Do trading education scammers (99.99% of the "industry") ever feel guilty?

[SoesWasBetter]

No one has Edge. I hate the word 'edge' in trading.

You either have skill and experience and intuition and tactics -- or nothing.

Edge kind of implies you have a guaranteed, supernatural advantage to trading and winning divinely.

But we're all just simply gambling. and hoping in the end it works out for us. Nothing more to it, or less to it.

I've had edge from time to time. Still once in a while

Not what it used to be.

Edge now is buying and holding all the cryptos I can find .

 

[pursuit]

How are you defining "scam" and "fraud"?

I feel you're dragging me into an unnecessary Bill Clintonesque "that depends on what your definition of is is" thing but I'll entertain you.

People know what fraud is. It's not a complicated concept. There is also a legal definition. There are also enforcement standards from CFTC, SEC and NFA. Look at some of the enforcement actions against these cancerous scum. They're all publicly available at these agencies' websites. It should give you a good idea of what constitutes fraud in their eyes.

I doubt any of them are putting in guarantees that taking their course will make you a successful trader. The terms usually are that trading is high risk and past performance of instructors or former students is no guarantee of future results.

Based on those terms, you would be hard pressed to call it a scam if you took a course with that agreement expecting anything beyond that.

Wrong. The disclaimer you're referring does not preclude the scammer from committing fraud and/or warranting an enforcement action from the regulators. Simple examples. I fake my "track record". I make fraudulent claims. I say I was a Goldman trader and I wasn't. Etc. I say I trade for a living and I haven't made a trade in years. Etc, etc.

It's really not rocket science.

This is really about managing one's expectations.

No, it's about fraud. Fraud is bad.

We know the odds of sustained trading success are 90% against at best..some say 95% or more. So for those who take trading courses even from legit schools, the success rate should be expected to be very low.

Could 99% of trading educators being frauds have something to do with 95% of retail traders being losers?

 

[pursuit]

Here's a good sample CFTC action vs someone who should die from testicular cancer.

Enjoy!

http://www.cftc.gov/PressRoom/PressReleases/pr7464-16

 

[smallStops]

You do have a point with this company. Inspite of the CFTC action, they are still in operation:
- they seem to have changed their family names
http://www.schooloftrade.com/team.php
The pics might even be heavily photoshopped
- they are still implying false claims via "customers reviews"
http://www.sidewaysmarkets.com/2010/02/schooloftradecom-review.html

May be the penalties are far too light.
I guess if they had to repay all their customers, including the clients' time with interests,
and add to it some prison time, may be theese business owners would have looked for something
else to do.
Also, there must be a good market for people who can turn experienced traders into
profitable traders.

 

[birzos]

No, man, the brokers and data providers are generally legit and well regulated and enforced well against by CFTC/NFA/SEC. Yes, they cater to customers who 90% fail and they know it but what can they do? Do you think they like losing 90% of their customers every two years however long an average "active trader" retail account lasts? Are they supposed to give them a trading edge?

The analysts suck but they're not promising good analysis. They just say here's our analysis - take it or leave it.

There's no scum in the retail trading industry like the "educators".

What a bizarre response, they couldn't care less if they lose 100% as long as they can replace them. You seem to have the illusion that retail have the same access as everyone else, rather than the reality that each provider is structured to their core distribution. In music a musician receives a fraction of the percentage of royalties, retail being the bottom of the food chain is no different, everyone wants to get paid and as long as it's not done visibly more or less anything goes.

 

[d08]

Psychopaths don't feel guilt. That's why they're so successful.

 

[pursuit]

You do have a point with this company. Inspite of the CFTC action, they are still in operation:
- they seem to have changed their family names
http://www.schooloftrade.com/team.php
The pics might even be heavily photoshopped
- they are still implying false claims via "customers reviews"
http://www.sidewaysmarkets.com/2010/02/schooloftradecom-review.html

May be the penalties are far too light.
I guess if they had to repay all their customers, including the clients' time with interests,
and add to it some prison time, may be theese business owners would have looked for something
else to do.
Also, there must be a good market for people who can turn experienced traders into
profitable traders.

With THIS company? LOL. Are you kidding me? 95-99% of "trading educators" are like this.

 

[pursuit]

What a bizarre response, they couldn't care less if they lose 100% as long as they can replace them. You seem to have the illusion that retail have the same access as everyone else, rather than the reality that each provider is structured to their core distribution. In music a musician receives a fraction of the percentage of royalties, retail being the bottom of the food chain is no different, everyone wants to get paid and as long as it's not done visibly more or less anything goes.

Nonsense. Unless the retail trader is trying to scalp or something his data/execution disadvantage does not make or break his profitability.

 

[pursuit]

If a trading educator rat was having a heart attack would you help him?

 

[SoesWasBetter]

How about the Najarians