Day Traders are FRAUD Victims [Day Trading SCAM / FRAUD]

Day traders are fraud victims. Again day
traders are fraud victims. I know that this video is going to be a little bit
controversial but I’m not here to help everyone I’m here to help the people who
have a little bit of money and are willing to invest in themselves and who
then go out and spend thousands of dollars on a course that is completely
worthless that is garbage who then invest months of their time to learn a
process and to learn a program only to then trade that program and then lose
all of their money because the reality is that all of these fake gurus who
purport to day trade. They don’t trade. They trade simulators the trade fake
accounts like paperMoney account from TD Ameritrade and they do not actually
make real trades or if they do the gains and the losses that they tell you they
make are wildly inaccurate and you are getting advice from a Wall Street
veteran all right so if you choose not to believe me and you want to go buy
some of their programs then you’re welcome to do that
like I not here to try to help everyone I graduated from an Ivy League
university here’s my transcript additionally I worked at Morgan Stanley
worked at CIBC World Markets I’ve completed over $5 to $10 billion
dollars worth of transactions it really depends upon what you count if you want
to count M&A activity if you want to count following equity offerings IPO
secondary offerings debt raises etc here’s a pitch book that I worked on at
CIBC World Markets this company this was back in 2004 we sold Metals USA to a
private equity firm Apollo Management for around $800
million dollars now there was also like a there was an earn out and things like
that so I don’t know I think the total value is around $960 million but the fact is that you are getting advice right now
from a Wall Street veteran I worked at CIBC I’m Morgan Stanley at some boutique
M&A advisory firms on Wall Street and if you choose to not believe me then that’s
totally cool I mean I can no I can tell you that I have never met
a successful and profitable day trader in real life now you can go spend $5,000 – $6,000 dollars on a program and I can tell you that you will throw out
all of your money and you will lose money when you trade that program
because these guys who claim to have turned five thousand dollars into $5
million dollars they don’t exist they’re perpetuating a fraud. Think about
it rationally if you’re able to turn five thousand dollars into five million
then what’s stopping you from turning five million into 1 billion but none of
these people are billionaires the reason is that they make money from selling
courses and by selling fraud now that being said I sell courses – all right so
but there’s a big difference the difference is strategy first off if I
had zero students I would still be rich. Ok so I don’t need to sell any
courses which is why I can be completely honest and brutally honest with all the
subscribers and all the viewers I’m not here to please anyone I am here to help
innocent people avoid being fraud victims. So again if you don’t want if
you believe that I’m inherently biased and that I’m the same as everyone else
ok that’s totally cool but remember I tell people how to sell option premium
so if you don’t want to watch my videos go watch Tastytrade because they
actually teach you how to sell option premium and make consistent money. Tom
Sosnoff is worth hundreds of millions of dollars because he built thinkorswim
sold it and then started a new brokerage TastyWorks that is predicated upon one
strategy sell option premium which is the same thing that I teach. And yes I don’t believe that in everything that tastytrade says. “Trade
small, trade often” I don’t believe in the trade often I also don’t believe in
selling indiscriminately based upon high IV (implied volatility) and I’ve discussed that in some of
my other videos and I think that my returns are substantially better than
what anyone would receive by following TastyTrade but if you don’t like my style
if you don’t like my videos go follow tastytrade because you’ll make you’ll
actually make money from learning a legitimate strategy which is how to sell
option premium versus how to day trade we were just gonna be banging your head
against the wall so again I understand that when you day trade you feel like
you’re a part of something you know you wake up you have a purpose you watch the
market a lot of you guys aren’t involved in like Discord chats and things like
that and there’s a sense of camaraderie a sense of community but the goal in
trading is to make money it’s not to commiserate and like lose money and then
you know make money one day and then lose money the next you want to make
consistent profits and I have never met a profitable day trader the reason is
they don’t exist. Can you name me one day trader that has verified profit?
verified profits. right like Warren Buffett George Soros etc they didn’t
make money from day trading. Options traders look up Warren Buffett in how he
made billions of dollars by selling puts in the 2008 crash right they trade
options because there’s a high statistical probability that they will
be profitable day trading i don’t care if you’re using any indicators or
technical analysis it does not work and all of these guys are fake gurus etc you will not make any
money by day trading so again the only way to make consistent profits is by
selling premium honestly like you know usually at this point I would say hey
like you know go to and enter in your email and
receive $400 worth of free information but I can also tell you that day traders
are not the type of students that I want right because day traders you guys are
trying to make 200% to 300% percent returns a year in fact someone
told me like you know you have all these fake accounts
that comments on my videos and they say that they make 200% every single quarter
that’s just that’s so funny because if you made like 800% to a 1000%
every single year you would be the richest person in the world in like four
or five years so it just doesn’t make sense it doesn’t add up you need to
lower your expectations and have realistic expectations and instead of
trying to make a few hundred percent a year and then losing all your money
instead what you should try to do is aim to make anywhere from like thirty to
sixty on a maximum basis like seventy percent a year and have realistic
expectations and actually learn a skill and a strategy because if not all you’re
gonna be doing is wasting your time wasting your money not learning anything
valuable and being a scam victim because as I said from the onset day traders are
fraud victims. Nobody has all the answers I don’t have all the answers either in
October 2018 I lost money trading. Okay like all right so what like I know I
will make all that money back right the market has the worst month that it had
in seven years I’ll make that money back no problem I’m not a guru right I’m very
disciplined I am fanatical about becoming the best
trader that I possibly can be I believe that I’m an incredible trader and my
students believe that I’m an incredible trader but if you have expectations
where you think you’re going to make two to three hundred percent a year then you
deserve to lose all your money and if you don’t believe me go purchase one of
their programs because you will lose all your money. David Jaffee from please like comment share and subscribe to this channel if you
have any questions leave a comment below I answer all comments let me just make
sure that I that I went over everything you know not only will you not make
money but you’re going to lose your money I know that this video is
controversial if you don’t believe me then you’re welcome to go purchase their
program I’m not here to help everyone I’ve never met a profitable day trader
again if these guys are able to replicate
their returns they should easily be the richest person in the world in just a
few years they use trade simulators they don’t even trade they don’t provide real
trade statements they use fake reviews from their affiliates because remember
this is a multi-billion this is a multi-million dollar fraud operation if
they have going on obviously they can create fake websites fake videos fake
reviews etc I understand that it’s entertainment that you want to feel a
part of a group the only way to make money in the stock market is by selling
option premium and like I said before look I’m just putting this out as a
public service announcement I’m not putting this out in order to gain
subscribers because day traders are not good students. You guys have unrealistic
expectations so I actually encourage you today trade and to lose money because
once you day trade and you learn from your own experience I’ll still be here
and then I will be here once your expectations are more in line with
reality I will be here to help you. Thanks again

100 thoughts on “Day Traders are FRAUD Victims [Day Trading SCAM / FRAUD]

  1. Please share this with your friends & subscribe to my channel. I want to be of service to as many people as possible and help them avoid both stress and scammers. Learn a valuable skill and earn ~50% every year (which will make you more successful than 99% of traders!) Receive $400+ of FREE training at

  2. New trader here. To be honest, I'm more confused than anything else. If everything in stocks except selling options is a scam, why does anything else even exist? And why is there so much educational content on day/swing trading, etc. if nobody makes money with it? I get that scammers are just trying to sell their course, but, for example, Adam Grimes has a free 30+ hour course of videos, a free podcast, blog, forum… so my question is simply why? Why go through so much trouble to mislead people? It seems like after having been doing that for so long there would be a plethora of victims speaking out against people like him.

     And to comment about one of the youtube "gurus," Ricky Gutierrez apparently live streams his trading every day. Even if it's simulated trading with ToS it still trades the real market. And his viewers likely copy his trades. I don't see how you could fake it day in and day out with such a big following for this long without everyone catching on. What specific evidence do you have against him or people like him?

    Obviously, if selling options really is the way to go, I'd much rather spend my time learning about it and practicing it, so I am going to take this week to educate myself on it. So thank you for making me aware of it. However, from a purely pedagogical standpoint you might want to take a different approach if your main goal with this channel is to educate people. If you care I can go into far more detail, but mainly you should focus on being more concise, only presenting relevant information, and only repeating important points. Maybe your paid course is more organized, but you've got so many videos that all look and sound similar that new viewers are likely having difficulty knowing what to watch. Perhaps make a "start here" playlist presenting concepts in a logical order, and then stop at a certain point and make people have to pay for the rest.

  3. What IS considered profitable day trading in your opinion? My target goal is 20% daily when I see the proper setup. Ppl take profits. Momentum day trading works for me. High volume, possible news, time and sales, level 2 and using vwap gets me my 20% in under 30 minutes at market open.

  4. The statement "There are no successful daytraders" is patently false. Just because you haven't been successful in your attempts does not mean that others cannot. There are plenty of prop shops that are entirely composed of intraday ES S&P500 future traders that trade on a discretionary basis. There are HFT firms that have quant and algo hires designing industry leading HFT strategies. I personally know of a HFT futures trading firm with one red day in the past 2 years, that uses only limit orders. Guys like Morad Askar are very successful discretionary traders that still survive intraday trading around HFT algos all day using human intelligence and tools like bookmap pro. Maybe dive a little deeper into the world of intraday trading before commenting.

  5. Not to mention, have you ever looked at the Time and Sales on S&P e-mini's? Regularly there is size of 80-120 contracts being traded, throughout each day. When each point is worth 50$ at 50$x100 contracts= 5000$ a point. 4-5 points can occur in under 1 minute in some volatile instances. How many firms/traders would stay solvent for long unsuccessfully trading that amount of size on an intraday basis? And no, no one with a brain is holding an overnight position of 100 ES contracts, so don't hit me with the argument that these are long term value investors. I would be glad to talk to you in person some time on skype or discord. I'll even give you access (for 1 or 2 weeks) to a live stream of a professional trader's desk that is consistently profitable. Let me know if you are interested in chatting. I am telling you that you are dead wrong that selling premium is the only way to make a ton of money consistently. Selling premium is leading choice of risk for those with large sums of money for good reason. However, there are higher yield methods for those with smaller funds that are willing to assume more risk.

  6. I signed up for your free video. I didn’t received any email yet. Thanks

  7. look at nour_trades on instagram, he logs in to his thinkorswim live infront of thousands showing real-time dataof his gains of 10-20k a day. plz look and reply to me

  8. I day trade on my own and make 1,000 plus dollars a day I learned everything myself. No fraud there buddy.

  9. Transcript mic drop was epic… you could have ended the video right there.

  10. Sosnoff made money by selling his company, not by trading…. come on!!! everybody knows that. Can you mention one day trader?? yes LARRY WILLIAMS!! and it's verified.

  11. It is hard because a lot of people want to get out of the 9-5 cycle and just pay bills or pay off a house they own. I believe your better off not buying a course but putting the time in every day and learn on your own. Be your own teacher. papertrade everyday and test your skills. Its takes time and just know you can lose. I lost $1,300 two years ago without learning 1 thing. I thought it was easy. since then I hit the books and paper traded. I done some testing with real money but with only a few shares just to test my entry and exit skills. I never bought a course because with house bills and mortgage I could never afford it but I been learning through books, papertrading and youtube videos on daytrading. I believe a lot of guys who sell courses are very fake. The price just to learn is far beyond crazy.

  12. The price of a course is crazy. Your better off teaching yourself and saving your money for your trading account. There are some good teachers out there but if your going to try them, give them a month and see what results they can provide. This is a world where everyone is out to make money off of desperate people who want to live better and want to take that risk. I even done binary options with nadex. I lost soo much money I had to stop and only 1 time I made $1,500 within 3 hours and then lost it all. Its all a risk but we have to control our risk. I say study, practice with papertrade and put the work in. If your gonna use real money only buy small shares just to test out your skills. Buy small lose small. when you feel comfortable to work your way up slow buying more shares. It takes time. good luck to anyone who did buy a course, I hope it was worth the money and time. But your right about some fake teachers out there. They are making a lot of money off of desperate people. sad if they are.

  13. What’s up Dave. I happened to run across you today through option trading algorithms. I am a beginner looking forward to trading options myself. I have viewed several of your videos today to get a take on you. I like the direction your going BUT I feel it is not as clear as it can be. Is there any way I can get in contact with you via some sort of chat?

  14. I was a profitable day trader. I knew absolutely nothing about trading. I stumbled upon videos on youtube. I watched and rewatched each one of them and applied what I learned to demo accounts which I managed to maintain in profit for 3 months. (Unheard of for new traders like myself) I then switched to a real account which I am continuing to grow nicely. Thanks to Marcus Gate for his professional guidance.

  15. Sooo warrior trader is fake? He semster and program is legit. Day by day and lost

  16. Great video. What is your views on Online Trading Academy? Has any previous students given you feedback?

  17. Ricky guttierez live streams every day and buys at the right price and sells at the right price… , Steven dux has verified profits and opened his tradezero statements live (no photoshop), warrior trading also streams live every day and makes profit. You can't cheat live streaming.

  18. Your hair, eyebrows and teeth tell it all. And that cynical smile when you said " I also train"….. Dude what a shame!

  19. Pitbull Trader = SCAM Watch him leave a fake.comment then he deleted it after realizing that he was in his wrong account. LOL

  20. Lol I spent $0 on courses, have less than two years stock market experience and still have been able to make decent money day trading these past couple months. Guess I’m a victim of the system 🤣 yes I’ve lost money every once in a while, but I always make it back, plus some. Don’t let these kinds of videos scare you off from day trading, just do some research before investing too much money in it.

  21. Youtube daytraders do make money! Not in trading but from their monetized youtube videos.

  22. I make 30m every quarter

    Just kidding, I know nothing about stocks or day trading but I did think it was going to be the way I made money from home and I just expected to make enough to be financially stable

  23. If day trading isn't profitable then why do we have leveraged ETF's that decay immensely over time?(These are specifically designed for day trading). Why are there entire firms dedicated to technical analysis? Why are there old men in suits talking about candlesticks and patterns?

    Not just anyone can make it… i think the day traders that are successful dont talk about their trades or strategies… thats why its so rare to ever meet a successful day trader

  24. It was just called try day treating, found them on craigslist lol.

  25. Not sure man. I think its best if someone learn on their own without buying someone else strategy that may not work for them. Everyone has their own strategy. All successful traders are not identical. There are plenty of free learning sources online or the public library. Its really up to the individual to want it bad enough to put in the time and work to be successful.

  26. You think most of the people on YouTube are fake day traders?

  27. I do not agree with you.many daytraders veterans that make alot of money. But daytrading requires alot of study and knowledge to do so.. If you want to make it as a daytrader in long term. Daytrading is extremely risky if you don't have a plan and risk management. Many beginners think they are able to do this with no to little knowledge. Been papertrading to daytrade for 1 year. It is possible.. But yea.. it's not for me. To much stress.. I'm going to focus on option selling for the long run. Less risk / less reward. But it's better for the long run in my opinion.

  28. Selling option premium is not a consistent way to make money… you will make money for 5-8 years and loss it in 5 days.

  29. Good strategy. The market cheat you. The only way to succed, is buying your course. Ja, ja.

  30. Wait, day traders don’t make money yet you’re selling day trades ?? Confused.con

  31. I wholeheartedly agree with all of this information. People get pretty upset when you tell them the whole system is rigged. Especially the ones who sit there and watch a national news channel every day, while the news is constantly feeding them crap about how good the stock market is doing. I've day traded since 2001, starting with the forex market. After 15 years of beating myself up, it became crystal clear that it didn't have anything to do with my trading style. Then, I moved to the stock market, thinking about it being more regulated. No difference, whatsoever. The numbers are 100% fabricated, and to prove it, I opened a play account that coincided with my real account on THE NEXT DAY, BOTH ACCOUNTS WERE SHUT DOWN BY FOREX.COM. What I really enjoy is watching the people who lie to themselves and defend day trading, like they're defending their mother's honor. I did the same thing for 15 years! I believed it was just me, doing the wrong thing over and over. Does a company's net worth actually fluctuate 20 percent in a matter of minutes? No, but their stock prices sure as hell do. The floor traders at NYSE control the prices, PERIOD. Whatever those guys trade shares for, becomes that stock's last trade price. To believe these guys weren't put there by a third party to skim money is just ignorant.

  32. Trading doesn't work if you give away your strategy. If everyone wants in you want out. Hell I made pretty big gains by buying more shares when everyone was dumping Sony during the 2006-7. Idiots ran over a few batteries and the PS3 was being released around Christmas so retarded move, but if they weren't stupid I couldn't have doubled my shares for about 30-40% off at least.
    It was crazy how much money can be made by the cattle mentality of people. Dur my neighbors are all buying the same stock I think I will buy that! Dur oh no everyone is running for the exit I might need to as well.
    Morons create their own demise.

  33. I do no about stock trading but in commodities many day traders making huge profit …

  34. Swing trading works. I know this and I know many who make money doing, and I also make money doing it. Swing trading, and long term investments works very well.

  35. But you’re selling a expensive course aswell. We have no proof that you are successful anyone can get on camera and throw out numbers and schools attended. I wish I could find a truly free course to help me learn

  36. I TOTALLY AGREE WITH YOU!!!! I was scammed for 8 years, until I SPEND 8 YEARS, 50K AND A WHOLE LOT OF DAYS "FILTERING" WHAT actually works!!! If you want to see my LIVE trades, NO SCAM, NO HYPE, NO BS, checkout my site, here you will see PROOF that it can ACTUALLY be DONE…BUT NOT EASY!!!!

  37. wait what are you talking about? IS this some program called day traders? or are you talking about doing day trades in the stock market?

  38. why gamble when you can act like a casino by selling option premium

  39. I just signed up for your Education Course on options trading

  40. I sell options and i would never day trade, unless i wanted to lose all my money

  41. i have never met a profitable day trader, they only exist online with fake gurus

  42. I tend to agree…I have yet to see someone day trade and ACTUALLY make a lot of money. Ppl talk about when they make money but they don't talk about when they don't. Same concept as how ppl only share photos of them on vacation and having fun, but never talk about their struggles, thus giving off the false sense that everyone is having a great life except you. That everyone is making money off day trading except you.

    I've learned over my life that ppl don't really have any significant advantage over each other by just simply knowing something easy. Now if they studied thousands of hours at university to become an engineer of some sort, that might be different. They key here is that studying chart patterns for thousands of hours trying to become successful at day trading doesn't work, and those 'victims' of day trading schools are being paying to be brain washed. I know one person and they perpetuate that ppl that criticize them are simply jealous of the methods that they teach.

    Unfortunately once someone believes something, its difficult to get away. Suggesting they are being defrauded is met with anger and resistance. The stronger the suggestion, the stronger the reaction. The reality is, they pay hundreds if not thousands to attend these 'lectures' online or in person and after years and years, still are unable to produce ACTUAL RESULTS, yet they continue to believe.

    I'm currently studying to become a software engineer. I'm spending thousands of dollars attending classes from people that claim taking their classes results in a profitable career. The difference is, I know REAL PEOPLE that have graduated from these programs or similar that ACTUALLY MAKE over 100k or even 200k in some cases per year. Unlike studying weird patterns in charts for thousands of hours (because how deep can that really be?) software engineering is a real skill that can be measurably improved over thousands of hours of study, and real value is actually logically explainable (if you can create useful software, thousands if not millions of people can use it. So you can work on one piece of software that can potentially make you millions of dollars).

    Someone please let me know if you've found actual verifiable evidence of real, successful day traders that consistently make money over an extended period of time. Until then, I consider it a scam.

  43. I use to SWEAR the same thing for the longest time, that day trading profitably was IMPOSSIBLE!!! However, 8 years of sweat and YES TEARS later, I am indeed profitable. my live (account showing) trades prove this.. here is a link to one of them

  44. damn you sound so delusional man. just cause you are one of the losers who can't learn how to day trade doesn't mean day trading is a scam. the statistic we all know is that 90% of day traders lose money. so what do you think the other 10% are doing? they're winning. so if there is a loser, there has to be a winner. not everybody is losing their money. some people have mastered this craft of day trading and they are in the top 10%

  45. What I find is that many of these day traders has a high risk gambling approach to the stock market that's why many of them earn ridiculous amount of money in a short period of time. Unfortunately, their strategies aren't usually viable due to their gambling approach and they end up losing the money they earned thus not being able to reach a substantial amount of net worth in the long run.

  46. I hate day trading. All these fake gurus on YouTube. They steal from innocent people.

  47. David, are you going to remake this video with your better equipment and sound? I think it'll get more views now.

  48. Options trading has a high statistical probability of success. Day trading? It has a very high likelihood of losing money

  49. ok, not everyone will be good at daytrading, many will fail and give up, but it is possible to become a good daytrader. I could not afford a teacher so I have been training myself. my last win was on stock mbrx trading 1,300 shares at $1.38 and selling at $2.22 making $1,093.00 in one day on news. You can make money. I have not been consistant yet but I am working on it. I am trying to start a youtube training showing my trades. I am calling my channel try trading. I will show my fails and wins posting videos. I hear you brother, but my goal is to make $200 a trade. nothing big, not to get rich. I like your video. Good talk.

  50. Day trading is casino in your hand and ultimately you shall have to loose your money.

  51. Well I would agree with you that if you're making 20+ trades a day and trying to play every god damn move in the market you're going to lose but you, out of all people, should understand that markets move in supply and demand and with just a simple supply/demand trading strategy, you should be able to make decent money and grow an account slowly overtime.

    I traded the index futures for a startup company for about 3 years with 5 other futures traders but I mean we built it from $50,000 to about 1.5 million in about 4 years. We weren't playing every move in the market but we had risk:reward strategies that ended up working. It's just risk management. If you disprove of what I said I would honestly send you an account history that shows my transactions over the past year.

  52. I have to disagree that you cant make consistent money day trading. I Day trade my 401K and it has grown because of it.. Yes I have my days that I lose but I have a very strict risk management system. I was also up 12% last month and currently this month I am up 8%.. No im not richs but I could turn 5K into 20K in a full trading year..

  53. I’m sure you’ve heard people always talking about recovering their lost funds that have been lost way back to different brokers and fake sites, well I’ve been victim to that but luckily I got in contact with someone that could help me recover these lost funds that’s why I’m recommending swiftrecovery005(at)gmail(dot)com
    He helped me, I’m very sure he could help you.

  54. Very nice, I stopped day trading a while back because I profited an extreme amount and then pretty much lost it. Refreshed my options knowledge and got into that recently, so these videos help me a lot. Btw, it would be interesting to see you have a discussion with Eric Krown (also earlier Wall Street employee) about TA, day trading, options and game theory 🙂

  55. I know your intentions are good but I daytrade and make between 4 and 7% per month. I have one set up only and stick to it rigidly meaning I only place 1 or 2 trades per week. July and August are pretty much untradeable. I am private and do not sell courses or offer advice. Yes most gurus are frauds but there ARE a couple of non hype mentors on youtube who offer excellent and brutally honest advice. So I am sorry but I do not totally agree.

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