Up $1240 (sim) over the past ten weeks in this trade room, should I join?

[wrbtrader]

Nevertheless, these vendors should have a designation to prove they can trade.

I require a license to call myself a lawyer,doctor, HVAC technician....why shouldn't it be the same for a trading instructor?

Even tow truck drivers require a license!

Every "instructor" should have an "NFA approved" sign on their website..

The retail trading industry as a whole is not regulated. The fact that any Joe Bob trader can open a trading account will prevent regulation of vendors or regulations of anyone doing the same for free.

Simply, as soon as retail traders have to go through some sort'uv qualification similar to what is involved to become a professional trader...that's when regulation can begin for vendors. In other words, you can't isolate one group (e.g. vendors) while ignoring the bottom roots problem that allows anyone to call themselves a trader just because they open a trading account. Also, you can't ignore the free group of folks doing what vendors do for a fee.

Here's example...we know to become a medical doctor you have to go to medical school and get a medical degree. Now pretend there's no regulation at the bottom roots and anyone can go to college as an undergraduate without needing to take a SAT or ACT exam and then they do not need to take the MCATS to get into medical school...allowing any one with money to just enroll in medical without any pre-qualification to get there.

The same needs to apply to all retail traders. We need something in place to show that we are qualified to open a trading account and then when that happens...that's when you can slap regulations on all vendors and on others doing the same for free because they would need to qualified too just like any other trader and then pass some additional requirement because they are in the education business (e.g. book author, forum guru) or service business (e.g. signal calling chat room).

Seriously, how many threads are at this forum involving someone giving trade recommendations, trading advice or education and you have no information about their qualifications to do such. They are no different than any vendor except one charges a fee and the other does exactly the same for free.

Yet, there's currently no education system for those that want to be a vendor except maybe all vendors (anyone that sells anything) must submit their trading records on a yearly basis. Then you have the issue of the NFA contacting people like Baron (forum owner) to ensure that any forum member that gives trading advice, trade recommendation or education at a forum is also NFA qualified to do such because there's not much difference between someone selling a book about "How to be a successful trend trader" versus someone here at the forum starting an education thread called "How to be a successful trend trader".

That's why you need to start at the bottom roots involving any one that wants to open a trading account.

Reality, such will never occur.

 

[Iwilldoit]

The retail trading industry as a whole is not regulated. The fact that any Joe Bob trader can open a trading account will prevent regulation of vendors or regulations of anyone doing the same for free.

Simply, as soon as retail traders have to go through some sort'uv qualification similar to what is involved to become a professional trader...that's when regulation can begin for vendors. In other words, you can't isolate one group (e.g. vendors) while ignoring the bottom roots problem that allows anyone to call themselves a trader just because they open a trading account. Also, you can't ignore the free group of folks doing what vendors do for a fee.

Here's example...we know to become a medical doctor you have to go to medical school and get a medical degree. Now pretend there's no regulation at the bottom roots and anyone can go to college as an undergraduate without needing to take a SAT or ACT exam and then they do not need to take the MCATS to get into medical school...allowing any one with money to just enroll in medical without any pre-qualification to get there.

The same needs to apply to all retail traders. We need something in place to show that we are qualified to open a trading account and then when that happens...that's when you can slap regulations on all vendors and on others doing the same for free because they would need to qualified too just like any other trader and then pass some additional requirement because they are in the education business (e.g. book author, forum guru) or service business (e.g. signal calling chat room).

Seriously, how many threads are at this forum involving someone giving trade recommendations, trading advice or education and you have no information about their qualifications to do such. They are no different than any vendor except one charges a fee and the other does exactly the same for free.

Yet, there's currently no education system for those that want to be a vendor except maybe all vendors (anyone that sells anything) must submit their trading records on a yearly basis. Then you have the issue of the NFA contacting people like Baron (forum owner) to ensure that any forum member that gives trading advice, trade recommendation or education at a forum is also NFA qualified to do such because there's not much difference between someone selling a book about "How to be a successful trend trader" versus someone here at the forum starting an education thread called "How to be a successful trend trader".

That's why you need to start at the bottom roots involving any one that wants to open a trading account.

Reality, such will never occur.

why will it never occur

 

[wrbtrader]

It will not work because there's not much of a difference between someone starting a thread at a forum to teach their trade method versus a vendor starting a website to teach a trade method. The only difference is one is doing it for free while the other is charging a fee.

Simply, they can not regulate part of the industry (websites) and not the other half (forums, Skype or anything else that's not a website). For example, some forums have fee-base private areas along with free areas.

The NFA is not in the business of monitoring and regulating how forum owners manage their forums. In addition, the fact there will be about 40% of such they have no jurisdictions...40% located in other countries.

Instead, they depend upon consumers to contact them about anything illegal but they are not in the business of anything that falls under the realm of "bad advice" because they already know most traders just lose and only the few are profitable. Simply, what's bad advice to most will be good advice to the few.

Than there's the economics of such...not good.

That's why it will never happen and they will remain as an agency that you can contact them about anything that's illegal and not about "bad advice" especially any website or forum that slaps on a disclaimer statement.

 

[wartrace]

I have changed my mind. You should go ahead and join the trading room and buy the proprietary indicators. It seems as if you believe.

 

[BlazeTrader]

CTA's and pros are useless anyway..95% of them underperform the market or simply buying the SPY or QQQ...those that beat market charge ridiculous fees and are for high net worth folks only. So learning how to do this yourself is the only way

 

[Iwilldoit]

CTA's and pros are useless anyway..95% of them underperform the market or simply buying the SPY or QQQ...those that beat market charge ridiculous fees and are for high net worth folks only. So learning how to do this yourself is the only way

How do you actually know this? Have you met CTAs? or have any experience with them?

 

[garachen]

$1250 in 10 weeks is about $6K a year. So even if it's realistic it's a horrible use of time. Doing almost anything else would be better.

I once spoke to a guy who was bragging that he made $20k the prior year trading FX. He had quit his $60k job with benefits and moved back into his parents house in order to do it. I'm generally a believer in not giving advice and letting economic reality take its course but sometimes it's hard not to point things out.

I don't believe you can 'forum' your way to riches or even a meaningful income. Even here, where there are several people who make meaningful money but don't talk much, it would be very difficult to arrive at a practical framework to replicate what others do.

 

[Iwilldoit]

$1250 in 10 weeks is about $6K a year. So even if it's realistic it's a horrible use of time. Doing almost anything else would be better.

I once spoke to a guy who was bragging that he made $20k the prior year trading FX. He had quit his $60k job with benefits and moved back into his parents house in order to do it. I'm generally a believer in not giving advice and letting economic reality take its course but sometimes it's hard not to point things out.

I don't believe you can 'forum' your way to riches or even a meaningful income. Even here, where there are several people who make meaningful money but don't talk much, it would be very difficult to arrive at a practical framework to replicate what others do.

Making 6k a year, doing something related to your career is still better than playing SIM, or earning nothing.

What do you recommend I do to grow and learn as a trader?

Thank You.

@garachen @Visaria

 

[BlazeTrader]

How do you actually know this? Have you met CTAs? or have any experience with them?

Its a known fact and survey and research has been done on it..most lose and underperform the market...Apart from the certification which is nothing more than reading books and giving exams.

They have no track record or history = Useless

 

[K-Pia]

Nevertheless, these vendors should have a designation to prove they can trade.

I require a license to call myself a lawyer,doctor, HVAC technician....why shouldn't it be the same for a trading instructor?

Even tow truck drivers require a license!

Every "instructor" should have an "NFA approved" sign on their website..

Not a license. but a track Record.
Some got their driving license. But I wouldn't let them give me a lift.