For a live trade room, you can trade sim or $$$; you can post sim track record or cash record, you can show trades in real time OR use surrogate instructions (i.e. text denoted entries, dots, arrows, lines, boxes, and so. Of the nearly 2000 trade rooms out there, about 1930 do not trade so you will be in the minority. None are regulated at all unless the traders are NFA registered.
Bob Amico trades both sim and real $$$ in real time on his site (Targetstradingpro.com) every day. He posts profits and brokerage statements many days. No regulation or restrictions apply to him.