I would say that it is not impossible but it is improbable.
I never investigated his claims of success, but I did attend his trading room twice. Seemed like a reasonable guy and before reading this thread I would have voted to unban him. However, the quoted text above makes a very convincing argument to keep the ban in place. Even if he was trading successfully for these last couple of months, then it is still quite a stretch to call this "trading for a living". Unless he had decent backing (which could be possible), there is no way he would be trading for a living after only a couple of months - that type of ROI is only possible in hindsight.
No offense meant to those who voted to unban Alex, but what is the point of learning from someone with that limited experience? @bobwest showed a link to @Big Mike's thread - I spent a lot of time going through those posts in the past and will do so again after seeing Bob's post. There was quite a lot of quality information there, but best of all, it comes from a source that I would trust.
I don't see much conflict here, because he has a website independent of futures.io, so the traders who want to join his room can do so. And it's free. If he starts charging you can just leave. The real issue here is whether Big Mike wants to lend his reputation to this enterprise.
My only experience with trading rooms was many years ago I joined EOTPRO. They claimed that they had a neural net program which chose the correct locations, and the room was designed to shadow trade. This was before I knew any better. I lost $1000 taking his exact trades. And I don't even know whether he was trading live. Probably not. The moderator was a frustrated comedian with the gift for gab. But he couldn't trade himself out of a paper sack.
I think this is the underlying characteristic of a trading room. My impression of these rooms is that the people who join them want to be entertained. The moderators have exceptional marketing ability, but are poor traders. As long as people want this, others will try to provide the services. And it appears to be profitable. For me, I prefer to trade in silence. If I want comedy I will buy Laurel and Hardy DVDs. It's much cheaper. What I saw, with the room at issue, is that he bought and doubled down against a raging bear trend from the open. A rookie mistake.
Last edited by jodistrict; November 3rd, 2016 at 04:15 PM.
Big Mike has created this forum (in my opinion) to further the trading world for the good and tries to shield traders from parasites that exist in the trading world. I sincerely believe he is helping people get and share information, techniques, advice, experiences ect.
As with anything there must to be rules to abide by and someone has to enforce the rules. Sometimes I disagree with some of the decisions, but I believe Big Mike makes the decisions by following these rules and input from the community in a fair way.
I certainly wouldn't want to have the job of policing the forum, Kudos Mike!!
The following 3 users say Thank You to trademe1 for this post:
1.) why buy gotomeeting when with a little looking around you can do it for a lot less if not free
2.) why is his picture on that teachers site?
3.) why does his dad's name keep coming up?
4.) how can someone blow two accounts and then a few months later be utterly successful?
5.) and why do I feel for him - is that some institutional group trying to manipulate my thinking or is it real?
If this was a question about taking a trade or not taking a trade - I would not take it.
I do like the idea of a temporary ban; Just in case it's real and he is as pure and genuine as he comes across.
If it's not real, well only time will tell. But if it's not real, the group behind him would seem to have the means to overcome and be back on FIO as some other newbie and try again learning from the mistake of showing their cards.
Oh and please no one be bashing my idle Al Brooks - if you want to learn to read a chart, read his books multiple times cause that's what it takes to start to understand what he genuinely offers. I am not affiliated with him in any way, but I have personally met the man and was a member of his site when it first started up. I do not trade like him, but I sure did learn a lot from him. If you think he makes a lot of money off selling books, you should do your research on the profit margins in that business for the authors.
As stated many times in this thread, you need to think for yourself. If what someone offers you does not work, do not use it. If someone offers to make you wildly successful, it ait true, only you can do that. Yet, people are people, do what they do. Here's an interesting concept; If you are a successful trader, who is funding your profits? Is it the other successful traders? I don't think soo......
I vote for temporary ban with restatement (if that is an option)
The following user says Thank You to tulanch for this post: