Thursday, January 28, 2010

The Reason I Don't Partner With Your Firm is Because You Are Cheap Whores

* You are a forex brokerage that lures small accounts with enticing promises of huge leverage;

* You are a "prop firm" that requires traders to pay big bucks to join, drastically limit the size that can be traded, charge ridiculous commissions to traders, and toss traders (or ask for more money) when you've milked them dry;

* You are a trading guru that touts your trading prowess (with no evidence of success), but offer nothing more than off-the-shelf technical "setups" that are readily available in the public domain;

* You are a trading coach that promises success without offering substantive trading guidance (and without showing evidence of substantive trading knowledge);

* You are a brokerage house that executes a fixed income trade for me and then busts the trade and offers the same trade now at a much worse price (yes, this happened to me this past week);

* You sell inferior trading software with breathless promises and faulty logic;

* You offer seminars that offer nothing but infomercial sales pitches to attendees;

All of you have solicited my partnership and support in the past month.

Go f*** yourselves.
.

87 comments:

MPconvert said...

Nice.....I like it....This might be the years best post !!

MPconvert said...

Perhaps the years best post !! lol !

roberto said...

heh heh

Jonathan said...

Your best post ever IMO. Please include names of these "whores".

E-Mini Player said...

AWESOME POST!

nbc said...

Boy somebody ticked you off. Very few people have the balls to say what you said but I am sure alot of people deserve it.

Jerred said...

One of the best posts this week!! LMAO

driven said...

oo, I like that...my man, now you are talking...

Jorge said...

Dr. Steenbarger,

Fuck those whores!

Feel better now? I do!

Best trading, many thanks for keeping it real,

Jorge

PS: (Sorry, no asterisks - hey, I'm European)

TraderSmarts said...

Why don't you tell them how you really feel? As always, GREAT post Dr. Brett! Thanks!

otterby said...

brett..what can i say..perfection

Thejuice said...

You're one cool nerd!

Will Rane said...

Love the bluntness!

BirdMan said...

The Good Doctor:
That is one of the reasons I enjoy and read your blog religiously...
thanks
Dave

Joslin Lolo said...

Well said Dr Brett, your integrity and insights is what keeps me coming back daily!

Joey said...

Sometimes you just have to tell it like it is. Thanks;)

yessir said...

Wow! It's nice to see you show some emotion every now and then! Best of luck warding off all the crooks!

klynn55 said...

the internet is full of stock related cheats, books that point to paid sites, chats that are run by paid pumpers,methods that are for daytrading when you paid for an EOD system, remember this though if you can prove that you were cheated, you did not get as advertised, save all correspondence, report the offender to your FRAUD department of your credit card company, they will get your money back.

Declan Fallon said...

Not pulling any punches!

DJF

heywally said...

My condolences. One of the prices of being well known and having a great rep on the web.

FrostySummerSky said...

Dear Doctor, Amen to that!

I fell for one of that seminars which turn out to be 100% sale pitches for the next level which was more expensive. Learned only one thing from it: watch out for the crooks!

Ryan said...

Hahahaha......love it!

Renata said...

wow.

you must be very pissed to talk like that.

Easy doc. Life´s short.

SSK said...

LMAO! Go get them! Persistent buggers! Thanks for your hard work! Best SSK

PDT said...

Well, it's good to know that the same guy who posts such insightful things can "work blue" when he needs to....

Aaron said...

Haha love your work Brett!!

procol said...

Beautiful!

Sadly, you've probably described about 95% of the offerings.

moslof said...

keep up the great work Brett. It is a priviledge to be able to visit and learn from someone with very high standards for the content presented here.

Adam said...

Brett ~

Don't hold back, let us know how you feel!

And why do I feel like I've met these guys?

Adam

Michelle B said...

I love you.

They are disgusting. It's great to show that they are.

Curtis Faith said...

I couldn't agree more Brett. Life's too short to side with those who'd rather sell their soul for a dollar than do something of real worth.

Galvo said...

Now what sought of desperate post is this??? It offers nothing to the reader, no names, it could be about 1 of 100 companies out there??? Really I think this blog should be taken off of Finvis?????

eric said...

Right on!

bluecollartrader said...

Hee, Hee. Nice, Dr. Brett. Very nice...

Kishore said...

Dr. Steenbarger, thanks, as always, for an informative article about some of the things that brokers are capable of doing. I could not even imagine these shenanigans!

In light of the above, I have been very fortunate to be with Interactive Brokers. I have done hundreds of trades with them and never had to need to even talk with them on the phone, so far!

Lukas O. said...

Way to go!

The Stock Speculator said...

right on Doc. right on

Paul said...

Such an outastanding post I can't tell you. Thanks for telling the truth and being selective with your partnerships.

jorgito said...

Great post Doc, you are the man. And since probably none of these rats are going to post a comment, I would take this free space as an opportunity to thank you for your honesty and integrity and for all the time and energy you spend in this blog.

Also I am also going to post this link where all your readers can find the VWAP indicator in real time for free. http://www.freestockcharts.com/

Everybody make sure that the Microsoft plug in called “silverlight” is installed in your computer and enjoy.

Thank you very much doctor.

william said...

cheers!!!

Zee said...

LOL

I agree, these firms make more money from us then they ever will trading for themselves.

skogie said...

Right F******g On!!

Michele said...

Holy moly! True or not, that's fairly uncharacteristic of you. Did someone hack your blog today or something? Yikes.

fireman said...

Hilarious post. And I believe it comes from the heart.

One thing I have always felt when reading this blog is that I can trust what I read. The highest integrity is maintained at all times. And content-wise this is probably the most generous blog Ive ever seen.

dgoverde said...

Best post. Ever.

Just remember that there are good people like you out there to balance things out, Doc.

Jimmy Wang said...

Wow. Surprised to see you get emotional. I really enjoy your books and it's good to see you show that human side. :)

john said...

Go get em! Nothing finer on the web for trading knowledge than trader feed. They can't hold your jock strap. I have seen steady impovements thanks to you.

Mark Wolfinger said...

Like your message.

I hope you really respond to their offers that way.

George said...

Warning!

Good Dog.

But Will Bite.

Jeppetto said...

Dr. Brett, could you please expand on "a fixed income trade for me and then busts the trade and offers the same trade now at a much worse price?"

Swing2Freedom said...

wow ......
What happened?

Steve said...

BRAVO...I couldn't have said it better!!!

BalaB said...

Sweet~

Soberba Insônia said...

Brett, i´ve been thinking to my self why so many hoax folks come into markets not to trade, but to teach poorly common crap.

Of course, trading is far more harder than manipulating people.

I´ve just set some Rage Against The Machine with your post.. and it was a helluva of entry point!

you´ve rocked, my man.

keep it coming

leon t said...

dr brett: as a frequent contributor to all the "institutions mentioned in your article, i can assure you that without names given they will continue to flourish. with or without your help.
as someon with some legal background. i can tell you "truth" is an absolute defense. check with your lawyers.
as a practical person, i can only agree with the chosen format. sadly, once more, they prevail.

on a separate note, could you publish how you calculate your daily levels?. i find them very helpful, i'm sure i'm not alone.

Martin said...

Awesome Post !!!! You go !!!

sdfsdfsdf said...

Nice !!

Love it :)

You just get better and better (if that is possible)

DreamJOBZ said...

Dear Brett, G'day

I have been swamped with my trading & work. I accept your facts. But I couldn't believe those words that you used. It simply shows your attitude. I'm sorry to be very blunt with you. I choose not to sugar coat my words. But I still remember your great posts. I just remembering the Tom Hanks in Forrest Gump when he left his fellow runner in the middle of the street, I was the only one laughing in the cinema hall. You are a great man, and please be yourself. When you lose your innocense, the intelligence disappears.

Be you, Be Awesome
Raj, DreamJOBZ

Rok said...

Dr. Brett rocks!

Rok said...

Dr. B rocks!

Martingale said...

Well said, these parasites inflict plenty of damage on their victims

Gro said...

Hahaha, I love it when you go on rants :)
The people mentioned totally deserve it and account for the bad reputation of traders.

speedtheplow said...

Hell, yeah, Dr. B!

ES_Addict said...

Other than obviously striking a nerve with many traders, the take-away public service message here...

"Warning Will Robinson"

Thanks for a great post. The sharks are out there...buyer beware.

kc said...

Brett, you have said in a few choosen words what a group of traders could not say in 2116 posts about an unscrupulous marketeer, coach and broker. He is still sucking in newbie futures traders and emptying their accounts. Thank you!

http://www.fadethetrade.com/
(I realize you will remove the URL, but thought it might be of interest.

Matt Fahmie said...

F*** YEA. I like it. Over my currently short 4 years of teaching myself to trade, I have experienced many of these and had to find out the hard way. All part of the learning process I guess. Wall Street: Devour to survive, so it is and so its always been. There are very few legit, honest sources of information in this industry; thank you for being one of them.

ClearAir said...

You are the man Dr Brett!

N Konia said...

I didn't know you could swear.

Barefoot Trader said...

Disturbing post. Doesn't rise above the behavior you describe. You can do better.

DMK said...

Dr. Steenberger - we need a follow-up post...wtf happened??

Tahoe said...

I'll be honest, I was shocked at first, and not quite sure if/how to react. I slept on it. This morning, the amazing list of comments is fabulous, and so many of these are so applicable and appropriate. Well done to stand up and be heard, seems like there are many of us that agree wholeheartedly with you. As always, splendid work.

Charles Upton said...

Brutal honesty, public service, venting, courage...all in one concise post.

A beautiful assault on political correctness - LOVE IT.

charleS

Sellputs said...

amen.

S L said...

You are human ...so, sometimes, we need to vent. Thanks for giving us the privilege to share your venting.

SeekMocha said...

It's been said that 95% of people who begin trading drop out again after losing all their money or giving up in frustration. I think those statistics, if true, are a direct result of the rapacious predation practiced on all the innocent novice traders by all the unethical schools, tipsters, pumpers, prop shops, and every variety of cheap whore that you mention and more.

None of the schools will ever admit that only 5% of their graduates will ever be profitable. And the ones who are profitable probably do NOT owe it to the school.

The ongoing slaughter of innocent novice traders reminds me of one of those nature shows that illustrate how the local predators will hang around the nests and pick off the nestlings as they hatch, leaving only a few survivors.

I salute you, Dr. Brett: one of the few mentors that seems to truly care about truly educating and uplifting your followers. I hope the brief mention you made last year regarding "What would be an ideal training program for new traders?" will someday result in the formation of a school that will teach trading as true career, in all the many facets required for success.

Eric said...

Defiantly don’t follow someone with no track Record who is just out to sell seminars and trading courses...

Milking dry foolish trading shops and traders... with nonsense and useless hind-site Indicators.

Cindy said...

Go Brett!

Tariq said...

Dr. Steenberger,

AMEN


I am a self employed new trader ( 1 year 2 months) and have attended so many dubious sales pitches ( did not fell for any sales pitch yet) that I almost gave up till I found your blog by luck and start trading with thinkorswim ( thier educational service is EXCELLENT).

I wish you will start a training program for traders like me.

Best Regards,
Tariq Malik
Hopkinton, MA

Brian Hoffman said...

Great post. I would like to see a top 10 list that gets updated monthly.

Radek Dobias, H.B.Sc., M.W.S., B.Ed. said...

I've been away from the markets (and your blog) for couple of weeks, so I just read this.

Very needed.

Thank you Doc, for being an integrous psychologist and trader. It helps the rest of us succeed as well, which in turn I'm sure makes your work and effort very meaningful and rewarding.

Barrie Abalard said...

Keep callin' it like you see it, Dr. Brett. That's why I read you, and why I bought your trader coaching book. Good stuff!

Gustavo's Trades said...

Way to go Doc! Thank you for keeping it real in your blog!
Gustavo

Pivotfarm.com said...

3 Letters...L O L

DavidDT said...

BRAVO
...let me quickly check if I have not solicited your business last month...

Shanky said...

LMAO! +1000

Kim said...

I couldn't of said it better myself. +1

woodza7 said...

AMEN BROTHER!

My stomach muscles are now sore with laughter. My cheeks are close to it too.

We're going to miss your style Brett.