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Good advice!
Further, I would discourage traders from paying for someone
else's trade recommendations. It's very difficult to place
your own funds at risk, based on someone else's recommendation.
Even if the "guru" is good, the trade recommendations may
not match your personality. And unless you have complete
blind confidence in the "guru", it can be an uncomfortable
and expensive way to learn about the markets..
Better to spend your money on education, make your own trades..
As in any field, you can't buy wealth, it takes risk, effort,
experience, knowledge, and skill...
-Neal.
>At 07:17 PM 5/15/00 -0500, Mark Brown wrote:
>Hello metastock
>
>what the cftc has done lately is crack down on people who make claims
>of winning trades without making it clear what the risk is. the cftc
>investigated and found that most ALL people who were trying to get
>clients and or bragging about all the winning trades they were making
>in FACT did no even have a trading account of their own.
>
>this is the way they manipulate to play on your greed that your
>missing out ect. claims of a high percentage of winning trades was
>one of the tip off's of a possible scammer. when in doubt - ask for a
>disclosure document and an independently audited track record. also
>ask when was the last time the advisor was audited by the nfa. i
>would also suggest that you check the basic listings at the nfa web
>site.
>
>be advised that anyone who is a nfa member and cta is prohibited from
>giving trading advise without fist having that person read and
>acknowledge a risk disclosure statement.
>
>For more detailed information about the risk associated with trading
>futures please contact the CFTC or the NFA or visit their web site
>-information listed below.
>
>Commodity Futures Trading Commission
>Three LaFayette Centre
>1155 21st Street, N.W.
>Washington, D.C. 20581
>www.cftc.gov
>
>National Futures Association
>200 W. Madison Street
>Suite 1600
>Chicago, Illinois 60606-3447
>1.800.621.3570.
>www.nfa.futures.org
>
>Beware of Websites Selling Commodity Trading Systems that Guarantee High
>Profits with Minimal Risks
>http://www.cftc.gov/enf/00orders/posting4-tradingsystem.htm
>
>>From the CFTC website also see the public advisory:
>
>The following respondents and their websites were the subjects of the CFTC
>orders:
>
>Firm or Individual (click to view Order): Website Address:
>Oasis Publishing Corp. and Gordon J. White
> http://www.pr-success.com/; http://www.risktaker.com/
>Mohammed Najib Taybi
> http://www.yenman.com/
>John B. Reily
> http://www.bonds2000.com/
>Paul B. Judd and Paul Judd International Corp.
> www.pauljudd.com/
>Michael P. Calo d/b/a First Financial Trading
> http://www.pr-success.com/
>Christopher F. Salter d/b/a Christopher Fernwick
> www.learntoprofit/futures/index.htm
>RS of Houston
> http://www.rsofhouston.com/
>Eron Demian Read d/b/a New Age Trading Techniques
>Global Futures Exchange & Trading Company
> http://www.natt.net/
>Trendy Systems, LLC; Allan P. Harris; Joseph Prewitt
> http://www.trendysystems.com/
>Ellery Coleman d/b/a Granite Investments
> www.choicedaytrades.com
>
>The ten orders require the promoters to cease and desist from violating the
>provisions of the Commodity Exchange Act (CEA) and the CFTC's regulations
which
>the Commission found they violated; to undertake, among other things, to make
>no unsubstantiated profit or risk claims; and to pay $10,000 civil monetary
>penalties, unless respondents have demonstrated to the Commission that
they do
>not have the financial ability to pay such a penalty.
>
>
>--
>
>
>-Thanks, Mark
>
>ps it seems most crooks in this business always talk about their
>winners all the while conveniently NOT talking about their losers.
>
>
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