I did contact them, they said they have no idea what I am talking about and they said they do not monitor chat rooms and have no plans in the future to monitor private chat rooms. They said anybody can do whatever they want in their chat room and people should use due dilegence. They also said that any number of people can open an account and give other traders the right to trade their account. There is no limit to this. Brownsfan, You said that we can't do this. So this is why we asked you where you got your source of information from. But you can't seem to supply us with a link of where you got your information. Your only answer is to tell us to contact the NFA. That to me is not a reliable answer. Not sure what your purpose of coming on a forum and saying information that you CAN'T back up with reliable sources or links. Nobody is going to believe you if you just come on here without a reliable source of your information. Everybody should use due diligence when entering chat rooms. The NFA or CFTC does not monitor chat rooms and they have no desire to do so in the future. I checked into it. Brownsfan, And you telling us false information and then telling us to go spend money on a lawyer to find out if you are telling us the truth is just plain stupid of you to say. Why don't you tell us where you got your source of information? Did you pull it out of your ass?
Good - take the time to reread my posts where I made it clear this was MY opinion based on the information that I gathered. I have no desire nor the time to deal with the name calling that seems to inevitably end up in ET threads. Take a look at the original post - the poster wanted to know why there was not 'pay for profit' chat rooms. I, in turn, gave my opinions as to why this is. The reason I posted was that I trade privately for a handful of accounts and had to do the proper research into registrations, CTA's, etc. I then made a comparison of my research to the 'pay for profit' chat room which the initial poster asked about. As for the CFTC looking into this, I've told you that based on my contacts they are. This is going on right now in small intervals. The 'source' of my information is a division staff attorney at the CFTC. In the end, if you think my information is not correct, ignore it and move on. Since you think you have cleared this with the NFA and CFTC are you then implying that you plan to start a chat room that is pay for profit? To spend the time and resources doing this as you imply in this post would indicate that you either have way too much time on your hands, plan to start a room like this, or did not actually take the time to do this.
I NEVER said there was a limit as too how many accounts you can trade. I did say if it was over 15 then you need to register as a CTA. Take the time to read the posts. Thanks.
Good - please provide links to your sources of the NFA/CFTC that state they are not looking at chat room and chat room providers. Since my posts are not relevant w/o links (based on your post), it should only be fair that you then provide your links. So, please back up your information or noone here will believe you! :eek: Thanks!
I could care less about the whole subject. And I hope the NFA, SEC, and CFTC close every chat room online or make them register and get licensed or something(give them big fines for not being licensed chat rooms). Because like I said before, there are people putting too much faith and trust into these crooked chat room moderators and these trusting innocent people are losing their hard earned money. The same thing is happening with seminars that charge thousands of dollars for stock trading. They steal peoples money. It is really sad. So I hope these govt. agencies move in quickly before more people get financially hurt from seminars and online thiefs and their chat rooms.
Good - I would agree with you there; however, you attacked my post pretty agressively and when I asked for you to substantiate your post, you had nothing. So, we both basically did the same thing - had an opinion, talked to the 'experts' and ended up with different results. This should not surprise you.
You know traders can be moody sometimes. Anyways... in case anybody is wondering about the CFTC(commodity futures trading commission) monitoring websites, trading chat rooms and their moderators, you can read all about it at the link below. They have already fined people with heavy fines and lengthly prison time for not being registered members and financially hurting innocent people with their trading chat rooms and fraud websites. Fines of 500K and up. http://www.cftc.gov:8765/query.html...h=10&oq=&qc=&qm=0&qp=&qs=&rf=0&rq=0&st=1&ws=0 There is also a link and email address for the CFTC inside the above link where anybody can easily and anonymously report bad websites and chat rooms to enforcement. But just in case you can't find it, here it is. Look to the far right of the webpage for information. http://www.cftc.gov/cftc/cftccustomer.htm
Pay for profit - emini learning rooms? Think twice: "Teachers" couldn't afford to stay in business with your setup.
Hi Glen, There's plenty of free signal calling rooms, free blogs and free discussion forums where traders give buy and sell recomendations for Emini Futures. EliteTrader.com has a few threads where traders give buy and sell recommenations. Yet, if something goes wrong you won't be able to call the CFTC or NFA. Due Diligence...regardless if its free or fee-based. Mark
It seems pretty clear, that any statements you make have to be loaded with disclaimers, otherwise they fine the hell out of you.