The legal aspects is something of interest to me. I have been posting live trading calls on my blog for free, and I am contemplating whether it is worth the effort to build a sort of paid service. I started doing it since two months now on the free blog, and I have many people who signed up (around 350), and they send many questions to which I did not even know whether it is legally correct to respond to as it might be construed as individual financial advice. I must say I enjoy doing it, and somehow I am more careful/accurate when I make a call for others than when I trade for myself. If you try doing it, you will see what I mean. It might help you become better yourself. As Brondf said there seems to be a huge number of people interested in this, and I do not blame them. Any advice you might provide me here would be appreciated (particularly with the legal ramifications)
The way I see it: The optimistic scenario, not very likely Any person spending his or her time teaching about trading instead of trading is a break even trader at best. The system could be good, but perhaps the psychology and discipline is not there for it and the teacher has no other options to profit from trading than teaching. The pessimistic scenario, very likely Can't trade for shit so snake oil business is created, TTM, Puretick, etc.
jim cramer,ron insana et al... trading and advising are 2 completely different tasks. one involves human emotion the other doesnt.Trading without emotion is the hardest thing and something teachers arent faced with.
Hell no NEVER EVER EVER would tell anyone, including a buddy of 8years l used to work with on a research desk. WHAT !!!! Tell someone your great trade ideas and methods !!!! WHAT ! People are just too lazy to do their own homework. This is one of highest paying professions you could ever do and you expect a website with a USD$30 fee to allow you unlimited profits. Common grow up, you are an ADULT !!!! Would you allow a bloke who receives a newsletter once a week to to defend you in court for a 1st degree murder say in Texas (where you would face execution) ???? Hell NO ! Number 1: Find out what form of trading suits your personality and risk tolerance. Global Macro, Long/Short Equity, Single Instrument focus ( FX Futures), Screen Jockey(ES,cable,tankers), e.t.c Number 2: BUY A DIARY , create and education roadmap and enter all important dates for whatever you have chosen( reports,updates, gvt policy e.t.c) Number 3: Spend at least 2 years reading , watching , getting to grips with various brokerage platforms and actually putting a few pennies down. If you are in UK open a spreadbetting account and get used to actually entering trades. Do no less than 5 hours a day on these activities. Trainee surgeons clock 12 hours a day ! Number 4: Work on you inner game and realise that its only you who is responsible for your actions !!! You do not buy a £800 000 flat when you earn £60 000 a year. ITS YOUR RESPONSIBILITY !!!! Number 5. Do not tell anyone what you are doing as they will always be keen to see you fail. Number 6. Relax, and enjoy yourself whatever you do