Traders Den 24 and Night Scalper UPDATED Review

Original Night Scalper, Traders Den 24 Review

On January 6th, 2015, I published a negative review regarding a live day trading room named Night Scalper, AKA TradersDen24. You can read about the negative review by following this link.

The room is owned and operated by Bill Costarides, and Bill claims to be a pretty good trader. My review covered over 50 hours of recordings of trading sessions. Although the moderators were quite nice, I could not verify even one live trade. A couple of the moderators were simply calling trades based upon gut feel, did not show a trading DOM, nor gave clear instructions on entry or exit points. Also, on the website, there is no record of trades. Big red flags. And I certainly have the videos to prove everything.

Post Review-What Usually Happens

Usually, after I post a really negative review, one of two things will happen. The proprietor of said trading room either disappears or protests. Websites just go blank! Sometimes they create a new name and move all of the sales copy to a new address, making the same pitch to the same rubes. Sometimes they email me and scream obscenities, threaten lawsuits, call me and leave nasty voice mails messages, and all sorts of negativity. Which of course, is great! I want nothing more than to engage with a trading vendor after a negative review. This is actually an opportunity for us consumers in the trading marketplace to air our grievances and let our voices be heard.

What Happened with Bill Costarides

Bill disagreed with my review. And I simply explained that his moderators were a bunch of clowns, that should not be moderating a trading room. If customers were to follow these moderators, then they would lose…BIG TIME. In addition, I flat out stated that I thought that his trading products were flat out nonsense, and that he probably could not trade his way out of a pair of dirty underwear.

The Wizard Behind The Curtain

Sometimes, after I write some really harsh and tough language in a review, feelings can be so hurt and intense that any sort of forward or progressive dialog becomes impossible. I try and be as nice as possible, even after a negative review. With Bill Costarides, I simply asked for an account statement that proves he eats his own cooking. Usually, this is where the conversation ends. Most vendors do not trade. And the ones that do trade would never show an account statement because the wizard behind the curtain is never as powerful and omnipotent as the mysterious wizard hiding behind the curtain of mystique and intrigue.

Removing The Curtain

I was very nice with Bill Costratides, I would not rewrite or remove my “negative hate filled lying” review unless he show me definitive proof of trading activity. And in all honesty, I did not expect to ever hear from him or anyone as his company. However, one day I received an email from a registered commodity broker that had been given me unfettered access to complete trading records to Bills trading account. Awesome! What a surprise! Lets review.

Trading Records and Proof Of Trading

Well folks, I have the statements going back to origination and founding of Night Scalper and Traders Den 24. Since the day to day trades cover a massive amount of information, I have decided to only include the monthly statements which show the consolidated trading results.

Some of this might be confusing to some readers, so let me dig out the real numbers, the only numbers that matter…the monthly profit and loss:

[one_half][table id=9 /][/one_half][one_half_last]Some of your might be looking at this, and be thinking to yourself that $12,500 in after commission profits is not that good. However, this is a return on your account of over 50% in only 10 months. And my friends and enemies alike, a 50% return in only 10 months is FANTASTIC. If this trend continues, and in speaking with Bill, this is quite the ordinary, you could actually have a chance of having a nice savings at retirement. Or if you can learn Bill’s method, then you have a real shot at earning a living at trading. Are the draw downs on account too much? Did he draw down to break even? Yes. However, this is the truth about trading that nobody every talks about. And the simple truth is that successful trading is never a straight line, upward equity curve.[/one_half_last]

Where Do We Go From Here?

Quite obviously, I have to sit here and eat humble pie. Bill Costrides is a successful trader, and he has proven his ability, without a shadow of doubt and trade by trade he has proven his mettle and skill. So, should we now all plunge into this and purchase what he is selling? In my opinion, not yet. The reason is because the room is being moderated by several individuals that should not be moderating a live trading environment. If Bill were to commit to a set schedule and give us unlimited access, then this would be a great opportunity.

Another consideration, Bill loves to trade the night session, which means that you could be watching a monitor at 2 am. I am not sure that I want to sacrifice a good nights sleep, but this might be appealing to you. Perhaps you live in Europe, Hawaii, Asia, etc. where these hours would be the normal working day. These should be your own personal consideration.

The Most Important Lesson

In my opinion, the most important lesson to be learned is that as consumers of trading products, we need to start being more assertive with vendors regarding providing an authentic trading record. If we want to model another trader, or learn a technique, we need to start absolutely demanding authenticity. Sure, some of my reviews are harsh, ugly and brutal, but the end result is that several vendors have really stepped up and gotten transparent with results. Others have disappeared with their shady wares. Hopefully, with enough reviews, we can change the trajectory and start bending the arc towards truth and honesty.

Thanks for reading and don’t forget to leave comments below.