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Old 17-04-2009, 08:09 AM
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red Bogus Websites & SnakeOil Vendors

Post snake oil websites here. Please be sure that you have absolutely concrete evidence before you accuse a site of selling snake oil. Do not post your personal grudges here. If unsure, do not post about the site at all in this thread!

This maybe with regards to tips, trading systems, books or anything relating to trading.
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Old 18-04-2009, 06:27 PM
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Talking about the tips, can any one of you beat this one? I challenge. Not even one soul could meet the standards set by these people.

Mind you, these people are charging heafty amount for these "services".

Since I could not cover the whole webpage in one screeshot, I had to take three shots and post it here. See it.







Did not understand still?

Let me make it clear. These were intraday trading calls given on 03-April-2009, 04-April-2009 and 05-04-2009

Still did not get the point?

You tipseeker, MARKETS WERE CLOSED ON THOSE DAYS DUE TO HOLIDAYS
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Old 18-04-2009, 07:51 PM
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This is just awsome! I wonder when will our noobs learn to shun away these fellas. I have known personally a couple of fellas who are into giving paid service and claiming the MOON!
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Old 18-04-2009, 09:23 PM
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GEORGE ANGELL
LSS Day Trading System



Release : 4628-02 (CFTC Docket No. # 02-10)
For Release: April 4, 2002

Florida Commodity Trading System Developer and New York Publisher Settle CFTC Fraud Action

CFTC Finds that George Angell, TradeWins Publishing and its President, Stephen Schmidt, Fraudulently Marketed Commodity Trading System

Washington, D.C. – The Commodity Futures Trading Commission (CFTC) announced today the acceptance of offers of settlement from George Angell, of Key West, Florida, TradeWins Publishing Corp. (TradeWins), of Smithtown, New York, and its president, Stephen A. Schmidt, of St. James, New York. In an action filed on March 6, 2002, the CFTC issued an order simultaneously instituting and settling an administrative action against Angell, a developer of commodity futures trading systems. In a second action filed on April 4, 2002, the CFTC filed an order simultaneously instituting and settling an administrative action against TradeWins, a publisher and marketer of investment related books and products, and Schmidt, TradeWins’s president. In each order, the CFTC finds that Angell, TradeWins and Schmidt fraudulently marketed Angell’s trading system.

The orders accompanying the settlements find that for approximately a three-year period beginning in January 1996, Angell, TradeWins and Schmidt fraudulently solicited members of the public to purchase a version of the LSS Day Trading System (“the LSS System”), a signal-based computerized commodity futures trading system. According to the orders, the public was solicited through a series of promotional brochures, which falsely represented that the LSS System’s performance record was based on Angell’s actual commodity trading. In fact, the orders find that the performance results were derived from hypothetical back-testing. The promotional brochures further suggested that prospective customers could review Angell’s personal trading account records when, in truth, these records were not available, according to the orders.

The orders further find that the promotional brochures falsely represented that the LSS System’s performance results had been independently audited and verified. In fact, according to the orders, the firm that purportedly verified the results was not independent. Rather, the orders find that the firm had a financial interest in the success of the LSS System because it was compensated on the basis of the profits earned by the sale of the LSS System.

The CFTC orders find that by such conduct, Angell, acting as a commodity trading advisor, defrauded clients and prospective clients, and that Schmidt aided and abetted that fraud, in violation of the Commodity Exchange Act (CEA) and CFTC regulations. The orders find TradeWins responsible for the fraudulent actions of its officer, Schmidt. Angell, TradeWins, and Schmidt consented to the entry of the orders without admitting or denying the findings therein.

The CFTC orders:
direct Angell, TradeWins and Schmidt to cease and desist from further violations of the CEA, as set forth above;
require Angell to pay a $50,000 civil monetary penalty within ten business days of entry of the March 6, 2002, order and to agree not to seek registration for a period of three years;
require TradeWins and Schmidt to jointly and severally pay a $100,000 civil monetary penalty within ten business days of entry of the April 4, 2002, order; and
require them to comply with certain undertakings, including undertakings that prohibit them from making misrepresentations regarding profits and risks associated with trading futures or options.

A copy of the CFTC orders may be found at http://www.cftc.gov

The following Division of Enforcement staff members are responsible for the case:
Joseph Rosenberg
Christina Kang
David Acevedo

____________


Case Contact:

Charles J. Sgro
Regional Counsel
Division of Enforcement
Eastern Regional Office
(201) 234-6926



source
http://www.cftc.gov/opa/enf02/opa4628-02.htm

his buks are still available in amazon..so beware
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Last edited by musterion; 18-04-2009 at 09:32 PM.
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Old 18-04-2009, 09:25 PM
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LARRY WILLIAMS
World Cup Approach To Futures Trading



NFA fines Larry Williams for not reporting to potential clients that, while his personal account in a promotional 1987 contest was very profitable ( a gain of + $902,599 ), his managed accounts for clients lost substantial funds ( - $6,122,281 ). This constituted deceptive and unbalanced promotional material and disclosure statements. Details in William Gallacher's book Winner Take All.

Footnote -- In July 1988, the Larry Williams Financial Strategy Fund was launched, followed in March 1989 by the World Cup Championship Fund, managed by Larry Williams, Jake Bernstein and two others. The 1988 fund lost more than 50% of its clients’ equity in barely one year, as reported in the October 1989 issue of Futures magazine. The 1989 fund also lost more than half of its original equity by May 1990.


An excerpt of a review from amazon.com on the buk "Winner Take All: A Top Commodity Trader Tells It Like It is (Hardcover)
by William R. Gallacher"


But it is the review that is fallacious, not the book, and here's why. Gallacher uses a chart from Murphy's book "Technical Analysis of the Futures Markets" (and I have this book too, so I can verify the chart) to show that Murphy's use of trendlines is after-the-fact and superficial. There is no discussion here about active and inactive contracts etc. Gallacher simply takes a chart that Murphy himself has used and shows how misleading it is to draw trendlines with 20:20 hindsight. As Alexander Elder points out it is easy to trade the middle of the chart but, in the real world, we have to trade the extreme right of the chart.

"The lesson? All examples of the alleged uselfulness of trendlines, flags, pennants etc. will, under scrutiny, be shown to be the product of hindsight, perceived after the occurrence of the events they are alleged to foresee...Chartists see what they want to see, not what is really there."

Admittedly this is a polemic statement (and I do not personally agree with it) nonetheless this was the point that Gallacher was making and I cannot see anything "egregious and inexcusable"(maclee) in that.

Another reviewer defends Larry Williams (who gets a caning by Gallacher) stating that he (Williams) " made a million in a year" not once but twice ... and then taught his daughter (how to do it)". This anonymous reviewer gave the book 1 star while pointedly overlooking the fact that Gallacher's actual criticism was based on Williams losing more than $6million in one account while "making" the so-called $1million in another account - an event for which both Williams and Robbins Trading Company were taken to court and convicted by the NFA.
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Last edited by musterion; 18-04-2009 at 09:31 PM.
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Old 18-04-2009, 09:34 PM
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JAKE BERNSTEIN
MBH Weekly Futures Trading Letter


NFA FINDS BERNSTEIN USED MISLEADING AND DECEPTIVE PROMOTIONAL MATERIAL. Fined $200,000 and permanently barred from NFA membership. All appeals to NFA and CFTC failed.

Footnote -- Commodity Traders Consumer Report, a respected futures publication, tracked the trades Bernstein recommended in his $895 flagship newsletter. If you had acted on these weekly tips from 1988 through 1992, you would have lost money for five consecutive years (assuming typical transaction costs).

DETAILS ABOUT THE CASE
http://www.nfa.futures.org/BasicNet/...82&contrib=NFA
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Old 19-04-2009, 11:19 AM
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Its a desi service taking over ftse and dow....
Bank robbery,re-defined....



Last edited by SK; 13-05-2009 at 06:31 PM.
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Old 19-04-2009, 11:37 AM
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guy

Originally Posted by sai_kripa View Post
Its a desi service taking over ftse and dow....
Bank robbery,re-defined....



I'd be surprised if they are authorized to do that. As far as I recollect, to handle another person's account, you (ltd company) will need to be a SEBI registered investment banker with a paid up capital of 2crores and a yearly fee of 5lakhs for the first year and 2.5lakhs for the 2nd and third year of validity, and at least two of the directors will need to hold valid certifications in the financial markets. Criminal proceedings against them? Or am I wrong?
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Old 19-04-2009, 11:45 AM
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No clue about legalities...
but that fee structure...

Originally Posted by Oxymoron View Post
I'd be surprised if they are authorized to do that. As far as I recollect, to handle another person's account, you (ltd company) will need to be a SEBI registered investment banker with a paid up capital of 2crores and a yearly fee of 5lakhs for the first year and 2.5lakhs for the 2nd and third year of validity, and at least two of the directors will need to hold valid certifications in the financial markets. Criminal proceedings against them? Or am I wrong?

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Old 19-04-2009, 11:47 AM
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Originally Posted by sai_kripa View Post
No clue about legalities...
but that fee structure...

Makes Dev Mukerjee look small
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