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Another cautionary message. Gary Smith posts to newsgroups occassionally
- worth reading. Worth a deja news search. We should get him on
Realtraders.
Subject:
Re: Be Aware! Daytrade the S&P Course
Date:
18 Apr 1998 15:45:27 GMT
From:
"Gary Smith" <hiyield@xxxxxxxxxxxx>
Organization:
All USENET -- http://www.Supernews.com
Newsgroups:
misc.invest.futures
References:
1 , 2
Good post, Ben. The teachers of all these overpriced and overhyped S&P
daytrading courses have never consistently and successfully daytraded
themselves. They prey on the greedy and the naive. I could tell you
stories even you wouldn't believe. For example, I know one fellow who
attended a seminar on daytrading the S&P. Then without any experience
whatsoever, this student began portraying himself as a successful S&P
daytrader and selling his services for $3000 per course. The funny
thing
about this was the so-called trading master that taught this scam artist
how to daytrade the S&P was a crook himself. And that's how it goes for
most of these masters of manipulation. At one time or another, they
took a
course themselves on daytrading the S&P. When they learned it's just
about
impossible to make money scalping off the floor of the exchange (unless
your name is Marty Schwartz) they resorted to selling their own courses,
but with one or two refinements from what they were originally taught.
I use to rant and rave about all the charlatans who teach these S&P
courses. But traders only wish to believe as true that which they want
to
be as true. So they are easily seduced by the dream merchants and their
promises of $1000 per day and more scalping the S&P. Did you know that
absolutely *none* of the multitude of vendors marketing these S&P
daytrading scalping courses have ever been able to provide so much as a
18
month track record? They all have their bogus excuses on why they can't
and won't provide their statements. Promoting these S&P daytrading
courses
is a lucrative business. I can think of several know-nothings who made
over $20,000 monthly teaching methodologies that were nothing but
garbage.
I have spoken to over a hundred traders who have spent anywhere from
$995
up to $18,000 on S&P daytrading courses. None of them ever made any
money
with what they were taught.
Beware of the phony testimonial scam. Most of these S&P daytrade
merchants
will provide you with the names and phone numbers of satisfied
purchasers
of their courses. In many cases, the references are paid to say nice
things about the vendor. I personally know of traders who were on the
payroll of the vendors teaching the course.
Here's a couple other tricks of the trade these scam artists use. Most
of
them offer either an end of the day fax service explaining how you
should
have traded on that particular day or free end of the day phone
consultations. Please don't fall for that trick. *Anyone* can tell
you
how you should have traded *after* the trading day is over. Another
favorite trick used by these rascals is they sit you down in front of
their
computer screens and dazzle you with how you can buy and sell at various
price levels and make all sorts of money. Trouble is, try doing this
with
real money with real fills and the picture is entirely different.
As for M.A. Lovinger, he's one I know nothing about. I wonder what his
trading credentials are? Will he readily provide his monthly statements
for the past 18 months to validate himself? Or will he laugh you off and
say it's none of your business? Hey, if someone wants lots of your
money
to teach you how to trade, then his business *is* your business.
Gary Smith
Preferred Customer <1IMPEX@xxxxxxxxxxxxxxxx> wrote in article
<6h8qtf$1d6@xxxxxxxxxxxxxxxxxxxxxxxxx>...
> If it is not a system, it must be a methodology. Been through a few guys
> that advertise on this newsgroup, that they do not sell a system but are
> willing to teach, so far I have been riped off well over $16,000. If it
is
> not a system then there are so much discresions involved that practically
> would be impossible to stay consistent. So if you ask these so called
> trainers , How many of your students are able to recognize the buy &sell
> signals when it arrives? They all almost answer 100 percent of students
> will be able to recognize the signals. In reality not even ONE percent of
> the students are abel to pick up the signals until it is in hindsight.
The
> truth is that most these trainers are there to fill their own pockets and
> make a business out of selling you a meager and usally worthless
> information (unfortunately you will find out after you are out of money),
> since they have long came to realize it is not possible for them to just
> rely on trading as a business. So BE AWARE! If it is not a system
chances
> are good that it is WORSE than a system. And if they want you to pay a
> monthly fee after the training as ongoing support, then realy watch out,
> because then the guy will hold back enough information to allow your
> criousity crave for it and thus hook you to his monthly dues for as long
as
> your mind and your pocket allows. I just came out of one these
> relationships and feel like a fool. The guy advertises on this very same
> news group and offers free advice and so on and so forth. He offers you
one
> week of his signals free then he asks you to pay him certain amount per
> month. He usually weighs your financial capabilities before he quotes you
a
> figure.
>
>
> Be Careful
>
>
> Ben
>
> M.A. Lovinger <mlovinge@xxxxxxxxxxxxx> wrote in article
> <353dbe17.120844815@xxxxxxxxxxxxxxxxxxxxxx>...
> > Experienced S&P daytrader is now offering a 4 day ONE-ON-ONE class on
> > daytrading the S&P 500. I will teach you everything that you need to
> > know to allow yourself to be profitable trading the S&P 500. It does
> > not matter if you have never traded or have been trading for years.
> > My one-on-one training will benefit anyone who wants to trade. All
> > training is done one-on-one in real-time.
> >
> > After 4 days with me, you will discover techniques that you can put to
> > immediate use to lessen your losses and maximize your winning trades.
> > You will learn to limit your losses to no more than $250. Don't think
> > this can be done? I do it every day! Risking only $250 per trade
> > allows you to control your losses. You MUST control your losses in
> > order to become profitable. I will teach you exiting techniques and
> > correct stop placements, all in real-time.
> >
> > I am not selling ANY system. If you want an automated system, you
> > need to look elsewhere. I will teach you sound technical trading
> > using a few indicators, and a lot of my own experience which will
> > allow you to become a proficient, profitable daytrader.
> >
> > You can E-mail me at mlovinge@xxxxxxxxxxxxx or call me, Andy, at (770)
> > 642-4222 for more information. Give me a call, if only to talk
> > trading. I promise I won't try to sell you anything or flood you with
> > junk mail! As I only teach 1 person at a time, space is extremely
> > limited. Serious inquiries only, please.
> >
> >
>
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