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

He is in partnership with CNBC, Ninjatrading, Bloomberg and other channels or peddlers of trading software, it creates viewer hits for them, just one more way of generating hype and getting ad revenue.

http://www.spyglasstrading.co.uk/ is his company, you will notice that nowhere can you find his personal futures account on Oil, Euro etc..... because he doesn't trade, he can't trade.

ONly the fabricated nonsense about the 'Frankfurt world championship' - there is no such thing.
http://www.forexfactory.com/showthread.php?t=207267
''...Baghdady falsely claimed to be world trading champion, he falsely claimed to have trained a hedge fund manager, don't you think he might have faked his client list? Is he's any good at trading why is he filing for bankruptcy? ...''

I would not believe that he never traded in his whole life. I got the attached pdf file from babypips. The document suggests that, at the moment of the court hearing, he held no security and did not declare any income from trading. Not sure if it interests you.

http://forums.babypips.com/forextown...g-traders.html

lol

Interesting info StephanusR.

LOL - now that wouldn't surprise me

Edited: I linked the same information that Hanover has in his original post.
Hanover has already presented what I was referring to.
I just realized it after reading his post again.

I was referring to the information that kk007 has in his link to another similar forum.
(previous post linking Babypips.com)

There is also this...
http://bankrupt.com/misc/nyeb10-45547.pdf

Schedule I (a bit far, scroll down)
Current Income of Individual Debtor

He makes about $6,250/month from Spyglass Trading, Inc. as a Trading Instructor.
He makes about $1500/month from lectures and speaking arrangements. (June 2010)

Supposedly, he has no financial accounts, securities, IRAs, 401Ks, etc. as assets at the time of this filing.

Some people protect personal assets in corporations and LLCs or combinations thereof.
He also listed no interests in incorporated or unincorporated businesses.
There are no partnerships or joint ventures either.

I have nothing against the guy... I have watched some of his videos.
To portray him as a "city trader" ... is just deceptive...
He doesn't make bets in the market daily for his income
... he just teaches "secret trading methods".

Alas, he is no Richard Dennis.

Intu,

Thanks for your reply.

I hadn't seen the babypips thread, and I was interested to read Mr Baghdady's (supposed) reply there. Then there's the usual stupid nonsense from folk trying to undermine his credibility with comments like "Baghdady sounds like baglady".

Anyway, I was just curious, as I've viewed a lot of his material.

David

Personally, I normally don't believe someone who provide a serious trading educational service will serious trade at the same time. Teaching (incl. marketing) involves quite a full time effort (so as trading). If one can do trading pretty well himself, I can't see the motivation to launch a serious educational service.

Meanwhile, I believe that even one cannot trade himself, this fact don't not necessarily suggests that what he preaches does not work. The method he teaches may still work well if the users are disciplined enough. Knowing a method well and be able to apply it real-time is two different stories. There could be a huge gap between the two. After all, able to teach a good trading method and able to apply a good trading method realtime is two quite different skill sets.

As a user, one should pay enough effort to backtesting a trading method, until he has faith in it (as least in hindsight). Next, he can go to the next step, to apply it realtime.

In all fairness, I agree.

I'll admit the comparisons to Richard Dennis and the "Turtles" bothers me.
Mainly because Richard Dennis took a relatively small trading stake
and parlayed it into a couple hundred million dollars in two decades.

Mike Baghdady is just a trading 'educator' as far as I can tell.

It's possible that he is offering something that will be of great value to many people.

Directly from Training Traders webpage:
"Mike Baghdady is the global expert on Price Behaviour and using his 33 years of trading experience has developed a rules based method of trading that allows you to trade any instrument, in any market, at any time. Mike Baghdady has trained institutional traders using Price Behaviour all over the world. "

I am o.k. with their statements.
He's an expert on something he (or Training Traders) created, 33 years of trading 'experience' does not
necessarily mean profitable or successful, and he does actively lecture (therefore certainly trained
persons 'all over the world').

The Daily Mail article linked in the first post portrays Baghdady as a "city trader" with £1,500,000
to easily 'throw' around, which is clearly not the case.

Good point, KK, but consider these possible reasons:

1. Diversification of income. Trading offers erratic income (even the best traders suffer sequences of losses), but the long-term possibility of compounding gains exponentially. Education offers consistent, risk-free, and (arguably) less stressful income, but lacks the same 'exponential growth' potential. In other words, the strengths of each compensates for the shortcomings of the other.

2. Loneliness. Unless you have trading buddies, or some kind of social interaction, sitting in front of a computer watching price move for long periods can be a very solitary, monotonous and possibly stressful exercise. Education is one way of alleviating this. And if the concepts that the educator is sharing are valuable, why shouldn't he charge a fair price for them?

Another good point, IMO. I'd like to take this a step further. I don't believe that teachers/mentors necessarily teach a system ("buy when the red line crosses the blue line"), but rather concepts. James16 is perhaps a good example. Jim, Mike (mbqb11), Jarroo, SeekingLight and the others might all use very similar concepts (candle patterns; overbought/oversold; support/resistance; etc) but you'll find that they frequently take different trades, and for different reasons; they may see similar aspects in a chart, but weigh up their merits differently.

I've always believed that the responsibility rests with the student, rather than the teacher, to make himself profitable. It's much the same thing at high school or college: two students can have the same teacher, same course notes, etc and yet one succeeds, and the other fails. Aptitude, dedication, patience, stamina, discipline..... these are all existential qualities that can't be taught.

IMO there have been threads on FF that have been overly harsh on educators. If no perfect trading system exists, then the best the educator can ever do is teach concepts that will give his students the best possible chance of success. The rest is up to the student himself.

It doesn't really matter whether the teacher himself trades a large account, or not. Traders are real people, with real bills to pay, and everybody's financial situation is different. As we all know, trading involves a large amount of psychology, and not everybody feels comfortable talking large risks. But that doesn't mean that they don't have worthwhile knowledge to share.

Some of the most gifted performers find it difficult to convey their methods to others, and are therefore not necessarily the best teachers. Teaching - the ability to cut to the chase, and present the most important points in a way that can be understood from the student's viewpoint - is, in itself, a real art.

Sorry, I've drifted away from the original topic, but you made some great points, and I just wanted to add my 2c worth.

David

you have made my day guys; the Baghdady is a real joke after all.

when I heard about the new turtles experiment that he is running; my mind tells me something is not right; and here it is.

i also can't understand why this program needs to run in 3 years!!!

Im not defending or promoting this guy but one would think that the fact he is claiming associations with several high profile banks and trading instituitions with claims of having run training sessions for them, then he would be opening himself up to all sorts of litigation if these were untruths.


pip

It looks like this Turtles nonsense is starting to unravel. It seems two have left and none of them were ever given the 100k trading accounts. Lots of other staff walking out as well and now the Turtles are making sales calls on behalf of Baghdady.

http://www.trade2win.com/boards/firs...se-not-46.html

i long beleived that that guy is a crook.

his recent court hearing in US indicates he ows student loan money of 100K till date; and that his annual income is about USD 70K per annum.

what a shamble

The New Turtles program has stopped, the office has closed and Baghdady has disappeared. It was only a matter of time, what a complete joke this whole thing was.