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Rules for calling trade ideas in the chatbox
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Rules for calling trade ideas in the chatbox

  #11 (permalink)
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Big Mike View Post
I am imposing a new rule for the chatbox.

If you are going to call a trade in the chatbox, you must include your entry price, stop price, and target price.

You need to also write the word "cash" if this is a cash trade. If it is a sim trade write "sim".

I am making these changes because too often newer traders try and follow someone else who appears to be successfully calling trades without realizing that person is not trading cash, or that person is "fudging" his numbers. Trying to copy someone else is bad enough without being mislead on top of that.

If you post a trade without this information, I will delete it and will ask you to stop posting trades in the chatbox.

Mike

It's important to realize the legal ramifications of taking that responsibility even with these rules imposed. Simply put, if this were equities, which falls under the SEC's jurisdiction, then an incompetent securities attorney could easily entangle such a poster with litigation for any and all losses incurred by how ever many parties, in what would almost inevitably become a class action lawsuit, with merit.

Because most of us on these threads talk, trade and review commodities trades, whether full sized contracts, electronic miniture contracts or other futures vehicles, these fall under the auspices of the FTA and CFTC. They impose a similar requirement of being Registered, such as being an RIA (Investment Advisor). Normally people subject themselves to this certification process for profit, which almost contradicts the notion of going through all that trouble for free and still having exposure and legal potential liability.

We live in a litigious society. One need be prepared, fore warned or advised that there are concerns with that seemingly innocent act of posting (for whatever reasons; bragging rights, for profit, for notariety, whatever) trades or calling out trades.

One need be forewarned.

Good trading to you all!

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  #12 (permalink)
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Kronie..

and Mike. I do not disagree with the trade posting requirement, not even a little. My perspective or take was that this was an integrity issue, not a legal one. I am wondering, if there is a legal concern, would a universal disclaimer offer any protection?

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  #13 (permalink)
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wldman View Post
Of course anyone can type out a phony bologna trade and say it is 100 lot. .

Yes, but imagine having to take delivery of all that bologna.

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  #14 (permalink)
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futuretrader View Post
Yes, but imagine having to take delivery of all that bologna.

What's the futures symbol for bologna?... BS?

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  #15 (permalink)
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Well...

chances are that even if the trade was actually entered as described, which in and of itself is a low probability, there is a near certainty that it would be sim bologna, right? So easy enough, store that in the sim fridge or runa bologna special in the network of sim restaurants worldwide.

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  #16 (permalink)
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BS...


monpere View Post
What's the symbol for bologna? ...BS

you may be onto something. ...and bs could be the mini?

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  #17 (permalink)
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kronie View Post
It's important to realize the legal ramifications of taking that responsibility even with these rules imposed. Simply put, if this were equities, which falls under the SEC's jurisdiction, then an incompetent securities attorney could easily entangle such a poster with litigation for any and all losses incurred by how ever many parties, in what would almost inevitably become a class action lawsuit, with merit.

Because most of us on these threads talk, trade and review commodities trades, whether full sized contracts, electronic miniture contracts or other futures vehicles, these fall under the auspices of the FTA and CFTC. They impose a similar requirement of being Registered, such as being an RIA (Investment Advisor). Normally people subject themselves to this certification process for profit, which almost contradicts the notion of going through all that trouble for free and still having exposure and legal potential liability.

We live in a litigious society. One need be prepared, fore warned or advised that there are concerns with that seemingly innocent act of posting (for whatever reasons; bragging rights, for profit, for notariety, whatever) trades or calling out trades.

One need be forewarned.

Good trading to you all!

if there is no compensation based upon assets under management, then trade calls are covered under free speech. You would not have to be an RIA.

I am speaking of RIA's and compensation only. Also, IANAL.

Math. A gateway drug to reality.
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  #18 (permalink)
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It seems to me that Kronie is overstating things somewhat.

Is it not that when enters into a financial relationship that the obligation for fiduiary duty and therefore potential for litigation exists?

If a person is reading the newspaper in a coffee shop a stranger notices him reading an article on Facebook and says "what a dog of an IPO!" and he replies "yes I bought someand I'm down." - by disclosing his trade he is liable for ligitation? I don't think so. no contractual relationship exists. (offer acceptance and consideration are all not present).

Certainly a futures broker advertising for business, or someone selling a trading system, or an educator selling a class must have the disclaimer "hypothetical results.... blah, blah, blah, The opportunnity for loss exits..... etc.

However, is every person who has posted his journal open to litigation?
Seems a stretch to me.

@cory you seem to be on the ball. Is this a tempest in a teapot?

Keep your mind in the future, in the now.
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  #19 (permalink)
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My defense will be to plead insanity.


Does anyone know if chat text is available for chats before where the scroll bar takes it?

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  #20 (permalink)
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GaryD View Post
My defense will be to plead insanity.


Does anyone know if chat text is available for chats before where the scroll bar takes it?

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