Trader Meetups (Part 14)

In the past few posts, I have made several observations about JD’s meetup presentation on February 28 that make me think of him more as a salesman for a mediocre service than as a successful, full-time option trader.

From an educational standpoint, I would rate the presentation an F because of his persistently smug and overconfident tone.  Many in the crowd identified themselves as “beginners” when asked.  Beginners get sold relatively easily and don’t know what due diligence to perform.  I wonder how many attendees thought to check the web site to see how well JD actually does with his trades?  I thought about asking why his stated performance was so poor, which contradicted his cool and confident underlying tone, but I could not remember the exact numbers and thought it might be rude and land me on the street outside.

Besides, I smelled the pizza and hoped to get my fair share.

To recap the flaws:

–Extensive time spent illustrating a complex trading system with only one chart
–No backtesting of system performed (“it just makes money”)
–Arrogant representation of option trading (like an ATM machine)
–Hardly any discussion of risk management implies trades rarely lose or lose very little (false!)
–Well-known option myth presented as fact (twice)
–Earnings plays described as easy and consistently profitable (at least 15 other traders disagree)
–Pizza, pop, and beer made for an oasis of refreshment

Taken together, this presentation seemed to be more about sales and marketing for a $79/month service than anything else.  This is optionScam.com and pretty much everything I don’t like about meetup groups being organized by people with commercial interests.