Mike Baghdady - should I take a course or not?

[The Leopard]

does anyone know why FXStreet kicked out Baghdady; and removed his profile all together from their site?

Because they are c0ck-a-roaches and losers! They do not understand what the f uck price behaviour is*!






*For those that do not know, price behaviour is a revolutionary new concept that is utterly different to price action. It is highly complex and needs a master (better yet, the World's Foremost Expert) to explain, but in essence price behaviour is the behaviour of price, or anything that price does. So if price goes up, that is price behaviour. And if price goes down, that too is price behaviour. And if price goes sideways, also is this price behaviour.

 

[The Leopard]

Cos he got Scose'd

 

[alphadude]

Because they are c0ck-a-roaches and losers! They do not understand what the f uck price behaviour is*!






*For those that do not know, price behaviour is a revolutionary new concept that is utterly different to price action. It is highly complex and needs a master (better yet, the World's Foremost Expert to explain), but in essence price behaviour is the behaviour of price, or anything that price does. So if price goes up, that is price behaviour. And if price goes down, that too is price behaviour. And if price goes sideways, also is this price behaviour.

also he called some of his staff and clients rats

 

[the hare]

* in essence price behaviour is the behaviour of price, or anything that price does. So if price goes up, that is price behaviour. And if price goes down, that too is price behaviour. And if price goes sideways, also is this price behaviour.

On the advanced course which is available only to TT graduates at the special discounted price of $9999 they also cover the tricky topic of price behaviour when price stops moving all together.

 

[alphadude]

On the advanced course which is available only to TT graduates at the special discounted price of $9999 they also cover the tricky topic of price behaviour when price stops moving all together.

no rats allowed to take the advance course :clap::clap::clap::clap:

 

[The Leopard]

also he called some of his staff and clients rats

I thought the clients were (allegedly) morons?

 

[the hare]

also he called some of his staff and clients rats

and morons

Although a man of questionable character, if the allegations are true, this was probably one of the rare occassions when he actually told the truth



What else could you call anyone who paid 50K to a serial bankrupt to learn "price behaviour"

 

[alphadude]

 

[pipsplease]

I seem to recall him stating somewhere (possibly in the infamous webinar del lulz, also known as the What The F uck Broadcast) that he was not and has never been bankrupt. Is that right or does my memory play me false?

I post verbatim from Baypips where Baghdady made the following statement.
It is also clear that no-one working for him new of his previous bankruptcy. He denied being bankrupt often. Another lie.

"To Whom it many concern
Posts within this link refer to me as being bankrupt. This is factually wrong.

I was involved in litigation, similar to many other human beings, with Robins Futures and I lost the case. I will not discuss its merits
Upon advise of my legal counsel and in order to protect my assets I filed for a Chapter 11 Protection Order so that I could protect my assets and at the same time be able to negotiate a fair and reasonable settlement. The document posted is an affidavit or a sworn testimony and NOT a judgement.

I have negotiated successfully, and I chose to prepay the whole settlement in full and in cash.

I voluntarily withdrew and the case was dismissed. The statement and the case no longer exist.

I am not bankrupt, nor have I filed for Bankruptcy. Nor am I involved in any litigation with anyone around the globe. Nor do I owe anyone a dime.

Unfortunately competitors out there and others who have nothing to offer but Fluff and are in Fear of what we deliver - resort to these underhanded techniques.

MB "

Read more: Mike Baghdady - Training Traders

 

[pipsplease]

also he called some of his staff and clients rats

"Morons"

 

[alphadude]

.... Nor do I owe anyone a dime...

big fat liar. the whole court procedure talks about how much he owes everybody; and till date still owe money; and he has the bravery to lie about that.

 

[pboyles]

I see Mr Baghdady is still trying to ensnare the few gullibles left out there!

Despite everything that has happened and been exposed about his lies and false claims he is still doing it. Just look at the strapline on the photograph.

Apparently this was emailed to his database of several thousand who applied for and were rejected for his turtle experiment. Not exactly the audience that would now be receptive to this sort of crude marketing from a man exposed as an absolute fraud.

"We're voted # 1"

Where the hell did this garbage come from?
Who voted?
# 1 what?

We shall watch and await his next attempt to target the ignorant and unaware.
No hiding place for you now Mr. Baghdady.

Anybody know where this links to?

 

[Hoggums]

Lets put this into perspective, he was required to provide an additional 400K in margin on a 50K account that he'd opened only one month previously in order to participate in a trading competition.

It just goes to show what an awful trader this guy is. Anybody reading this thread because they were looking up Mike Baghdady and his courses should take note.

I think it would be very difficult to run up 91K of losses on a 50K account in a month. He must have been trading a ridiculous size with insane risks.

Here is a guy who obviously doesn't understand risk and can't trade.

I also think I need to mention the words scam, con-artist, review & reviews so that this thread comes up on google searches. I'm not implying any of those words have anything to do with Baghdady.

 

[the hare]

big fat liar. the whole court procedure talks about how much he owes everybody; and till date still owe money; and he has the bravery to lie about that.

more a case of stupidity rather than bravery

 

[Digbyarbuthnot]

The court document (linked above) states:

11. One of the questions on the application [to open an account with Robbins] asked if Baghdady had ever left a debit balance at a brokerage firm.

13. Baghdady checked the box marked "no" to this question.

14. Baghdady had previously left a debit balance at the brokerage firm of Lind Waldock and Co.

15. Baghdady's bankruptcy records show a "trade losses" claim of $5,500,000.

17. Baghdady's bankruptcy records also show a "Judgement against Debtor and Bakara Trade Losses in 1989" claim of $100,000.

19. Before his account was opened [which occurred before the middle of September 1997], Baghdady stated to the Robbins parties that he had not borrowed funds to open the account.

20. On August 1, 1997 [just over a month before the account was opened], Baghdady had signed a promisory note in the sum of $750,000 to his mother.

21. If the Robbins parties had known about Baghdady's prior bankruptcy or the debit balances contained therein, his debit at Lind Waldock, or his promisory note of August 1, 1997, they would not have opened his trading account.

What is a person conducting "due dliligence", as you recommend, to make of that, WhichWayNow?

More to follow shortly.

I love the idea of Mike Baghdady begging his mother for a promisory note....
'I will make 300% from this from all these morons! I promise you mommy, I am the World's foremost expert and world champion trader!'
Mama SlapBoobies: 'Of course you are dear. Do you want a glass of warm milk before bedtime my little boy?'

 

[Hoggums]

Many years ago he would have gotten away with it - I'm sure he did very well in the 90's and early 2ks because of the ease at which he could cover his tracks, there was nothing to show what he was saying wasn't true. Now the availability of information on the internet is catching up with him.

 

[the hare]

Here is a guy who obviously doesn't understand risk and can't trade.

If you look at the retrospective trades he points out in his webinars where he's claiming returns in excess of 300% per trade, he still doesnt understand risk.

In his defense, he was trading in a public competition, and the previous winners of those Robbins competitions generally tended to be traders who took that approach. In effect he bought at 50K lottery ticket.

Its unfair to comment on the viability of this approach really as I have no idea what 50K represents to MB, it may have been a tiny fraction of his net worth at the time, but it was rather unsporting of him not to settle his debts

 

[alphadude]

Many years ago he would have gotten away with it - I'm sure he did very well in the 90's and early 2ks because of the ease at which he could cover his tracks, there was nothing to show what he was saying wasn't true. Now the availability of information on the internet is catching up with him.

old booby need to catch up just like mubarak

 

[The Leopard]

Next extract from the court document posted above. Still no comment from WhichWayNow on how the due diligence crowd should take this stuff.

Conclusions of Law

Count 1 - Breach of Contract

43. RFI [Robbins] performed all required obligations and conditions under the contract.

44. By failing to meet his margin call on October 17, 1997, Baghdady breached his obligation to RFI...

Count II - Common Law Fraud

47. "The elements of common law fraud are: (1) a false statement of material fact..."

48. Baghdady made a false statement of material fact...

49. Baghdady made this statement knowing it was false...

And on it goes.

That's enough anyway - anyone who wants to read the full thing can do so.

It appears that Robbins sought punitive damages. The judgement noted that Illinois does not generally support these unless there was "malice", "outrageous misconduct", statements were made "wantonly" etc. The court did not find this to be the case and so no punitive damages award was made.

It appears from my brief reading that the court found for Robbins on all points (excepting the punitive damages) and awarded them around $350,000, in addition to the monies they had already recovered at the time of the margin call, around $130,000 I think. The court also awarded attorney's fees, as then yet to be determined.

Please note that these posts are just extracts. Although I believe that they give an accurate picture of the court's judgement, anyone who is interested should read the document in full. It is readily available above.

 

[Lightning McQueen]

Anybody know where this links to?

spyglass??