"The king is dead, long live the king!"
Ok, so Sure Trader is dead. They have officially given notice that they are shutting down, and Guy Gentile is leaving the stock brokerage business.
Plenty of day trading wannabes are currently whimpering and sucking their thumbs.
Undoubtedly, this is the end of an era. With Sure Trader leaving the scene, there are some winners, and some losers. Let’s review the ‘new’ landscape of the day trading world.
Winner: F1 Trade
As Sure Trader has notified their current customers, “if you do not close your account by November 8” then your account will be transferred to F1 Trade.
If you are not aware, F1 Trade is a CFD broker located in yet another pirate cove in the Carribean.
And so, if you continue to trade, with F1 Trade, then you will be trading against a gambling bookie. And not against actual market participants.
Neither will you have direct market access, your trades will be nothing more than a simulator video game. Make sure you bring your joystick.
F1 Trade will be taking the opposite of your “investment” wagers. They are, in fact, betting that you will lose. And lose badly.
What if you somehow profit from this phony stock market video game? Well, best of luck getting your money out. The website does not even bother to name an owner, a clearing agent, a physical address, or anything that even remotely resembles legitimacy.
And the best part of CFD brokers is that they usually pay a fat commission to the referring partner, especially if the trader loses his wagers.
This is affiliate marketing on steroids.
I have little doubt that Mr. Gentile has his dirty fingers in the F1 Trade pie. In my best guestimate, he is probably deeply connected. But have I have no proof.
Plenty of suckers will go with F1 Trade, and they will be treated as such — suckers. Only a sucker trades with a CFD broker.
F1 Trade is the clear winner in the Sure Trader shutdown.
Loser: Ross Cameron of Warrior Trading
The lifeblood of Warrior Trading is the ability to convince suckers with a $500 trading account, that they too can perform a financial miracle and transform $500 into $1,000,000 — in only three days! (satire)
Jesus arose from the dead in only three days, yet I doubt even Jesus can turn $500 into a million — in only three days.
Day trading hucksters, like Warrior Trading, cannot easily ply their wares without offshore brokers.
It remains to be seen how these rat fuckers, are going to be able to continue the educational “con game” when their students can no longer avoid the PDT rule with a $500 trading account.
Warrior Trading is a clear loser. Tears for Ross Cameron.
Winner: Meir Barak of TradeNet
For those unfamiliar, Meir Barak is the current reigning champion — of douchebag day trading educators.
His company, TradeNet is a hybrid day trading educational company unholy conjoined with a CFD broker located in Seychelles. Think of Seychelles as an even more fraud riddled island than the Bahamas.
The TradeNet scam is all too familiar. The sucker buys “day trading education” and then their “education” money is converted into “credits” to be gambled at a CFD broker.
The whole scheme is outrageously illegal in the United States. Eventually, it will be shut down. I have little doubt.
Before you get sucked into this ridiculousness, you better read my articles on the TradeNet scam.
Sadly, the big winner of the Sure Trader shutdown will definitely be Meir Barak and TradeNet. At least for a while.
Loser: Attorney Adam Ford
Adam Ford is the sniveling little shit stain of a lawyer that represents Guy Gentile. Over the past several years, he has filed a plethora of lawsuits on Guy Gentile’s behalf.
He is a dork of all trades. Lawsuits for defamation, criminal defense, suing an entire State, etc. This dude is a real sewer dweller. Actually, to call him a lawyer is an insult to lawyers everywhere.
He is a real wank artist that believes he can bully and intimidate just about anyone. But he cannot. Especially me. Recently, he sent me a Cease and Desist letter that was barely readable. He has the legal writing skills of a retarded farmboy.
He even accused me of attempting to extort Guy Gentile over an article that I recently posted.
With the Sure Trader shutdown, I am sure this little shit stain lawyer is probably wondering which titty he will latch upon next.
Best of luck Adam, you are going to need it. But hey, you can always go back to being a public defender in Newark. Or teach classes at that diploma mill law school from whence you sprang.
Attorney Adam Ford is a clear loser in the Sure Trader shutdown.
Winner: Commodity Futures Trading Commission
Sure Trader is actively representing that their customers will be transferred to a CFD broker. This is a clear violation of the Commodity Exchange Act.
Let there be no doubt, CFD trading is illegal for United States citizens. There can be no doubt that Guy Gentile is completely aware of this. Yet, he continues with his “Fuck the DOJ” attitude.
What will the CFTC do? Thus far, Guy Gentile has been thumb wrestling with the soft hands of the SEC. However, this little brother (CFTC) of the regulatory world is a completely different animal. They wield power with an iron fist.
The CFTC will straight-up crush F1 Trade. They are hardcore street fighters with a long and devastating history of crushing offshore CFD and Binary Options brokers.
Mark my words…F1 Trade will be obliviated. It will begin with an emergency injunction in Federal Court, the money will mysteriously disappear, and it will end in a massive crash. And possibly a referral to the Justice Department for potential criminal activity.
If you are a Sure Trader account holder, and your money is transferred to F1 Trade, then you need to immediately file a whistleblower claim through the following link.
FYI, whistleblower tips at the CFTC are an easy payday. Since 2014, the CFTC has awarded $90 million to whistleblowers. I should know.
The CFTC is a clear winner in the Sure Trader shutdown. I expect CFTC staff attorneys to be popping quicker than corn kernels at a movie theater.
If you are an F1 Trade customer, expect to be part of this drama.
Loser: Day Trading Educators, Day Trading Scanners, Trade-Ideas Software
Day trading educators, in general, rely upon shady offshore brokers that specialize in skirting the PDT rule. With Sure Trader imploding, the remaining options are similar to those found at a $2.99 Chinese buffet.
Additionally, the day trading scanners that the day trading educators recommend (and sell) will also take a big hit. This ecosystem will immediately fray and unwind.
Trade-Ideas scanning software is going to take a big hit. They are undoubtedly the largest player in the ‘scanner software’ niche.
The affiliate marketers that relentlessly push this crap on YouTube will also take a hit.
Winner: Swing Trading Educators and Options Educators
Some trading educators will greatly benefit. Any educator that specializes in swing trading, or trades that last several days will greatly increase their audience and thrive.
Trading educators that specialize in options trades will also greatly benefit.
Traders with small accounts will naturally seek greater leverage and opportunities to maximize their limited capital. Trading with options is the ultimate leverage.
But most small account traders are confused by stock options trading. Expect savvy educational providers to bridge the gap. Expect options trading to a big part of the new trading education culture.
Educational companies that provide trading signals and strategies that dovetail within the confines of the PDT rule will thrive. This WILL happen.
Additionally, signal providers that can provide a streamlined experience within the new “zero commission” landscape will also thrive and expand.
Winner: Futures Trading, Futures Prop Trading
As the offshore, “skirt the PDT rule” stockbrokers continue to dwindle and die. Expect big performance from trading educators that specialize in Futures day trading.
Futures day trading will return to “King” status among the day trading crowd.
Expect new ecosystems to spring forth. Day trading educators that specialize in Futures trading, will refer business to savvy Futures trading software providers, and low-cost Futures brokerages.
This will be a virtuous circle. In many ways, balance will be restored. Futures trading is the proper venue for day traders. End of discussion.
You can now open a Futures trading account with $500 and day trade ultra Emini Futures contracts until your underwear explodes.
The Sure Trader shutdown greatly benefits regulated Futures trading exchanges, and the entire ecosystem is set to explode.
Wrapping things up
If you deconstruct the arc of the day trading educational industry, the master that created the landscape for its flourishment is Guy Gentile.
Love him or hate him, many of the current day trading educational companies and the riches they were able to accumulate is a direct result of Guy Gentile and Sure Trader.
Thanks for reading. Please leave a comment below. Would love to know your opinion.