Live trading room scams and TradersHelpDesk reviews are such a popular topic nowadays and popping up around every corner. They typically always start the same, “Where is your track record?” and, of course, when the track record is not produced then low and behold the trading room ends up on their “BAD” review list. Of course, some of them will change the BAD review to a GOOD review, provided that the live trading room agrees to pay them a percentage of the “take”.
Live Trading Room Scams and TradersHelpDesk Reviews – Track Records
The truth is that the so-called “reviewers” and track records are not verified by a CPA. Instead, from what is evident in most of the videos, is a simple spreadsheet in Excel that anyone could do. Of course, when these reviewers want to do a TradersHelpDesk reviews, then I tell them the same thing I tell everyone else, I don’t have the CPA verified track record and I refuse to give out these bogus spreadsheets which have no validity.
What gives the “track record” validity? No CPA verification statements are on them — they are just numbers. In today’s world, anyone could create these track records, which makes the numbers worthless, in my opinion.
A true track record would include the CPA verification that states that all statements contained have been verified by the accountant using CPA Gap methods as required by the SEC and CFTC. Educational rooms, which do NOT give out trading advice, typically do not provide these as they can be very costly to do and maintain. The key word being EDUCATION — traders come into the room to learn to trade, not trade along with the moderator which is why TradersHelpDesk reviews are typically marked bad when done by these scammers. In my opinion, if the trading educational room decides to offer the track records, then they should abide by the SEC and CFTC rules and provide an audited track record that is verified instead of just a bunch of numbers that really have no significance without verification.