Thanks Chris, trading room regulation still isn’t enough. We need someone here in the UK who ensures the educator actually has a trade record. A trading room record is pretty meaningless as I know plenty of trading educators who have rooms but they still don’t actually trade. We need something here in the UK.
Couldn’t agree more, regulation is needed. It’s not just that it’s not always clear if they are actually trading themselves but sometimes you get a ‘live’ trade posted that works really well, and you wonder how many goes they took to get that trade that worked. You post a live trade week in week in week out and we get the good, bad ugly of those trades – mostly good, which is the only way to do live trading. The next question, therefore, is this: Currently spreadbetting profits are free from tax as long as it’s not your main business – should spreadbetting be taxed to help pay for a regulatory framework?
Educators should not be regulated because that creates a huge bureaucracy and opens the door wide open for behind the scenes incentives aka pay-offs to receive a rubber-stamp of approval. Rules would also be lenient to those educators who have large “shops” and can afford to influence a board or committee.
It’s quite simple: You either get feedback from others and/or proceed with a trial or some sort (at times, this may not be enough), however, it’s all about responsibility on the trader’s part. If he/she is learning a new strategy, then obviously testing should be done first to make sure 1)he/she is comfortable with it 2)yields success 3)aligns with his/her trading strategies and initiatives.
As consumers and as traders, we must take the responsibility upon ourselves and not quick to blame either an experienced or a phony trading educator should we lose money. That is just my take on things
I love your work Charlie….hopefully soon I can join on board and starting trading currency futures
I guess a couple of years would be enough. I would simply want a governing body to have to verify an educators accounts to basically say yes this person does have a live trading account and yes they are profitable. That would then be enough to at least weed out the impersonators!
Should trading educators be regulated? Monday’s video…
Charlie has a little rant about trading educators today plus what he would like done if the educators were regulated…
7 Comments
Thanks Chris, trading room regulation still isn’t enough. We need someone here in the UK who ensures the educator actually has a trade record. A trading room record is pretty meaningless as I know plenty of trading educators who have rooms but they still don’t actually trade. We need something here in the UK.
thanks
charlie
Charlie,
Couldn’t agree more, regulation is needed. It’s not just that it’s not always clear if they are actually trading themselves but sometimes you get a ‘live’ trade posted that works really well, and you wonder how many goes they took to get that trade that worked. You post a live trade week in week in week out and we get the good, bad ugly of those trades – mostly good, which is the only way to do live trading. The next question, therefore, is this: Currently spreadbetting profits are free from tax as long as it’s not your main business – should spreadbetting be taxed to help pay for a regulatory framework?
Keep up the good work,
Mike
Educators should not be regulated because that creates a huge bureaucracy and opens the door wide open for behind the scenes incentives aka pay-offs to receive a rubber-stamp of approval. Rules would also be lenient to those educators who have large “shops” and can afford to influence a board or committee.
It’s quite simple: You either get feedback from others and/or proceed with a trial or some sort (at times, this may not be enough), however, it’s all about responsibility on the trader’s part. If he/she is learning a new strategy, then obviously testing should be done first to make sure 1)he/she is comfortable with it 2)yields success 3)aligns with his/her trading strategies and initiatives.
As consumers and as traders, we must take the responsibility upon ourselves and not quick to blame either an experienced or a phony trading educator should we lose money. That is just my take on things
I love your work Charlie….hopefully soon I can join on board and starting trading currency futures
I can see how it would be hard to regulate, but I definitely agree with your sentiment.
There are way too many crooks out there. I have begun to think the best way to make
money from trading is by teaching people to trade!
I think an accreditation scheme would be good for sure.
Hello Charlie
I see the problem well enough but you do not want someone like Ofsted coming round — my daughter is a teacher, and believe me, you really do not.!
Hi there Charlie
What’s the best way though to demonstrate a track record through a trade record? How far back should the trade record go?
Regards,
D White
Hi David,
I guess a couple of years would be enough. I would simply want a governing body to have to verify an educators accounts to basically say yes this person does have a live trading account and yes they are profitable. That would then be enough to at least weed out the impersonators!