Little did I know at the time, the prop firm for "professional day traders" that I used as 1 of the examples, Earn2Trade, is run by a man that recently was charged with fraud. Earn2Trade is one of the "best" funded trader program, and gets the best reviews, which is why I choose it as an example. Other ones are even worse... Ryan Masten (the owner) has finally figured out how to get money from idiots with little risk and legally (barely and he might get charged on this too) so his fraud indictments are not related to earn2trade.
The CFTC charged Ryan (he owned 30% I think) & canadian brothers living in Israel for scamming idiots (probably get rich quick day traders) by getting them into options, the amount the CFTC is suing them for is $165 million in damage to US citizens from at least May 1, 2013 through April 29, 2018. 165 million in 5 years that's 33 million in the USA alone. They're making more than Jamie Dimon. Apparently they didn't even execute any trades and rigged their platform.
My boy Ryan & his wife also created an "auto trade" and "auto signal" they gave to get rich quick dum dums in 2012. Of course there is some "signal" and "auto" involved.
Get rich quick is not enough anymore. It's get rich quick without any effort and without any risk now.
I already presented the Online Trading Academy scam in the idea front chart, something funny about it is 1 owner immediately admitted "Yep, it's a fraud. 100% scam. You got me." and the other guy defended his business and said he was very proud of it 😂 And he vows to fight to keep it running. Haha I can't breathe🤣
You'll want to hear about this: the trading academy lawyer is Alan Dershowitz, and he vehemently defended the business and also said the FTC was the one that misled consumers. This guy also has been launching lawsuits at the students that got scammed for "defamation".
What's really interesting and funny about Mr Der Oshwitz is not his name, but that guy was a good friend of Epstein and defended him, oh and he also ALLEGEDLY (please no lawsuit) was recently chased off a nude beach for flirting with teenage girls. Also ALLEGEDLY he sued an "old Russian lady" according to him for telling people he got a massage from her, the "old russian lady" was 15 years old, hey honestly that's probably a bit old for this wonderful guy.
It always seem the scammers attract other creepy scammers. Every single time.
The Online Trading Academy targetted suckers at or close to retirement. If we looked at the stats I would expect 50% of suckers in those schemes to be 15 to 30 years old and 40% to be over 60. Ah yes and of course the academy can make money in any market condition, price goes up down or sideways. I never made money in a sideways money I need some non randomness, some supply/demand imbalance. You know who else could not make money in a sideways market? Jesse Livermore. Plenty of famous investors known for making money going with the trend and also going against it (the big countertrend wins is what gets the most fame), but never heard of any great sideways trader. Only people selling courses know how to profit with their awesome indicators and auto signals and . Funny how George Soros, Ray Dalio, Warren Buffett, and so on, never got sued for fraud and all of these great sideways traders spend half their lives in courts.
There are plenty of courses business out there we really only hear about how much they make after they get charged with fraud.
Some courses with 3000 bucks video course and 7k+ 1 on 1 mentorship. Day trading is common.
You got all age groups:
> the gullible 18-30 fresh out of school that got brainwashed thinking school is useful and has not a fully developped pre-frontal cortex yet. They are the most common victims.
> The midlife crisis balding sad man
> The retiree they are the second most common suckers, the older the easier a target, and they worked for decades so they often have big lifesavings to lose
There is no age to be a scammer. Pimple covered 17 years old teaching others how to build a business (they got into business building at 3 years old? the skill floor to trading is higher than to play football or an fps or chess you know...), the charming clean professional looking adult 25 to 45, and the grey "I know my stuff I've been doing this 30 years" career criminal.
All the scamming stories are not that big, and I guess the regulators try to focus on the big ones they get alot of reports from.
Some signal robot or fake expert on some site or discord scamming a few dozen people for a couple hundred thousands is not even worth the effort.
There is no shortage in the supply of fertile cretins that think they are smart, ripe to be harvested, as the Bitcoin ponzi scheme has proven lately.
As with everything there are a few big scammers and lots and lots of small one making a fat living off day traders & Bitcoin investors and other fools.
I do not think it is time to drop everything and turn to a career of selling courses. They are not all making hundreds of millions...
But still... Maybe earn more than the highest paid bank CEOs. It is possible to find frauds, analyse the business logically, sort of how I did for "day trading prop firms", it's amazing how many people are in denial when "pessimists" make clean mathematical 100% proof like the guy that exposed Madoff scheme long before it collapsed.
I should get into stocks short selling, find scams and start screaming ponzi and that's it is going to zero.
Ah a last word, the biggest charming personality snake oil saleman in the USA that adds nothing to society made a whooping 2.2 billion in compensation last year! Up 54575310%.
And this is not taking into account gains he made from his owned shares of Tesla .
Haha I can already hear the Tesla bagholders raging "How dare you criticize my beloved manipulative sociopath guru? He is saving the world!".
I love when he starts to pretend to care about someone life it's so obvious he is trying to charm people and it's all calculated, how don't people see it? 😂
Also join my discord you will find the link in my telegram channel