B
Black Swan
I saw this a few weeks back, and given the recent *outings* and revelations and the continual emergence of new players attempting to fleece the retail trading community with the same tired well trodden method (Price Action off daily/weekly TFs), I thought it would be worth posting up in isolation. IMO the poster makes some very valid points and articulates them perfectly..
FWIW I started to get v.suspicious re the Jackos, James and PA guys when they continually voiced the ridiculous claim that anything below daily TFs was "noise", a suspicion that this post re-confirms.
Even this past week I've chuckled and raised an eyebrow (and blood pressure on occasion) at some of the tactics the long term (usual suspect) con men are using on, for example, the trading journals or forex discussion forums part of T2W..Anyhow, this is worth a read IMHO...
Right I'm gonna watch Kick Ass in HD followed by The Girl With The Dragon Tattoo..: No hidden message...honest..
*sigh*
I really have reservations partaking in this thread. This post is going to appear as fanning the flames, but it's not done with any ill motive behind it. It's purely my reaction to James' posts, which raise more red flags than I care to count.
Again, many parts of this post are going to come off sounding rather abrasive, and I apologize in advance for that, but my BS meter is frankly off the charts..
I am in no way whatsoever defending onlydragon's accusations, these are merely my own thoughts & questions formed from reading James' replies.
James, I address the following to you:
Quote:
Originally Posted by james16
REMEMBER IVE BEEN DOING THIS FOR 25 YEARS.
...
over the 30 years that ive been doing this.
...
ive been at this game for 25 years
So which is it? Over 30 years or 25? 5+ years is a lot of time to misplace..
Keeping in mind that retail FX has existed for little more than a decade, what is your prior experience? If you're so boastful about the number of years you've been "doing this", it would add a bit of credibility if you said what it is exactly you were previously "doing" (sorry, I'm just naturally skeptical, as well as curious)
Quote:
The James16 Group is not a business. Its a hobby.
I PAY OUT 5 FIGURES A MONTH TO TEACHERS WITHIN THE GROUP THAT KNOW MY MATERIAL.
You do realize the second sentence is a direct contradiction of the first sentence? You're paying out 5 figures/monthly to your teachers, it's clearly a business, not a hobby.
Another J16 member quoted 600+ active members. At $129/month, that's roughly $80k/month in revenue, just shy of a million a year. I don't know of any "hobbies" that are that profitable..
James, let's not beat around the bush, you are running a commercial business. There's absolutely no shame in admitting it, you should be proud of what of you've accomplished, but at least man up and admit it.
Quote:
I HATE BEING IN THIS STINKING ROT GUT PRISON CALLED THE COMMERCIAL FORUM.
As I previously stated, you are a commercial vendor. A commercial service is what you are selling. Your attempt to cast yourself as a white knight doing this out of the goodness of your heart is, I'm sorry, ridiculous.
Quote:
I WOULD PAY 5 FIGURES TO GET OUT IF IT WAS OFFERED.
Pay 5 figures to misconstrue the nature of your business, while at the same time, gain wider exposure on FF? I'm sure you would pay it in a heartbeat.. who in your shoes wouldn't?
Quote:
I enjoy the free thread a million times more than the paid group
Really? A million times more? But yes, free advertising is incredible, isn't it?
Quote:
MOST OF THE MONEY THE GROUP MAKES NEVER SEES MY POCKETS.
You must mean theoretically speaking, otherwise the IRS may be at odds with your revenue pass-thru arrangement..
Again, it comes off as if you're trying very hard to convince both your teachers and your clients that you're not profiting handsomely from your site. I seriously question that.
Quote:
My reputation is important to me not because of the group but because i grew up in a time when a reputation actually mattered to people.
Your reputation is important to you because you've turned it into a million dollar business. Congratulations, that's quite an accomplishment! No need to give us this humble helper/white knight story, I know it helps the bottom line profits (read - obvious mentoring sales tactic), but it's a bit overbearing.
Quote:
My wife is not happy at this point.
Considering the money your enterprise is making, she should be very happy. But then again, your family is not relevant to this discussion. We don't need to hear about your wife, or the tears running down your face while holding your child (upon reading the mean internet forum post someone wrote about you). I'm sorry, but seriously, do you see what I'm saying about "overbearing"? Your introduction of family to induce sympathy is, shall we say, unnecessary (and from a vendor/sales perspective, unprofessional).
Quote:
NOW I ASK YOU. Why would a successful person continue to put himself thru this and possibly his families safety IF THE GROUPS INCOME DOESNT MATTER.
I'm pretty sure $80k/month matters A LOT, and is entirely the reason you continue to do it. Any suggestion that it's a terrible burden to you or your family appears as yet another attempt to induce sympathy & create a false persona (for the sake of greater following/sales).
Quote:
I LOVE FOREX FACTORY, I LOVE MY FREE THREAD
I hate to say who often uttered roughly these exact same words (I think most can guess). But yes, we know why you love FF and the free thread, a million dollar baby is something to love indeed.
Quote:
IF I EVER START A LIVE TRADING ROOM (ITS LIKELY)
Sure why not, might as well keep on milking it..
James, I don't mean to come off sounding so critical, perhaps you do mean best. But the sympathy-inducing sob stories and white knight humble helper campaign just reek of shady, false-persona-building sales tactics.
It's obvious you run a highly profitable commercial mentoring service. It's not something to shy away from. As I said before, it's quite an accomplishment and something you should be proud of.
I've loosely perused your thread, many of the early posters there are long gone, likely victims of the unyielding 95%. Your encouragement of daily/weekly timeframes is quite smart, it extends the inevitable, yet encourages a lengthier subscription period (slower drain for them, more money for you). For those who aren't aware, this is quite common in the mentoring business (as is the communal praise amongst vendors, similar to communal praise amongst FF senior members, communal praise = communal credibility = greater following/sales).
I can't say for certain what, if any, long-term edge exists in trading pinbars & fibs (and the other aspects of your methods). I imagine you'd be running a hedge fund if the edge were that evident. But as long as you can keep selling the dream for $129/month, well I suppose the more power to you, but just try to be upfront and honest about it.
http://www.forexfactory.com/showthread.php?t=254552&page=6
FWIW I started to get v.suspicious re the Jackos, James and PA guys when they continually voiced the ridiculous claim that anything below daily TFs was "noise", a suspicion that this post re-confirms.
Even this past week I've chuckled and raised an eyebrow (and blood pressure on occasion) at some of the tactics the long term (usual suspect) con men are using on, for example, the trading journals or forex discussion forums part of T2W..Anyhow, this is worth a read IMHO...
Right I'm gonna watch Kick Ass in HD followed by The Girl With The Dragon Tattoo..: No hidden message...honest..
*sigh*
I really have reservations partaking in this thread. This post is going to appear as fanning the flames, but it's not done with any ill motive behind it. It's purely my reaction to James' posts, which raise more red flags than I care to count.
Again, many parts of this post are going to come off sounding rather abrasive, and I apologize in advance for that, but my BS meter is frankly off the charts..
I am in no way whatsoever defending onlydragon's accusations, these are merely my own thoughts & questions formed from reading James' replies.
James, I address the following to you:
Quote:
Originally Posted by james16
REMEMBER IVE BEEN DOING THIS FOR 25 YEARS.
...
over the 30 years that ive been doing this.
...
ive been at this game for 25 years
So which is it? Over 30 years or 25? 5+ years is a lot of time to misplace..
Keeping in mind that retail FX has existed for little more than a decade, what is your prior experience? If you're so boastful about the number of years you've been "doing this", it would add a bit of credibility if you said what it is exactly you were previously "doing" (sorry, I'm just naturally skeptical, as well as curious)
Quote:
The James16 Group is not a business. Its a hobby.
I PAY OUT 5 FIGURES A MONTH TO TEACHERS WITHIN THE GROUP THAT KNOW MY MATERIAL.
You do realize the second sentence is a direct contradiction of the first sentence? You're paying out 5 figures/monthly to your teachers, it's clearly a business, not a hobby.
Another J16 member quoted 600+ active members. At $129/month, that's roughly $80k/month in revenue, just shy of a million a year. I don't know of any "hobbies" that are that profitable..
James, let's not beat around the bush, you are running a commercial business. There's absolutely no shame in admitting it, you should be proud of what of you've accomplished, but at least man up and admit it.
Quote:
I HATE BEING IN THIS STINKING ROT GUT PRISON CALLED THE COMMERCIAL FORUM.
As I previously stated, you are a commercial vendor. A commercial service is what you are selling. Your attempt to cast yourself as a white knight doing this out of the goodness of your heart is, I'm sorry, ridiculous.
Quote:
I WOULD PAY 5 FIGURES TO GET OUT IF IT WAS OFFERED.
Pay 5 figures to misconstrue the nature of your business, while at the same time, gain wider exposure on FF? I'm sure you would pay it in a heartbeat.. who in your shoes wouldn't?
Quote:
I enjoy the free thread a million times more than the paid group
Really? A million times more? But yes, free advertising is incredible, isn't it?
Quote:
MOST OF THE MONEY THE GROUP MAKES NEVER SEES MY POCKETS.
You must mean theoretically speaking, otherwise the IRS may be at odds with your revenue pass-thru arrangement..
Again, it comes off as if you're trying very hard to convince both your teachers and your clients that you're not profiting handsomely from your site. I seriously question that.
Quote:
My reputation is important to me not because of the group but because i grew up in a time when a reputation actually mattered to people.
Your reputation is important to you because you've turned it into a million dollar business. Congratulations, that's quite an accomplishment! No need to give us this humble helper/white knight story, I know it helps the bottom line profits (read - obvious mentoring sales tactic), but it's a bit overbearing.
Quote:
My wife is not happy at this point.
Considering the money your enterprise is making, she should be very happy. But then again, your family is not relevant to this discussion. We don't need to hear about your wife, or the tears running down your face while holding your child (upon reading the mean internet forum post someone wrote about you). I'm sorry, but seriously, do you see what I'm saying about "overbearing"? Your introduction of family to induce sympathy is, shall we say, unnecessary (and from a vendor/sales perspective, unprofessional).
Quote:
NOW I ASK YOU. Why would a successful person continue to put himself thru this and possibly his families safety IF THE GROUPS INCOME DOESNT MATTER.
I'm pretty sure $80k/month matters A LOT, and is entirely the reason you continue to do it. Any suggestion that it's a terrible burden to you or your family appears as yet another attempt to induce sympathy & create a false persona (for the sake of greater following/sales).
Quote:
I LOVE FOREX FACTORY, I LOVE MY FREE THREAD
I hate to say who often uttered roughly these exact same words (I think most can guess). But yes, we know why you love FF and the free thread, a million dollar baby is something to love indeed.
Quote:
IF I EVER START A LIVE TRADING ROOM (ITS LIKELY)
Sure why not, might as well keep on milking it..
James, I don't mean to come off sounding so critical, perhaps you do mean best. But the sympathy-inducing sob stories and white knight humble helper campaign just reek of shady, false-persona-building sales tactics.
It's obvious you run a highly profitable commercial mentoring service. It's not something to shy away from. As I said before, it's quite an accomplishment and something you should be proud of.
I've loosely perused your thread, many of the early posters there are long gone, likely victims of the unyielding 95%. Your encouragement of daily/weekly timeframes is quite smart, it extends the inevitable, yet encourages a lengthier subscription period (slower drain for them, more money for you). For those who aren't aware, this is quite common in the mentoring business (as is the communal praise amongst vendors, similar to communal praise amongst FF senior members, communal praise = communal credibility = greater following/sales).
I can't say for certain what, if any, long-term edge exists in trading pinbars & fibs (and the other aspects of your methods). I imagine you'd be running a hedge fund if the edge were that evident. But as long as you can keep selling the dream for $129/month, well I suppose the more power to you, but just try to be upfront and honest about it.
http://www.forexfactory.com/showthread.php?t=254552&page=6
