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Is posting live trade with profit and loss Legal?
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Is posting live trade with profit and loss Legal?

  #1 (permalink)
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Is posting live trade with profit and loss Legal?

It's possibly a dumb question. However I don't mind posting it, in this modern age of silly regulations.

I have been posting my sim trade screenshots. I am likely to go live in a week or 2 and post about 4-5 pictures for each trade.

Is it legal to share my actual trade screenshots with realised profit/loss/account balance in a public forum?


Obviously the indicators are either bought or downloaded from futures.io (formerly BMT) with no piracy.

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  #2 (permalink)
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As long as you don't tell anyone to do the same thing, as far as I know. Family has a few investment advisors in it... Known a couple brokers for a while as well...

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  #3 (permalink)
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Thanks for your response.
I wonder why the trading gurus/teacher and people who run webinars use some sort of exchange rule to NOT show their actual performance.
Anyways, as a retail trader, I am glad that I can post mine and be accountable.

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  #4 (permalink)
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drms76 View Post
I wonder why the trading gurus/teacher and people who run webinars use some sort of exchange rule to NOT show their actual performance.

Please cite a specific example. I would bet it is because the vendor is full of shit. But, there are some exceptions depending on how they are classified. However, most vendors are just that -- vendors selling wares. Not traders. And aren't subject to those regulations.

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  #5 (permalink)
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Big Mike View Post
Please cite a specific example.

Mike


Thanks for your response BigMike. I don't have a specific example to quote. However please continue to read.

When I read some of the vendor review threads in futures.io (formerly BMT), request for actual performance often leads to a response like 'Even if I publish my results it's hard to replicate by a beginner due to lack of experience' etc. That's a valid point but evades the question. (A medical example would be the effectiveness of Antibiotics - Ofcourse it depends on several factors but pt's would prefer a response like '7 out of 10 get better'). I remember reading few responses where the firm/vendor claimed they were not allowed to share their financial performance but unfortunately I am unable to locate those threads.

Most of your webinars start with disclaimers in the beginning (about risks, reward, uncertainity etc). I understand that there is an audience listening to them and the presenter has to make it explicit. I just simply wondered about the same legal implications when I publicly post my trades and the setups. Obviously I am not recommending others to follow my setup and I don't expect anyone to do that whilst I am a beginner.

Perhaps, my medical background installed an overdose of caution in me when it comes to law!!!

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  #6 (permalink)
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The disclaimer is required by law. It doesn't prohibit sharing information, like proving your success. The main language simply says past results are not indicative of future results.

As for saying an individuals results cannot be duplicated, there is some truth as we each trade our beliefs. But hiding behind that as a reason to not prove your profitability is bullshit. This is compounded by the fact they are trying to sell you a method or a tool they often claim as a profitable way to trade, yet won't prove it with anything more than backtests which are an utter waste of time (again, preying on the uneducated) or worse yet, they flat out lie about their actual trading results on their website (futures.io (formerly BMT) has found vendors that have done this many times).

That said, there are two bigger issues. One, most rookie traders chase the holy grail and are attracted to the crap some vendors sell, and get bent out of shape when anyone, even a worthy educator, refuses to share their PnL statements. Two, most are incapable of their own critical thinking and expect everything to be handed to them.

Long story short, based on my own experiences both as a trader as well as site admin, clearly show the overwhelming majority of vendors cannot be trusted and are a total waste of time and money, and worse yet, teach you the wrong way to trade based on their misinformation.

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Last edited by Big Mike; March 15th, 2015 at 02:02 PM.
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  #7 (permalink)
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It really depends on which country you are located in.

In general, assuming we are talking about a western country with free speech laws, you can post as may results as you want as long as you are not trying to raise money. Once you are trying to raise capital or sell advisory services, the regulations come down like a ton of bricks.

An educator in a gray area since most of the regulations are more concerned about false advertising with investment services than they are about education services. And with most education services, the standard disclaimer can get them out of most of the hot water.

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  #8 (permalink)
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Big Mike View Post
I would bet it is because the vendor is full of shit.

I was just trying to think of a more subtle way to put it, then I read your post

If you do post live trades or equity curves then I would suggest removing anything that identifies your account number etc for security reasons. Other than that, it's fine to do as long as you're not making a recommendation to others (in which case it depends entirely on where you're domiciled . . . plus of course any additional restrictions that this forum has about such things).

Regards,

Nick

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  #9 (permalink)
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MacroNinja View Post
It really depends on which country you are located in.

In general, assuming we are talking about a western country with free speech laws, you can post as may results as you want as long as you are not trying to raise money. Once you are trying to raise capital or sell advisory services, the regulations come down like a ton of bricks.

An educator in a gray area since most of the regulations are more concerned about false advertising with investment services than they are about education services. And with most education services, the standard disclaimer can get them out of most of the hot water.

That still didn't really clear anything up for me... Is someone who takes money for entry to a trade room, in which real trades are called, an educator or a finacial advisor? How would having an education or a certificate related to finance change this? And could someone sue me for not having an education in finance but sitll calling out trades? (IIRC that would be illegal for me to do here in Germoney anyway...) If I were running a trading room, I would be very worried about these questions.

That's not to say that almost all vendors aren't scammers. But I can also see why someone could have legitimate reasons (even if they are ultimately unnecessary fears) to be careful about revealing their trades to their paying customers. Then again, I wonder how difficult/costly it could be to get a concrete answer.

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  #10 (permalink)
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skoa View Post
That still didn't really clear anything up for me... Is someone who takes money for entry to a trade room, in which real trades are called, an educator or a finacial advisor? How would having an education or a certificate related to finance change this? And could someone sue me for not having an education in finance but sitll calling out trades? (IIRC that would be illegal for me to do here in Germoney anyway...) If I were running a trading room, I would be very worried about these questions.

That's not to say that almost all vendors aren't scammers. But I can also see why someone could have legitimate reasons (even if they are ultimately unnecessary fears) to be careful about revealing their trades to their paying customers. Then again, I wonder how difficult/costly it could be to get a concrete answer.

In germany, where you and I are coming from, calling out live trades in a trade room on a regular basis would almost 100% be considered investment advise, for which you must be licensed, approved and listed with BaFin. Which is why there are hardly any german trading rooms, not even talking about any that "call" actual entries and motivate their followers to trade those.

That being said, yes someone could sue you, yes BaFin most probably would shut you down and might blacklist you for any future endevours in that field, including setting up hedge funds etc. and yes you could avoid that by moving to another country with less strict rules on financial advisory legislation. (Gibraltar, maybe..)

Note that I am not a legal or financial specialist but I did my research on that topic quite thoroughly.

Maybe this helps you, maybe not.

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