Trader pays £1,500,000 'to prove anyone can win' | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Single Strike -> Epic Win (500% return, at 500:1) 72 replies

Can anyone prove broker fraud? 26 replies

Are you the best Malaysian Forex Trader? Prove it! 1 reply

Please prove that this method can't fail 7 replies

Attachments: Trader pays £1,500,000 'to prove anyone can win'
Exit Attachments

Trader pays £1,500,000 'to prove anyone can win'

  • #1
  • First Post: May 24, 2011 8:52pm May 24, 2011 8:52pm
City trader hands 15 novices £100,000 each in bizarre experiment 'to prove anyone can win on the stock market'

Successful City traders will no doubt claim that a competitive edge, nerves of steel and a willingness to take risks are all character traits essential for the job.

But one veteran broker is so confident that anyone can be a winner on the stock exchange he's invested £1.5million of his own money to prove his point.

Mike Baghdady of London-based Training Traders is giving 15 novices £100,000 each to trade on the financial and commodity markets in a bid to prove that no specific skill sets are necessary to be a success on the trading floor.

The scheme is not unlike BBC's The Apprentice where candidates pit themselves against each other to win the approval of, and a job with, Sir Alan Sugar.

All that is needed, Cairo-born Mr Baghdady claims, is a willingness to follow a certain set of rules.

About 8,000 people applied for the three-year project and those selected include a taxi driver and a housewife.

The 'apprentices' will undergo a rigorous training regime during which they will learn Mr Baghdadi's secret trading strategy based on a system called Price Behaviour.

They are then unleashed on to the trading floor at Training Traders, in Central London, to be pitted against each other over three years, all vying to out trade rivals to win a permanent role on Mr Baghdady's money-making machine.

At the end of the three years, Mr Baghdady will decide who is hired and who is fired.

Read more: http://www.dailymail.co.uk/news/arti...#ixzz1NKCy4QIV


  • #2
  • May 24, 2011 9:51pm May 24, 2011 9:51pm
"anyone can win on the stock market"

No $hit. It's a statistical fact.

Just a rich idiot trying to prove the obvious and look cool.
  • #3
  • May 24, 2011 9:53pm May 24, 2011 9:53pm
I think it is like a repetition of the Turtle experiment.
  • #4
  • May 24, 2011 9:55pm May 24, 2011 9:55pm
Sounds like a nice publicity stunt to draw in people to his company.

Turtle Traders rofl. One big difference... the guy who trained the original turtles wasn't selling courses for $3500+

He only needs a couple hundred people to see this stunt and sign up to remake his investment.

I also think he totally stole Ed Seykota's Trading Tribe icon lol.
  • #5
  • May 24, 2011 9:59pm May 24, 2011 9:59pm
Exactly what a misleading crock of shit

The theme should be "anyone can win in the stock market provided they are taken under the wing of someone who has actually made it, and taught over a long span of time how its done, and given $100,000 of someone else money to play with.

For the rest of us yes its entirely possible but unprobable (going by the statistics) when we are left to our own devices to try and work it out from scratch with no help and typically small starting capital.
Time hides Nothing
  • #6
  • May 24, 2011 10:03pm May 24, 2011 10:03pm
Also wonder how they will "document" this..

I'll tell ya a genius move....

Get interviews on places like CNBC to spread this gimmicky "New Turtles" to millions of people on the internet.

Pick 15 people and pay them a couple thousand dollars to act like they are in your trading program.

"Document" on your blog the success and failures over a long period of time.

See hundreds or thousands of people pay $4k+ for your "Price Behaviour" system.

Profit.... 1000x easier than being a real trader.
  • #7
  • May 24, 2011 10:04pm May 24, 2011 10:04pm
Quoting kk007
I think it is like a repetition of the Turtle experiment.
Don't think the turtles made a TV show about it...

Yeah... Just a marketing gimmick
Time hides Nothing
  • #8
  • May 24, 2011 11:26pm May 24, 2011 11:26pm
If so, a big marketing investment (1.5 million pound) then.

Quoting CindyXXXX
Don't think the turtles made a TV show about it...

Yeah... Just a marketing gimmick
  • #9
  • May 24, 2011 11:43pm May 24, 2011 11:43pm
Quoting kk007
If so, a big marketing investment (1.5 million pound) then.
All depends on the "documentation" method
  • #10
  • May 25, 2011 12:17am May 25, 2011 12:17am
Unfortunately though... he is not a trading tycoon and has in fact filed for bankruptcy (June 2010).
In an affadavit filed with the court he has declared that he makes no income from trading,
just from training courses.

U.S. Bankruptcy Court
Eastern District of New York (Brooklyn)
Bankruptcy Petition #: 1-10-45547-jf
Mahmoud Baghdady

Nonetheless, if you promise "a super-secret trading strategy"
many will buy it.
  • #11
  • May 25, 2011 12:40am May 25, 2011 12:40am
Wow... But ya know he's just got a spare 1.5m pounds to chuck away for an "experiment". Obviously some investors have a bigger prize in mind than just teaching a few hopefuls "how easy trading is"

What a joke... Clowns like this give us all a bad name. I hope its a spectacular failure

Freakin Puffery
Time hides Nothing
  • #12
  • May 25, 2011 2:47am May 25, 2011 2:47am
Quoting Intu
In an affadavit filed with the court he has declared that he makes no income from trading, just from training courses.
Intu,

I'd be interested if you could post a link that substantiates this, as I use part of his not-so-secret method as part of my own forex approach (even though I haven't paid him a dime to learn it). I suspect that he uses different methods to trade stocks, as those that I'm aware of are definitely forex-specific. I've watched many of his videos - his forex methods seem sound enough, IMO, but I find him a frustratingly ponderous speaker.

I found the Bankruptcy petition here. I couldn't find a reference to income from either trading, or training courses, only some from "lectures and speaking engagements". It's definitely the same Mike Baghdady as in the article here, as there's a reference to Spyglass in the Bankruptcy PDF. Here's one of many links from FX Street that links Baghdady to Spyglass (apparently a London-based company), and describes him as their "head trader".

Given the bankruptcy petition, I guess that the £1.5M is being funded by the TV channel, rather than Mr Baghdady himself. Either that, or Mr Baghdady has been successfully employing some very high leverage trading since last June, LOL.

Thanks,
David
  • #13
  • May 25, 2011 4:52am May 25, 2011 4:52am
I don't know much about the past of Mr. Baghdady. However, it is straightforward to think that if he is good at trading himself, he should not have bankrupted. So, I think he is only good at teaching.

Again, I can't stop to be reminded the mantra that "Those who can, trade, those who cannot, teach." http://www.forexfactory.com/showthre...55#post4638455

Quoting hanover
Intu,

I'd be interested if you could post a link that substantiates this, as I use part of his not-so-secret method as part of my own forex approach (even though I haven't paid him a dime to learn it). I suspect that he uses different methods to trade stocks, as those that I'm aware of are definitely forex-specific. I've watched many of his videos - his forex methods seem sound enough, IMO, but I find him a frustratingly ponderous speaker.

I found the Bankruptcy petition here. I couldn't...
  • #14
  • May 25, 2011 5:51am May 25, 2011 5:51am
Quoting kk007
I don't know much about the past of Mr. Baghdady. However, it is straightforward to think that if he is good at trading himself, he should not have bankrupted. So, I think he is only good at teaching.
Anybody can speculate, but I was hoping to see some links with hard evidence that Mr Baghdady doesn't trade.

I know plenty of good teachers who are not bankrupts.
  • #15
  • May 25, 2011 6:02am May 25, 2011 6:02am
Quoting CindyXXXX
Wow... But ya know he's just got a spare 1.5m pounds to chuck away for an "experiment". Obviously some investors have a bigger prize in mind than just teaching a few hopefuls "how easy trading is"
Maybe it's demo money.
If you don't risk, you don't ever have to lose.
  • #16
  • May 25, 2011 6:15am May 25, 2011 6:15am
Quoting kk007
I don't know much about the past of Mr. Baghdady. However, it is straightforward to think that if he is good at trading himself, he should not have bankrupted. So, I think he is only good at teaching.

Again, I can't stop to be reminded the mantra that "Those who can, trade, those who cannot, teach." http://www.forexfactory.com/showthre...55#post4638455
I emailed his company last year enquiring about the well-advertised Frankfurt World Trading Championship and how I could enter but was told it was by invite only ? Try searching for conclusive data about this event and its importance within trading circles ! What you find is spiel generated by his company or companies to which he has some sort of affiliations. Some fools are parted from their money easier than others !
Once You See, You Can't Unsee But You Will Get The Odd Poke In The Eye
  • #17
  • May 25, 2011 6:18am May 25, 2011 6:18am
Well

As a current taxi driver trying to learn to trade its encouraging that he sees the potential in us knights of the road!!!!

kal
  • #18
  • May 25, 2011 7:04am May 25, 2011 7:04am
Quoting Nverstop
Also wonder how they will "document" this..

I'll tell ya a genius move....

Get interviews on places like CNBC to spread this gimmicky "New Turtles" to millions of people on the internet.

Pick 15 people and pay them a couple thousand dollars to act like they are in your trading program.

"Document" on your blog the success and failures over a long period of time.

See hundreds or thousands of people pay $4k+ for your "Price Behaviour" system.

Profit.... 1000x easier than being a real trader.
Very good observation, the whole thing is a publicity stunt scam. He will make more from naive people paying him for his worthless courses than the 1.5mil he will loose. And it is highly likely that 1 out of these 15 will have positive equity , which would just prove what we all know that 90% of traders eventually lose.

Baghdady won a non-existent trading contest and other nonsense which I documented here:

Falsifiability criteria for evaluating trading proficiency

http://groups.google.com/group/futur...ad27b1e1aa13b#
  • #19
  • May 25, 2011 7:07am May 25, 2011 7:07am
Quoting Stu Effex
I emailed his company last year enquiring about the well-advertised Frankfurt World Trading Championship and how I could enter but was told it was by invite only ? Try searching for conclusive data about this event and its importance within trading circles ! What you find is spiel generated by his company or companies to which he has some sort of affiliations. Some fools are parted from their money easier than others !
Frankfurt World Trading Championship
There does not exist such a thing, only the Robbins world cup and even that is a scam because they don't provide the weighted average of all the accounts held by one person. This is why Andrei Unger is able to 'win' the contest every year with his one winning account of 100 losing accounts.

See
http://groups.google.com/group/futur...6fd168d65b977#
  • #20
  • May 25, 2011 7:11am May 25, 2011 7:11am
Is it going to be on TV?

If so, then i would do it aswell fi i had the money.

He 'invests' 1.5 Mio. His programs 'return' is ten-fold that amount.

Either way, HE wins.

Good bet to me that
0 traders viewing now