Who Is A Bad Trader?

Quote from Ol' Yella:

I dont think you can sue them or anything

they have all those disclaimers on their stuff

"not a registered advisor" "we are not responsible for losses incurred" "trading involves substantial risk"

and most of them dont make any claims of profitability, just general comments like "you can make a lot of money on a move like that" or "hope some of you got some of that one" or "trading is the passion of my life, I love it so much" etc

but no where in there are they claiming to be successful
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its not about sueing someone im more interested in bringing them out of the shadows. there has to be a government body that has jurisdiction over this stuff.

forget the disclaimers. infomercials have disclaimers also but they have been penalized big time for selling shit advertised as gold.

the point really is to get the ball rolling that way maybe in 10 years some poor sucker wont waste years of there time with idk non certified market educators, call it what you want.
 
Quote from NoDoji:

:confused:

What exactly would the fraud be? And what would a trading educator be accountable for?

He's not telling anyone what and when to buy or sell.

He's not managing anyone's money but his own.

He wrote a book that no person or organization requires you to read prior to trading.

He has a web site that no person or organization requires you to visit prior to trading.

He has a cheap on-line trading room that you can visit for free and decide if it provides any value to you before paying a penny for it.

His education consists of the same stuff that's been written about for decades, adapted to offer people ideas for intraday price action scalping concepts.

He presents ideas. You decide if any of them are useful to your trading. If they are, you can create a trading plan around them; if they're not, then don't use them.
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nobody has to buy an infomercials product that tells you how to make millions buying and selling real estate either, but guess what, they got brought down because they are deceptive and guess what else, they had disclaimers. so i dont want to hear nonsense about you dont have to buy it or whatever the hell else, im tired of that crap.

people believe in what so called trading educators tell them and they get burned in the market. its about accountability to your customers.

http://www.ftc.gov/opa/2012/05/johnbeck.shtm
 
yeah, I agree there should be some kind of oversight of this industry

I think people get upset because learning to trade is demanding and very few will succeed.... so there will be frustration anyway

but the reason it crosses over into anger is when the failed trader starts to feel like he/she was duped or lied to in some way

it's one thing to try and do something and have it not work out, it's another when you find out your teacher wasn't able to be successful at what he was teaching in the first place. that is where the anger comes into play.

it's like hiring a dog trainer and paying them money to train your dog. they are not able to train your dog and then afterward you hear rumors that this person never knew how to train dogs, they just read enough about it to appear knowledgable and tried to copy Cesar Milan. you'd be angry!

or paying a failed carpenter to teach you how to do DIY home improvement projects and then screwing up your house following their bad advice... you would feel taken advantage of and want the person put out of business.
 
Quote from Ol' Yella:

yeah, I agree there should be some kind of oversight of this industry

I think people get upset because learning to trade is demanding and very few will succeed.... so there will be frustration anyway

but the reason it crosses over into anger is when the failed trader starts to feel like he/she was duped or lied to in some way

it's one thing to try and do something and have it not work out, it's another when you find out your teacher wasn't able to be successful at what he was teaching in the first place. that is where the anger comes into play.

it's like hiring a dog trainer and paying them money to train your dog. they are not able to train your dog and then afterward you hear rumors that this person never knew how to train dogs, they just read enough about it to appear knowledgable and tried to copy Cesar Milan. you'd be angry!

or paying a failed carpenter to teach you how to do DIY home improvement projects and then screwing up your house following their bad advice... you would feel taken advantage of and want the person put out of business.
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exactly, that sums it up nicely.
 
Quote from profitloss999:

Then Nodoji, for some unknown reasons, vehemently promotes his book and his idea of price action.
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If you search my references to Brooks' book, it's not vehement promotion, it's a recommendation for anyone wanting a comprehensive education in intraday price action concepts.

In fact my commentary a month after I started reading his book was: "The problem with the book so far is he talks about all these chart patterns but only includes charts for a small % of them, so IF you have hours and hours of screen time behind you and have a great visual memory (which fortunately I do), then you can "imagine" what the price action he's describing looks like. Which slooooows you down as you read....

If you're a beginner, you may as well just place the book under your pillow at night because you'll get as much out of it that way with less stress."


A year later: "There are so many ways to make money trading. I found a method that works very well for me and much of what I do is based on a wealth of information I got from Brooks, and am still learning to interpret in real time much of what I learned from his book."
 
Quote from NoDoji:

This is so sad. You guys need to learn to take responsibility for your own actions.

:(
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this argument doesn't hold up. how could anyone possibly argue AGAINST a more transparent trading education industry? that is INSANE!

ever hear of the FDA? if it wasn't for consumers complaining about being sold tainted meat or snake oil drugs that didn't work, we wouldn't be where we are today, the amazing progress we made.

or we could just do away with that and simply say, people need to take responsibility. lol.
 
Food is a bad analogy. We NEED to eat, we do not NEED to trade.

Quote from ChkitOut:

this argument doesn't hold up. how could anyone possibly argue AGAINST a more transparent trading education industry? that is INSANE!

ever hear of the FDA? if it wasn't for consumers complaining about being sold tainted meat or snake oil drugs that didn't work, we wouldn't be where we are today, the amazing progress we made.

or we could just do away with that and simply say, people need to take responsibility. lol.
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Quote from R. Raskolnikov:

Food is a bad analogy. We NEED to eat, we do not NEED to trade.
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ok, how about the sec? should people just take responsibility to figure it all out when it comes the companies they choose to invest in? we dont NEED to invest, we CHOOSE to invest.

but the sec has done a lot in making sure the prospectus is correct, the financials are correct, etc etc.. you name it.

so again, i dont want to hear it.

this behind the current shadowy trader education business needs to be cleaned up. period again, im not sure how any right minded person would be against that. given the choice between regulated or free for all. :confused:

what if a new regulation went into effect stating that any trading educator that cannot provide proof of trading earnings to the sec or cftc would have to state on their website or whatever "i have never generated any trading profits with the methods described in this program/method"

wouldnt that be nice? then i can clearly read that and say, ok, i know not to waste my time.
 
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