- Verifiable Trades
- User Experience
A venerable housing project for stock trading Guru's trying to make a quick buck from the carnival crowd. A few good traders do ply their wares at Profit.ly, but far too much chicanery riddled with outright fraud.
Let’s Talk About Profit.ly
If you have been around awhile, you have probably heard of Profit.ly. What is Profit.ly? If you don’t know by now, let me be give you a brief overview. Profit.ly is a website where any trader can join for a small fee, and then the trader may upload brokerage statements directly into the Profit.ly database. The purpose of Profit.ly is to find out who can actually trade, and who cannot trade. The original idea was to weed out the shady fraudulent trading vendors and con artists from the honest trading vendors, many I written about on this blog. Anyway, the Profit.ly system is supposed to be a fool proof system where only accurate trading entries and exits are inputted directly from the brokerage company into the servers at Profit.ly, time stamped and irrefutable. No shady stuff! The website was created by Tim Sykes, a pretty famous marketing personality, a guy with deep pockets and a big following of faithful worshipers willing to subscribe to his insider stock tip newsletters.
Nobody is really sure just how much Tim Sykes makes selling subscriptions. But its rumored in the millions of dollars. In addition to Tim Sykes selling newsletters, there are also a few other Guru’s. One of these Guru’s I recently had written a review about is a guy named Paul Scolardi (Superman) www.super-trades.com. Paul is a real deal trader, a real superman trader. However, what I want to talk about is the verification system at Profit.ly.
Can Profit.ly Be Trusted?
If you log onto the profit.ly website and search for the most profitable traders, you will see a list like this…pretty amazing numbers. One has to wonder is someone named Lucky Strike really made $10.94 million dollars. Or another user name ECNC really made $7.33 million dollars. If you drill down deeper, the profit.ly website actually shows an equity curve of each of these traders. The equity curve is amazing with most of these guys on the first page regularly making $50,000 each and every day, without every suffering any losses!
Now keep in mind that just about everybody is selling a newsletter on Profit.ly. Of course, Tim Sykes gets a cut of all of the sales. And all of this makes you really wonder whether all of these profits are in fact real, or just made up nonsense.
Profit.ly also has an affiliate program where anyone with a little marketing saavy can earn a commission for these newsletter subscriptions. Therefore, if you run a simple google search for Profit.ly or many of the newsletter guru’s that you see on Profit.ly, there is an absolute certainty that an army of people will swear how great Profit.ly is and how much they are also making massive profits. Of course, all of these reviews also link back to Profit.ly, complete with an affiliate link and tracking cookie to record sales.
All of this creates one big marketing snowball that picks up speed and is hard to contain or make sense of. Who doesn’t want to subscribe to a $90 newsletter and make $50,000 a month with almost now risk, from a verified Guru, that submitted a brokerage statement? I certainly do!
Sometimes we just really want to believe the Guru. We have a deep need to believe that someone out there can help us solve our problems. And this is the fundamental problem with Profit.ly, the entire website is a Guru platform, meant to dazzle the viewer into believing that profits are only a click and credit card number away.
If Profit.ly A Fraud?
Truthfully, its hard to find a voice that is willing to challenge Profit.ly. That is willing to take a critical view and ask the tough questions, look for smoke that could reveal a fire, find inconsistencies that reveal any fraud on Profit.ly. However, I spent a few weeks attempting to game the Profit.ly system, attempting to portray myself as a Guru. To prove that if I could casually game Profit.ly, then others could also game Profit.ly, with the intention of selling newsletters, trading DVD’s, mentorships, trading rooms, indicators etc.
How To Hustle Profit.ly And Be A Guru…OR NOT
Have you ever wanted to be a stock trading millionaire Guru trader? Well, it would be nice. But what if I could be the worst performing trader on Profit.ly? Now that is an accomplishment worthy of some sort of award. And that is exactly what I set out to do! To be the worst! So lets review the steps I took to be the verified worst trader on Profit.ly. Step 1, create a trading system and then optimize it to buy at the high and sell at the low. And that every single trade was fully leveraged to lose at least $1,000,000. Since I am a pretty good programmer, this took me about 5 minutes. Next I exported all trades out of my trading systematic trading platform and into a .csv file. Step 2, create an account at Profit.ly and select the broker, I selected a Forex Broker. Enter credentials and upload a properly formatted .csv file into the Profit.ly system. The file has to be correctly formatted to be accepted into Profit.ly. Once file is uploaded into the Profit.ly system, its time to admire the handiwork and fully embrace myself as the worst trader on Profit.ly.
Simply amazing, with just a little creativity and bit of persistence, I am officially a really bad trader. Row after row, page after page of confirmed losing trades, a net loss of $650,000,000. To celebrate this amazing feat of failure, perhaps I should also join the ranks of trading Guru’s at Profit.ly. Sell my own newsletter, or DVD, or workshop, or trading system. I could title it “How To Lose $650,000,000 Trading Only 5 Minutes Each Day”.
Admittedly, its very tempting to create a fake internet persona and then magically create a “verified” trading record, with the sole purpose of selling a product. It would be so easy to just go to the dark side, take the fast money, fleece the suckers. Much easier than actually trading.
Well that’s it for now. Sorry if I offended many of my readers with this big letdown regarding Profit.ly. If I could be put one final note into this…I really do believe that Timothy Sykes is a great trader, but an even better promoter.
Please leave your comments below. Good comments, bad comments, please speak freely.