You’ve signed up to a Chatroom and you think the owner/mentor/GURU is great and really nice. You want to learn as much as possible from them to try and advance your trading to reach that goal of being consistently profitable!
But wait what is in it for the Chatroom owner? Do they care about your success at all or are they just after your membership money? Are they making money elsewhere?
What you may NOT realize is your Chatroom owner may be earning money elsewhere which has a very clear conflict of interest with you!
Say what, how so? Did you know that a lot of discount retail brokers now offer Chatroom owners/mentors/GURUs money each time you take a trade if you were referred by them? Did you also know that the Chatroom owner can also be provided with all of your trade data? It's Sadly True.
This means the more active you are the more money the Chatroom owner will make! Its therefore in the Chatroom owners interest for you to be active rather than be successful. This means that the Chatroom owner is taking your hard earn cash and isn’t acting in your best interest. This means they have a very clear conflict of interest with you.
At TraderEquity when our traders make money, we make money, so it's in our interest that the trader is as successful as possible therefore both of our interest are in align. We only partner with Chatrooms where we can validate the owner trading history and/or there is NO conflict of interest with the Trader. We only want honest relationships with the traders and any chatroom we deal with.
Please Note: We can NOT accept any US-based traders, this restriction is based on their location rather than their nationality and we can NOT accept any Canadian based traders directly.