A list of all scam unregulated 3rd party educational vendors

Quote from emg:

Updated List:

Rockwell trading
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
eminijunkie.com
Dave Wright "Wave Rider/Trend Catcher"
Bullseyetraders (Franz Shoar)
ShadowTraders (not the TDAmeritrade)
School of Trade SOT
http://www.james16group.us/
http://www.neweratrader.com/
ktrader.com Oliver Velez and Greg Capra, founders of Pristine.com and Mastertrader.com,iFundTrader.com
Woodies CCI Club
Larry Levin Secrets of Traders
More...

Great work guys, this really is superb!! We might wanna start thinking about how to give this list a bit more exposure. One of my trading mates and I have another one under investigation. I trust we can give some more info on that one within a week or so! In the meantime if possible try to capture stuff on camera like I did with rockwell:
Since I uploaded the vdo, 3 staff members have left, their "live" trading support room as it was was shut down, they had to take off the names of the BBB and the NCL from their website, etc! You can read more about it by clicking the URL right underneath the vdo on youtube. It's hilarious, have fun :) !
 
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Based on what has transpired in another thread currently unfolding, 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.

Here in the Chicago derivatives scene, I had never heard of such an arrangement, but from what I understand there are many of them in the NYC area especially.

My sense is that they 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.
 
This is in regards to Richard Regan and the Pro Trading LLC training network which apparently operated out of Chicago:

Quote from trader1993:

I received notification that Richard Regan's Pro Trading Course is ceasing operations. Unfortunately, it looks I will be out all of the money (over 10K) that I paid to get a prop account. He does not reply to emails or phone messages.

I am interested in talking with anyone who may be in a similar situation with them to discuss options we may have to get back any funds. I would also be interested in hearing from anyone that may have a comment on their business practices.

Thanks.
More...

QUOTE]Quote from trader1993:

Thank you for all the comments. I think f**ed- over guy will be my new nickname or perhaps a trading firm I will start up. Sounds about right.

Anyway, I did call the NFA and they referred it to the CTFC. I was called back in about 5 minutes. Seems like they may have already been doing some research. They knew who I was and when I had deposited money with PTC. GO FEDS!!!

I doubt I will see anything from this but one can hope. Perhaps if nothing else happens, others will not make the same mistake I did or maybe it could set a precedent for the "education" loophole and prop firms.

I do have the contact information for the attorney at the CTFC for anyone who lost money with PTC. Send me a message and I will forward it to you. [/QUOTE]
 
Updated List:

Rockwell trading
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
eminijunkie.com
Dave Wright "Wave Rider/Trend Catcher"
Bullseyetraders (Franz Shoar)
ShadowTraders (not the TDAmeritrade)
School of Trade SOT
http://www.james16group.us/
http://www.neweratrader.com/
ktrader.com Oliver Velez and Greg Capra, founders of Pristine.com and Mastertrader.com,iFundTrader.com
Woodies CCI Club
Larry Levin Secrets of Traders
ORDERFLOWANALYTICS.COM
the Pro Trading LLC Richard Regan
 
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Can you give me more information on Element Trading? I searched for Element on Elitetrader, and didn't find anything negative in the past few months (I guess I could go back further, but if they are really a scam you'd think people would be constantly complaining).

I was thinking of joining them, so I would like to confirm their "scam" status.

Thanks,
+-*/ Math_Wiz
 
Quote from Math_Wiz:

Can you give me more information on Element Trading? I searched for Element on Elitetrader, and didn't find anything negative in the past few months (I guess I could go back further, but if they are really a scam you'd think people would be constantly complaining).

I was thinking of joining them, so I would like to confirm their "scam" status.

Thanks,
+-*/ Math_Wiz
More...

Quote from bstay:

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.
More...
 
As we continue to wind our way through this discovery process, a couple common themes appear:

1. Almost anything related to Forex is incredibly suspect, and

2. Bundled Educator / Prop Trading firms are also incredibly suspect, it would appear that the angle is to ply a much larger fee up front out of the client and then severely compromise the 'prop trade' accounting under the guise of education. Based upon another thread on Richard Regan, it would appear some regulatory interest may be perculating.

My two cents.
 
If one of these companies (or the individuals who run them) was NFA registered would they not be obliged to abide by the NFA regulations about false and misleading advertising? If they broke these rules would the NFA do anything or is it just another useless regulator that never takes any action?
 
Quote from maltatrader:

If one of these companies (or the individuals who run them) was NFA registered would they not be obliged to abide by the NFA regulations about false and misleading advertising? If they broke these rules would the NFA do anything or is it just another useless regulator that never takes any action?
More...

Educators registered as NFA members have tight restrictions on what they can promote to the public... starting with any references on actual profits made in real accounts with real money or anything otherwise.

All text or recorded videos that reference profits, potential profits in any manner must be submitted to the NFA for scrutiny before publication. That process of course takes forever and three days to complete.

Educators are required to post standard CFTC disclaimers on hypothetical trade results because anything that happened in the past without every single person who ever views the material in that trade for the exact fills entered & exited would be assumed hypothetical to achieve the same.

Bottom line is the NFA is tough, they are very restrictive to the point of stifling when it comes to educational promotion. Members cannot discuss their own trading results even when it includes real money in real time unless first cleared by the NFA in each instance separately.

It sounds like this person in question violated a lot of rules, needless to say. The NFA does have teeth, they do levy big fines where necessary and should take massive action against this person or entity in question.
 
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