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Rocket Scooter / DayTraderParadise Guy


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Rocket Scooter / DayTraderParadise Guy

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  #1 (permalink)
Transatlantic
Los Angeles, CA
 
 
Posts: 14 since Sep 2015
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Hi,

Looking for feedback on RocketScooter guy that is on youtube.

I have been following him off and on for awhile and have seen enough red flags to be concerned.

1. He used to run DayTradersParadise room/software, but for some reason had to change the name?

2. He is being sued for fraud in the State of Texas. Yes, it could be a frivoulous lawsuit, but where there is smoke there is often fire.

3. He claims to be doing a 10K Small Account challenge, but recently he only shows trading his "funded" account. And he claims to make money in his 10k account almost every day, but it is almost always off-camera.

4. In his funded account which he does trade, he is currently underwater.

Thoughts?

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  #2 (permalink)
 sharpefutures 
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Do you have a case number for the lawsuit? I've read that it's Vinny E-Mini who's apparently suing him, who is known for flinging exceptional claims without exceptional evidence, and either A) Hoping something sticks or B) Hoping his viewers don't check.

Haven't seen any comment about any lawsuit from him personally but I could be mistaken.


EDIT: Nevermind, just saw the link you posted on the other vinny thread. I'd stay far away.
(https://law.justia.com/cases/texas/fifth-court-of-appeals/2023/05-22-01061-cv.html)

Summary:

The legal action at issue involves a dispute between two parties, EGI (Vinny) and DTP (Rocket Scooter), over alleged misappropriation of trade secrets, tortious interference with contracts, and fraud. EGI alleged that DTP had obtained confidential information from EGI in the course of their business discussions, and that DTP was using that information to harm EGI's business and steal its clients. EGI brought a lawsuit against DTP, seeking damages and injunctive relief.

DTP responded by filing a motion to dismiss the lawsuit under the Texas Citizens Participation Act (TCPA), which is designed to protect free speech and other constitutional rights. DTP argued that EGI's claims were based on DTP's exercise of its right to free speech, and that therefore the lawsuit should be dismissed under the TCPA. DTP also argued that EGI had not presented clear and specific evidence of its claims, and that the fraud claim was actually a defamation claim for which the statute of limitations had run.

EGI, in turn, argued that the TCPA was inapplicable because DTP's actions did not involve a matter of public concern, and because the exemptions in the TCPA applied to its claims. EGI also contended that DTP had fraudulently obtained confidential information from EGI, and that the fraud claim was not time-barred.

The trial court denied DTP's motion to dismiss, and DTP appealed that decision. On appeal, DTP argued that the trial court had erred by denying its motion to dismiss, and that it was entitled to attorney's fees in connection with the TCPA dismissal. EGI argued that the TCPA was inapplicable and that the fraud exemption in the TCPA applied to its claims.

The appellate court reviewed the parties' arguments and the relevant provisions of the TCPA. The court held that the TCPA did not apply to EGI's claims because they did not involve a matter of public concern. The court also held that the fraud exemption in the TCPA applied to EGI's claims, and that DTP had not established any other grounds for dismissal under the TCPA. Therefore, the court affirmed the trial court's decision to deny DTP's motion to dismiss.


---------

It seems that this suit is in regards to private uncompetitive business practices between vinny and rocket scooter rather than rocket scooters validity as a trader, however as you said, where smoke is there is usually fire.

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  #3 (permalink)
 Analytic 
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sharpefutures View Post
Do you have a case number for the lawsuit? I've read that it's Vinny E-Mini who's apparently suing him, who is known for flinging exceptional claims without exceptional evidence, and either A) Hoping something sticks or B) Hoping his viewers don't check.

Haven't seen any comment about any lawsuit from him personally but I could be mistaken.


EDIT: Nevermind, just saw the link you posted on the other vinny thread. I'd stay far away.
(https://law.justia.com/cases/texas/fifth-court-of-appeals/2023/05-22-01061-cv.html)

Summary:

The legal action at issue involves a dispute between two parties, EGI (Vinny) and DTP (Rocket Scooter), over alleged misappropriation of trade secrets, tortious interference with contracts, and fraud. EGI alleged that DTP had obtained confidential information from EGI in the course of their business discussions, and that DTP was using that information to harm EGI's business and steal its clients. EGI brought a lawsuit against DTP, seeking damages and injunctive relief.

DTP responded by filing a motion to dismiss the lawsuit under the Texas Citizens Participation Act (TCPA), which is designed to protect free speech and other constitutional rights. DTP argued that EGI's claims were based on DTP's exercise of its right to free speech, and that therefore the lawsuit should be dismissed under the TCPA. DTP also argued that EGI had not presented clear and specific evidence of its claims, and that the fraud claim was actually a defamation claim for which the statute of limitations had run.

EGI, in turn, argued that the TCPA was inapplicable because DTP's actions did not involve a matter of public concern, and because the exemptions in the TCPA applied to its claims. EGI also contended that DTP had fraudulently obtained confidential information from EGI, and that the fraud claim was not time-barred.

The trial court denied DTP's motion to dismiss, and DTP appealed that decision. On appeal, DTP argued that the trial court had erred by denying its motion to dismiss, and that it was entitled to attorney's fees in connection with the TCPA dismissal. EGI argued that the TCPA was inapplicable and that the fraud exemption in the TCPA applied to its claims.

The appellate court reviewed the parties' arguments and the relevant provisions of the TCPA. The court held that the TCPA did not apply to EGI's claims because they did not involve a matter of public concern. The court also held that the fraud exemption in the TCPA applied to EGI's claims, and that DTP had not established any other grounds for dismissal under the TCPA. Therefore, the court affirmed the trial court's decision to deny DTP's motion to dismiss.


---------

It seems that this suit is in regards to private uncompetitive business practices between vinny and rocket scooter rather than rocket scooters validity as a trader, however as you said, where smoke is there is usually fire.

Rocket Scooter is a separate corporation (C Corp) with shareholders completely unrelated to the DTP sole proprietor LLC


The DTP lawsuit is just getting started. Let's see how it develops. It would be silly to draw conclusions based on what are so far just baseless accusations. We will know more once it gets into the discovery stage. Matt doesnít say anything because it's not smart to comment on current legal action that you are involved in.

Matt did some live public Youtube streaming for about 8 consecutive months back in 2020-2021 showing his full live tradovate account number every day. No other trading vendor has ever done anything close to this.

In 2023: He did a public live stream of his 10K-100K challenge for several weeks once again showing his full live tradovate account number every day.
His 10K challenge trading is now continuing in the background because he switched to live streaming his ETF account trading which is a much tougher challenge (extremely tight drawdown limits)


Matt's 2023 live trading can be verified here: [yt]https://www.youtube.com/@RocketScooterAI/streams[/yt]

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  #4 (permalink)
 Analytic 
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Transatlantic View Post
Hi,

Looking for feedback on RocketScooter guy that is on youtube.

I have been following him off and on for awhile and have seen enough red flags to be concerned.

1. He used to run DayTradersParadise room/software, but for some reason had to change the name?

2. He is being sued for fraud in the State of Texas. Yes, it could be a frivoulous lawsuit, but where there is smoke there is often fire.

3. He claims to be doing a 10K Small Account challenge, but recently he only shows trading his "funded" account. And he claims to make money in his 10k account almost every day, but it is almost always off-camera.

4. In his funded account which he does trade, he is currently underwater.

Thoughts?

Some Answers:

1) Rocket Scooter is a separate corporation (C Corp) with shareholders completely unrelated to the DTP sole proprietor LLC . There is no name change. They are two separate companies.

2) First of all Rocket Scooter is NOT being sued! DTP is the company being sued. Secondly that's a very silly statement. Tesla gets sued all the time this doesn't mean that the company is not legit.

3) He is trading both accounts concurrently, a private tradovate that he started with 10K and then multiple ETF accounts. He can only trade one account in public at a time and he chose to showcase his ETF trading
since that is the tougher trading challenge. People are much more interested in that type of super tough trading with very tight drawdown limits.

4) This statement appears to be false. Matt has shown his current 10K challenge P&L on his twitter. I'll post it here:

This is from Matt's phone which doesn't show his trading account number and P&L curve. If you want to see those ask Matt to show them during his daily Youtube live stream



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  #5 (permalink)
Transatlantic
Los Angeles, CA
 
 
Posts: 14 since Sep 2015
Thanks: 0 given, 3 received


Analytic View Post
Some Answers:

1) Rocket Scooter is a separate corporation (C Corp) with shareholders completely unrelated to the DTP sole proprietor LLC . There is no name change. They are two separate companies.

2) That's a very silly statement. Tesla gets sued all the time this doesn't mean that the company is not legit.

3) He is trading both accounts concurrently, a private tradovate that he started with 10K and then multiple ETF accounts. He can only trade one account in public at a time and he chose to showcase his ETF trading
since that is the tougher trading challenge. People are much more interested in that type of super tough trading with very tight drawdown limits.

4) This statement appears to be false. Matt has shown his current 10K challenge P&L on his twitter. I'll post it here:

This is from Matt's phone which doesn't show his trading account number and P&L curve. If you want to see those ask Matt to show you them during his daily Youtube live stream



WRONG WRONG WRONG

Lets start with #4. You write that "this statement appears to be false". WRONG. I said his funded account which you agree is the one he is currently trading. Last I saw, before he went on vacation, the balance was $149k and change, which is LESS than the $150k starting value. Again "funded account. His $10k account is not the funded account.

Now with #3. You write "he cant trade both accounts in public at the same time." WRONG He admits to doing background trades in his $10k account on camera while trading his funded account. Is there a law or regulation saying he cant show the balances of two accounts at the same time? I think not. I get that he is trying to shill for his "funded account" company and record that. I get that. But that doesnt mean he cant show the balanace of his $10k account on camera from time to time.

You posted his $10k #'s w/o showing the P&L Curve or any of the most interesting stats. You are smart enough to know that the #'s shown can be highly misleading. So since you seem to be about transparency I will ask you the following:

1. What it the AvgLoss amound and the AvgWin amount? ie AvgWinning Trade and AvgLosing Trade
2. What is the MaxDD?
3. What is the maximum # of ES contracts or NQ contracts (or MES/MNQ) open at one time? This is part of whats going on.
4. Related to #3, what is the margin treatment in this account for trading full ES contracts. What is the initial margin?

Finally, to see if you are being honest here:

Do you acknowledge the DTP ever had a large loss in the past or a "mini-blowup"? If so, where are those results shown? Has DTP or RS ever done a $10k to $100 challenge before, and if so, what was the result?

Do you acknowledge that Matt has any other trading results in the public domain which can be found via a legal search? Yes or No?

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  #6 (permalink)
Transatlantic
Los Angeles, CA
 
 
Posts: 14 since Sep 2015
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Analytic View Post
Rocket Scooter is a separate corporation (C Corp) with shareholders completely unrelated to the DTP sole proprietor LLC


The DTP lawsuit is just getting started. Let's see how it develops. It would be silly to draw conclusions based on what are so far just baseless accusations.


Matt's 2023 live trading can be verified here: [yt]https://www.youtube.com/@RocketScooterAI/streams[/yt]

Let's be clear on something: The court had a chance to dismiss the lawsuit alleging fraud and they chose NOT to dismiss. That is not a guilty verdict, but is not certainly not leaning to the "baseless allegations" side either.

Since you will nitpick, lets quote the ruling:

==> Thus, the record demonstrates EGIís lawsuit is ďa legal action based on a common law fraud claim.Ē
==> DTP does not challenge or address EGIís assertion that section 27.010(b)ís exceptions are inapplicable


Also, DTP's defense in essence was to get the fraud charges dismissed on a technicality [TCPA] which did NOT work.

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  #7 (permalink)
 Analytic 
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Transatlantic View Post
Let's be clear on something: The court had a chance to dismiss the lawsuit alleging fraud and they chose NOT to dismiss. That is not a guilty verdict, but is not certainly not leaning to the "baseless allegations" side either.

Since you will nitpick, lets quote the ruling:

==> Thus, the record demonstrates EGIís lawsuit is ďa legal action based on a common law fraud claim.Ē
==> DTP does not challenge or address EGIís assertion that section 27.010(b)ís exceptions are inapplicable


Also, DTP's defense in essence was to get the fraud charges dismissed on a technicality [TCPA] which did NOT work.

It's a complex case with many pages of documentation yet to be disclosed.

The court came to its decision based on the claims made and felt that the info provided along with the lack of a challenge by DTP was enough to knock out the TCPA defense.
It's a very low bar to knock out a TCPA defense. The "allegations" may still be baseless but it was all about claims and legal procedure in the appeal.
We will see in the next stage who is likely telling the truth.

It's a technical victory that means very little considering the magnitude of this case.

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  #8 (permalink)
 Analytic 
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Transatlantic View Post
WRONG WRONG WRONG

Lets start with #4. You write that "this statement appears to be false". WRONG. I said his funded account which you agree is the one he is currently trading. Last I saw, before he went on vacation, the balance was $149k and change, which is LESS than the $150k starting value. Again "funded account. His $10k account is not the funded account.

Now with #3. You write "he cant trade both accounts in public at the same time." WRONG He admits to doing background trades in his $10k account on camera while trading his funded account. Is there a law or regulation saying he cant show the balances of two accounts at the same time? I think not. I get that he is trying to shill for his "funded account" company and record that. I get that. But that doesn't mean he cant show the balance of his $10k account on camera from time to time.

You posted his $10k #'s w/o showing the P&L Curve or any of the most interesting stats. You are smart enough to know that the #'s shown can be highly misleading. So since you seem to be about transparency I will ask you the following:

1. What it the AvgLoss amound and the AvgWin amount? ie AvgWinning Trade and AvgLosing Trade
2. What is the MaxDD?
3. What is the maximum # of ES contracts or NQ contracts (or MES/MNQ) open at one time? This is part of whats going on.
4. Related to #3, what is the margin treatment in this account for trading full ES contracts. What is the initial margin?

Finally, to see if you are being honest here:

Do you acknowledge the DTP ever had a large loss in the past or a "mini-blowup"? If so, where are those results shown? Has DTP or RS ever done a $10k to $100 challenge before, and if so, what was the result?

Do you acknowledge that Matt has any other trading results in the public domain which can be found via a legal search? Yes or No?

1) Yes his current ETF account is slightly underwater however very recently Matt traded three ETF accounts sequentially and got funded on all of them. Check the Rocket Scooter Youtube channel for the details.

2) Matt has shown the performance of his 10K account a few times on his livestream. Some would prefer he show his 10K trading results everyday and I agree that it's a good idea that promotes transparency.
I will ask him about that.

3) Matt's Tradovate phone app is a bit limited in which stats it can show but he has found an option that shows more stats. I will post them here:






again anyone who wants to see Matt's full Tradovate account should ask him to show it during his daily Rocket Scooter public livestream. Matt is currently on vacation and apparently doesn't have access to a computer at the moment.

4) In the past I have posted Matt's Full Tradovate Stats and P&L curve from his 2020-2021 trading challenge on my twitter. I will post it here as well:



as you can see there was one deep drawdown in the middle of his curve back to zero in profit but not a blowup. Matt has been honest and transparent about his trading abilities and and about his longer term trading performance and has said on Youtube that
he has blown up many accounts in the past. He also has said that he is an average trader at best. Other times he said that he is "the best trader out there on social media" . Both statements may be true.
As far as the Professional Trading Community he may be "average at best" but as far as trading on social media he is the best in terms of his trading results and his trading transparency. Some retail trading vendors
claim to be much better traders but they don't have nearly as much documented 2nd and 3rd party verified trading results that are good.

5) Matt has other companies besides DTP and Rocket Scooter. There is very limited information on one called Cowart Trading. It now appears to be closed. Some people have said that Matt blew up his trading account that was associated with the Cowart Trading company. I have not verified anything on this or seen anything from an audited 3rd party about this.

I don't know if Matt has a great long term trading track record.
but I do know this:

a) He has the best retail risk management platform that I've ever seen

b) No one else tracks dynamic risk positions as well as the Rocket Scooter platform from what I've seen and I have seen a lot.

c) Matt's trading and risk management skills are real, measurable, and verified by 2nd and 3rd parties.

d) No retail trading vendor or trading mentor has the level of transparency in terms of trading performance and trade explanations that Matt does

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