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There are at least a couple of issues at play in this situation. The first
lesson that no one seems to learn in spite of recurring evidence is that a
lot of these gurus are nothing more than the counterparts of the snake-oil
salesmen. These guys see this HUGE market (traders) and simply can not
resist to take advantage of the situation. Which brings me to the second
point; these people continue to flourish because of a very large market
(again, traders) that think there is an answer (the Holy Grail) to solve
all our trading (or personal) problems. While this guy is unethical, he is
being punished for taking advantage of people's volitional acts caused by
their own greed. How could any one believe his ads? Look at Wade Cook and
some of the other promoters working the market at this time. I think these
people are despicable but I don't feel particularly sorrow for the
"victims" of their scams.
A case can be made that these promoters are preying on inexperienced
investors so they need to be shut down. Well, a little homework and
critical thinking would put these people out of business. The only things
needed are common sense and a lot of questions.
I have paid for similar junk. I do not however blame the purveyor for my
decision. If anything I derived more benefit from understanding the
dynamics of my decision to purchase the stuff than the product/service was
intended to produce.
Someone will fill Bernstein's place. Actually, he was relatively harmless
compared to some of the REAL smart ones out there. Bernstein was blatant
with his claims. The best ones are more insidious with their scams so that
few of their "victims" ever realize they're being had.
Personally, I'm holding out for the new Viagra mechanical trading system
soon to be introduced...
Regards,
Tom Alexander
> From: Walt Downs <knight@xxxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Re: Jake Bernstein vs. NFA . . . Comment
> Date: Tuesday, May 12, 1998 11:45 PM
>
>
>
>
>
> >I for one am proud of Jake Berstein!!!
>
>
> Rob,
>
> An interesting opinion. However, one must consider the ehtics
> invlolved. Allow me to draw an analogy:
>
> Many traders, and especially the public in general, find the markets
> quite addictive. It is not a business to them, it is a drug. They
> move from trade to trade, always looking for the next "fix". When
> this happens it is sad to see. But, when someone takes advantage
> of this, it is an absolute moral disgrace.
>
> I wonder if you would feel the same about Mr. Bernstein if he were
> selling drugs on your street corner.
>
> Walt Downs
> CIS Trading
>
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