A couple of years ago, our friends at ZeroHedge did a post about a 22-year old in London who was holding himself out as a wildly successful FX trader (personally, I don’t think such a thing exists). He got the attention of the press by spending money lavishly, including buying a $125,000 bottle of champagne.
Since he was evidently so amazing at making money, naturally he wanted to teach others to do the same………because if you discover the secret to pulling money out of the market, why waste your time in front of a screen doing so when you can be charging modest sums to everyday people to teach them to do it too? So that’s what he did………
Interestingly enough, one particular reader on ZH didn’t buy it, and he made this remark:
Well, Fidel was not close. He was dead-on. This young fellow is on trial now for burning through $2 million of investors he duped. He spent the money on himself: specifically, booze and women. Long live self-indulgence!
I’m not going to name names, but this really does remind me of at least one self-promoting person on the web who constantly claims to be making money left and right in the market. Of course, during the peaks of market bubbles like the one we’re presently in, people are incredibly gullible. Once the tide rolls out, some of the frauds are going to be exposed (and some will manage to get away with it anyway). That’ll just be the icing on the cake, except for the victims.