well, at least LTCM ended their dumb-ass strategy after 1 bad one. at least they felt ashamed of their losing strategy and stop.
In Singapore, there is this old chap, Kelvin Han How Yong who goes around boosting about his “losing” LJ system and scamming people’s money. he persuaded old people and promised them 4% returns every month but just merely few months he margin call every single cents invested. People lodged police report and he was charged and jailed in 2008 for soliciting of money. After 6 months in jail, he came out and shamelessly sell his “losing system” to people, promising them that they can make US$100,000 every month. between 2011 and 2015, he solicit money from his students using the same method of promising them 4% returns every month but MARGIN CALL again. He was charged and jailed in 2016 for acting as a fund manager without licence and soliciting of funds without licence. now in 2018, he pushed a fatso to front his company called PGL Orientals Holdings to sell his “losing system” and repeat his scam again. It was reported all over the news, such losing system seriously creating more harm to the ignorant people and their hard-earned money.
Do not just see claims how many gurus are with any special trading company. Trading is your individual business or you can work with managed account. Only success stories are not enough until you not get in hands handsome profit. It is all ontrader ability and skillful trading . Other wise all gurus are nothing for him.
The reason why there are so many so called gurus, coaches, etc is twofold:
There is no way for retail traders generally to vet their claims, ergo - they can lie and get away with it. After a while of course reality catches up and they disappear, only to reappear under a new handle - rinse and repeat
These gurus etc have themselves failed at trading but realized there was a much easier way of extracting money - from other failing retail traders
Of course, there are some good ones out there, but they’re vastly outnumbered.
