings put up abbreviations assuming everybody should understand what they are talking about.
I remember I ripped this guy in a post and NihahaAshi/wrbtrader came out and defended the dude. Seems like this poster is the no1 defender of gurus and scam artists in the forum Hoffman was borrowing against the future, not that much different from what Madoff did
"the know nothings" ??? Who do you think you are?.... Cramer?!....."They Know Nothing! They Know Nothing!"
A review from a month ago at: http://www.investimonials.com/websites/reviews-power-charting.aspx "ALOT OF TALK UNREALISTIC RESULTS Prepare to blow out $50K Very nice guy, means well but he'll jump into trades and then when he is down hell start adding more contracts to improve his cost basis, very unrealistic and dangerous for the long term success of a trader, your asking to blow your account, he teamed up with trade the markets and has the room going a few hours in the am but again hell take a counter trend trade or pullback and when it keeps going against almost everyone in the room that trades 20 contracts or less would be taking losses on a daily basis, only Rob and a few other traders who have leverage with several hundred contracts can trade like Rob does, hes been down $58K on one trade, alot of times hell be down several thousand dollars and just keep adding contracts until his cost basis is close enough and then with no specific methodology hell take profit quickly so as not to turn his trade into a loser, TOTALLY unrealistic for 99% of traders save your money find a more methodical mentor to teach you conservative strategies you will blow up your account in the TTM trading room. And He talk all day which may be great for a newbie but sometimes its beyond tiresome. Some of you may be asking why were you in the room if your experienced. I simply thought this room could help me diversify into other instruments and having an extra set of eyes on the market seemed like it would benefit me. I am no longer a member though wasted 3months at $270 each month. Good luck to you all"
"this guy loses $300K and calmly discusses it afterward. he must be a great trader. i am going to try him out." won't be surprised if a bunch of new folks will be signing up soon based on the above line of reasoning.
+1. I would not be surprised if he makes more than he "lost". Just this thread must have brought some cash to his account.
Statistically speaking he is not due for another blow up for 2-3 years, so yes, this is the best time to sign up with him.... :eek:
me neither, then they can learn to be calm after their own blow-ups. It's always fascinated me how soo many people think some random guy is going to make them rich. Either: 1) they are unsuccessful and think they just need to find the right mentor, indicator, philosophy etc. or 2) they are new and their desire for quick riches blinds them to the obvious. But, then again, people get scammed by emails from Nigerians and televangelicists selling magic potions so... Unfortunately (for his clients) the odds of it happening tomorrow are the same as they were that morning, all else equal.