[pig4bill]

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Based on knowing many traders and working in the industry.

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There's your problem. The "industry" wants you to think that nobody but them can make good stock picks. Otherwise people would just open ETrade accounts and make their own trades and Golden Sack and Merrill Leech would take big earnings hits.

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Don't underestimate biases in reporting.

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Reporting? I know these courses and services because I've subscribed to them and met trading buddies through them that benefitted immensely from them.

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Saying you know someone who made good stock picks really means absolutely nothing to me.

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I couldn't care less what it means to YOU. The OP asked about them and I responded. Besides, you missed the point completely. The point is that there are many reasons someone might sell stock picks when they can trade them themselves.

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BTW - I don't think its stupid at all for someone to start one of these pay subscription programs assuming they get that many members. I just, frankly, don't think the information is worth very much and that the people starting them probably aren't profitable traders themselves.

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Again, based on what? All the trading services you've subscribed to? I've subscribed to a few, and you are WRONG.