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Jason Stapleton is no more?!

  • #21
  • Mar 28, 2016 1:05pm Mar 28, 2016 1:05pm
Quoting Mingary
{quote} I think what is morally reprehensible here has more to do with making millions selling advice and training while absolutely no one following the methodology are making any money using said methodology.
Stapleton is a successful trader http://www.fxtradermagazine.com/fore...-stapleton.php
Why did it take Carney 7 years to finally go after Stapleton? Also, Carney only has like 4 things under copyright. Not sure how a court of law will judge this. Stapleton may only be guilty of ignorance.
  • #22
  • Mar 28, 2016 1:16pm Mar 28, 2016 1:16pm
Quoting Bardy
{quote} Stapleton is a successful trader http://www.fxtradermagazine.com/fore...-stapleton.php Why did it take Carney 7 years to finally go after Stapleton? Also, Carney only has like 4 things under copyright. Not sure how a court of law will judge this. Stapleton may only be guilty of ignorance.
How is that successful when he makes so much more selling his forex wares.. ?
Seems to me selling some system is much more profitable.
  • #23
  • Edited 2:36pm Mar 28, 2016 1:20pm | Edited 2:36pm
Quoting juriFX
Another interesting thing that speaks about their performance is that both claim, a trader should expect to make 3% a month and have at least 100k account for live trading (the only source for income). They may be right about the fact hat many traders are undercapitalized to trade full time, but making only 3% a month? So if you risk 2% of your account on each trade you make 1.5R after 20 days of trading? What a great performance.
I'm not saying you're right and I'm not saying you're wrong. But if a trader is ahead at all then he's outperforming the vast majority. And you're implicitly projecting your own expectations onto a market that doesn't care about what anybody believes should or shouldn't be possible.

I remember when I first started tinkering with CFDs back in 2001, I created this spreadsheet (sound familiar to anybody?). If I placed X trades per week, risking Y% per trade, and attained a win rate of Z% etc etc, then even using modest numbers, I'd compound my way onto the Forbes list by 2012. Well, it hasn't quite worked out that way, LOL, and along the way I've learned that there's a significant gulf between theory and reality.

I've had a small part of my investment portfolio managed privately by a pro trader for the last 17 months. In that time he hasn't had a losing month, drawdown has been negligible, and I've averaged 2%-3% return per month after commissions. Personally I'm delighted with that kind of consistency. I challenge anybody to find another investment that safely returns 30%+ p.a. in an age where interest rates are below 2%. The few 'big' traders that I know all make 'small' gains on large accounts, and at some point have increased their capital pool by managing others' money.

Return is, to a significant degree, a function of risk. There might well be traders who average upward of 10% per month, but how much do their returns fluctuate, and what is their peak-to-trough drawdown? Moreover, there are different types of edges; some are more risky than others in that they're heavily dependent on certain conditions (e.g. trending; high volatility) persisting. And to what extent is consistency as important as maximzing return, when you need an income to pay your regular monthly bills? Like being undercapitalized, higher account fluctuations can create additional pressure: the temptation to overtrade, to 'catch up' while any losing streak persists.

If you're looking to grow a small account, then sure, you might be willing to take on a lot more risk. But you're playing a different game to the serious investor. Each to their own.
  • #24
  • Mar 28, 2016 1:31pm Mar 28, 2016 1:31pm
Quoting Mingary
{quote} How is that successful when he makes so much more selling his forex wares.. ? Seems to me selling some system is much more profitable.
So it's wrong for someone to run a business? Trading for yourself is a business. He obviously is a successful trader who wants to make more money for his trading courses. Did you read his interview in the link I posted?
  • #25
  • Mar 28, 2016 1:50pm Mar 28, 2016 1:50pm
Quoting Bardy
{quote} So it's wrong for someone to run a business? Trading for yourself is a business. He obviously is a successful trader who wants to make more money for his trading courses. Did you read his interview in the link I posted?
Interview with a broker are the worse things to listen to.
The broker wants attention so he interviews someone who is in spot light and the person in spot light wants attention.
I want publicity and so do you so let's have a talk where i will give you the questions in advance and you have time to prepare for them... that way we both look good and post it where investors read so they see me as good broker and you as good trader.
  • #26
  • Edited 2:05pm Mar 28, 2016 1:52pm | Edited 2:05pm
Quoting Bardy
Carney only has like 4 things under copyright. Not sure how a court of law will judge this. Stapleton may only be guilty of ignorance.
I haven't been following this this episode closely, but I did read the linked material in post #1, and personally I think the whole IP thing is a bit silly. These patterns have been around for hundreds of years, and no doubt thousands of folk have been trading them profitably long before Mr Carney decides to claim that he 'discovered' them.

If I recall correctly, Clockwork71 and Nial Fuller started their own pay-for-education using some of the material they'd been taught by James16, who built on ideas he'd learned from Todd Mitchell, who no doubt used material published by someone else, maybe Martin Pring. And so on. There are only so many broadbrush ways that you can trade, many concepts tend to somehow overlap each other (e.g. Elliott waves and Fibonacci; harmonics and Fibonacci; ....), and they've all been 'discovered' and used for as long as markets have been around.
  • #27
  • Edited Mar 29, 2016 1:03am Mar 28, 2016 3:26pm | Edited Mar 29, 2016 1:03am
Quoting Bardy
{quote} So it's wrong for someone to run a business? Trading for yourself is a business. He obviously is a successful trader who wants to make more money for his trading courses. Did you read his interview in the link I posted?
He only has to convince the gullible with a very small amount of "successful trading"(half lived, half lied, usually on a demo or penny account) so that he can rake in the real money selling training.
It's the standard "forex business model" (:
  • #28
  • Mar 28, 2016 4:10pm Mar 28, 2016 4:10pm
Quoting hanover
{quote} I haven't been following this this episode closely, but I did read the linked material in post #1, and personally I think the whole IP thing is a bit silly. These patterns have been around for hundreds of years, and no doubt thousands of folk have been trading them profitably long before Mr Carney decides to claim that he 'discovered' them. If I recall correctly, Clockwork71 and Nial Fuller started their own pay-for-education using some of the material they'd been taught by James16, who built on ideas he'd learned from Todd Mitchell, who...
im inclined to agree with you. while unlikely, id still like to see Jason go down tho, for reasons.
  • #29
  • Mar 28, 2016 7:54pm Mar 28, 2016 7:54pm
Quoting Bardy
{quote} Stapleton is a successful trader
I seriously doubt that
Quote
http://www.fxtradermagazine.com/fore...-stapleton.php

You can claim whatever you want on the internet on an interview with such bullshit magazine. Ive checked Stapleton and it seems, just like 99% of the trading gurus out there, that he has no third party verified report to back up his claims. Even Bernard Madoff was much more humble and honest than Stapleton.
  • #30
  • Mar 28, 2016 9:05pm Mar 28, 2016 9:05pm
Quoting brian.jer
{quote} I seriously doubt that {quote} You can claim whatever you want on the internet on an interview with such bullshit magazine. Ive checked Stapleton and it seems, just like 99% of the trading gurus out there, that he has no third party verified report to back up his claims. Even Bernard Madoff was much more humble and honest than Stapleton.
I also agree his insisted performance is not much transparent. I attached an example I captured last January. His partner Akil insisted he exited at BE but I strongly believe it was an obvious loser.
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Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #31
  • Mar 29, 2016 3:11am Mar 29, 2016 3:11am
Great thread.
I have been meaning to write a review about their products. I took part in their live trading room with Akil and in The Syndicate for a month (they had some offer for 1$ the first month). The Syndicate is where you have access to a signal software where Jason and Akil post live their trades (but not always), and also you can watch live before the markets open Jason give his outlook for some possible setups. During the month, many time Jason said there were no setups so he talked about some general stuff.

The thing that concerns me the most is that very often you are not sure if the trade has been taken. Akil tends to put on some of the trades and if they turn out profitable they appear in the weekly statement. However, after one month in the live room I noticed that my calculations of what the trades taken by AKil should have won was less than what he claimed. I was not able to clearly copy each of his trades - I don't know why. I was there the whole time but at the end he ended up claiming more winning pips that what I had done. Either poor communication of the trades or straight deception?!

Akils seems genuinely honest, but to be a successful scammer you must seem honest so i don't know.
My opinion on them is pretty neutral, but I would never pay for their super overpriced products.
  • #32
  • Mar 30, 2016 6:49am Mar 30, 2016 6:49am
Quoting Mingary
{quote} He only has to convince the gullible with a very small amount of "successful trading"(half lived, half lied, usually on a demo or penny account) so that he can rake in the real money selling training. It's the standard "forex business model" (:
Many people trade harmonics and are making profits. Seems to easy to assume he's guilty considering Scott Carney only 7 years later is deciding to sue his company. BTW Carney is selling his courses upwards of $9,000. So it's like the pot calling the kettle black. Carney does not have a copyright on the crab pattern either, his own link shows its been cancelled. Seems like a very angry guy looking to get people like yourselves on his side to create a witch hunt so he can try and make an easy buck
  • #33
  • Mar 30, 2016 7:47am Mar 30, 2016 7:47am
Quoting Bardy
{quote} Many people trade harmonics and are making profits. Seems to easy to assume he's guilty considering Scott Carney only 7 years later is deciding to sue his company. BTW Carney is selling his courses upwards of $9,000. So it's like the pot calling the kettle black. Carney does not have a copyright on the crab pattern either, his own link shows its been cancelled. Seems like a very angry guy looking to get people like yourselves on his side to create a witch hunt so he can try and make an easy buck
I have no skin in this this game, just calling it the way I see it.
BTW patterns of any shape that can be constructed using any method that can possibly be imagined do not work
It's all Rorschach ...
  • #34
  • Mar 30, 2016 8:42am Mar 30, 2016 8:42am
Quoting Mingary
{quote} He only has to convince the gullible with a very small amount of "successful trading"(half lived, half lied, usually on a demo or penny account) so that he can rake in the real money selling training. It's the standard "forex business model" (:
True. But watch out the crazy towns folk with be out with their pitch forks soon!
  • #35
  • Mar 30, 2016 10:24am Mar 30, 2016 10:24am
Quoting Mingary
{quote} I have no skin in this this game, just calling it the way I see it. BTW patterns of any shape that can be constructed using any method that can possibly be imagined do not work It's all Rorschach ...
That's just your uninformed opinion. Believe what you will. But many traders trade harmonics and make money doing it.
  • #36
  • Mar 30, 2016 10:33am Mar 30, 2016 10:33am
http://www.forexfactory.com/showthread.php?t=402253

Guess these guys are just posting bs according to mingray.
  • #37
  • Mar 30, 2016 11:31am Mar 30, 2016 11:31am
Quoting Bardy
http://www.forexfactory.com/showthread.php?t=402253 Guess these guys are just posting bs according to mingray.
Yes it's bs.
If some non sense helps make sense of some price move then who am I to judge (:
Eventually, your luck will run out and those precious patterns will look different from then on..
  • #38
  • Edited 1:32pm Mar 30, 2016 11:55am | Edited 1:32pm
Hi, You really don't believe everything you view on the internet, right?
Everyone wins a trade here and there. Posting only winners doesn't make a person or thread method profitable. I only say this because you are directing people to a link where Superstars are supposedly making money. Maybe they are,....maybe not. The only proof of someone making money at something is: You go with them to the Bank and look at their non faked statement or simply, you're doing the same EXACT thing and making money with it yourself. Does either apply? If so, that's great, keep at it but if not, you're just adding to the hype of bull around here.

Quoting Bardy
http://www.forexfactory.com/showthread.php?t=402253 Guess these guys are just posting bs according to mingray.
SPC * Swollen PocketZ Crew!
  • #39
  • Apr 2, 2016 4:52am Apr 2, 2016 4:52am
Its all BS unless the have some sort of verified proven track record that hasn't been forged, even myfxbook I have seen faked. How are you supposed to trust someones posted results from a website, too easy to manipulate. Its like that girl on dating site who says she is 35 and likes to workout but in real life she is 42 and a BMI in excess. SO a MQL signals, or FF trade explorer is the best way or even better a 1+ year long history verified by a reputable broker! I think any manual system even still that shows a record is hard to prove because of the subjective nature an therefore the amount of variables that come into play not to mention risk management can make equity curves from the same system differ greatly.
All posts are my personal opinion
  • #40
  • Apr 2, 2016 6:04am Apr 2, 2016 6:04am
That Right Mr RTm.. Myfxbook is located in cyprus...If you click the "strategy" on website,myfxbook.. you will find lots of amazing strategies!! it's just impossible!!!!!!!
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