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Warrior Trading - FTC scam alert


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Warrior Trading - FTC scam alert

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  #31 (permalink)
showbiztrader
Raleigh NC/US
 
 
Posts: 15 since Mar 2021
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Big Mike View Post
https://www.ftc.gov/legal-library/browse/cases-proceedings/2023198-warrior-trading-inc-ftc-v

FTC Matter/File Number 2023198
Civil Action Number 3:22-cv-30048
Federal Court District of Massachusetts

The Federal Trade Commission is cracking down on the Warrior Trading day trading investment scheme for making misleading and unrealistic claims of big investment gains to consumers. The FTC alleges that Warrior Trading and its CEO, Ross Cameron, used those claims to convince consumers to pay hundreds or thousands of dollars for a trading system that ultimately failed to pay off for most customers.


As a result of the FTC?s case, Warrior Trading will be required to pay $3 million to refund consumers and will be prohibited from making baseless claims about the potential for consumers to earn money using their trading strategies.

Hey...I edited my original post to acknowledge my misinformed response. These papers are tricky language to understand. Thank you for the clarity. Maybe I'll get a little refund from the thousands of dollars I spent and over a year of my life to realize the techniques were, in part, not fully transparent, and certainly IMPOSSIBLE to replicate. I lost my education money, AND thousands in an account trying to chase the illusive techniques of Warrior Trading.

It's a dark, disappointing chapter of my trading journey. Can't wish, can't hope it back. Just been looking forward now the last year and trading with prop firm money, cause I have no capital left. Someday I hope to build back the capital and start trading for myself again.

I've learn so much the last year, techniques that do work, communities that ARE transparent, strategies that are valid and replicable, and an ability to create my own niche and style, trading a market that fits me.

Anyway... I learned the hard way.

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  #32 (permalink)
 Sant 
United States + World
 
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showbiztrader View Post
Anyway... I learned the hard way.

Excellent post...

From what I have seen and experienced with my trading evolution and the trading evolution of many others mastering trading it is only done the Hard Way... for everyone.

Trial of Fire is required, mandated and destined for us. No exceptions.

We must use correct high probability trading methods that are executed 100% of the time... They have have to be imprinted into our Genetic Code and tattooed on our forehead... and burned into our soul/mind.

and if we can do that... 'It's a Walk In The Park'

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  #33 (permalink)
mluka
Montréal, Canada
 
 
Posts: 33 since Jan 2014
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Finley View Post
What's intriguing is that Ross is still on YouTube, posted a video today, and looks like business as usual. Still has links to his courses. But his caveats and disclaimers seem to be much more robust.

Isn?t paying a $3 million fine business as usual?

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  #34 (permalink)
 Finley 
Phoenix, AZ
 
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mluka View Post
Isn?t paying a $3 million fine business as usual?

Yes true! Well, I guess the point here is some of us are referring to Ross as a scam artist. But a "scam" is generally a criminal activity, subject to seizure, shut down, and arrest. I knew a fella who was scamming investors outta money and he was arrested and convicted of fraud. So regardless of whether we like Ross or not, or think his classes are BS, it's important to delineate between running a "scam" and misleading advertising.

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  #35 (permalink)
abev
seattle washington
 
 
Posts: 41 since Feb 2019
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Mmmmmm...... I think that's odd. So odd that I'd like to know where you got your info, Mike, 'cause I don't believe it.

Warrior Trading is about education, not about selling a "trading system." I've been with Warrior Trading for two years and I've never seen or been approached to purchase a "trading system" of any kind. We are reminded daily that Ross' results are atypical and to never "follow anyone else's trades", and are given access to a simulator and a live data feed as part of the monthly fee. It's expected that it will take most people at least a month to reach the level of positive metrics on the simulator that will make them most likely to succeed before entering live trading. And while you can jump on the simulator anytime, it's expected that one will first go through the levels of classes that will allow the student enough knowledge to create their own simple strategy. Otherwise the simulator is not really any use.

Warrior Trading is all about education regarding the stock markets in general, the need for, creation of, and examples of, successful strategies, and how to use them.

If the FTC is actually after them, that's unfortunate; WT offers a hugely beneficial service to traders.

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  #36 (permalink)
 ThemBones 
Chattanooga, TN
 
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I took the classes. They were fine... but I never used Ross' style nor the simulator (as it was hardly realistic on the order fills, plus other areas). What I thought was going on was the students buying/selling from Ross' position. He tells you not to follow, but if you're trading the same stocks as Ross... you're going to end up in his wake. He gives you where he's going to be buying or selling (usually buying because he is often using a retirement plan... can't short in those) but watching him in the chatroom he is usually buying earlier than he is telling you. Once you get in, he's already selling against and into your position - his students are in instant pool of buyers/sellers. Again, just my suspicion based on watching the time/sales, his projected position entries on the Ask, and when his orders were filled (on replay you can see this).

By my logic, of course his results are atypical - in addition to Ross being a good trader - most people don't have the benefit of a pool of traders to buy/sell into knowing they are close behind in the same direction to take the other side of the trade.

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  #37 (permalink)
 MiniP 
Market Wizard
Columbus OHIO
 
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Have they been proven guilty?

I'm going to play devils advocate here and it might piss some of you off. FYI I have NO affiliation with warrior or ross and am not defending his/there actions at all as I do not know everything about this case/what has happened. Please read that again before you fly off the handle.

How many trading strategies are posted on this forum alone? That work for a handful of people and produce 0 results for hundreds if not thousands of others? I would easily say thousands of ideas and I personally love it, I think when it comes to trading it is trial by error. I know I have spent a decent amount of money on things that didn't work and even though they didn't work, 9 out of 10 times I still gain another piece of the puzzle.

I agree with most of you that if you promise/guarantee results then there should be consequences especially when you prey on people similar to what raging bull did, but where is the line that says "hey this is how I trade if you like it you are more then welcome to spend a couple hundred bucks and hopefully it works for you". I love to read about strats on here or watch youtube videos about what is working for others and 99% of the time its simply because I enjoy the "sport" of trading and I like to see what others are doing. I don't want that to stop, I don't want people to stop making indicators because they are afraid of the FTC/CFTC or Al brooks stopping with what he is doing, even though at times the monotone drives me nuts.

At the end of the day it has to be a give an take, and to a certain level consumers have to be held responsible, you can't go around buying everything and when it doesn't work out try and sue someone ( broad statement not just about this case so relax). Look at college, how many of you have degrees you never got a job for/did nothing but put you into debt? Try and sue a college because your gender studies degree didn't make you 6 figures it actually cost you 6 figures. Give and Take

This is coming from a guy who bought the top of the line package from tim sykes for idk how many thousands when it first came out and you know what there are a few parts in there that I actually go back and look at once a year or two.

From what I've seen this dude is disclaimered to the gills, maybe this happened after the lawsuit and if that's the case id gladly eat my words but I am very curious to see how this plays out. Hopefully they can weed out the bad ones but I hope guys/groups like PATS aka mack don't get slapped by stuff like this.

This might piss some of you off but always think about what else it is going to effect when a new change/direction from any sort of government group/agency is made.

-P

"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
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  #38 (permalink)
Phoenixoboros
Paris France
 
 
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natan1967 View Post
There are very few traders out there who can trade real money in front of everybody. As far as i know he claimed to be trading real account . Was that the case?

The only way to confirm this for sure would be to look at the stock's live tape when he his trading it.

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  #39 (permalink)
SteveH
Orlando, Florida, USA
 
 
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Slap on the wrist. Cost of doing business.

No mention of front-running his 1000+ member chat room to gain an alpha advantage. That about says it all.

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  #40 (permalink)
 TWDsje   is a Vendor
 
 
Posts: 745 since Apr 2016
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The complaint gave several examples of clear violations of FTC rules. I'm quite disappointed by the number of people out there trying to cover for Warrior on this. I view this action from the FTC as a warning about how strict they're going to be. The complaints about Warrior were always around possible frontrunning of followers - something the FTC doesn't cover. Their advertising is really quite tame compared to what we see regularly from others in the space. Still they did violate rules, and the FTC is making an example of them. I hope it makes other influencers think twice about how they promote themselves.

- SpeculatorSeth
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