Losing 300k in one trade....

[Rossini]

A mate of mine told me that recently Rob Hoffman from TTM lost over 300k in one single trade. I googled ''rob hoffman loses 300k'' and read the first few links- it seems to be true!

I'm not to sure about his 'strategy' as I'm not a subscriber (luckily ;-) but it appears that he adds to losers until he is in the green which is widely accepted to be a ticking time bomb type of strategy......

Anyone else know anything about this?

R

 

[pboyles]

A mate of mine told me that recently Rob Hoffman from TTM lost over 300k in one single trade. I googled ''rob hoffman loses 300k'' and read the first few links- it seems to be true!

I'm not to sure about his 'strategy' as I'm not a subscriber (luckily ;-) but it appears that he adds to losers until he is in the green which is widely accepted to be a ticking time bomb type of strategy......

Anyone else know anything about this?

R

It was mentioned here a few days back, he is some sort of mentor/vendor, I cant remember the name of the system he sells. Obviously whatever it is doesnt work too well.

 

[pboyles]

It was Rob Hoffman of www.tradethemarkets.com according to elitetrader, and it was $312,000.

 

[pboyles]

You can join his live trading room if you want.

http://www.tradethemarkets.com/public/Live_Day_Trading_Chat_Room.cfm

 

[Mata Nui]

What % of his account was that? Not that anyone will know exactly but if 300K is about 6% of the account its less of a big deal than if it was 30%.

 

[Pazienza]

I've posted a couple of summaries about this (look back over my recent posts). Basically the guy is an utter chopper. He uses a martingale system to get a massive win rate, and scoops a few hundred bucks per time. Unfortunately, the day it went wrong he kept buying (I think) TF until he was carrying about 850 cars. At that point the broker pulled the plug.

WTF this is supposed to be God only knows. He has no risk control whatever, but he charges people to watch him "trade".

By the way, this fiasco was opened with a single contract. He actually went from 1 to 850 .

There are some threads about it over on ET, one called Robert Hoffman, one called something else (I think it's the name of the two guys that actually run the room that he works from). If you can't find them let me know, I'll try to dig out the links for you. It's worth a read, pretty funny stuff.

 

[Doomberg]

Pretty tragic, he should of known better... that must of hurt

 

[scose-no-doubt]

300 punters @ 125pcm isn't bad

I'm thinking about starting a new nic and giving it a go.

Still nets you 6 figures plus you get a lovely capital loss to carry forward for when you sell some other shizen

 

[Pazienza]

Pretty tragic, he should of known better... that must of hurt

Not really, he's not a trader after all. As Scose pointed out, he's caning it in subs, so what does he care whether he wins or not? That's the point - he employs yjis sh1tty, ridiculous system knowing that it will make him "profits" day after day after day - seriously, you can keep picking up pennies for months on end with no losses, so you can sell yourself to idiots on the basis of your 99% win rate or whatever.

If you blow up every now and then, no problem. It's only a problem for the chumps in your room following along. But there's plenty more where they came from, so f*ck 'em.

He must be a really nice guy.

 

[DionysusToast]

1->850 contracts!

I love the comment on ET

"Adding to a losing position only compounds the problem." - well, yes, obviously.

 

[DionysusToast]

http://www.youtube.com/watch?v=_bIpUVA9308&feature=youtu.be

Painful to listen to. He knows he's bleeding subscribers.

 

[advfntrader]

some system that is....I'm wrong but I'll keep adding until I'm right......yeah that'll work

 

[Masquerade]

What % of his account was that? Not that anyone will know exactly but if 300K is about 6% of the account its less of a big deal than if it was 30%.

Exactly, the nominal sum is useless without having more information. It might have been the first time he's taken a loss in 2 years. He might have been making $1m/year from trading for the last 10 years etc.

 

[scose-no-doubt]

what a looser

 

[Pazienza]

Exactly, the nominal sum is useless without having more information. It might have been the first time he's taken a loss in 2 years. He might have been making $1m/year from trading for the last 10 years etc.

He hasn't been. The last one was a while back certainly, but I think he's averaging a few hundred bucks per winner.

This is basically a win rate scam. Not a bad idea either, given how many idiot noobs there are that think this is a great thing.

I'm only getting this second-hand though (obviously). The ET threads have more detail.

 

[DionysusToast]

Where's Howie?

 

[DashRiprock]

i sort of feel sorry for his family.

i mean, working on assumption that $312k loss is going to have bad effects on their lifestyle. I wunder if they really knew what he was doing, or he just spun them the same lines as his subscribers?

now, like, with capital loss and fall in subscribers, they mite have to change schools or stop going to clubs or whatever.

 

[scose-no-doubt]

I'm wondering when we'll see a Trader_Dante blow up thread. He tried to sucker me in with promises of a CV review by a friend who worked in BNY Mellon. Boll0cks. Kudos for picking a juicy worm Dante but you're just not strong enough to wrangle £70 out of my black a$$.

 

[Pazienza]

 

[Doomberg]

Well if he can afford to lose 312k and not fly to alaska and have a dozen people slap him in the face with large salmon for a weekend then he must be doing ok