I think a lot of these scam sites have their guys trading on a simulator. I find it tough to believe a guy who was trading 1 lots can go up to an 850 lot. Also....any trader who was used to trading 1-5 lots then goes to 850 lots and loses 330k would not be as cool/calm as this Hoffman guy is in the video.
As I said, he proclaims every day that he is trading his own live money. That's why if he were faking it would set himself up big time for legal trouble. I really don't think it's faking his live trading.
He can claim over and over again it's real. Doesn't mean much considering they can't show any REAL results. The fact he did it in front of paid subscribers doesn't mean the account wasn't in simulation mode. Hey, if you guys know when he was forced to dump, and the volume spikes up at that point then he probably was trading a real account. The more I think about it, the more unlikely it seems. I know of plenty of traders who have gone on tilt.....but a guy who goes from trading 1 lots to 850 lots...that seems unbelievable. The problem is , real or not, the guy is a disaster.
Exactly. This guy Hoffman can re-load his account, trade for the next year making tiny profits every day, but the end result will be he will lose everything at some point. The scale into losers with no plan of taking a loss will obliterate an account.....every time. If these guys Carter and Hubert are legit, they would drop this guy from their site instantly.
If he is on a simulator, he's a scumbag and a horrible trader. If he is live he's just a horrible trader.
Unfortunately the jail and lawsuit claims never actually happen. The authorities don't seem to care about this kind of thing taking a buyer beware attitude. See Oliver velez and franz shor scandal for evidence. Olli took money and is still operating. No one cares about a simulator regardless of what is claimed based on my observations.
Trading on a simulator and live are 10000000% different. I have never met a trader who loses on a simulator. The two aren't even remotely close. That being said, if clients/wanna-be traders go to a site and the people teaching are on a simulator, they shouldn't even consider following them. Simulated trading is not real and has little to nothing to do with real trading. Anyone who backs their claims via simulator has zero ground to stand on.
No question about it. Apparently, they are not truthful about the simulator-- sho@r was busted on elite for this. Looks like some folks are questioning trading the markets and its traders about this currently. My comment was directed at the "going to jail" and "lawsuit" comments. Although some of these scammers obviously deserve it, it never ever happens in the trading education world for some reason. Surf
At least Hoffman is a transparently bad trader. His results make sense. I would be more intrigued to know how John Carter steadily lost 90 % of Vienna's 200K in a matter of a month while on a trip( sorry I don't remember the exact amount and time but you get the idea ). That's quite a performance and it was done with OPM...LOL