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ROBERT HOFFMAN or ROB HOFFMAN SnP500Trader https://www.becomeabettertrader.com/
THIS IS A REVIEW AND STORY OF my EXPERIENCE WITH ROB HOFFMAN and his "TRADING" ROOM
Rob Hoffman is a weak weak trader that was actively and BLATANTLY MISLEADING a TON of subscribers out of 300 FREAKING bucks EACH and every month...
His 'system' IS EXTREMELY EXTREMELY WEAK and also DANGEROUS for anyone that follows it.
Okay ON TO THE STORY.
I subscribed to Rob Hoffman like anyone else -- hearing the crap all over the internet about his system.
Since he had a ton of "awards" I gave him a go.... and then quickly found out that his system is garbage and HIS CONSTANT CONSTANT PROMOTION >>> BY THE EXCHANGE AND BROKERS <<< IS BECAUSE --- HE GENERATES A TON OF GARBAGE VOLUME FOR THEM.
His system is basically garbage and has NO EDGE ON THE LONG TERM.
He just throws a ton of moving averages on a 6E chart !!! Then when ever the price JUST GETS CLOSE TO THE MOVING AVERAGE >>> HE WILL THROW ONE CONTRACT AT MARKET >>>> COMPLETELY COMPLETELY RANDOM.
SOMETIMES waiting for the contract price to "touch a basic ass worthless moving average" or "sometimes just buying literally NO WHERE on the chart as price has retraced "close" to a moving average.
WELL WHAT HAPPENS WITH THIS GARBAGE PIECE OF SHIT is
that whenever you end up buying >>>> the price will continue to MOVE DOWN TOWARDS THE MOVING AVERAGES OR GO SIDEWAYS.
WELL --- ROB HOFFMAN JUST ENDS UP >>>>> BUYING EVEN MORE.
Yes -- you heard that right -- he will CONTINUE ADDING TO A LOSING POSITION AND KEEP BUYING AND BUYING AND LOSING CAPITAL UNTIL the instrument just turns to his direction and then he will SCRAPE OUT A PROFIT OF >>>> ONE MEASLY TICK<<<<.
Yes you heard me right. ONE Measly TICK. 2 or 3 IF HE IS LUCKY.
GUYS THAT IS AFTER HE JUST RANDOMLY THROWS OVER 100 CONTRACTS AT THE MARKET!
That is CALLED A MARTINGALE SYSTEM >>> THAT HAS A 100% PROBABILITY OF FAILURE in the LONG TERM.
IN OTHER WORDS ---
YOU MAY BE ABLE TO GET AWAY WITH IT ONCE... OR TWICE... OR EVEN 100 TIMES IN ROW....
BUT THEN -- It only takes one time for a massive blow up to occur and DESTROY YOUR ACCOUNT.
WELL THAT DAY DID HAPPEN.
AND I WAS THERE IN THE ROOM.
HE decided to trade TF ( Russell 2000 ) contract
and Russell was in an uptrend that morning (early morning from 6AM to 7:30AM)...
Russell retraced a little little bit in the morning --- and he bought ( like an idiot -- randomly as usual -- because you know.... "It was 'close' to his moving averages."
Well RUSSELL <<<< WAS ACTUALLY AT THE END of an UPTREND that day and it kept going down...
So he bought some more... Again basically randomly -- just to get to break even...
THEN Russell Fell some more...
Then his 'system' ( and I use that word very very lightly ) keeps telling him to buy -- again to try to get break even.
He bought EVEN MORE....
He kept buying like a nutcase ALL THE BLEEPING way down UNTIL he ended up with 852 contracts LONG in the RUSSELL 2000 INDEX and at this time his SUBSCRIBERS ARE ALSO ULTRA ULTRA "BLEEPED" as they are also ultra ultra long this contract and NEGATIVE ....
WELL ROB HOFFMAN'S BROKER SEES THE SITUATION AND TERMINATES HIS TRADE --- closes the trade from their side -- in other words they did a MARGIN CALL.
AND HE ENDED UP LOSING $312,000 and his account was BLOCKED for the rest of the day!
NOT ONLY THAT he also caused>>> 23 subscribers COMPLETELY blow up their accounts that day --- As a harsh way to learn that MARTINGALE SYSTEMSSIMPLY DO NOT WORK --- DEFINITELY NOT IN THE LONG TERM.
They always end up with you account destroyed or at the VERY VERY LEAST --- if you stop the buying and just take a loss without the MARGIN CALL --- you will just erase all the accounts profits for the year and more possibly.
BROKERS LOOOOOOOOOOOVEEE THIS SYSTEM and this CHARLATAN because that 'system' ( and again I use that word very very sarcastically ) generates THOUSANDS OF TRANSACTION COSTS! Because the trader has to buy buy buy and buy just to get 1 tick or 2 in profit.
AND BANKS AND LARGE INSTITUTIONS >>> LOOOOOOOOOVE to MARKET this 'system' because they EVENTUALLY TAKE ALL YOUR MONEY. All you have to do is trade it long enough and you will give them all your account or 70 to 80 PERCENT OF IT.
I COULDN'T BELIEVE THE INSANITY THAT I WAS WATCHING!
WHEN ANYONE COULD SEE THAT TF WAS IN A CLEAR DOWNTREND FOR THAT DAY >>> He just kept buying like a nutcase. Ending up with around 852 CONTRACTS LONG!
I don't know if he still trades like that right now as I of course CANCELLED MY SUBSCRIPTION IMMEDIATELY.
He was a garbage trader with NO EDGE WHAT SO EVER -- JUST PURE LUCK AND A HUGE HUGE ACCOUNT that allowed him to be a shit trader for so long until it caught up to him.
His other 23 traders that lost THEIR entire accounts were NOT so lucky of course as they did not have a $500,000 account to trade with so they got COMPLETELY COMPLETELY BLOWN UP.
HIS ENTIRE SUBSCRIPTION BASE ALSO GOT MASSIVELY HIT WITH HUGE LOSSES.
I saw his insanity and stopped trading for that day -- not believing how crazy he was -- and all I took was a small loss.
THIS insanity happened on 7-14-2011. I should have recorded it. But I couldn't believe such insanity. I should have at least grabbed some screenshots.
I JUST CHECKED HIS YOUTUBE PAGE >>> [yt]https://www.youtube.com/user/SnP500Trader/videos[/yt]
AND HE IS DOING THE EXACT SAME THING STILL RIGHT NOW. GARBAGE ... Unbelievable complete garbage.
THIS WAS THE DAY in the Russell 2000 that he kept on buying and buying and lost 312,000 and 23 other room members completely blew up their accounts and gave losses to everyone else:
As you can see it was a pure clear and simple down trend day that anyone including a baby can trade.
You need a $500,000 account to be able to make 62.50 per day on the Euro Contract and then LOSE $312,000 dollars all in one day -- so destroy the account or wipe out the profits for several years.
Oh ... and did I mention you have to pay him $300 per month for that awesome privilege?
I read something like this about him but that was from a few years back. Your post is very recent (in 2018) so that is a shocker to me -- double down and double down. In my mind I asked: Does he ever improve?
Do people follow him with real money? Does he every show his real brokerage statement?
I'm surprised no one on here seems to have explored Hoffman's newest venture, a charting platform as well as educational room. It's called WealthCharts, and is promoted via his regular Wealth365 webinars with guest educators.
I just wanted to post to give people a heads-up that, if you do try them out, don't expect a refund even a day after subscribing/paying for a month. I had done so, as they promote having recordings of their numerous educators, but after spending a few months (and continually forgetting to unsubscribe), and seeing that it's a minimal amount of recordings, I tried canceling after my latest payment went through. Hadn't logged in for weeks, not at all during the day of having been charged, and yet all they would say is they could help educate me on getting the most out of the site. A firm 'no' on refund.
It is in their Terms and Conditions, but given the situation - as well as me being the midst of a family medical emergency - I'd have thought they'd have made an exception. No exceptions, so sign up advisedly. Only a few recordings of Zhang, Senters, Sosnoff (which you can get 10k more via TastyTrade). And only 1 month back on their daily recording sessions. They didn't say that.
Old thread, I know, but sorry to hear about your bad experience.
I've always had the assumption that anyone running a trading room doesn't have anything of value to share, but I may be wrong?
I now see that Linda Raschke is running a room, too. Accidentally discovered it as I'm following her on Twitter now.
I don't have any intentions of signing up, but I've always been impressed by what she has to say and she strikes me as one of the traders that COULD possibly be both a profitable trader and an educator. But I can't say for sure...
