So for the last year I followed someone who I thought was incredible. The best trader in the world. Incredibly accurate. Altruistic. Honest.
I'm making this post to aware people be very careful who you follow.
Things to be cautious of:
"Reversed engineered" the market. Hah big NO! markets have been around since 1871 or so. People like Elliot Wave guy spent countless hours understanding patterns. Nobody is going to suddenly come up with new ones that revolutionize day trading. This is a blatant lie that will hook you into thinking someone is a superhero, doing what nobody else has done.
Free courses - rarely people are altruistic. There's always a hidden motive. Free courses = viewers = buy my extremely expensive courses to unlock more or join my patreon or use my affiliate link. There is also no certainty these free courses are actually accurate. They take a lot of time.
Retrospective analysis - If the majority of what you see is someone looking at the past and explaining it.. well how useful is that? anybody can do that. Don't place too much weight on someone's understanding of events that have already happened. It doesn't make them a genius.
Live streams - can be faked. You may just be seeing what they want you to see. Keep this in mind. This will be more obvious in the video linked further down.
A zero tolerance to any other trader or system - this may be due to fear of being exposed, an over confidence/major ego issue (which when trading is a terrible trait).
Poorly explained content - this can be the result of poorly understood concepts or a way of making something appear complex to draw people in so they think they are onto something amazing nobody else will bother learning. The reality is, this is a bad teacher or someone who didn't spend enough time learning these concepts themselves.
Now, my findings, if anybody has followed or thinking about following c0tt0nc4ndayta.. I'd advise against it. I can't attest to whether he actually IS a good trader, maybe, but he is a fraud.
"The most accurate day trader in the world", who reversed engineered the markets over the past 10 years and created this new day trading science. A new Era of day traders.
Information I have uncovered thus far:
- Took dopetrades/tradersumos course 22 Sept 2018.
- Asks tradersumo newbie questions on twitter about breakouts etc (which if you'd be doing it for 10 years with your own science would not be necessary).
- Releases bitcoin course on YouTube 20 October 2018
- Proceeds to release more courses charging upwards of 50k for them
- Then, releases courses for free on youtube a week after reducing the price to 10k, giving no refunds.
- Kicks a whole bunch of people from discord who do not appreciate this dishonesty
- Starts up a patreon which he then gets 40k a month and that enables someone to join this exclusive discord
- Signal pump and dump group, "road to 1 million" signal bot group, all goes terribly. People lose a bunch of money. Blames programmer/bot. Programmer says no issues with it.
- Discord now free, partnered with bitget, large influx of people now joining discord and signing up with his affliate link
- Lies about his trades, may actually not even trade that much at all considering he makes so much money elsewhere. But we'll never know as he will never post his PnL
- Any mention of any other traders = instant ban. Scared of being exposed?
Video of dopetrades exposing him:
https://www.youtube.com/watch?v=2Tj5TwQ-IW8&ab_channel=TraderSumo
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