Mike Baghdady - should I take a course or not?

[pboyles]

Is his statement that his sole source of income was $75,000 from Spyglass correct, or did he provide inaccurate information to a New York court in the course of his bankruptcy proceedings?

You could say he's caught between a rock and a hard place on this issue.

 

[The Leopard]

Again for the attention of Malcolm Steel or other official spokesman of Mr Baghdady:

Question 3

On Mr Baghdady's website, he claims to be "World Live Trading Champion 2009". It has been alleged that no such title exists. Please clarify what this means and the circumstances in which you claim he won this title, including what he actually achieved in the competition and how many participants there were.

It would also be helpful if you could respond to the allegations made concerning this matter in the post linked below, specifically that the organisers of the competition that earned Mr Baghdady the title "World Live Trading Champion 2009" were very unhappy about the claims he was making.

http://www.trade2win.com/boards/first-steps/144314-mike-baghdady-should-i-take-course-not-4.html#post1790210

 

[The Leopard]

Again for the attention of Malcolm Steel or other official spokesman of Mr Baghdady:

Question 4

It has been alleged that one Ben Tuckey appeared in an advertisement for Mr Baghdady's Training Traders and was presented as the manager of a hedge fund called Alpine Capital Hedge fund or similar.

Is this true or false?

It has further been alleged that Mr Tuckey is not a hedge fund manager and that the hedge fund in question does not exist, nor has it ever existed. Is this true or false?

If true, please provide details of the fund or company concerned, including it's FSA registration number or equivalent identifying number with the relevant regulatory authority if different. Please also indicate where details of the fund may be checked.

 

[The Leopard]

Again for the attention of Malcolm Steel or other official spokesman of Mr Baghdady:

I would like to make absolutely clear that I do not state that any of the allegations against Mr Baghdady are true. The questions are posed merely to provide Mr Baghdady, via his official spokesman, an opportunity to address a number of persistent rumours surrounding him. For my part, I heartily wish that Mr Baghdady, via his official spokesman, is able to categorically deny the accusations, which at this stage are I believe unproven.

I would of course appreciate it if Mr Baghdady, via his official spokesman, were to thank me for providing a clear and structured opportunity to refute some of the allegations made against him.

 

[The Leopard]

Again for the attention of Malcolm Steel or other official spokesman of Mr Baghdady:

Question 5

Is it true that Mr Baghdady, or one of his surprisingly numerous companies, was placed on a media blacklist for non-payment of City AM, as alleged (see posts passim)?

If it is true, please explain the nature of the dispute with City AM and the reason for non-payment.

 

[The Leopard]

Again for the attention of Malcolm Steel or other official spokesman of Mr Baghdady:

Question 6

It has been alleged that "Joe", put forward in advertisement as an institutional trader trained by Mr Baghdady, is in fact simply an employee of Mr Baghdady's and not an institutional trader.

Is this true or false? If false, please supply the name of the institution for which "Joe" trades.

Please see post 72 linked below:

http://www.trade2win.com/boards/first-steps/144314-mike-baghdady-should-i-take-course-not-9.html#post1793224

EDIT IN LIGHT OF POST 213 SUBMITTED BY PBOYLES:

It has been alleged that "Joe" is in fact Ben Tuckey's brother. Is this true or false?

 

[pboyles]

That is Joe Tuckey by the way, Ben's brother.

 

[The Leopard]

I would take this opportunity to suggest that this thread has evolved beyond one of opinions into an examination of specific, as yet unproven, allegations made by one or more persons against Mr Baghdady.

It might therefore be better if both sides refrained from posting opinions regarding the quality of Mr Baghdady's training in order to give him, via his official spokesman, an opportunity to confirm or deny these specific, as yet unproven, allegations.

 

[pboyles]

I differ slightly, some of the allegations have been proven. However I shall not post the proof yet again, at least not yet.

 

[safvan]

In the bankruptcy docs it does state that he has/had properties worth more than $1 Million dollars..so I am not sure we cannot say that he was a millionaire at one point whether from trading is another thing.

Its not completely false statement but not crystal clear as well.

Thing people screw up in life not once but multitude of times. Its okay. I do every now and then. Thing is not start taking revenge by screwing others in the process.

Mike is not breaking any rules. Heck I would even go ahead and state that what ever he charges is available for free but then then people pay for the personal service.

I think if he just removes the unnatural and untruthful claims from his approach people will not bring the past up.

So he charged me for something that I did not know later came to find out that was available for free..so what...9 out of 10 people would not notice anyway because they give a shot to trading. Very few actually end up making a career out of it. It is just like people taking useless degrees from the universities only to end up doing something totally different later in life.

He just needs to tone it down a little and things would not be that bad at all.

 

[The Leopard]

I differ slightly, some of the allegations have been proven. However I shall not post the proof yet again, at least not yet.

Thank you. I think it would be wise to allow a reasonable period for a response. If one is not forthcoming in a timely fashion, then it would be helpful to the membership to provide proof or whatever evidence is available.

If I may say so, I think that you are to be commended on your contributions. Unlike some, you have largely preferred specifics over generalities and have avoided opinions in favour of matters that seem to have a reasonable chance of being proven or dis-proven.

As such, and because I have no reason to believe that Mr Baghdady will not be fully vindicated in all matters of the specific allegations that have been floating around trading forums for some time, I am confident that Mr Baghdady, through his official spokesman, will welcome you as a disinterested seeker of truth, and that Mr Baghdady, through his official spokesman, will wish to thank you for the part you will have played in helping him to refute these allegations, should he be vindicated, which I am sure we all believe he will be.

 

[The Leopard]

Again for the attention of Malcolm Steel or other official spokesman of Mr Baghdady:

Question 7

With regard to the "New Turtle Traders", it has been alleged that they have not been provided with £100,000 each of capital with which to trade, and might in fact be trading on demo only.

Is this true or false?

 

[pboyles]

I havnt made a single allegation that I cannot back up with documentary or photographic proof. However I seriously doubt anyone from TT will thank me for it. In any case let them have their say.

Thank you. I think it would be wise to allow a reasonable period for a response. If one is not forthcoming in a timely fashion, then it would be helpful to the membership to provide proof or whatever evidence is available.

If I may say so, I think that you are to be commended on your contributions. Unlike some, you have largely preferred specifics over generalities and have avoided opinions in favour of matters that seem to have a reasonable chance of being proven or dis-proven.

As such, and because I have no reason to believe that Mr Baghdady will not be fully vindicated in all matters of the specific allegations that have been floating around trading forums for some time, I am confident that Mr Baghdady, through his official spokesman, will welcome you as a disinterested seeker of truth, and that Mr Baghdady, through his official spokesman, will wish to thank you for the part you will have played in helping him to refute these allegations, should he be vindicated, which I am sure we all believe he will be.

 

[EricReed]

Vendors always get nervous when other vendors get caught out. Sometimes they get a bit abusive like Eric, especially when he's busy flogging his forex robot.

Stocks, Bond & Forex :: Forex trading, Easy to Get the picture | ArticleBiz.com

"you found me selling the 2,000,000% return in a day Forex Robot! "

Guess I will have to start selling the 3,000,000,000% return in 1/2 a day Forex Robot! n

FYI, I am not a vendor. Those who can do, those who can't teach

 

[The Leopard]

For the attention of Malcolm Steel or official spokesman of Malcolm Steel:

Question 8

Thank you Mr Steel for your lengthy contribution, and for acting as official spokesman for Mr Baghdady.

Your post has raised a few questions and I am sure you will be keen to address them in furtherance of the resolution of these matters.

1. You state that "Unfortunately there have been a number of misleading posts on this site containing misrepresentations of truths and unsubstantiated claims". This is a serious claim. Please state specifically what this statement relates to. You rebut (after a fashion and not perhaps entirely satisfactorily) some specific points, and ignore a number of others (which many might feel are rather more pertinent). Can we take it from this that you dispute the claims mentioned in your post, but since you failed to address them you confirm that all other claims made prior to the post quoted below are true? If not, please complete the list.

2. Your paragraph on the bankruptcy case seems to suggest that Mr Baghdady was not at fault. Yet a New York judge found against him and awarded very substantial monies to the other side. Why would this be so? (Of course, it is not necessary to make comments on the probity and competence of New York judges - I am sure we all have our own opinion on that topic! Forgive me the joke, but surely we are permitted a little levity in the course of our disinterested search for the truth? I think so, I think so.)

3. On the subject of "Misleading publicity, late payment of bills and staff turnover" you state "It would not be right for us to comment on this in detail, mistakes have been made and we have taken action to try to ensure that the right people are in the right roles to improve this situation. "

Why? Disturbing allegations have been made regarding these matters. It is absolutely right that you use this opportunity to maintain the good name of Mr Baghdady and Training Traders by making as much of the truth public as possible, since I am confident that the truth will reflect well upon him and his organisation.

4. A small point, but perhaps an interesting and potentially illuminating one relating more to trading approach than the other matters hitherto discussed. With regard to the turtles, you state that critics should "keep in mind they started trading in the tough market conditions of the USA crash".

I trade US index futures every day and I am not aware of any such crash - perhaps you could tell us when it occurred? There was a reasonable and short-lived correction in ES (a very suitable proxy for "the US market" I think) which occurred and was reversed in the last couple of weeks of November. This was about two thirds the size of the rally in October - hardly what one would call a crash. Other than that the market has been in a very simple uptrend with little variation.

Even had there been a crash, why would this be especially problematic? Surely the "world's foremost expert on Price Behaviour and a 33-year veteran of the global financial markets" has introduced his beloved and most fortunate turtles to the concept of shorting?

First let me introduce myself, I am Malcolm Steel a director of Training Traders.

Official Response on behalf of Training Traders

Unfortunately there have been a number of misleading posts on this site containing misrepresentations of truths and unsubstantiated claims. We respect the right of people to discuss and criticize in an open and objective manor, however in this case there have been a number of misrepresentations and false allegations.

As a company we provide training courses for people new to trading and experienced traders in the Forex, Stock and Futures markets. In addition to the courses we also provide mentoring, live trading rooms, a graduates club and a weekly planning session to help support our clients. We also allow clients to re-take the course for free at a later date. We are not an anonymous web based training company, we perform our training in our offices and invite graduates back to our offices for continued support in our graduates club.
We have the confidence in our training to take a group of people and fund their trading based on the methodology we teach. This does attract criticism as no other training company has the confidence or backing to be able to do this.

We have nothing to hide and are happy to arrange a special workshop to invite Forum members to visit us and see for themselves who we are and what we are about and ask questions.

In response to particular comments:

Mr Baghdady’s chapter 11
Prior to Trading Traders existence Mr Baghdady entered into court action in the USA against a broker following mistakes resulting in wrongful liquidation in his account. After 12 years of litigation and despite the broker admitting to the mistakes in court, the court found for the broker as there was no malice. In mid 2010 Mr Baghdady was ordered to pay the brokers legal fees. Mr Baghdady then filed for the Chapter 11 in order to protect his assets during the financial settlement with the broker (standard practice in the US). Less than 90 days later once the settlement was agreed Mr Baghdady withdrew the Chapter 11. This case is closed (see attached word doc).

Misleading publicity, late payment of bills and staff turnover
It would not be right for us to comment on this in detail, mistakes have been made and we have taken action to try to ensure that the right people are in the right roles to improve this situation.

Turtles
They are still here, a few of them are gainfully making money, most of the rest are even and couple are in negative territory. This is the normal life of a trader, keep in mind they started trading in the tough market conditions of the USA crash and the Euro problems. It is nice to know that people are following the Turtles progress, we will try to improve the postings to help you follow their progress.

Office environment
We believe than an office based training environment allows us to provide a high level of help and support to our clients. However we do not believe in inflating our prices just so we can lavish in luxury surroundings, so we provide facilities equal or better than most standard business offices. As stated above we are happy for people to come and visit to judge for themselves.

 

[Bint_Crusher]

Baghdady is one cool trader dude. He knows his stuff but is a bit on the vain side so he likes all the publicity. You Forkers are playing into his hands and giving him a promoting platform which many are going to check for themselves. Not all those who run trading courses are non traders and pimps. But nearly all of them have over inflated egos , Hougaard anyone?
27 pages of threads about him surely that tells a story.

 

[The Leopard]

I havnt made a single allegation that I cannot back up with documentary or photographic proof. However I seriously doubt anyone from TT will thank me for it. In any case let them have their say.

Thank you again pboyles. Your posts have been consistently measured and reasonable in tone, and I am sure all participants have noted this, your confidence in your opinions, and your claim to have proofs. Some might be thinking about it. Some might be thinking about it right at this moment, and feeling a certain way about it. Who can say? This is all speculation (although is speculation not the pursuit we are all engaged in? Forgive me, another moment of levity, but one justified I am sure you will own by the trading-based punchline).

 

[EricReed]

Agreed - there is no chance current people inside Training Traders talking.

There is no way in hell that this guy is not an ex-employee. Why is he so mad?

Did Bagdaddy not pay your salary?

 

[The Leopard]

For the attention of the turtles or the official spokesman for the turtles:

Question 9

Again, this is of minor interest compared to some of the other matters raised, but perhaps some traders might be interested.

One of your number (DoubleACL) stated that "Anyone who actually trades will know about the recent volatility". I trade US index futures every day, using a method that could reasonably be described as price action. As a result, my stop distances vary according to market volatility. Over the past few months they have been between 40% and 60% of what they were for most of last year. Volatility is down massively, at least in index futures. What volatility are you referring to? Is itt simply a different market that you trade?

 

[EricReed]

And what are you all going to do when you've spent 3 years waiting and it doesn't work out? You'd do well to research the success rates at professional prop houses like Schneiders or Futex. Only a small percentage (maybe 1 to 5%) can make money over the medium to long term. But I forgot you've got the world trading champion teaching you.

P Boyles have you ever bought a forex course?