When you’re watching Youtube and considering an options instructor or options class to take, you often come across an ad. or video that makes claims like these:
- How I made 2.4 million dollars in a month;
- How I made 94 000 in 45 minutes;
- You can make 2% to 5% returns per day;
- You can make $1,000 per month trading only 30 minutes a day;
- You can make a 100% winner in your first trade;
- I’ve mastered a trading technique that makes money and I can share for a fee;
- I’m an ex-floor trader;
- I’m an ex-hedge fund manager;
- I was VP of Goldman Sachs;
- I’m on CNBC;
- I’m on Fox, Bloomberg, TD Ameritrade;
- I’m on Yahoo;
- My office is in New York;
- My office is in Chicago;
- I wear a special trading jacket and I can show you how to make money online.
- If you trade like me, I’ll give you capital. All you have to do is pay for my courses.
- I have an easy to implement formula, an obscure signal, a secret number that tells me when to enter and exit the market;
- I have testimonials showing people making $74,000 in just days or $20,000 on a single strategy or up $175,000 since I joined this class;
- Or I’ve identified the next stock that will multiply in value;
- Or if you want to be rich and trade like the 1%, take my special offer;
- Or I can show you how to turn small accounts into big accounts;
- I started with $12,000 and now I have almost $5,000,000 and I make millionaire students.
When you follow these people what kind of mistakes will you make? Wait, a better question is what kind of mistakes do these guys make themselves? I would say some of them only trade stocks; some of them are intermediate options traders; and a couple may be considered professional traders.
How do you know if you’re looking at a get rich quick scheme? Well, it is simple. You ask the guru if you can see their real P&L. Can you see their total portfolio either with videos over time like on a monthly basis where you can see their daily results or their brokerage statements or tax returns over time? If they’re not willing to share their P&L, then they cannot prove their trading system is effective. End of story.
So what happens when you ask these gurus for their real P&L–which I’ve done in the comments section of a lot of their Youtube videos. Most of the responses look like this. When I ask for their P&L–I’ve done this with Ricky Gutierrez, John Carter, Options Alpha, and a few others–you can see here that I asked for the real P&L and I got no response. Or sometimes I get a response. For example, in this one here, where the lawyer and the tax accountant advise them not to put their financial information online. On this I said, “well why don’t you just go ahead and open up a smaller account, a separate account, and you can show your P&L with a smaller account.”
As you can see this guy got a little annoyed and said, “instead of you coming in and respecting the platform, the industry, and the game…” he mentioned that this whole thing is a game to him. And I said, “you’re right. I don’t respect the game. I want to change the game from traders on Youtube acting like they’re credible when they’re not.” Eventually, this guy went on the attack iIn order to avoid the real subject in this instance.
This guy talked about how he had successful trades and he was making a thousand dollars a day here and a thousand dollars a day there. But when I went through and realized, wait a minute, you’re only making a thousand dollars on every other Tuesday or on a Monday and then Friday. But what happened to those days in between?
So I asked him, “I missed your recap on August 29th, August 30th, September 2nd, 3rd, and 4th.” Because those days he didn’t show how he made thousands of dollars. And his comment back was, “I did not trade some of those days.” Well, I guess you just don’t show when you have losses. You only show your gains.
I asked this guy for his P&L and he took the conversation private and he said go ahead and email me and then he didn’t respond to my email. So I had to email him like three or four times and finally he came out with a similar response to one of the other guys which is: there’s some type of regulation that prevents me from showing my P&L. Which is not true by the way. There are no regulations to that effect.
I ask this guy: do you ever show your account statements or a real P&L? He just straight out said no. Okay, well at least, he’s honest about that. He is selling a course though. All these guys are selling courses.
I asked this guy: do you ever show your brokerage statements or P&L? And here’s one of the ones that they’re starting to kind of move towards–a lot of them are starting to catch on. And here’s what they say:
“Trainers live stream their real trades to members every day including visibility in their trading accounts. Full visibility helps us teach traders our strategic thinking.”
In other words, if you’re willing to sign up behind my paywall and give me money you’ll obviously see the real P&L. That I cannot prove at this moment, but I may go behind some of the paywalls and see what’s happening. I really don’t think they show their real P&L behind the paywall. In fact, I am behind a paywall right now and in a couple weeks I’ll be done with the program and I will report what I find. So subscribe to the channel so you don’t miss that upcoming video behind the paywall.
And fake gurus can create massive financial losses and there are numerous examples of that. For example, here are some of the comments of this video. One guy lost $100,000 over two years. This guy, a $25,000 loser, 95% of his net worth lost. A $15,000 loss and done with day trading. $35,000 loss and his uncle lost $200,000. One guy lost $180,000. Another one gave up after 3 years of losing.
I mean, these things just keep going on and on. I mean, there are more and more people that have taken losses that are not on this video or not talking about it because they’re embarrassed.
Here’s another person: I lost $120,000; I lost $250,000 in one night. Here’s a lady who said: I lost all my savings and I’m sad. Someone else lost 93% of their net worth in the last week. Someone else lost $120,000; lost up $300,000. Another guy lost $30,000 day trading in two weeks. Another guy lost $20,000 to $40,000 on more than one occasion. So you can see there are real people out there being affected and fake gurus can create massive financial losses.
I hope this video has provided enough proof that a vast majority of the stock and options trading gurus on Youtube are just not credible. And I think you would agree that it’s not a good idea to take advice from one of the fake Youtube gurus. And I personally would not give any of my hard-earned money to all these gurus making these outlandish crazy promises for a stock or options trading course unless they show me their real P&L.
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Remember: if the P&L is not real, what else are they trying to conceal.