I agree. These sites should be held accountable in some way. that or they have to CLEARLY state that they are not traders...they do not trade real money. They only are trying to teach people how to trade, even though they can't do it themselves. Then....if after all of that people still want to throw away their money then so be it. Maybe their could be some sort of registration with the SEC. have two different categories. One being Educators that do trade for themselves. They could register. Those who can't trade for themselves, but want to teach would be unregistered. At least there would be some differential between the two.
hoffman doesn't know how to add. $100K per contract when adding. Imagine if he did that, he wouldn't have lose $300K. $100K per contract is all about risk management.
A couple of reputable sites clearly state that any trades they post are not real trades. In fact their lawyers advise they shouldn't post any real trades as this opens them to all kinds of lawsuits.
Picking up on a few things in this thread - The guy who told me about the $312,000 loss says Hoffman showed how to tell the difference between an Infinity simulator and an Infinity live DOM. Evidently Hoffman constantly puts down "simulator trainers." Claims if you are going to teach put your own money up. The simulator is supposed to have a blue background, live white. Hoffman constantly says he is trading for himself, that he is a trainer. Consult your broker for advice. His best guess as to the exit time 12:10 to 12:25. Also says Hoffman has promised to prepare a video explaining what he was thinking, etc, during the blowout trade. I'd say the loss was real. Says the cost of the room is $785 for three months. Believes that the subscriber number since early January has been between 700 and very close to 1000 since Hoffman joined TTM and was promoted by them. So if you assume 800 @$260 a month, TTM's gross is around $200,000 a month. Friend is a half-way successful trader, joined room to see what was going on. Says Hoffman does teach some decent setups and price action. However, was really surprised at the degree of averaging down. Commented on it to Hoffman in room a number of times. Hoffman never responded. Evidently the way Hoffman runs the thing, only he sees the posts to the room, picks those questions and comments that he agrees with, and then discusses them. So virtually nothing negative is ever exposed. After the blowup, posts on TTM's subscriber-only Forum were evidently very negative and some negative posts were deleted. Posts kept coming. Hoffman posted he would explain all. Friend had already decided to drop subscription and it expires shortly. He may or may not see the promised video. He will tell me about it if he does see it and I will post info here. Hoffman was running Power Charting before joining TTM. Subscription rate about $3,000 a year. Best guess about 150 - 200 subscribers based on comments Hoffman made shortly after merger. So he probably had a pile of money independent of his trading. Just bought an 8,000 square foot house. Guess there might have been a little ego involved in not taking a reasonable loss, forget the technique.
My opinion is how can anyone pay to learn trading from people who don't trade themselves ? Either their strategy is flawed or they don't have the money to trade. Either way paying someone like this to learn is insane. I would love to hear their reasoning for not trading their own strategy themselves.
I can confirm pretty much everything written here. My estimate for number of subscribers is 500. The activity from the forums, etc is really low, so I don't think it's anywhere near 1000. That being said that's still $150,000/month. If the exit was anywhere between 12:10pm and 12:25pm my bet would be at 12:18:10pm. 12:18:10 had a drop of 1.6 pts in 10 seconds and 2500 contracts traded with volume picking up drastically at 12:17:00pm. (Wouldn't it be funny if Infinity had detected the potential margin call and started frontrunning the trade? LOL)
They say they do trade. They are just not allowed to trade on the basis of the calles they post live calls on the Web-site. For example, such trading can be considered "front-running" because the person who posts a live call can trade on it before any of the readers.
Evidently, shortly before his trade was closed for the margin violation, his DOM was showing him down $200K and he was trying to add contracts to average down even more. Depending on how many of his poor misguided students were shadowing his trade, if they sold around the same time, they could have contributed to that volume.
Are you sure about this? Front running has to do with clients of a broker not chat room followers to the best of my knowledge. The reasonS some of the scammers use to justify things are frankly ridiculous. Surf
threads about scammers are super popular. threads about profitable strategies are dead within 5 posts. only the author is interested, the rest of the ET, not... its how it works