This board is for people who think that the seminar host that goes by the nickname Monk would be an interesting person for CNBC to profile on the show American Greed.
"American Greed is a weekly American television series that airs on CNBC. The program is produced by Kurtis Productions.
The program focuses on the stories behind some of the biggest corporate and white collar crimes in the United States such as WorldCom, HealthSouth and Tyco. In addition, stories about more common crimes such as insurance fraud, murder, embezzlement, art theft, Ponzi schemes, credit card fraud, bank robbery, money laundering, identity theft, and medical fraud are also featured. Other topics have included the story behind the famous Mustang Ranch in Nevada and the rise and fall of boy band impresario Lou Pearlman. American Greed is narrated by veteran actor Stacey Keach."
This board is not saying that Monk broke any laws. If the story of the rise and fall of Monk's Den is covered by CNBC it would probably be under the "other topics" section.
For those that are not familiar with the show, it details the greed on both sides of the transaction. The "victims" were greedy in expecting/wanting multiples of the returns that are generated by reputable firms year in and year out. The "leader" is typcially greedy for money, power, or fame. In the end, both parties usually lose big.
Hopefully the stories recounted will serve as a cautionary tale for people who are exposed to ideas and schemes that are "too good to be true" or just "so crazy that they just might work."
The moderator was never a part of the inside group and welcomes information, especially pertaining to the selection of new Float Lock Downs (FLD) and any front running of the announcement to "the team."
Any one who lost money on the advice, stock picks, or suggestions by Monk, or anyone for that matter, can only rightfully blame themeselves.
About the moderator 4/25/11
Hermon Munster bought into stocks that were mentioned by Monk on the ihub board Monk's Den. These included SUGO, EIGH, CDIV, PNTV, and GRNO. At one point in early 2010 he was up about 400% in CDIV and had about 22k in his trading account. He had foolishly convinced himself that he was part of a team known as "The Den" that would hold until a short squeeze occured so he didn't sell or even put in a stop order to protect his massive gains. In April 2010 he had about 15k in his trading account and went to a "Monkinar" (stock trading seminar hosted by Monk) in Indianapolis, IN. There he met many great people learned how to read stock charts, rules on when to buy/sell, and heard the FLD concept explained by Monk. Post Monkinar, Herman Munster decided that stock trading would be his second career and devoted 100s of hours to paper trading. He wrote down all his paper trades for about 120 trading days and the results were impressive. he attended an "advanced Monkinar" in Pittsburgh in the hopes of being completely prepared to trade with the money he would get from the first FLD squeeze. Unfortunately the stock prices of his largest holdings SUGO, CDIV and EIGH collapsed and Herm now has about $2600 in his trading account (starting with $2400. He swing trades with a goal of making ~$100/wk and one day will reach the 25k needed to be a pattern day trader. (Hermon still owns 29,230 shares of EIGH because his online broker, Zecco, will not allow him to enter sell orders) Fortunately, he has devolped beyond the need for a guru, is making his own way in the markets, and encourages all others to do the same.
The moderator has been in contact with ~10 people who have attended Monkinars. All of these persons have either said that they were scammed or that Monk did not know how to trade. Unfortunately the moderator has had to expend great efforts to unlearn the inadequate information that was presented in the basic and advanced Monkinars. The effort is paying off. HIs trading account now stands ~$3600 or 48% gain for the year on 106 trades.
Moderator was trying to trade above his ability during the debt ceiling and S&P downgrade crises. Failure to set adequate stop losses caused him to take substantial losses. Currently -$1000 for the year. Patience is needed. Will improve day by day. The goal now is to have no goals other than to keep at it and save or trade my way up to 25k in the next 8 years. Failure will be not day trading by 2019.