Thanks very much for that. My guess is that an educator who falsely claimed to have an award or falsely claimed to have won a trading competition would not be favourably looked on by the NFA. Presumably using false information like this in advertising would be considered a breach of the NFA code.
Definitely... NFA would be the first phone call to make, I would not let one day pass without doing that. Regulatory agencies exist for a reason, they do the best they can with what they have to work with. A couple of weeks ago I saw a tv commercial on some FX company offering education and potential to trade their capital. It is obviously a big operation and they obviously appeal to the masses seeking opportunity with no money down. Imagine being able to trade like a pro within weeks or days, while using the company's funds to live the trader lifestyle with. That's an easy sell all day long... but I wonder how many people actually qualify for funding as heavily promoted.
There are a lot of companies in the UK offering these schemes but advertising them as jobs. So you pay them a fee for training and if you make it they will offer you a 'job', in theory. What normally happens is that the training isnt good enough to make you profitable so you never get to the 'job' stage meanwhile they collect the training fee and move on to the next sucker.
Updated List: Rockwell trading TraderInternational DayTradeToWin eMiniDayTrader.com nexgen priceactionroom.com eminitradingcourse.com blackjacktrader.com Millenium-Traders tradingonlinemadeeasy.com easyeminitrade.com vantagepointsoftwares.info winborntraders.com Mike Baghdady of Training Traders http://www.3minutetrader.com/alerts/ http://www.2stocktrading.com/index.php http://www.killingstocks.com/ bill duryea of ioamt.com Rhythm of the Markets Options Magic TradQuest Systems eminijunkie.com Dave Wright "Wave Rider/Trend Catcher" Bullseyetraders (Franz Shoar) ShadowTraders (not the TDAmeritrade) School of Trade SOT http://www.james16group.us/ http://www.neweratrader.com/ ktrader.com Oliver Velez and Greg Capra, founders of Pristine.com and Mastertrader.com,iFundTrader.com Woodies CCI Club Larry Levin Secrets of Traders ORDERFLOWANALYTICS.COM the Pro Trading LLC Richard Regan
EMG, question: How many educators are rolling / combining 'training' with a 'trading account' ? Should there be the almighty asterisk * ? Is that an inflection point for garnering additional industry and regulatory scrutiny and oversight ?
Agree with Rallycar! orderflowanalytics.com is a complete scam as well! And so is there "trade manager". Quote from their message:"We don't offer monthly licenses for our products only lifetime licenses. We don't offer free trials either". In other words no you can't try it and when you buy it you're gonna pay for it for the rest of your life! No physical address No phonenr. "You can't contact us, we'll contact you" No trial Sentenced to usage of their crap for life etc. No doubt about it EMG, this one we can add to the list as well! With this one as well you would have payed several thousand dollars for... For what? Yep, complete and total crap! ORDERFLOWANALYTICS.COM can be added to the list !!
Do you guys have any idea how much some of these vendors make annually? I have source (will not name) one of the vendor from the list makes at least $280K annual selling $5K lifetime indicator. Churn and Burn!
Thanks for this great thread. I hope it becomes a sticky. Here's some of my own scam list. Some are forex-related. There are hundreds more reviewed / reported forex scams on www.forexpeacearmy.com. But you have to sift through the fake reviews by shills too. www.gorillagaps.com www.triplestrike.com www.3stepislandtrader.com - hilarious opening music. "finally profitable" whistling! LOL and more sites, i.e. anything by Mark Deaton , makes new websites every six months and abandons the old ones floating in cyberspace flotsom. people promised live trading webinars are left hanging after 2 weeks as the old site is abandoned! www.tripletrend.com - Ken Ruth, weekly futures trading on Stoch 2?, ha!, periodically fudged equity records. I kept track for 6 months. www.topdogtrading.com - "Dr." Barry Burns, this guy finds stuff ,then rewrites it into new "education" and sells it. I've seen his live trading webinars. Can't trade anything. just goes back and forth scrolling ,and after the fact comments. www.dynamictrading.com - Robert C. Miner, more losing newsletter signals, pricy Elliot wave counting software www.optionetics.com - George Fontanills, seminars, software, "advanced" courses, and selling during the seminars, repeat penny stock millionaire - Timothy Sykes (I finally got my refund from WIA thankfully) www.moneyshow.com - most anything on there. tons of spam email http://tradersadvantage.investorplace.com/ - Jon Markman, horrible signal service option calls. seems like the whole service was outsourced. www.investorplace.com - most anything on there. tons of spam email www.tradingmarkets.com - Connors group, powerratings, "the Machine", try using a dartboard instead. http://www.forex-trading-made-ez.com/ , tries to fool you into doing everything with pencil and paper, including point and figure charts http://lmt-forex-formula.com/welcome.html - this is just one of scores of systems like this from "Old Tree Publishing" A couple of them could have been "famous" traders in the 80s with their popular old trading books. With their methods no longer working in today's market and the pits dying, they join these "educational" "advisory" conglomerate trading media sites bandwagon, i.e. spam email, and ads disguised as webinars and commentary. Ads for bogus newsletters and generic signal services which the unwary will lose their money on. Some are just tv journalists and book writers. emg, I'm curious about your listing of Woodies CCI Club. I agree with it being on the list in general. Did you hear about the dramatics about it? Like the doctor's tragedy when he found out it was a scam? or about the coolaid fascist behavior of the chat rooms and schism of some advanced students?
That one just made my day LMAO!!! I'm sure EMG wants to hear about it, but do tell me about woodies CCI!! Thanks for your contribution Cloudy !!