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While I had my doubts initially if banning was the right thing to do, after reading the referenced sites I believe this was indeed the right thing to do.
He was acting like he was trading with real money. He had definite stops and would quit when losing. His strategy seemed to be picking a point, riding it as long as you can when you are winning and getting out with a proportionally smaller loss when losing. If you can pull this off, it could satisfy the trader's equation even though you can't pick a spot better than 50%. And the past few days have been range days, where you can enter anywhere and make money. But today was a opening drive selloff trend day right from the beginning, and he started buying against the trend. However, he did act according to his strategy and stop out and quit for the day. I was interested if this strategy actually works since I put much time and effort into stopping my permafader instincts. However, this strategy is way too stressful for me to do myself.
I think this one was one of the most difficult to "detect".
A big thank you to the user (I won't give his name) who spent his time in investigating and get some solid clues of the "problem". It would have take much longer to catch the guy without him and all the details he provides.
I had my concerns about him - the lack of methodology he was giving on this thread and the lack of any form of risk management other than banging on about letting the winners ride and cutting losers short, that old adage. I never attended a webinar so couldn't be so sure that his methods weren't solid.
I do feel let down myself by the aftermath of this and sad for all of those who were caught in the trap. I just hope no one fell prey paying him for the access to the room.
Great job Mike for nipping this in the bud before the weeds destroyed the garden.
Hey all, I'm not sure I understand what he did that got him banned... Did he actually try to charge people for something? I only attended his room a few times and never heard anything that made me suspicious.
I only skimmed thru the links provided by big Mike and what I gathered was that he originally planned to charge and then changed course. Was there recent evidence of a plan to make money from his room?
Maybe I'm naïve, but I genuinely got the impression he was trying to give back to the community. I know there are a ton of scam artists out there and many of us have been burned by them. I'm just wondering what he actually did that got him banned? I feel I must have missed something.
Thanks to big Mike for being proactive and concerned. I've moderated and administered forums before, and it's not an easy job by any means!
There's a problem here that really goes beyond the harm that is done by someone pretending to be an experienced trader in order to gain something -- maybe attention, and usually money, but something gained from others.
Worse than that in its effects is when others believe in what is being put forward, and so adopt a methodology based in part on a personal impression of experience and expertise that is not really deserved.
I'm not saying that this or that method or strategy is good or bad. I'm saying that if a respected trader puts forward an idea, it naturally is given more weight. If the weight is based on a false reputation, but not actual success, then people who follow it are more likely to lose from it, because the guy doesn't really know what he is talking about.
Leading others down a path that just gives them losses is a grave thing to do, especially if your motivation is simply to cash in, without concern for what happens to them. That is, of course, what all the BS-sellers do.
This is why it is so important that @Big Mike runs the very tight ship that he does, with regard to vendors having to be open about the fact that they are vendors, and having to submit to some pretty hard restrictions. (Note: not all vendors are doing this, but some are, or will if allowed.)
Unfortunately, we all have to be aware of the motives of most vendors in this particular space (because there's so much money to be made here.)
No criticism at all of @jodistrict here. Quite legitimately, he wanted to know "if this strategy actually works since I put much time and effort into stopping my permafader instincts." The problem is, that after his experience in the room, how can he, or anyone, actually know? This is the damage that posers who put on a good show do to other people's ability to understand and improve their trading.
Damaging other people's ability to trade on their own is the opposite of the purpose of this forum. Capturing people as followers who can't do it on their own is the purpose of too many vendors (again, not all.)
So, I am glad that @Big Mike is on the watch here. This forum would soon become not a safe space without this watchfulness.
But it's a bummer to have anything like this here.
Has anyone heard Alex's side of the story? I didn't read through everything but I saw that someone accused him of wanting to charge but then he pointed out that it was a fictitious site that he made for a computer class (I actually made something similar to his for a class so I can understand that part). I only logged onto his room a few times but if anything, he seemed to be making a lot of plugs for FIO and had nothing but good things to say about the forum.
Not taking sides one way or the other here because I don't have all the info. Just curious because he seemed like he was making an honest effort to help people out.
Hi everyone
I attended the live calls as well and in Alexs defense he never asked for mony or indicated he would in the future. He always spoke highly of future io in the room personally I enjoyed watching why and when he would get in a trade hold or cut a trade its rare to get a chance to watch some live manage trades.
My 2 cents was going to be "Hold your horses everyone." What's the scam? Has anyone been asked for money? Has anyone paid any money? I read all of the discussion on tradingschools.org followed all of the links and what I saw were a bunch of practice websites, none of them were finished. I have not seen definitive proof that he isn't who he claims to be.
I didn't really learn much about his trading system and I don't know if he's trading sim or real money and I'm all for keeping the forum clean and free of vendors but banning him without a right of reply or without solid proof seems excessive to me.