Chuck Hays


Not sure how many old timers here remember Chuck Hays from the Othernet IRC trading chat rooms? I was always very impressed with the size that he traded and how profitable he was. I also remember him never revealing his secret on how he did so well - which is reasonable - I don't expect traders to reveal their secret sauce.

However, in Chuck's case, it looks like he didn't really have any secret sauce. Looks like he was running a Ponzi scheme and not actually making any profits. Looks like he was arrested about a year ago.

http://www.startribune.com/business/39157292.html

http://www.startribune.com/business/39575827.html
  • 1
  • pt_emini
  • 6-Mar-2010 at 11:05 AM
  • Rep: 5,707
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When Chuck showed up in #emini, he was claiming to be clearing $10,000 per day scalping 100 lot trades in the ES. Predictably he quickly drew a lot of attention and a following of admirers... in the book Millionaire Traders the authors devoted a whole chapter to Chuck's story and his phenomenal trading results.

http://www.cftc.gov/newsroom/enforcementpressreleases/2009/pr5608-09.html

http://www.justice.gov/opa/pr/2009/April/09-crm-352.html

Chuck in his trading office...



Check out the power supply box on the wall in this photo...



more photo's of Chuck's trading room here
Do you think that all the traders documented in the Millionaire Traders book are (or were) running Ponzi Schemes?
  • 1
  • BruceM
  • 8-Mar-2010 at 8:06 AM
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all those monitors should have been the tip off. It seems that so many are impressed with all the fancy bells and whistles. The more complex then the more it attracts the intellectual minds. I guess they fiqure that something complicated is needed to actually beat the markets...that's true...it's called our brains!!!

I feel bad for those who got taken advantage of!
  • 1
  • Skyfly
  • 14-Jun-2010 at 9:53 PM
  • Rep: 150
  • Posts: 32
Man that is just CRAPY! Gawd, I've never won at trading. Blown out three accounts, no four, and I feel really bad for those people. Those people had more than money wrapped up in that. They had a fist full of dreams too. That is so sad...but I'm so glad it was posted, because it should serve as how hostile trading can be, and to trust no one with your money.
  • 1
  • redsixspeed
  • 15-Jun-2010 at 8:55 AM
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I took another look @ Chucks trading room and noticed his chair. I have one like that and tossed it in another room. Its the most
uncomfortable thing I have ever sat in. Its good for an hour
after that forget it.

This should have been a tip off he wasn't real...LOL

My chair now is huge double cushion and will even vibrate...
  • 0
  • Skyfly
  • 15-Jun-2010 at 8:46 PM
  • Rep: 150
  • Posts: 32
lmao thats so true about that chair! lol
Interesting comment about the chair. I've started a topic about Trader's Chairs to see if I can find out what type of chair traders tend to prefer.
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