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Credible brokers? 31 replies

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James16 is not credible

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Quoting smjones
Ed Seykota ( from Market Wizards books and well known successful trader)...
As you said if you are not accurate the statistic is meaningless. The stastic you mentioned of brokers client profitability is for a 3 month period. So while slightly more than 50% of Oanda retail traders were profitable last quarter, it does NOT mean more than 50% of Oanda retail traders are profitable. The next quarter those same traders could all lose money which would make 0% of retail traders profitable in a 6month period.

So while the information is interesting, it is far from conclusive of exactly how many retail traders are profitable over the long haul. For me it is sort of encouraging. If more than 50% can make money in a 3 month period I would think there should be more than 5% making money over the long term.

I would love to see statistics from Oanda of how many traders were profitable over a one, two, three year period. But we probably never will because I don't think they are required to provide that.
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  • Edited Nov 15, 2010 7:01am Nov 14, 2010 2:48pm | Edited Nov 15, 2010 7:01am
Quoting hubbahubba
As you said if you are not accurate the statistic is meaningless....
The sample size and time duration are also a very good points that you rightly bring up; another problem with trying to rely on a statistic that is not thoroughly verifiable. Very good post. I think the more that are profitable, the less money in profit there is to go around. I would much rather be a 5% trader than a profitable 49 to 20% trader, depending on what stat you believe.

PS, I don't have the other with me, but IBFX cover about a year. As I recall, (not sure of Oanda's) the other broker statements covered the same time period. There is a thread here on FF that has most of them posted in.
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Quoting smjones
The sample size and time duration are also a very good points that you rightly bring up; another problem with trying to rely on a statistic that is not thoroughly verifiable....
I think your notion of profit is irrational. The ratio of winner to loser trader have nothing relative to your potential payout if you're a profitable trader. Simply speaking,if you bought a winning lottery ticket then, yes, you should pray for less winner as you will get a bigger bonus.
Trading is the game of fear and greed.
Quoting hanover
With respect, I don't think I'm being overly harsh. If somebody is going to post an extraordinary statistic, then they should have evidence to back it up. If I say that I've got a system with a 99.9999% win rate, wouldn't you want to see proof?

Both James16 and Sam Seiden teach concepts that can be fashioned into a profitable system, IMO. There's an occasional attendee at our local TA group,...
Well said, Hanover. Personally, I think 1 is more likely the cause.
Trading is the game of fear and greed.
I program before the client sends any funds:

http://www.mtcoding.com

Dan.
Request custom Expert Advisor or Indicator: dostapyuk "at" gmail . com
Quoting Cocoflanel
Find me 1 , just 1 teacher,educator with an actual audited track record.....................
Chris Lori runs a hedge fund and so his profitability is on record. great guy, excellent, forex based trading education. Admittedly, he is one in a million
Well, this is what we all call work/business. J16 only does its work/business, and it is to teach people price actions and other things in forex trading.
Either believe or not believe or scam or whatever else, it's up to everyone.
One can say that an insurance company or a bank is a scam too, but it's just its business.
Tra-X
Quoting Traex
Well, this is what we all call work/business. J16 only does its work/business, and it is to teach people price actions and other things in forex trading.
Either believe or not believe or scam or whatever else, it's up to everyone.
One can say that an insurance company or a bank is a scam too, but it's just its business.
Hey man, nice to see you are still around.

Just wanted to say hi, always nice to see some familiar faces still being around.

Ironically enough, I bet that pretty much most people would also call what you did in your HW Journal lies, impossible, illogical or a "scam" (there are a LOT of people who could hate on Elliott Wave all day if you mention it to them, at the same time as managed funds managers trade with it year after year..), even though I(and anyone else who cared to) have basically literally watched you post "live" as things / trades unfolded and panned out..

I have learned that some people (most people on forums) just really want to "stand up and shout".
It is more importent to them to reconfirm their own beliefs to themselves rather than be open to finding out other versions of reality / "the truth". Their belief sets are usually as hardened as religious ones, and arguing against them is just as arduous.
The only thing that can and will set anyone free is simply looking, learning and experiencing something for yourself.
However, for that you have to be free in all regards to be actually able to do so.

Or, in other words, pretty much most threads on internet forums just have a mindnumbingly high density of nitwits and (many times hurt) egos (myself in some examples included when I think back to my "arguing days").

I believe it appropiate at this juncture to wink at smjones.

Also hi to tubguy, supremechaos and everyone else I know / have met / seen / gotten to kind of know =)

Merry christmas and a happy new year guys!
Trust price. Know yourself.
Quoting SeekingLight
Hey man, nice to see you are still around.

Just wanted to say hi, always nice to see some familiar faces still being around.

Ironically enough, I bet that pretty much most people would also call what you did in your HW Journal lies, impossible, illogical or a "scam" (there are a LOT of people who could hate on Elliott Wave all day if you mention it to them, at the same time as managed funds managers trade with it year after year..), even though I(and anyone else who cared to) have basically literally watched you post "live" as things /...
Hey SeekingLight, long time no see!
Tra-X
Quoting Traex
Well, this is what we all call work/business. J16 only does its work/business, and it is to teach people price actions and other things in forex trading.
Either believe or not believe or scam or whatever else, it's up to everyone.
One can say that an insurance company or a bank is a scam too, but it's just its business.
Unless you were born yesterday you would be quite naive to think J16 is more motivated to teach (as he claims) than to make money from his website (as he most surely does). Just look at the facts (as of today, not a few years back when he started posting) and ignore the snake oil.
James16 thread is still going strong, with some of the best posters to ever come to this forum frequenting it. I have joined J16 private forum a few times and the content there was well worth it. If you use the method and are serious then it's a great place to hang out with other like minded traders.

People will find petty complaints to use against J16 but the free thread here is worth 10x a years fee at his PF, so I would suggest you spend time learning to trade than trying to run down someone who has given a lot of time for free to many new traders.
Economists have forecast 9 out of the last 5 recessions
Quoting markmm
James16 thread is still going strong, with some of the best posters to ever come to this forum frequenting it. I have joined J16 private forum a few times and the content there was well worth it....
I'm sure I could find PLENTY of posts making EXACTLY the same argument on the Jacko thread. Sadly, those who cannot learn from history are destined to repeat it.

But in the end it doesn't really matter to me. Just like it doesn't matter that a bunch of people supposely lost a lot of money sending it to the hong kong bank account of some anonymous person nobody ever met. My attitude is they probably deserved to lose it and if it wasn't Jacko taking it then it would have been J16 or someone else.
Quoting hubbahubba
I'm sure I could find PLENTY of posts making EXACTLY the same argument on the Jacko thread. Sadly, those who cannot learn from history are destined to repeat it.

But in the end it doesn't really matter to me. Just like it doesn't matter that a bunch of people supposely lost a lot of money sending it to the hong kong bank account of some anonymous person nobody ever met. My attitude is they probably deserved to lose it and if it wasn't Jacko taking it then it would have been J16 or someone else.
Comparing Jacko to James16 is silly, jacko offered virtually nothing for his fee as far as I can glean from his thread, and he scammed people. You are obviously a troll.
Economists have forecast 9 out of the last 5 recessions
Jacko offered all his entries, SLs and exits. This was not the part of the scam, but his managed accunts or fond was.
It is hard to say if they can trade as there has neve been any proof of it but, wouldnt say u cant compare Jacko and James. Before the scam was revealed they both enjoy the same popularity so Im not sure why do u think james16 service is more worth than jacko's.
By the way, anyone knows when J16 PF will actually provide signal services like what Jacko had done? This will add some more value for joining fee and paid-members can see how good their predictions are.
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Quoting markmm
Comparing Jacko to James16 is silly, jacko offered virtually nothing for his fee as far as I can glean from his thread, and he scammed people. You are obviously a troll.
Yea, you got me. ANYONE who 'dares' to questions J16 must be a troll.......

Unlike Jacko he never shows his live trades. That must be because he really cares about us and wants to teach us. Yea, that's it. I mean what other reason could he possibly have??
Quoting hubbahubba
Yea, you got me. ANYONE who 'dares' to questions J16 must be a troll.......

Unlike Jacko he never shows his live trades. That must be because he really cares about us and wants to teach us. Yea, that's it. I mean what other reason could he possibly have??
I'm sure this has been said many times, all the information is freely available in the free thread, you don't have to join the group. If you have any reasoning skills then you should realise this simple point destroys any of your sarcastic, infantile "arguments".
Economists have forecast 9 out of the last 5 recessions
Quoting markmm
I'm sure this has been said many times, all the information is freely available in the free thread, you don't have to join the group. If you have any reasoning skills then you should realise this simple point destroys any of your sarcastic, infantile "arguments".
What does the free thread have to do with J16 never showing his live trades? Put down the koolaid and demonstrate those amazing reasoning skills you seem to think you have.
Quoting hubbahubba
Yea, you got me. ANYONE who 'dares' to questions J16 must be a troll.......

Unlike Jacko he never shows his live trades. That must be because he really cares about us and wants to teach us. Yea, that's it. I mean what other reason could he possibly have??
J16 said his method gives 90% win rate. Perhaps, he doesn't want to scare other by showing how successful as a "real trader" he is.
Quoting kk007
J16 said his method gives 90% win rate. Perhaps, he doesn't want to scare other by showing how successful as a "real trader" he is.

Yea that must be it!
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