And let us not forget Stan/Ed Moore: Rhythm of the Markets Options Magic TradQuest Systems And his latest scam: New Era Trader Fined by the CFTC for fraud Lost CPA license Currently on the run. If anyone knows the whereabout of this jackass, I know a few people who would like that information.
'Scam' is the biggest growth sector of the American economy. Think of all the useless bullshit that gets sold in this country..... It just leads to money changing hands with nothing of value being produced. Scammers are classic douche bags because they don't acknowledge and own up to their responsibility to the system....to other human life. They are out only for themselves. I think we all have that responsibility. You wouldn't scam your parents or your friends, so why is it ok to scam a stranger? We are all family
Updated lists: Puretick 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
No government regulation is required beyond current fraud laws. First, I can't imagine "selling" my trading system to anyone. It took thousands of hours to develop. Why would I want to waste time with students? But let's say there actually is a trader who's willing to share his/her method for a price. All you have to do is ask to see real-time brokerage statements and call the broker to confirm. If a teacher/seller isn't willing to provide brokerage statements and permission for you to confirm results, then why on earth would you hand over your hard-earned money? Do you really need a government regulator to do something that you can do yourself?
I dont think there should be regulations to protect the gullible. There are certain things that society and governments agree on to provide protection as a matter of fundamental security such as FDIC insurance. We can not and should not protect everyone from everything. Sure most of these are indeed scams, and so are psychics, are we going to outlaw your local palm reader? The point is that although you and I may be smart enough to save $20 on a reading, does that make it our duty to explain to those of lesser IQs that they should not? Did it ever occur to anyone that the reason why you are so successful or good at something, was because other people lacked the same qualities that you had? Other peoples inadequacies allow for those that are shrewd and intelligent to achieve more. You have to be burned to learn. I'd rather live in a society where a majority of the people have been scammed and learned from it than a society filled with people that are weak minded from being protected. Most people who have ever been scammed by an infomercial with pictures of people living it up on the beach and driving fast cars learn quickly that they have been tricked...and although embarassing, they are better for it. Do you know how hard these website operators work to advertise/build a name for themselves/develope software/write newsletters/do infomercial? These guys have twice as much work ethics than the gullible man who bought his shaman services. These people are stimulating the economy, and feeding their families, $10,000 in the hands of one scamster is better than $100 in the pockets of 100 idle minds.
http://www.elementtrading.info/eq_pro_contract.php not sure if this company is explored in this thread ...... here's one of their trader contracts and you can see that they clearly stated you have no recourse in the USA if any money issues arise. you have to voice your case in Panama courts. the company accepts deposits for both equities and forex prop accounts.
I'd like to add rockwell trading. It should be on top of this list! check the live recording of the disclosure of their scam: http://www.youtube.com/watch?v=JnWzBw7h1y0 Underneath the vdo you'll find a URL to the full story and updates. Recently they closed down their NOT live trading support room and 2 members of the Management Team left rockwell trading. Shaka ! Frits