Take a stand and complain to the regulators. Whether you have suffered financial losses or not, take a stand! Confused? Check out my last few posts. If you are still confused, I'm sorry I woke you up...go back to sleep. To the moderator: Please leave this post here in "Resources". This where the trusting look for answers and are usually led to liars.
LazyBones (NOT lazy at all, seeing how active you are persuing your crusade ) Perhaps it may be a suggestion to start compiling some checklist for the un-initiated on how to figure out if the "mentor" they want to follow is a waste of time (or money) or not. One thing I personally belief in that if you are paying for services then you should: - pay only a part up front - pay the rest out of the profits. No profits, no pay. - be able to contact the person during trading hours, that is when a problem arises and not any "should, would, could" after market hours. - know how long the person has been trading the particualr methodology - know how long it will take to master the methodology for a novice and how long for an experienced trader - be encouraged to ask questions on the underlying reasons why something has to be done in a certain way Even in the case of non-profit organisations the investment in trade losses can run into substantial amounts. Then the robbing of your time I regard even as worse. No one can give you the time back that you did spend on trying to master something. And not to mention any psychologial devastation that these people inflict. One of the first red flags I see is when someone states " this method will work in all timeframes" which in my not so humble opinion is a load of the proverbial matter. Why? Simply because daytrading is critically depending on timely execution and hence technological advances. In contrast the longer term position trading is dependend more on the psychological and underlying fundamental aspects. They are two totally different animals and until that is totally understood it is unlikely that you'll succeed in either one. This is also the reason why so many daytraders blow out: They happened to stumble on something that works and then suddenly through some new development it stops working. (new indicator, execution via internet with direct access versus phoning an order in etc. After a while it all wears off). The only thing that is not changing are the fear, the greed and the manipulation. I feel a healthy dosis of skeptisism is justified and should be accepted by any mentor. As soon as you ask a critical question and you get rebuffed then run away. (and not just slowly walk away) Am personally sick and tired of these clowns that have the gift of the gap and yet produce nothing. If they have had any success (in the past or present) then often is is because they have been lucky (to be in the right spot at the right time and then you can do no wrong) and confuse that (or present it to the novice) with having brains. Just my opinion.
It will be kept here till your post do no degenerate like your last Pristine thread. Keep it constructive and keep post meaningful and it will remain here.
ET's andrasnm 's Trading coach... www.coach4traders.com I haven't bought or done anything with his business but his claims have too much loopholes... Also, read some of his past posts.
I thought you were digging up dirt on the traderbrad guy? FOCUS man. And, is this your full-time profession, or do you actually trade?
Lazybones....Bali Survivor... Excellent Posts..... What you may find interesting is the typical technique that the snake oilers use... Firstly they have the intent of a media company...they sell adds...periodicals..tapes..cds..seminars.... They appeal to those who want or need money and sell the headlines..just like a magazine does... There will be promissory statements followed by "hypothetical" performance that will never be and never has been obtained as evidenced by blotters and statements.... And guess what...your friendly ex-sec employee attorneys create the disclaimers and supposedly make misleading people by the masses an ok thing to do...as they get paid to protect snake oilers... And guess who is now one of the main companies responsible for snake oil promotions as we speak... CBS MARKETWATCH....run by Jim Cramer.... Cramer knows what the words "media sales" really means... as he is the CEO of Marketwatch which is publicly traded...He wants to sell to the masses at $29.95 a shot or whatever the small rate is.... You know all the surrounding gimmicks....including the false guarantees...of your small amount of money back....knowing the problems you encounter or the inconveniences.... What Cramer does is very lethal...because at one time in the past he had a lucky streak...but what he did no longer works...and he knows this...now he's out collecting the mass media money ...fooling the fools....just go to his site www.cbsmarketwatch and review the promotions along with their promissory statements...along with their hypothetical endings...Cramer thinks he's smart ...and the public is stupid... Pristine was a super hyper of this hypothetical-disclaimer technique...A very similar organization is Marketwise whose CEO is not licensed as a registered advisor nor as a broker...and now is sharing in the CBS Marketwatch email database to sell the $5000 seminars...very much like Pristine...although Pristine was even more aggressive in actually telling ridiculous lies such as running the $100,000 hedge fund while being an usher and gas station manager...being evicted over 70 times in 3 years...etc...Velez is obviously a pathological liar... but thinks the public is stupid....At least Cramer really ran a hedge fund.... Nassar said he made $1,700,000 in 2000...and now only makes $500,000 per year....but never produces blotters and statements...nassar's brokerage firm was sold to Terra Nova....The set up is very much like the Pristine Mastertrader setup...They both are designed to take a significant portion of the first $25,000 stake up front....It would be very interesting to see Nassar's blotters and statements that back up his performance claims... It's the media that acts as a catalyst for the super hyper snake oilers who take a lot more than the $29.95.... If one wants to know the difficulty of creating returns...they might want to glance at the track records of www.iasg.com which is a list of large and small hedge fund performances....
When did Cramer become the CEO of Marketwatch? Dude, you need to do some research. He is not even the CEO of thestreet.com, which is actually the site he founded.
SEC subpoenas MarketWatch execs By August Cole, CBS.MarketWatch.com Last Update: 4:50 PM ET April 6, 2004 SAN FRANCISCO (CBS.MW) -- The Securities and Exchange Commission has subpoenaed personal stock-trading records of four MarketWatch.com executives as part of the investigation into former columnist and newsletter writer Thom Calandra, the company said Tuesday. CBS MARKETWATCH TOP NEWS Kerr-McGee to acquire Westport Resources in stock swap Aluminum price strength lifts Alcoa's Q1 profit Europe bounces back from Nokia warning, DCX eases Free! Sign up here to receive our Midday Market Report e-Newsletter! TRADING CENTER Open a Harrisdirect account! TRACK THESE TOPICS My Portfolio Alerts Company: MarketWatch.com Add Create Get Breaking News sent directly to your inbox Look at today's news......hmmmmmm.... Edit My Portfolio | Edit Alerts The SEC sent individual subpoenas on Tuesday to CEO Larry Kramer, Editor-in-Chief David Callaway, Chief Technology Officer Jamie Thingelstad and Executive Vice President Bill Bishop, according to MarketWatch general counsel Doug Appleton. The regulators asked for trading records from March 2003 to December 2003, the period when Calandra was writing an investment newsletter. The agency earlier had subpoenaed information from computers used by Calandra. See full story.