Teacher and consultant to the futures industry since 1983
Teacher and consultant to the
futures industry since 1983
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Items you need to improve and protect your FCM or IB... 1. Very important and useful forms and letters for different applications for the FCM and the Introducing Broker. Visit our "forms" page.
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FUTURES FAQs Q. From Gary (Location: Miami, Florida): I have wanted to be involved in the Futures industry for quite some time. Recently, I took and passed the Series 3 exam and went to work for an IB. I lasted 2 days, the cold calling for 9 straight hours was not for me. I thought I knew what I was getting in to, but it was really difficult. I live in Miami and still very much want to be in the industry some how some way. Do you have any suggestions other than to move to Chicago or New York or work for another IB?? Thanks in Advance.
A. Someone should have prepared you for the cruel
world Gary. I don't mean to be sarcastic at all. When I have new possible students call me
about the series 3 class, I always prepare them (and sometimes actually talk myself out of
a student) by telling them that for at least a year or more, this is a sales position.
Some engineers or very technical people who have traded for some time tell me they want to
get registered, then have other people raise money for them to trade. The problem is,
without experience or a track record, nobody will raise money for them to trade. Q. From Duane K.(Location: Wabasha, Minnesota): Will electronic trading ever completely replace the "broker in the pit" situation? A. Of course I don't have a clue, but I sure hope not. Electronic trading may be OK for the experienced trader, and I'm not sure that even they want the change. Remember that sometimes the best fill prices are the results of good bartering in the pit. With electronic trading, that will all go away, and your price will be matched with the buyer or seller on the computer. I'm not sure if that will make it more or less competitive and fair, or if it will cause manipulation by the bigger firms. Then there are the new traders. If we are smart as a beginner, we look to our broker for help and education. If computer trading takes over, that help will be gone, and the neophyte can basically kiss his equity good-bye. Maybe it will open up a whole new "work-shop" area for me and my company, so I guess that wouldn't be all bad, but I hope the "pits" stay around for many years. Q. From Pinion F.(Location: Bogota): I would like to solicit customers for a firm in the U.S. What kind of license do I need? A. You can act as a foreign agent and there is no registration requirement for the U.S., but you had better check with the various agencies in Columbia to find out if there are any laws governing such activities in your country. Q. From Cheryl L.(Location: Scottsdale, AZ): I have placed many limit orders, and the price has "hit" it several times during the trading session, I can't believe that they wouldn't give me a fill, but they always say I was unable. Could this ALWAYS be the case, and if not, do I have any recourse? A. Sorry Cheryl, you really don't. I would bet that your ticket had a good chance of being filled several times, and you were just not given the fill. This could be an indication of foul play, but to prove it would be a nightmare. I was able to prove it with a previous firm I traded through back in the 80's. I would even publish the name, but they are out of business and were found to have been doing that very thing. My advice to you is trade elsewhere. It may not hurt them, but at least you will have a better shot at getting what you want. Q. From Harold G.(Location: Tallahassee, FL): I The Introducing Broker I trade through just had their FCM bought out by another. I have had dealings with the new FCM in the past, and was treated very badly, bet there is nothing I can do since I really like the young lady who is my broker. A. Pretty much the case Harold. Yours is the fourth letter of this kind recently, and I guess the thing you have to do is keep working with your broker and see what happens. I have also heard from five IBs that told me they are changing to other FCMs just because of that same situation. Good luck, and keep me posted. Q. From Donna L.(Location: Montgomery, AL): What are "pass-throughs"? A. Pass-throughs are additional costs passed through to the customer by the IB or FCM. You are probably charged "clearing"(the cost of doing the trade on the trading floor), and NFA fees (to help support and fund the Self Regulatory Organization of the futures industry). The pass-throughs will vary depending on the FCM. They sometime call them administrative fees, or brokerage fees, or something like that. These fees can vary greatly, and you should check with your brokerage house about the total fees before you begin trading, or change if you think you are being charged too much. Q. From Steven T.(Location: Pierre, SD): I am a hedger, but have had a problem hedging in these low markets, do you have any ideas how I might make up some of my cash losses with the futures markets? A. Well Steven, it would be called speculating. Obviously you will have to determine the increased level of risk you are willing to take and try the market like the rest of us. If you think the crop or animal prices will recover just after you deliver yours, then for a lower risk strategy you could buy some call options. The best thing you could do is discuss this further with an experienced rep in your area. If you call me I can refer you to three firms that I know of there. Q. From Donnie M.(Location: Nashville, TN): I am so frustrated, how can it be so hard to have a winning trade when your chances are 50/50? A. I love it. Well, you've figured out that 50/50 isn't necessarily so. Put it this way; you have a 50/50 chance of picking the market direction, but you must always remember the timing, the amount of movement, the "whip-saw" effect, the liquidity, and of course the cost of the trade. I know exactly how you feel... been there - done that... over and over again. Q. From Juan O.(Location: Mexico City): I predicted what our Peso would do with the stock market drop, but when I asked my broker about buying a put he told me not to because of the liquidity. Now the contract did as I thought, and I made nothing. Why did not he let me trade the futures I wanted? A. Juan. I know you were both right, but that doesn't help put money in your pocket. First, you have the right to trade any contract you choose, after all, it is your money. But.... I checked on the amount of puts on the Peso and found at one time recently there were five strike prices available and only one of them had any trades. The one that traded had only five open interest and the bid-to-offer spread was terrible. I have to say that if you had made the trade, you may have been scalped so badly that you may actually have lost. I can't help but believe your representative really did his best, and was looking out for your interest. Again, I know that doesn't help, but trade the more liquid markets and your chances are much better. Q. From Carroll M.(Location: Toronto, ONT): I was going to open and account with a company who's as was on a radio station. When he found out I was in Canada he refused to open the account, Why? A. Well Carroll, Canadian law requires that any U.S. firm that does business with customers in Canada, must be registered in that country. Not only must the FCM be registered there, but the representative handling the account must also pass the Canadian test and be registered there also (through their firm). Q. From Niels P.(Location: Unknown): I have recently thought about forming an investment limited partnership with a focus on currency futures investing/trading. I was wondering if you had any information about what the steps are toward CTA licensing/registration and what the criteria are for exemption. I have been unable to find a resource that can answer my questions and was hoping you could either help me or steer me in the right direction.
A. I can certainly explain the situations. If
you operate as an exempt CTA, you need not register in any capacity, and you may handle up
to 15 individual accounts, you may not "pool" the money. If you operate as
an exempt CPO, you need not register in any capacity, and you may handle up to 15 people
in each pool you operate, but may not exceed a TOTAL contribution of $200,000. (not 200k
per pool, but 200k total). Q. From Taft G.(Location: New Castle, Penn.): Thanks very much for the "honorees". I have watched and learned from your website for a long time now, and finally decided to take the plunge into trading. I was concerned about who to choose since I need a lot of help, so when I saw the honorees, I called one of them and am very happy with my choice. Thanks again for your great help and keep up the good work.... P.S. Everyone should know about your site!! A. Thank you Taft. Since I work primarily with industry professionals, my website has a somewhat narrow attraction. Since I have worked in the industry for so many years, and dealt with so many wonderful customers, I felt that I might as well do what I can to advance the industry through the education of the customer. At the same time, this helps the representative too since an educated customer is the best customer. Thank you very much for the nice comments. Q. From Gerald H.(Location: Albuquerque): Yes, there are some traders out here in New Mexico, even if you never talk to us. I wanted to Thank you for the good-guys list. I have visited the websites of some of your honorees, and have even opened an account with one of them. I have been treated just like you said I should be, and now even though I am a long-time trader, and have four accounts with different firms, I feel real comfortable with the one you recommended. A. Gerald, I love to talk with the traders everywhere, the only problem is you guys (gender neutral), never write. With regard to your comment, I didn't mean to "recommend" the company. I believe from what I see and what I get from the people when I contact them that they will treat customers right, and that's why I award them. I know there are many more great firms and reps out there, and I'll never be able to find them all, but I do hope that some are recommended to me since I want to list as many as I can. Thanks for the comments, and if the site helped, all the better. Q. From Stephanie M.(Location: Charlotte NC): My family owns a large farming operation. I have traded for some time, and now my daddy wants me to pass the broker exam and do the hedging for the farm products. Do I need any other exams to be a hedger, or do I just need the series 3 test? A. Stephanie, big job! No you need no other exams. In fact if you want to, you can simply open an account for the farms and trade it without a license. If your family farm has a hedge account already open, you could simply take over the trading. The only reason you would need a license is if you wanted to register as an AP and do hedge (or speculative) work for others. If you have other questions, give me a call, as hedging can be quite a challenge. Q. From Caroline Z.(Location: St. Louis): I have been trading by using a method that is advertised on an infomercial. I have done OK, because overall I am in a profitable position, but certainly not as much as was expected. On the other hand, other traders I have spoken with are not doing well at all. Should I be happy about my trading so far, or upset that I haven't done better? A. About 90% of the people who visit this page would probably be happy to switch places with you right now Caroline. It is difficult to be unhappy when you are doing well in your trades. If you are getting ahead, just keep working the trades and continue. One of the big reasons people lose is because they become impatient over the fact that they are not millionaires in a few months. If you stick with a program that is making you money, and say you make 5% per month. My goodness, that's a 60% per year return. Hang in there, keep up the good trading, and remember to pull out some of those profits for a rainy day! Q. From Hartmond L.(Location: Unknown): I don't think you will publish this letter on your site, but I wanted to let you know. I have read your FAQs and your tips, and for the most part think they are a lot of drivel! I've been trading for a couple of years now and I listen to my heart and instincts when I trade. I have done very well, and have never once used a stop, or worried about the technical patterns or fundamental garbage I hear! A. OK. All I can say is thanks for visiting the site, and I do appreciate you taking the time to write. I sincerely wish you continued luck in trading, and sure wish I had your ability! Q. From Derek H.(Location: Unknown): Like many folks I am fascinated with the commodities market. The more I think I'm learning, the more I realize that I know little. At this stage my time and inclination lead me to thinking that day trading is out of my league and I should concentrate my learning and potential trades on long and short positions. Even saying that, makes me wonder if I'm making sense. I study charts, prices, movements, news, weather, KR 123 tops and bottoms, sideways channels and other people's analyses. I do understand the concept of discipline. I can follow and plan and be pragmatic. But, sometimes I get stuck with niggly little questions and can't quite tie down the answer. Chatting with salespeople from brokerage firms is quite painful. I find the sweeping statements and relatively aggressive glad handing marketing scary. When I choose a broker I want he or she to understand my request, place my order and ask questions if my articulation of buys/sells or stops don't make sense. I have zip interest in making bunches of trades just to help some person's commission schedule. On to my question. In my reading I cannot quite figure out what it costs me to buy a contract. I think I can understand the profit loss from a particular trade, but, can't quite figure out how to figure out the margin on a particular contract. Let me pose a specific question.
Suppose sugar is
trading in the 7.55 range + or - whatever on a May contract. I've studied the hell
out of the charts and decide to go long. I buy at 7.85 with a stop at 7.35. It
goes up and down a bit and today it is at 8.08. The chart I look at says contract is
112,000 lbs. Tick size is 1/100cent/lb. = $11.20. Assume wherever the heck I went it
will cost me $100 for the broker's fee. What more do I need to know. For
example how much is the contract. At what price would I have made my investment back
and could buy another contract if I believed the price was still going up?
A. Derek, you sound a bit frustrated. I love questions
like this because it lets me do what I love most; teach. I have been asked by
several companies to write a real beginners course. It won't be a trading system,
just the basic info to get the new trader started. You, along with others have given me
the incentive to now go ahead with it. Q. From Jim R.(Location: Unknown): There are several LLC's that are Stock Day Trading companies. You deposit $25,000 and they allow you to trade with their money. The profits go to you and the losses come out of your accounts. The company makes money from the transaction fees. I would love to deposit $25,000 with a Futures Day Trading Company that would allow me to day trade say 10 S&P contracts with any losses for the month coming out of my account while I would receive the profits less reasonable transaction fees. I would be trading from my location. Are there any Futures Day trading Companies? Thank you very much for your time.
A.
First Jim, you say "you trade with their money",
not true. You are putting up the $25,000 to trade YOUR money. There are many
firms, even on the internet that will allow you to day trade. Your example is a bit
extreme though. Because of the nature of the risk in futures trading, you wouldn't be able
to trade that many contracts at once, but you can day trade. Search the internet for
discount rates of, maybe 12 to 17 dollars per contract. Remember though these are
"discount" rates, and you will get NO advice about trading. If you
are not satisfied, email me again and I will try to put you on to someone I feel good
about. In fact, check the "honorees" page of the award section on our site and
it too may help you. Q. From Paul W.(Location: Green Bay, WI): With electronic trading on the way, will beginners like me be left out in the cold with respect to the assistance I can get from my broker? A. I sure hope not Paul, and I completely doubt it. When electronic trading is in full swing, the only people who may have to worry about their jobs are the floor brokers. As long as there are new investors that want some education and guidance, I think there will always be a place for the brokerages houses and the brokers. If that ends, I too am out of work. Q. From Sharon M.(Location: Orlando): What does the broker mean when they say they are going to try to "curb" the order? A. Shhhhhh.... don't say that too loudly Sharon. Commodity contracts trade during certain hours. When the bell or buzzer sounds, that is supposed to be the end of trading for that session. It is in fact not completely legal to do any trading at the end of the session since it could someone an unfair advantage. Well, to put it bluntly, if an order is taken to the curb, it usually means that a broker is going to try to find another broker who will take the trade, even though the session is closed. Q. From Arnold S.(Location: Pittsburgh): I was told there is an option spread that has pre-determined profit and loss, is that true? A. They are called "vertical option spreads". if you buy a call and sell a call, or buy a put and sell a put with the same expiration month, but with different strike prices you have this spread. Depending on whether you are generally bullish or bearish, you would put them on differently. But as odd as it sounds, you can have a bull or bear call spread and a bull or bear put spread. If you are working with your broker with this, make sure he or she educates you completely before the trade, or feel free to call me and I will discuss them with you. These are good positions, but most people lack the patience to stay with the trade because they are not very exciting, and don't usually generate high dollar amounts of return. The percentage return can really add up though, and to work for moderate risk with overall growth of equity, these MAY be the way to go. Q. From Robert W.(Location: Detroit): My broker made me sign a form he made up called an "active trader" letter. What is this for? A. That letter is used by many firms and brokers when they deal with a person who day-trades, or does multiple contracts with lower equity in their account. I have seen it used often, and in fact I have also used it. There are traders out there who have claimed "churning" in an account when they have lost. They state that they did not authorize all those trades and the whole ugly argument starts. This is just the way the firm and broker can protect themselves. Don't be offended, it is good business, and should you suspect anything happening in your account that you don't approve of, report it at once to the President of the firm before it gets out of hand. Q. From Justin K.(Location: Lafayette, IN): I went on a margin call, and wasn't given any time to meet it before the company liquidated my positions, do I have any recourse? A. Not really Justin. The forms you signed to open an account gave permission to the firm to liquidate positions if, in their opinion, the account is in immediate danger of going into negative equity or being irreparable damaged. It is to protect them in case you go negative and try not paying the debit. If you can show that you had sufficient equity or that market conditions did not warrant such drastic action, you may have a valid complaint, but for the most part, no firm wants to do that to any customer. It can only hurt business. You should view this as a good thing. It may be that some of your equity was preserved because of the action. Q. From Dennis P.(Location: Wilmar, MN): I do quite well trading the "Emini" contract, but my broker keeps telling me that I am too active and the company she works with wants to disallow some of my trades, what can I do? A. Well Dennis, evaluate your account and ask the reasons for the decision. If you don't maintain a large enough balance in your account, the firm may feel that you are over-trading and taking too big of risks. If this is the case, fund your account with more money. If the firm is simply afraid of over-active accounts, you may wish to find another firm that will accommodate your type of trading. I can't blame the firm. In these days of rampant litigation and severe regulation, no firm wants to risk their company on over-trading or fear of law suits. Q. From P.V.J.(Location: Unknown): I am an AP and have had a complaint filed against me. I have a recording of the customer confirming the information he now says he didn't confirm. I was told that the tape is inadmissible in a law suit, so I'm screwed, right? A. Not necessarily. Check out the fine print in the Customer Account Opening Forms. In the ones I created, as well as some from other FCMs have a small statement included that says that the customer understands that any and all conversations may be taped. Also check to see how the phone is answered at your firm. It may be answered with... "for your protection and ours, calls may be recorded"... or something like that. These are the first lines of defense, but if all else fails, try introducing your tapes in the arbitration anyway. Remember, tapes may not be admissible in a court of law, but an arbitration is not a court of law, and the tapes MAY be useful. Q. From Russell D.(Location: Warren MI): Dennis. I had to write you to tell you of a miserable experience. I "Learned" all I had to so I could trade commodities on my own over the internet. I mean why pay $50 to $75 commission when I could do it for $12? Well, now I know why!!! I went through $5,000 like a hot knife through soft butter. I have contacted a representative from one of your "Honorees", and am very happy! Please let your visitors know that education is worth paying for! A. Thanks Russell. Don't feel bad, (except for your losses), because we all search for the best price deal once-in-a-while. You have unfortunately found out that it is not necessarily the right thing to do in the case of trading futures. You are right. If you had paid the $50 or even up to $80 per contract, it could have been better in the long run. I hope you are learning all you need to regain your lost funds and profit in the future. Q. From Sharon K.(Location: Gary IN): I'm trying to develop new trading strategies that involve the use of the basis vs the grades of various deliverable commodities. I need detailed information on the delivery specs with regard to those commodities. Can you tell me where I can get the complete information? A. Sharon. I am impressed with the direction you are taking. I haven't a clue on how you propose to accomplish that, but by the very question you pose, I would bet you are capable of such a task. The best (and only) source I know of for that information is the exchange on which the commodity trades. Simply call or email the exchange, and if the information isn't already available on their site, they will be very happy to supply that info to you. Very best of luck, and I expect you to let me know how it goes. Q. From Kai Wang.(Location: Taiwan): I placed a stop-loss order to exit my position if the market moved against me, but when it did three days later, I found out that I was still in the market and lost much more than I intended. The broker said I should have used an open order. I am not even sure what he means, is there anything you can do to help? A. Well Kai, I am sorry, but I can't do much but explain. All orders placed are "day orders" unless you tell your broker that it is to be "good-til-cancelled" (GTC). since this was a stop-loss order, I would think your broker would have helped you so as to protect your position, but in truth, if you are placing your own orders, then the broker probably thought you were aware of the GTC order. If your broker is a full-service broker and if he was aware that you are not familiar with all the orders, he should have been of more help. Don't be afraid to ask questions of your broker so that there are no other surprises.
Q. From Sandy
M.(Location: Ontario):
Dear Dennis: I take pride in offering
help to those interested in the commodity / futures / options market, both hedgers and
speculators. I undertake to maintain my site and offer the most up-to-date and
informative links available regarding futures and other derivatives. Part of my
reasoning behind creating this site was to aid "futures-neophytes",
especially since I am in the business (employed by a Canadian Member Firm). Since
this is a personal endeavor, I will not advertise my services or bastardize my page
with any marketing ploys. My principal reason for the site was education and ease of
locating information for all people interested in a very challenging and (sometimes)
complicated investment market. I feel that my professional qualifications only enhance the
site. I have been in the investment industry since 1985 and trading futures full time
since 1993. I am a Fellow of the Canadian Securities Institute and have obtained all of
the designations available from the Canadian Securities Institute relative to working as
an Investment Advisor. I hope to obtain my series 3 and series 7 some day soon. I
don't take my responsibility to the client lightly and would be happy to provide you
with any further information you may require. A. Sandy, I know this wasn't any kind of question, but I wanted to get your name and bio up here for any of our Canadian (or worldwide) friends that want to reach you with any questions or if they would like to have you as a representative. I so appreciate your candor and ethics about your website and the attitude you carry toward your customers. I am happy you are on our "Honorees" page, and we are proud to have you there. Q. From Kerry H.(Location: Minneapolis): I was going to work with a broker and got on the NFA website and found that the company he works for has had two complaints against it, should I look elsewhere? A. It's up to you Kerry. It isn't the number of complaints, but the type of complaints and the outcome that counts. If you were to look at the number of complaints against companies, try looking at some of the "big name" companies. People complain... Some valid, some not so valid. The biggest thing for you to look at is; were these complaints for fraud or for anything dealing with the money of the customers, and what was the outcome. If they were, and there were judgements against the company for them, then you might like to look further. If the complaints were for minor mistakes, and/or if the claims were dismissed or ruled in favor of the company, then don't be worried about them. Call me for more specifics if you like. Q. From Darren S.(Location: Dallas): I am a good trader but not a salesman. If I get my registration as a trading advisor will others raise money for me to trade? A. Actually Darren probably not. I get this question frequently and I understand why. There are many people who have developed systems for their own use, and when it proves successful they would like to trade for others to generate some income as a trading advisor. Only one major problem... There are many CTAs (trading advisors) already working with proven 5 or 10 year track records. If a rep is raising money from customers, and can tout a proven track record, why would they raise money for a new CTA to trade. I am sorry but just telling you the hard truth. If you get in this business, you simply must be a "salesman" for a while and raise your own customers until you have some sort of track record established. Q. From Sherry G.(Location: Macon): I am an AP and proud to be one. I believe I treat my customers the way they should be treated, and give them excellent full service. I am starting to have customers complain about my $70 commission now that the internet offers trading at such lower rates. I think I do the work for the customer and that I deserve to be paid for my services, what can I do? A.This is becoming a real problem now Sherry. I too believe the AP works very hard to do a proper job for the customer, and with all the technical and fundamental research, the teaching, the trading discipline, as well as being the "shoulder to cry on", I have to agree with you. If you "cut them loose", they will only trade themselves into oblivion, and if you lower your rates you are not being paid for your talents and for your education. I advise every customer that echoes these cries to open a second account and compare how they do in that account versus the one I help guide them in. Usually I have come out the winner, and the complaining stops. On the other hand, if they are immediate winners, you could lose them for a time, but eventually they return. Sorry I couldn't be of more help. Q. From Withheld.(Location: Unknown): I have a legal question for you, and I'm not sure who to ask about this. To give you some background, I have recently started a website that offers technical analysis (a synopsis of popular technical indicators, along with my interpretation of what the indicators may mean) of about a dozen futures markets. Also, we post buy/sell recommendations for each market that we analyze (we simply post our system's buy/sell signals positions in each market where the entries and exits are based on stops). Our customers pay us a monthly subscription fee for our services, and we have done well during our short (8 months) track record. Our customers can obviously choose to do whatever they want with our market analysis and recommended positions; we just simply post what our technical system recommends. The question is: is what I'm doing illegal? I have heard people tell me I need to be registered as a CTA, because we are providing market analysis and position recommendations to customers. A. According to current regulation, when you post recommendation and trading advice for sale, you must be registered as a Commodity Trading Advisor. This is a simple registration but you must first pass the series 3 exam then register as a CTA. Since you are publishing a "track record", the rules say that you must then not only register as a CTA, but must also become a "member" of the NFA as a CTA. This means you will have to produce a CTA Disclosure Document, and present it to all your customers before you can "sell" your recommendations or advice. You need the ddoc even if you do not "direct" (hold power-of-attorney) over any accounts.
There is currently a major law suit against the NFA and CFTC for just this
reason. The contention on the part of the plaintiffs is that the regulators are
interfering with a persons first amendment rights to require registration in such matters.
I can see both sides, but believe the plaintiffs have a valid point, and believe
they may win the case. You may be able to find the case in progress by checking with
"wired" news online and searching on CFTC or Commodities Futures Trading
Commission. Q. From Withheld by request.(Location: Texas): After trading for several years, I am looking to fund other brokers who will trade $200,000 that I give them. They will have to trade the program that I tell them to. I will be testing several systems and am seeking new brokers that will follow direction while having the intelligence to work on what they perceive as flaws in each system. All information will belong to me and my corporation. Any developments of the broker will also become my property. There will be a contract involved and the strong shall survive. Will you help me locate and qualify such individuals? A. An interesting proposition, we will be pleased to assist. We will post your request and will contact you soon. Q. From Harvey J.(Location: Florida): I read the recent court decision against the CFTC about publishing opinions, what does a loss like this mean for the CFTC and NFA? A. It appears to mean that anyone can publish their opinions on the internet (and elsewhere) without being registered as a CTA. As I said before, I can see the importance of both sides, but believe this to be a great victory for the trading public. It is very strongly recommended that any "new" trader check several sources before beginning to trade, and not let themselves be "conned" into believing only one. Hopefully this ruling won't give free rein to everyone to publish for sale, any recommendation or it will open the flood gates for the idiots and con-artists out there. This very ruling could indeed hurt the industry and even the very people that brought the suit against the regulatory bodies. Q. From Robert L.(Location: Los Angeles): I hear all the radio ads for trading currency and I may not know much about the rules, but it seems that these ads never talk of risk, and always talk of very high profits. Where are the regulators when it comes to these ads? A. Robert, please read the article; "FOREX... A catchy name to watch out for !". I believe the ads you are hearing, and the infomercials you are seeing are involved in this business. Here is an example of a great industry gone bad. Since this business is not regulated by any agency, they get away with saying and promising ANYTHING without mentioning risk at all. Q. From "Graywolf".(Location: Nebraska): I am a native American involved with gaming development on a reservation. I would like to consider a form of futures trading without registration. The council knows we could not trade on the listed exchanges, but you tell us any issues concerning such a venture? and if we find such a project would you help us develop it? A. I am definitely not the person to talk with here. As far as I know, each reservation has it's own rules as to the type and extent of the games. You would certainly know more about this than I do. I would love to assist in setting up the procedures for any such games. If you find that the possibility exists, contact me and I will do all I can to help create and install the project. Get in touch with us by
email.
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