In my first post, I gave my opinion of my time spent in the Jaguar Club. My conclusion was that the course itself, being very non-traditional, was a big disappointment, but the bottom line was that I thought Ed was a good trader and had something to offer, although perhaps he was just a poor teacher. It was entirely my fault for not succeeding. Ed was always generous with his time, never saying he was too busy to do a one-on-one with me.
I really worked hard. I've attached my notes on the vids I watched, 20+ pages. Some vids I watched more than once. I did endless bar-by-bar analysis and market replays. I would print out Ed's trades and do replay on them, stopping where he entered and try to see what he was doing. Sometimes it was obvious, like a break out, but often it just didn't make any sense to me. I would ask him about it and he would just say I couldn't trade like him or see things the way he did because I didn't have the experience. A very believable response. I kept working.
After all, Ed was posting winning trade after winning trade in near real time. How could he possibly fake that? Well, as @arafg and @opentrdr pointed out, it's possible. I even did it myself. I was stunned how easy it was to create a winning trade list in real time from live sim.
All the red flags were there to be seen, but I ignored them. Many were pointed out by arafg, but there are many others.
The few trade setups he calls out in the room are not his. He did not develop the Tap & Go, the Golden Boy, or the Silver Boy. Those were done by someone else. His only 2 pattern setups are the 3BR (which he's posted himself on futures.io (formerly BMT)) and the Balance Trade (an infrequent time-based setup).
When you join, you're going to get a few cluttered PDF's showing indicators no longer used, and trade setups no longer talked about. It's very clear that these documents were produced years ago with no new additions. These are his trade setups. This is the "documentation" he occasionally references.
As pointed out numerous times, his on-mic results are no where close to the 90% or better results he posts. In fact, if you look back over his posts, most of his losers are made between the hours of 8am - 10:30am when he's usually on the mic.
Once in a trade, he gets "squirmy", for lack of a better description. He shows none of the confidence you would expect from someone with a 90% win rate, claiming to make in excess of $10K per week, every week (no losing days that I can remember in a year).
After a losing trade or two, he will try to get a student to take the mic, saying he doesn't want to give anything back (it's not endless winning). When asked why he doesn't switch to sim and keep trading (we all want to watch and learn), he says that he doesn't trade sim. It's a step backwards. Even though his web site clearly says that all his trades are sim, and today in the room he said he does trade cash and sim (first I ever heard that). Usually there will be more winning trades on his blog after he surrenders the mic, showing that he kept trading.
The course itself is designed to wear you down. You don't trade for a month. Just watch. You go through hundreds of hours of video, exceedingly redundant, and some just showing screen setups. You can see for yourself what to expect in the free video section of his web site. What you see there is all you're going to get, except hundreds of hours of it. If you think being a member is going to get you access to information that you can't get from his site for free, or get from a free trial subscription to his room, you're wrong. What you see in the room is all there is. He may say that Friday's are for students only, but there is nothing additional going on.
When you ask Ed for help, he tells you to do more BBB and replay. When you do and still don't get the results and ask for help, he tells you to do more BBB and replay. And so it goes. If you can't get to the magic 30 speed, you haven't followed the course outline.
When you do a BBB with Ed, he may sudenly say "go long now", or "go short now", or "add to the postion". His trade calls are nothing short of incredible. He holds runners and knows when to close them or hide behind a box. Almost like he's looking at the complete chart. BTW, he NEVER adds to a position in the room, and I have seen no indication of him adding to a winning position on his blog, although he will occasionally average down in a trade.
And of course the biggest red flag of them all, why would a guy who's over 60 years old with small children, who can make $20K per week in his pajamas, even WANT to waste his time running a room, let alone offer a discount?
Up until now, the little child in me wanted to believe that there was this hugely successful trader that was offering me his time and would stick with me as long as I didn't give up. I couldn't wrap my head around the idea that this was all an intentional, deliberate fraud, set up to do nothing but take my money. I really didn't want to believe that.
And after these new postings were brought to Ed's attention in the room, he didn't seem to understand what he was being accused of. A person named Hous bin Pharteen (love that!) pointed out that he was being accused of fraud, and that he could quickly dispel that notion by either showing his DOM when he traded, or posting an image of it on his blog. He staunchly refused to do that.
He claimed that he didn't want people ruining his trades. Regardless of the fact that he uses the chart trader feature with limit orders, and anyone in the room could see where his trade was going to be. And by posting a detailed list of his trades with time stamps, any malicious traders with computer skills could figure out his secrets. He's already posted all the real sensitive stuff. There is no reason not to post a picture of his DOM, with no active trades on it - EXCEPT HE CANNOT FILTER OUT THE P&L.
I was appalled that Ed refused to show his DOM. I still find it hard to believe. He won't even post an image of it along with his trade list.
So Ed, if you're reading this, here's what you can do. Show an image of your DOM along with your trade list. This is not devulging any new information or secrets. Also show the ATM Strategy and MAE columms in your trade list. This will prove to us nay-sayers that you are real. If you are real, I'll apologize in public and buy one of your paintings from your web site. You know, the web site where you say you TEACH day trading for a living.
BTW, Ed just locked down his website with new passwords and sent this email out to his students. Does this look like someone who is transparent and has nothing to hide? Remember, he makes over $2k per day before you even get up for breakfast. Except now you need a password to see it.
From Ed's email:
"It has come to my attention that today's education session was posted in pieces and highly misrepresented as to what was said with a lot of what was not said... some really crazy gross distortions. Also a lot of gross distortions of the results of the snagit posts.
So, there are a lot of disgruntled traders in the club. So, I am going to try and make it easy for you who are not able to understand this approach. Here is the fix - go find some other way to trade.
It has and always was posted clearly what this was all about. Go read it (the club blog and the education blog) again more carefully. Stop wasting your energy on this (and dooming so many to travel down your rocky path over at BMF). Spend your energy on your search for what can work for you, because this approach obviously does not.
I am only going to let in those members who contact me via email and ask to return to remain in the club.
I am also changing all passwords for blog access, snagit and video libraries. If you want access, contact me via skype or email.
For all communication, I will need your full name, your email on record for the future, and the date you joined.
Last edited by Tiger45; December 10th, 2014 at 01:58 PM.
Reason: Added quotes to clarify the content.
The following 3 users say Thank You to Tiger45 for this post:
@Tiger45, great follow up. Your whole experience was the same as mine about 4 years ago. Sorry to see nothing has changed, and looks like it never will. If people read your posts and still pay, its on them. The so-called system charts I had where of Blue Wave indicators, when he was using BBT indicators. His setups were not even the same he was teaching. Some aspects were, but when someone pays you to take a class and the material is 3-5 years dated, what good is that. The only good is what you stated, just to wear you down. Thank you-Mark
The following user says Thank You to tradermark2009 for this post:
Thanks for the information. I also received that email. Ed "locks" down the blog to create mystery so new clients will think there is something of value there. As you stated, what is available on the blog is all you're going to get.
Personally, I am more interested in what @NinjaTrader will do given the negative feedback from his customers. I believe he is a NinjaTrader partner, perhaps someone can verify that to be true or not. Their decision will have a bigger impact on protecting consumers.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
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