That was a good idea. Although I have no idea why he would make this up but people have been known to post some stupid shit just to get attention.
It would appear that any educator that packages training along with prop trading would require a great deal of due diligence by the potential client. In fact, any educator requires a great deal of due diligence. My opinion is that the quasi training / brokerage business model is probably not in the best interest of the client. My sense is that these quasi training/trading combo firms might tend to be very weak with the training aspect and the business model is essentially a ploy to pry a more substantial deposit from a client and make it essentially non-refundable under the guise of 'training'. My 2 cents. The trading education field is slimy to the max.
Bone, did this guy ever contact you? Why has he been AWOL on this thread? I'm beginning to think maybe this thread was a hoax.
He's not the only one. I did the same thing. I looked at the contract and nothing seemed amiss. The receipt said refunds were available after the first year of trading net of any losses. I have the emails confirming this info. Anyone know a good lawyer?
Hey trader1993, Just wanted to let you know that you are not alone. I signed up with Richard last may 2010 and just started trading with him last april 2011. I'm in the same boat as you. Trying to figure out how to get a refund. Please let me know if you would like to discuss this privately for whatever options may be available. Thanks.
OK, so the question is, did you trade for a full year? That seems to be a catch as most people will quit before 12 months. These guys word these contracts very carefully.
It will be one year in a few days. The problem is I'm not hearing back from anyone, either phone calls or emails. I'm considering arbitration with the NFA. Anyone know if this is a good idea?
No, Actually when I signed up, it took close to a year before I could even get him to open a live account for me. So I have been trading only 2 1/2 months before he shut me down. Maybe if we can get enough of us together we can go after him with one law firm in a class action suit.
No hoax, I was a prop trader for PTC as well. Sure Richard was a really nice guy, he seemed to care about his reputation. But for some reason PTC sold to trademaven. I still get a daily statement from trademaven everyday, but he has frozen my account, and they're just telling me to get in touch with Regan.