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Lots of system developers that went bust , are coming back with new user names and system.
Mcprotrader is back under a new name , This guy wiped everyone out in 1 day, lost over 100% in a matter for hours and turn his system to private and stop responding.
For all the new subs, be sure you know what the system is trading, stay away from the VIX, if you don’t know what it is.
Whats his new name? Is it possible to get a list of developers that come back with new names?
Well here is Mcprotrader new system, https://collective2.com/details/116586206
Had the nerve to even offer a discount.
Some of these system developers don’t use stoploss, they leave open position and go on vacation. When the market drops 1500 points, and your account get crush, they close up shop and move on.
Are you sure it is him?
As I can remember, McPro was from Australia.
he message me from his old account offering a discount to his new system
Uh. Tnx.
Not good.
Something C2 should look into.
hes doing really well. hey its paper money, swing for the fences right ? account with 10k, buy 655k worth of ES future, when account worth 20k, buying 20k worth of vix puts. If all fails, reset and retry!
Once you get 20-50 subscribers, go super conservative. and collect $8k per month until next market correction…
Rinse and repeat!
Thats very true Osutai, there are many developers do this way at C2, especially new models (less than 6 months and use PAPER MONEY). They are always use many excuse to not use compatible brokers at C2. I will never put my money for any developers that does not use TOS 100%. Even, TOS 100% is not guarantee the model will survive for long lasting. Too many scammer, non qualify traders in here. Many models that I subscribed back in 2015, now, those models have already gone.
Why doesn’t C2 do something about this. How can they let someone come on with a new name and disregard their past history???!
The dude bought 5 e-minis with 20k. That’s insane.
And idiots are already subscribing.
I guess on the internet you can be anybody, in some countries you can live off just 1-2 subscribers.
Is Warren Buffett on C2 too?
C2 should not allow subscription to strategies that are less than 6 months old. So as a trade leader you have to prove yourself for at least a minimum amount of time before you can accept subscribers.
There also should be some sort of minimum metrics that need to be met within those first 6 months (max drawdown, max leverage, etc).
Just some thoughts.
People should be free to make their own decisions. Both subscribers as well as trade leaders. Freedom not dictators is what the world needs more of.
Many of the subscribers present on this site are gamblers! Their life principle - no game no life!
For C2, such conditions are not profitable!
Agree with this. Everyone is free to invest in whatever they like.
Only problem is moral dilemma, is to acceptable for developer to change name;
if true in this case change everything to hide his previous systems, and do it over again.
The name of the developer is not as important as the track record, the track record is supreme, the longer the better. Some people have money to lose and some people have lessons to be learned, it’s all good.
Don’t get me wrong, I’m all for freedom - if you are stupid enough to give these people money then you deserve to lose it. The guy taking it obviously has no morals so he doesn’t care either.
I just wonder if C2 realizes this. If they do and they realize it is profitable for them, they are as complicit as these fakers,
Here is a good example - that “Diamond” system. The 47% return is probably closer to 5-8%. The vast majority of his gains were with fake money playing the bid/ask spread in VIX futures and e-minis. He has since gotten subscribers and hasn’t done anything since. People don’t realize this and give this guy $100 a month. C2 takes a cut of that so I’m sure they are happy. The only loser will be the subscriber.
I agree… But i dont think its a big issue for trade leaders to have to prove themselves first before they allow them to have subscribers. Even if its for 3 months or so.
Developers should treat this like a job in that they get paid if they perform adequately and if they blow up a system they should be scrutinized more the next time around and C2 should try and ensure that the scammers get filtered out. This is why systems should not even be available for subscribing until its passed the sniff test.
the issue is the amount of margin they are using. 65x on futures. if you are not TOS c2 need a limit on this. he will lose 30 to c2, but the subscribers can lose more than their account balance! 2x or 3x margin, hey it make sense. but 20k balance buying 655k worth of futures ? a 2-3% gap down subscribers will be owning to their broker.
but in the end its their money, people throw away $800-$5000 buying Tim Sykes DVDs or “Turn $500 to $500k in 3 months” trading seminars.
