Capital Markets Elite Group
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Honesty
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Cost
(1)
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Transparency
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Compliance with Securities Laws
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Summary
Capital Markets Elite Group is a Trinidad and Tobago based stock brokerage. Their claim to fame is devising a scheme that allows United States investors the ability to circumvent the PDT rule through a ‘shared account’ investment scheme.
The company claims that all investors are insured with SIPC insurance up to $500k. Unfortunately, the SIPC (Securities Investor Protection Corporation) based in Washington DC has no relationship with Capital Markets Elite Group.
Capital Markets Elite Group is publicly offering stocks, Futures, CFDs, Forex, and derivatives trading through a shared account scheme with Interactive Brokers. All of this requires registration with FINRA, the SEC, the CFTC, and the NFA. Capital Markets Elite Group has no registration whatsoever, with any United States regulator — yet they are aggressively marketing to United States citizens.
TradingSchools.Org is currently actively involved in two separate whistleblower complaints with the SEC and the CFTC.
Additionally, the company has a sullied reputation for running a “get rich quick” penny stock investment educational company named Global Financial Traders.
This appears to be a regulatory train wreck waiting-to-happen. Avoid.
Pros
Clever marketing that employs masses of YouTube and social media influencers
A clever scheme to avoid the PDT rule
Cons
Appears to be breaking multitudes of United States Securities laws
Investors have no protections
The company refuses to name who actually owns the company
The company was recently fined by the Trinidad regulator for “non-disclosure”
Thanks for reading today’s review of Capital Markets Elite Group. What is Capital Markets Elite Group? According to its website, the company is an offshore stock brokerage, located in Trinidad and Tobago.
For those not familiar, Trinidad and Tobago is a tiny island located off the northern shore of Venezuela. In fact, you can basically paddle a float tube from the home office of Capital Markets Elite Group to Venezuela in just a few minutes.
The current dictator of Trinidad and Tobago is a person named “Weekes.”
Trinidad and Tobago suffers from relatively high crime rates. On average, there are typically about 500 murders per year — some of the highest in the third world.
Trinidad and Tobago also enjoy a robust “underground” economy. The number one illicit export, according to the World Bank is cocaine from Venezuela.
Another hearty export of Trinidad and Tobago are “romance scams” where horny old white men are routinely hustled in the hopes of marrying a local beauty queen.
Additionally, local “officials” of the Trinidad and Tobago “government” have been accused of rigging the national lottery for the benefit of family and friends.
For such a small island and tiny population, you really have to give the locals much credit for such creative handiwork, including employment scams, phishing scams, Ponzi schemes, pyramid scams, and money laundering.
Capital Markets Elite Group is likely breaking US Securities Laws
Capital Markets Elite Group specializes in catering to United States investors that seek to break US securities laws.
In particular, their “claim to fame” is in providing a mechanism where United States based investors can avoid the PDT rule.
In short, they heartily embrace the same set of rule-breaking that recently shuddered the now-defunct Bahamas based brokerage — Sure Trader.
Let me be very clear, the United States Securities and Exchange Commission and the Commodity Futures Trading Commission absolutely abhors unregulated and unregistered offshore brokers. There is no doubt.
Offshore brokers that choose to cater to US investors, with the primary purpose of skirting the PDT rule are always a target. The only variable is WHEN the SEC or CFTC finally lowers the boom.
The question is never ‘IF’– rather the question is ‘When.’
But some readers may still choose to stuff their money down a financial rat hole, located in third world country. And I have to wonder why?
The High Costs and Fee’s of Capital Markets Elite Group
In the United States, every major brokerage now offers zero commissions with outstanding software, trading platforms, and customer support staff that actually pick up the phone.
Capital Markets Elite Group is the very definition of high costs and fees. For instance, each trade costs $3.95 to enter and $3.95 to exit. Nearly $8 per trade is 800% higher than TradeZero, Schwab, TD Ameritrade, ThinkOrSwim, or Interactive Brokers.
Additionally, Capital Markets Elite Group charges outrageous “inactivity” fee’s that effectively punish consumers for “not trading enough.”
In effect, Capital Markets Elite Group is punishing investors for abiding by US Securities laws concerning the PDT rule.
Capital Markets Elite Group wants you to trade, and trade often. This is the very definition of “churn and burn.”
Capital Markets Elite Group has no SIPC Insurance. They are not FINRA registered.
Capital Markets Elite Group plainly states in their promotional materials that each investor is also protected with $250k of SIPC insurance. This is a lie and plainly a fraudulent misrepresentation.
Capital Markets Elite Group is not a member firm of SIPC, in any capacity. I would recommend that investors please search the SIPC database of regulated securities vendors — you will find no Capital Markets Elite Group.
Additionally, TradingSchools.Org called the SIPC in Washington, DC and they were stunned that this company would make such a claim. They recommended that we immediately contact FINRA and the SEC.
Of course, TradingSchools.Org reached out to FINRA and enquired about the legitimacy of Capital Markets Elite Group. Once again, they were stunned to hear that this company is claiming registration status and SIPC insurance coverage.
Capital Markets Elite Group is NOT a registered entity with FINRA in any capacity. Please check for yourself.
Capital Markets Elite Group claims to offer Futures, Forex, and CFD trading
First, CFD trading for United States citizens is a potential felony for not only the broker but also the trader. This is a clear violation of the Commodity Exchange Act and Dodd-Frank regulations.
Second, any firm offering Futures, Forex, commodities, or swaps derivatives to United States investors are required to be registered with both the CFTC and the NFA or National Futures Association. And this is regardless of where the firm is located.
TradingSchools.Org checked the CFTC database and there is no broker/dealer registration or introducing broker registered with the CFTC.
TradingSchoosl.Org also checked the NFA database and called the NFA home office and confirmed that Capital Markets Elite Group simply does not exist.
Please check for yourself. Capital Markets Elite Group search.
Trinidad and Tobago Securities and Exchange Commission
Capital Markets Elite Group seems to make quite the spectacle that they are “registered with the Trinidad and Tobago Securities and Exchange Commission.”
However, TradingSchools.Org investigated this supposed regulator and discovered that none of the five associated commissioners have any experience in dealing with the United States Securities and Exchange Commission or the Commodity Futures Trading Commission.
It appears that Capital Markets Elite Group is simply attaching “Securities and Exchange Commission” to their name, in hopes that it implies legitimacy or some sort of related standards to US securities laws. It does not.
Further, the Trinidad and Tobago Securities and Exchange Commission website is a clunky nightmare of non-usability. Search functions do no work properly, documents that are purported “public” are not viewable, and email addresses were returned with “no such email exists.”
TradingSchools.Org was, however, able to eventually contact someone named JaJa at the Trinidad Securities and Exchange Commission. The communication was not easy. The local language is a mix of English and French and difficult to translate.
We inquired about the registration status of Capital Markets Elite Group and we were informed that the company had been recently fined $52,000 for refusing to comply with certain reporting requirements.
We asked what these reporting requirements were related to…they responded that the matter was related to the reporting of United Stated based investor accounts.
Apparently, they are required to report the foreign assets and account holders and this information is part of a cooperation agreement with the SEC or United Stated Securities and Exchange Commission.
In a negotiated and confidential settlement, Capital Markets Elite Group was allowed to pay a fine, and the matter was apparently swept under the rug.
Who is the owner of Capital Markets Elite Group?
This is a great question. Glad you asked.
TradingSchools.Org was certainly curious. And so we went through the complete process of applying for an account and submitting relevant information.
The final step in the account process is sending a bank wire to the company to fund a trading account. However, before we took the final step, we called the company and asked “who owns this company?”
Capital Markets Elite Group refused to answer this question. Instead, we were placed on hold for approximately 45 minutes and no person was able to come onto the telephone and provide any information.
We next called back. And we continued to call back — every day — for an entire week. We asked the same question…who owns this company? They flat refused to answer and eventually replied “maybe this investment opportunity is not right for you” and “maybe the opportunity to be a day trader and skirt the PDT rule is not for you.”
Perhaps I am the only person that finds it strange that the Capital Markets Elite Group “about” page contains no information on who actually owns the company, who runs the company, or who is responsible for the company.
Back to the Trinidad and Tobago Securities and Exchange Commission
Obviously, any reasonable person would find it strange that a company supposedly regulated by the Trinidad and Tobago Securities and Exchange Commission would not be willing to disclose who actually owns the Capital Markets Elite Group.
And so we went back to the Trinidad regulator and demanded that they release this information. We informed them that we believe that US securities laws are being broken and if they wanted to retain even the slightest hint of legitimacy, then they should simply release this information.
After much back and forth, the Trinidad authorities eventually complied with our request. Which was a total surprise.
Put on your seatbelt…because things are about to get strange. And I mean undeveloped, third-world, Nigerian prince sort of strange.
The owner of Capital Markets Elite Group is… (drum roll please)…
According to the Trinidad regulator, the registered representative of Capital Markets Elite Group is a person named Roshenda Ellis.
The regulator sent us a link, which can be viewed here.
As you can see, this person appears to be a “fresh face” in the securities industry and only recently became involved in the world of stock trading.
All of this seems to coincide with the fact that the Capital Markets Elite Group website has only been active since about mid-2018.
Regardless, we decided to dig deeper into the supposed “owner” or “registered person” of Capital Markets Elite Group — Roshenda Ellis.
During our investigation, we compiled all of the social media profiles and relevant information regarding Roshenda Ellis.
We then cross-referenced the social media profile pictures of Roshenda Ellis with the Facebook page of Capital Markets Elite Group and the Trinidad regulator confirmed that both are related and this is the person registered with the commission.
After reviewing the social media profiles of Roshenda Ellis, I not feeling very confident in Roshenda Ellis managing my investments. For instance, on her Facebook ‘About’ page, she declares:
well i’ pretty easy to get along with… i’m a nice person an i love to write poetry… so holla at me an we go chat… wrd!!!
-Roshenda Ellis (Capital Markets Elite Group)
i am a pretty girl wit a bright an awardin furture dat guys can’t keep dere hand off. i have a gud sense of humor buh i doh take shit. i have a short temper but a man worth gettin mad at will never get u angry. if u wanna find out more jes email me an we’ll see wat happens.
I wish I were making this up, but I am not.
Additionally, we have included a video that Roshenda created…
Once again, the person in this video has been confirmed by the Trinidad and Tobago Securities and Exchange Commission as the registered representative of Capital Markets Elite Group.
Very strang. But wait, because it’s about to get even stranger…
Capital Markets Elite Group: More Strange Evidence
Another thing I found odd and disquieting about Capital Markets Elite Group is that the company claims to be housed in the largest and most luxurious office building in Trinidad and Tobago.
In fact, on their website, they display the following image…
However, in speaking with the Trinidad regulator, they gave us a different address. We Google searched the address and discovered what appears to be the actual physical location — a gloriously decorated shanty.
Using Google maps, this location appears to be located in the shadows of the larger building. Additionally, the Google maps satellite image of the street shows various stray dogs lying in front of the office.
Please also note that the Capital Markets Elite Group also shares the location with a business named Global Financial Traders.
What is Global Financial Traders?
Apparently, this is some sort of “trading education” company deeply intertwined with Capital Markets Elite Group.
Through a bit of research, and speaking with the Trinidad regulator, we discovered that Global Financial Traders is an unlicensed and unregulated “prop trading” company.
Apparently, Global Financial Traders wants to “teach you how to get rich” through the mysterious powers of “day trading” penny stocks.
The Global Financial Traders “prop trading and educational program” is also executing their trades through the same entity as Capital Markets Elite Group.
It would appear that Capital Markets Elite Group has a “master account” at Interactive Brokers. This is apparently being partitioned amongst and “shared” by traders at Global Financial Traders and Capital Markets Elite Group.
I believe what is happening — everyone that opens an account at Capital Markets Elite Group is simply using the same account at Interactive Brokers.
Additionally, I also believe that this “shared” account environment is also being used to fund the unlicensed and unregulated “prop trading” accounts at Global Financial Traders.
For your viewing pleasure, I have included a recent promotional video from the “master of education” at Global Financial Traders…
I dont know about you, but this makes me feel entirely uncomfortable.
This “video game kid” appears to be a really bad version of Ross Cameron at Warrior Trading.
Speaking of Warrior Trading, it appears that Ross is pushing a good portion of business toward Capital Markets Elite Group in the form of a “rebate scheme.”
Of course, Ross Cameron is not alone in steering clients to Capital Markets Elite Group. There are plenty of other online hustlers/day trading educators that are also pushing business to this illegal PDT scheme.
A quick search of YouTube also reveals a venerable army of shameless web promoters also pushing this scheme. After a little bit of digging, we discovered that the company is paying a referral fee to anyone that can push new accounts.
TradingSchools.Org reached out to FINRA regarding the legitimacy of this referral commission scheme, and they replied “any offshore broker violating SEC Rule 15 will ultimately face the consequences of the United States Securities and Exchange Commission.”
Capital Markets Elite Group appears to be a slow-moving regulatory trainwreck.
This seems to be confirmed because nobody at Capital Markets Elite Group wants to take ownership or responsibility.
The lady named Roshenda Ellis appears to be the unwitting sacrificial goat for this regulatory mess in the making.
Wrapping Things Up
Every few years, we seem to go through a phase where a bunch of these offshore brokers either mysteriously disappear with investor funds, or they are shut down by US authorities.
Personally, I have been in this game since the 1990’s and have seen dozens of these shady offshore “stock brokerages” come and go.
Its like weeds in a garden. These unregulated entities spring up in third world countries, with a cozy offer of skirting US regulations and consumer protections. The regulators usually let a few flourish and refill the garden with weeds. And then BOOM, the weed wacker comes out and they all disappear for a few years.
With the hardcore SEC takedown of Sure Trader, and the current investigation in Miami regarding Guy Gentile, I would expect a new wave of shutdowns to commence.
And when the SEC shows up in third world countries, the money usually disappears. I would expect the same with Capital Markets Elite Group.
Thanks for reading.
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My money has been stolen by CMEG. Company is in Trinidad and Tobago. To deposit you have to do it in a bank in Australia. I sent a transfer to credit my account and supposedly it has been lost, this company CMEG indicates that they have not received it, however I have not had any refund in my local bank. They ignore the claim and say that I claim in my own bank, however, in my bank they say that the money was sent correctly. I have read other reviews where people indicate that they have problems making withdrawals. Besides that they have practically stolen my money, they charge the highest commissions in the market, approximately US $ 10 for each transaction, for each short you have to pay US $ 25, if the stock is available (Almost no stock is available for shorts) monthly you have to pay US $ 160 to use your system. The worst thing is that they have stolen my money, I have been requesting my money back for a month and they respond with pure evasion, and there is practically no one to complain with because no one regulates it. It is a scam company and I would not recommend it to my worst enemy.
Hi Raul,
I am really sorry to read about this. I have been warning consumers for years about this company. Recourse is difficult because Trinidad and Tobago has no real regulatory structure to protect consumers, and if they did, its likely riddled with cronyism.
However, your story is important and I should draft a follow up article to warn consumers. Your experience could actually help plenty of people avoid being scammed. My personal email is emmett@tradingschools.org, if possible, you should send me all correspondence emails from your bank and CMEG, so that I can write a story and hopefully get it indexed on page 1 on Google.
Also, if CMEG knows I will write another article, they might refund your money and avoid yet another embarrassing article.
Please contact me directly.
-Emmett
I have to take issue with some of the statements made in this piece. As a reader of the reviews, I believe that this site does its homework – or at least it tries to portray that to its readers.
However, several statements made have no backing in fact nor evidence. Disclaimer: I am a national and resident of Trinidad & Tobago. First let me say that the statements made about the correspondence with the local regulators sound true to me. I’ve got no issue with the reporting here.
I do have an issue with the general attempts to paint the country in a very negative light, considering that it’s not a review of Trinidad & Tobago (T&T). Additionally, if the statements were factual or backed up by evidence then my only issue would be their inclusion in what is supposed to be a review of a company. Anyway, enough rambling around. Here’s where I have issues:
The other issues that the author raised are issues that nationals face themselves for the most part, so I’ve got no real issue with them being included in the article (other than the fact that it’s a company review, not a country review).
As I’ve mentioned before, the issues above detract from the credibility of the author. I have no idea why he/she felt the need to include points that were either flimsy or easily dis-proven. Ican only surmise that there is a measure of sensationalism going on here.
This guy claims to be the Founder and Managing dir of CMEG here on Linkedin. (36) Duke Pollard | LinkedIn
The truth of the matter is, the PDT rule is absolute backwards b.s. Here’s what happens to many traders who don’t have 25k in their account: instead of bailing out of bad trades, they hold on and lose far more money than they otherwise would have, because they know they only have a few trades a week. If traders under the PDT were able to be in and out of trades (which certainly happens often with newbies who make more mistakes and get into more bad trades), then they could save their accounts from blowing up and could learn the market movements much faster. So I have no problem with CME, and if they’re circumventing a backwards counterproductive rule, good for them.
Well, I disagree for two reasons:
1) CMEG has no investor protection. If your money disappears, who are you going to call? You are literally sending your money to a third world country to a person you do not know, and you are completely at their mercy. They can simply pocket your money and you have zero recourse. I have a list of dozens of companies that have done just this…provide an illegal mechanism to avoid the PDT rule, and then sneakily pocket the money.
2) If you are daytrading, you are practically guaranteed to lose all of your money. Numerous studies, both foreign and domestic, that have studied thousands of brokerage accounts reveal that your chances of actually making a profit are virtually zero. Read my article, Day Trading is for Suckers, where I detail the sad and pathetic performance of the day trading class of investors.
How do you make big money in the stock market? You buy good companies and you never sell the stock. You reinvest the dividend. You buy more after a market crash.
How do you make consistent income in the stock market? You sell options to suckers that believe they can predict the direction of a stock.
The only form of “day trading” that you should reasonably attempt is swing trading, looking to hold for a minimum of one month.
I have interviewed so many successful traders, and the best and most successful do one of these three things. Buy and hold good companies, sell options premium, or swing trade for a minimum of several weeks.
To your #1: You may have a list of dozens of companies that have pocketed customers’ cash and bolted, and you may even have proof of those companies doing that, but I’m not sure that says anything about CMEG. Do you have evidence they have done that? If not, your first point is invalid in my opinion.
Your #2 : There’s obviously some merit to this point, but because it’s such a broad commentary on day trading, you’d have to apply it to every review on this site that has to do with day trading (which I believe is most of them, no?). If that’s the case, then why do you even have this website? Just put the words “You’re going to lose all of your money!” on the home page and call it a day.
You bring up a good point! Yes, I certainly believe that most people that participate in day trading are going to lose, and I mean losing everything. Too many studies by reputable scholars, academics, even governmental agencies exploring the data have certainly confirmed this. It really does not matter if you are a day trader from Korea, Brazil, or the United States, the results bear that 90%+ lose all of their money. In the end, the only people that make money are the brokers like CMEG and the course vendors that I write about.
So if this is true, then why keep writing about it? I write and continue to write because like mushrooms that spring from warm cow poop, there seems to be a never-ending supply of new companies promising they can turn complete newbies and neophytes into world-class day traders by simply purchasing a course or attending a live trading room. This simply is not true. In fact, in my many years of writing these reviews, I have found that nearly all of the people that I write about do not even trade. Or, if they do trade, then their successes are what they are only willing to publicly disclose. Their failures, or established long time track records are nearly impossible to obtain. This is the dirty little secret.
This entire industry is rotten to the core. This myriad of online hucksters and scam artists absolutely drive me crazy. As far as I can tell, I am the only person in this vast ocean of fraud willing to take a dixie cup to the problem. Sure, it’s losing battle as I cannot tame the worst of our human instincts to gravitate towards these scams. But at least my life will stand for something. I proudly plant my flag even upon my worst defeats.
I hope that helps you understand the “why.” Keep writing, I will not be stopped.
What I’ve found mind-bending through my last two years of trading, is the chat rooms and gurus who actually tell you the trades they’re taking, and seem to win. Like in MadAzz money’s room, you can hear him (not see however) calling his trades, and many times he’ll get out of his position just before price turns against him. He calls it over and over, and it makes it look easy (which of course it’s not). By the way, I have reason to believe his room at the very least has several (maybe many) “traders” who are paid to mislead and give false information to unsuspecting, trusting chat room members. I don’t know if MadAz is in on that at all, but maybe institutions are secretly funding/running some of these chat rooms as a way to help make sure they’ve got buyers and sellers when they need them. If that’s the case, maybe Max is getting inside info of what market makers are doing. I know, it’s a silly idea…but is it?
The other educator that seems legit, and he gives his trades in great detail every day, is Nik with transparentfx.com …I really like the guy, and he seems to be very legit, but then again, my bank account doesn’t agree. I just don’t know how to explain the trades being called out beforehand and then seeing them work out for him, while I make stupid mistakes and chalk up my failure to things like missing my entry or not staying on top of a trade, etc.
By the way, can you review Mack’s price action trading manual? I couldn’t find a review on here. The faker, Al Brooks, has used some of Mack’s terminology, as have other sites like DayOneTraders and some Youtubers. Would like to know if his ideas are in fact practical and useable.
https://www.trustpilot.com/review/transparentfxtrading.com?stars=1
Trustpiolet April 3 2021
PLEASE DO NOT JOIN! Do not join this overpriced mentorship. Nik is NOT a real trader, he is just a salesman!!! Also, most reviews are FAKE!
The mentorship is well structure. Nik indeed publishes the market breakdown and q&a every single day. I have been in the course for over 1 year. He is a hard working person, but…
1) I DARE YOU TO ASK FOR A VERIFIED MYFXBOOK. After all this time, I am 100% convinced that Nik is not trading!! He just shows you trading view charts!! I asked him to send me the link of his verified myfxbook with all the trades from 2020 and 2021 , but nothing…
2) I DARE YOU NIK TO MAKE A DISCORD GROUP WITH ALL STUDENTS!
He will NEVER do this!! You know why? Because most of the students are losing money.
I’ve met around 40 people from the course, everybody is losing money. I also contacted the people from his ” Reviews” highlight on instagram. All of them are NOT trading with Niks strategies!
3) After the success of the sales made by the swing trading program, he decided to release a day trading program , which he was saying it will be our top secret and nobody will ever know about it. Guess what, the next day he started promoting it on all social media. 99% of the charts you see on instagram stories are from the day trading program * which was our TOP SECRET lol hahahahah
Just stay away please! Nik will most likely report this comment and it will get deleted, but trust me…
Just ask him for a verified myfxbook:) 99% of mentors are fake, Nik is also one of them.
PS. I AM a student, so Nik don’t try to find me from this email because I didn’t join with this one! Just in case you start covering things up, as you do with your trades. You can’t hide.
Follow the link to read Nik’s reply but if he’s doing so well on crypto trading why not have those results available on his website?
It’s amazing to me how he can call the trades, and give the entry rules, and then watch the trades hit take profit, and then see this continue all year long whereby you can follow along yourself and add it all up and you say to yourself, “how can that be faked? The information of what he’s doing is right there for you to see.”
So I get the doubt about not seeing his statements, but how do you explain those things, all of his trades being called in advance and seemingly being successful?
I’m beginning to think you’re here to indirectly weave your way to shilling for Madazz or “Nik” and create some narrative sowing a seed of doubt about these shamshows. It’s still a typical trick by these scams to have their shills pretend they are talking rationally on some debate about a review, then lead up to “how about this other site”. Forget it. Tradignschools has long had a readership of plenty of veterans of this retail trading endeavor who are tired of the shamshitshow and the next shilled fakery guru and their shamshow tricks have gotten more sophisticated and insidious with the increase in web and media technology of our age.
It’s “explained” because of course, the typical shamshow trick is NOT reporting the complete results and having their shills claim they get positive results even if it was just a lucky afternoon. The main thing is consistency over time, even at least a year or two, but no, the duped victims usually leave after 3 to 6 months, but the scammer doesn’t care, he goes on to the next dupe newb to monthly churn.
And this was a golden time of the past covid year with the outrageous yt ads of “trading” like RB, to use their prior dupes money swindled to pay more for more marketing and shill comments on forums, boards, yt comments, faked actors, and faked testimonials, etc. Since the GME boondoggle and tens of millions more of average citizens looking to try their luck retail trading for the first time, so all these shamshows who can’t even trade for themselves having to resort to setting up a room or course scam are salivating for all this potential of duped newb monthly income this following year. CMEG is just an avenue excuse to get more retailers involved quickly day trading like with low floats in a “gap and go” WT way, when they shouldn’t be under pdt in respective countries.
Actually, I’m only still mentioning them because you haven’t given a sufficient answer as to how someone can call out their trades and the market goes in their favor, but it be a hoax somehow. I’m completely open to the explanation, I just can’t figure out what it is. So, that’s why I’m here dude!
If you notice, I originally posted on CMEG, where I blew up my account by the way, and there was no reason to think there’d be any chance to get into talking about Nik or Madazz or anyone. I’m a legitimate user/trader/broke guy, wanting to understand things that are seemingly real, but said to be unreal. That’s all, very simple.
I may be posting this twice, apologies if so.
What I’ve found mind-bending through my last two years of trading, is the chat rooms and gurus who actually tell you the trades they’re taking, and seem to win. Like in MadAzz money’s room, you can hear him (not see however) calling his trades, and many times he’ll get out of his position just before price turns against him. He calls it over and over, and it makes it look easy (which of course it’s not). By the way, I have reason to believe his room at the very least has several (maybe many) “traders” who are paid to mislead and give false information to unsuspecting, trusting chat room members. I don’t know if MadAz is in on that at all, but maybe institutions are secretly funding/running some of these chat rooms as a way to help make sure they’ve got buyers and sellers when they need them. If that’s the case, maybe Max is getting inside info of what market makers are doing. I know, it’s a silly idea…but is it?
The other educator that seems legit, and he gives his trades in great detail every day, is Nik with transparentfx.com …I really like the guy, and he seems to be very legit, but then again, my bank account doesn’t agree. I just don’t know how to explain the trades being called out beforehand and then seeing them work out for him, while I make stupid mistakes and chalk up my failure to things like missing my entry or not staying on top of a trade, etc.
By the way, can you review Mack’s price action trading manual? I couldn’t find a review on here. The faker, Al Brooks, has used some of Mack’s terminology, as have other sites like DayOneTraders and some Youtubers. Would like to know if his ideas are in fact practical and useable. And also, have you reviewed Live Stream Trading?
You’re experienced with chat rooms, but you’re still somewhat relatively new to the fakery. The misreporting of trades in a chat room is just one trick these fakery gurus and room mods too. Some of us long time retailers finally had suspicions confirmed of all these frauds on having come across this site and Emmett’s ongoing reviews of exposing and explaining all kinds of myriad chicanery these shamshows and the scumbags that run them have gotten away with for so long, having bribed or spammed the older forums and long compromised review sites with fake testimonials or bought out deletion of exposing customer experiences like OTA and RB did on “ripoff report” among many others. There’s all kind of tricks like in futures rooms where it was discovered ninjatrader replay updates only by each second so all those “live” videos some shamshows posted were exposed as sim replay mode also. TOS’ papersim mode often with the paper words hidden off screen in the past by the shams. Emmett’s reporting of whole industries of fake reviewer teams in southeast asia and india ready and waiting to pretend to be “typical” “satisfied” clients pretending to be residents in the western civ world hired by dirtbags such as Scameron and any number of guru shamshow sites that have “testimonial” pages and comments. Of course, they are always “learning” and “just starting” learning from the sham guru. Even starving actresses like “Crystal” hired multiple gigs by Scameron to pretend she is learning and profiting with warrior trading in order to provide a “better life” for her baby kid. Probably her multiple videos are always “learning year after year, Scameron rehires her to do another fakery testimonial paragraph or video. “Secretaries” of these scam traducation sites too. One calls them up, and yup, they are “still learning” for a few months and getting used to “options” training. Then later you see a secretary moved on to another scam guru business such as Mandy Ditmire who moved on from the exposed “Rockwell Trading” to the scammery of John Carter’s “Simpler Trading”. It’s just maddening and goes on and on. Of course a very few make it to consistency for perhaps a year, some few maybe even multiple years of consistency and profit. Perhaps a few thousand retailers in the world in any given year out of scores of millions who try this daytrading gamble sometime in their lives. But you’ll never hear about them in these shamshows run by failed ex-retailers who couldn’t trade their way out of a paper bag if their next months’ rent depended on it, already used to churning retail daytraders (i.e. d-t-churn = day trading churn of duped fess, useless hotdog package courses, subs etc. ) of the scammery hamster wheel. month after monthly churn of the daytrading churn – dtchurn
In your last paragraph, you mentioned Mack’s PATs vs. Brooks. Are you sure it’s not the other way around? Of course some of us longtimers here know plenty about those shams. Brooks came out with his first price action book in 2009, which I read back then. Then we saw posts about PATs later in futures.io/bigmiketrading in the early 10’s. RobB, myself and plenty of others who were longtime members of bigmike’s saw all this rigamarole including faker Felton, and that panther avatar guy. they’re all shamshows. yes we tried the PATs manual, even that wheelchair guy Mike Reed, “Read the Greed”, but still a shammer. and “YTC” faker with his nice diagramed what-if’s candlestick diagrams on clean white backgrounds, haha. These days I use none of what I read of those fakers’material as their crap never worked. And I wasted a whole year with Brooks learning to translate for myself his invented gobbledygook when all his ideas can be summarized in one page, and even a few months in his room as he mumbles in his microphone enhanced lowed voice. I’m just glad I finally made back all I spent or lost in my earlier years trying to learn daytrading with those termite shamshows that scatter when Emmett’s tradingschool spotlights shine on to expose them. It was tradingschools that woke me up in 2016 after someone mentioned this site in of all places, Scameron’s room before Ross shut him up and just said this tradingschools site is run by a “felon”. After reading so many reviews, it confirmed that they were all shamshows , snakeoil, a cesspool of cons. And that woke me up to test and try and create my own variation of methods from plenty of ideas out there. It’s like thousands combing the beach with metal detectors. One has to develop and luck on finding a method that works for them, test it for themself. No guru is going to teach something that works. And heck someone successful sure wouldn’t share what works for them because the HFT cheaters and big money firms will front run it immediately to edgelessness if the method gets public attempted by hundreds or thousands of retailers. No old man neighbor trader “retiring” down the street took me under his wing to teach trading that works, a stupid fantasy for TV show synopsis. That’s the best advice I can give. It’s everyone’s journey for themselves, their own wallets.
Are you RobB? I haven’t seen him post since that defamation suit. By the way, people ask me if you are me. I say “gollum shawshow no!” I was dtchum long before you were dtchurn. DT for daytrading, and chum for what customers are – basically shark bait.
lol, you just made that up in your comment. Emmett can clearly see on past tradingschools web pages you came around the time just on gollumpeety’s ragespit sore behalf from the cave during his spat with me.
If you think RobB was the only one who hated these shamshows and found the opportunity to be vocal about it here and stop newbs. But then again your useless posts doesn’t care about newbs being victimized and the mission of this exposing site like RobB, Stray, Nadina (who has made a good calling out in the comments here this past year), myself , the new voices calling out these scams like Boondoggle, and plenty of others who are tired of the shamshow shit after all these years they got away with it, and want more justice and oversight done un-shilled by mods on largely uncompromised sites like here. That you even failed to acknowledge Stray and Boondogle of the past year and still thinking RobB is around shows that you’re only here to uselessly tag my posts with the dt-chum id which was made during gollumpeety’s spat.
The reason I truly believe Mack’s the one who developed those ideas, like the measured move and second entry, is that he’s apparently sued the guys from day one traders for stealing all of his course material. And I believe he actually did take legal action, because he posted an article with those guys’ course purchase receipts and login dates. You don’t do that if you’re not really pissed off and going after them for fraud. Search for Michael Chin and Riley Coleman and you’ll find the article on Mack’s site.
I still can’t understand though how Max on Madaz Money can live call trades off of level II, calling out what he’s doing and then seeing the market go his way…how can you fake that? By definition it’d be legitimate. He also posts is broker statements so it’s even more real…seemingly. Any ideas on that one?
Also, Live Stream Traders has what appears to be a great course/live trading stream…been on for just a couple of weeks, and one thing they don’t have is a bunch of asses calling out pump and dumps. They take few if any trades, and give the plan well beforehand with stops and entries etc. Seems legit, and the owner I believe was a prop trader to start, which would make sense.
Funny, back then in the early ’10s on bigmike’s, the discussion about Mack was that he was an offshoot of Brook’s ideas. And Mack mainly seemed to be known and gotten traction of attention from bigmikes.
Of course a traderoom can call a few profitable trades, and announce it like no tomorrow. But overall is usually still losing or break-even at best as the churned newbs get tired of the fakery and the shilling over the week to week un-corroborating posted results compared to the lackluster showing in the room. (I could do that too with a 70% win rate on 5 min trading entries over thousands of trades. (But why bother doing a room, when I’m just trading for myself with results?) Another reason why I hate these shamshows. They costed me years of following up the wrong trees with their fakery trading bs shamshows, when I had to discover it on my own.) But then the shilling never bothers with the losers or the glossed over scratches. Broker statements can often be faked. Just fake a looking broker account. Or have a code dev mock up a local network that makes it look like a dns lookup on the website (if recorded) leading to a faked up broker site and account in the video. Which Scameron of Warrior and Rayner Teo did in response to tradingschools reviews and comments. It would take verification of third-party actually confirming with the broker, as long as the broker wasn’t also corrupt and in cahoots with said vendor shamshow. So usually mainly the CFTC, FTC, SEC and whatever authorities can do the investigations to get to the unshilled truth of the matter like they did with SoT and RagingBull showing the net losing of their dummy live accounts.
I’ll tell you, just from my keen observational abilities, that Brooks is full of it. The simple fact that he gives such bold statistics as x% of the time in the first 18 candles of the open, etc etc. happens. I just pulled up a video of his on youtube, and in the first two minutes he’s saying a channel is defined by a breakout and a pullback, which of course does not form a channel. Look up his live speech on youtube on Bull Channels – the guy makes it up as he goes along, it’s incredible. And it’s actually very obvious, and comical.
I’m still not sold on the argument against some of these trade rooms. Madazz consistently seems to call his trades, and it’s live…and I just think it’s too much to keep track of to not slip up all the time. But LiveStreamTraders not only calls their trades, but does it well before the trades are taken. And give a decent course as part of the site…so I just don’t understand how these guys are scamming…I know my accounts are still shrinking though, so I’m left frustrated and annoyed that I’m confused over something that should be easy to see.
Now I’m watching Mack’s PAT videos on youtube, and I’ll tell you what I think is going on. Mack is saying he doesn’t like to trade after 2pm. That’s ridiculous…the lunch hour is when things lull….but heading into the close is always energetic, so he’s gotta’ be BSing. And this must be why those two guys, Michael Chin and Riley Coleman…this must be why they were so bold as to steal his material – because they figured the guy was full of it anyway, and what’s he going to do, defend a fraudulent trading system? So, it seems like these guys ARE probably all conmen, who make up phrases and use calm tone, slight southern accents, and plain spoken-sounding terminology that they invent, in order to lure people in and brainwash them into thinking they’ve found the guru that can save their bank accounts. How depressing a realization this is, that there is little if any hope in this game.
some other info after watching some videos on their fb: https://www.facebook.com/watch/gftfinancial/
you’ll see duke pollard give a presentation: https://www.facebook.com/555862427766219/videos/1227533383932450/ basic stuff, macd, buying when the macd crosses above the zero line and selling when it crosses below, that’s their buy and sell signal, he uses the word algorithm, but it’s really just an indicator. he has rsi there too, and of course some moving averages, all basic stuff. other videos like this one https://www.facebook.com/555862427766219/videos/1723436294342154/ you can see he’s using trade ideas, good software for scanning, a lot of people use it, he also uses e signal, good data provider, and well dastrader the green and yellow icon.
All normal stuff, not bad actually, but every one uses that, and are looking at the same stocks, and a little $300 us a day not bad, he must make some losses along the way too. but anyhow, just adding more sources to the info, good content as always
apparently this says Duke pollard is the director of cmeg
his fb: https://www.facebook.com/kristopher.a.sylvester
and
his fb: https://www.facebook.com/duke.pollard/photos
and this one says he’s the ceo dated apr, 2020 https://www.looptt.com/content/capital-markets-ceo-donates-500-hampers-footballs
another name in the registered reps is Sylvester, Kristopher,
as you can see Dwane Baird is one of his friends
dwane b’s fb: https://www.facebook.com/dwane.baird/photos
I’m just putting the pieces together as it’s better to be skeptical than naive. Always good to do thorough dd, so you’re not surprised if it ends up being a ponzi scheme just like suretrader.
and this one says duke pollard is the Senior Market Strategist at cmeg https://www.zoominfo.com/p/Duke-Pollard/-1485124181
as another user stated and many traders would state, once you pass that $25k with a decent amount of cushion, open an account with someone more reputable.
also some other people that work for cmeg (you might need a linkedin account to view)
https://www.linkedin.com/in/ryan-coonai-5178673b/
https://www.linkedin.com/in/timon-olivieri-541ab993/
https://www.linkedin.com/in/keneil-spencer/
https://www.linkedin.com/in/ravel-griffith-68b9106/
https://www.linkedin.com/in/sherrod-reid-18290aa8/
that’s all the tea I could find for now. good article.
Please be more careful in details m8 when providing information.
You point us that CMEG was fined for 52K dollars but according provided document it was Trinidad and Tobago Dollars which is 7695 USD only
>>1. Pursuant to section 156(2) the Respondent has paid to the Commission, an >>administrative
>>fine in the sum of Fifty Two Thousand Two Hundred Trinidad and Tobago Dollars
>>(TT$52,200.00), receipt of which the Commission will acknowledge;
Your link for registrant is broken. Here is correct one
as well as screenshot with registration address and it exactly same address what mentioned by CMEG, also it no any Roshenda Ellis in registrant name at all. Why you provide wrong name?
Actually I’m one of you fan… but…. something going wrong…. Looks like you trying to attract more viewers on you blog and not care at all what kind of information you provide. Hmmm shame on you……
Hi Oleg,
The link that I included in the article, referencing the $52k fine came directly from the regulators, the link is not dead, and it is dated September 19, 2018. Please check the link below, and the same link is referenced in the article…
https://ttsec.org.tt/wp-content/uploads/Contravention-Order-re-Capital-Markets-Elite-Group-Limited-fineTT52200.00.pdf
Now, regarding Roshenda Ellis, at the time that the article was published, she was listed as the Director. This was confirmed, once again, by the regulators. However, the document in which you are now referencing was created after the article was published. The evidence chain clearly connects Roshenda Ellis. The question is why? Why did they essentially use a person with no real experience or qualifications as the Director? Seems odd to me.
And finally, there have been recent enforcement actions against Interactive Brokers by the CFTC and the SEC regarding non-domestic actors using foreign partnerships. Examples below:
https://www.sec.gov/news/press-release/2020-178
https://www.cftc.gov/PressRoom/PressReleases/8218-20
In short, the “foreign loophole” is closing at Interactive Brokers. As I stated in the article, if you are going to offer securities to US citizens, or offer Futures trading to US or non-US customers then you must register with the US authorities.
Additionally, CFD trading is illegal to US residents. In fact, according to Dodd Frank regulations, its a felony. By packaging groups of US investors into offshore partnerships, and then offering those investors CFD’s is just a clever workaround, but eventually they will get caught. They always do.
And finally, Capital Markets Elite Group claims that individual investors are insured with $500k of SIPC insurance. Once again, this is not true. If you send your money to CMEG and your money disappears, then you will receive no relief from SIPC.
At its heart, CMEG is nothing more than a clever workaround that allows US investors to skirt the PDT rule. The scheme is promoted by sub-marketers and social media influencers earning benefits and commissions.
Hi, Emmett.
It no doubt about CMEG.
Just point some mistakes in article. Fine was in TT$ – 52K TT$ is 7695 USD. You do pretty good job. I follow u blog long time. The devil is in the detail 😉
Ah, you are correct! I apologize.
PRO = DMA Direct Market Access . If it’s a IB account obvious – but worth mentioning.
Someone just seems to suck at trading then… I mean you’re not smart enough to realize that the only reason to trade with them, as a US citizen, is if you have a small account and you are restricted by the PDT rule, and as soon as you get your 25k you, of course, take out you’re cash and put it into a US broker like Lightspeed. If you want me to be honest with you it should only take like 2 months max to hit 25k if you’re actively trading with somewhat of a decent strategy. Obviously yours isn’t though, so I would recommend you study up some more on a profitable strategy before throwing a hissy fit about a decent broker that can change people’s lives. I mean you’re basically complaining because you’re a trash trader with a terrible strategy that can’t profit off of a 4:1 margin… $8 a trade is not bad at all for a fast executing broker that gives you at least 4x leverage on most stocks. If you can’t profit off of that then you really need to update your strategy buddy… Good luck to ya
Thx for being thorough in your investigations.
The whole broker industry seems either corrupt or grossly negligent with how they operate and provide their services. It’s a disgrace. Lucky I came across this read. Took a bit of searching. Feels like Pepperstone has a lot of similar traits to CMEG.
Is there any ligit brokers out there?
For smaller accounts that are less active…either TradeZero or Robinhood are fine.
For more active accounts, I recommend Interactive Brokers. Why? At some point, you will need to add shorting stocks to your arsenal. Sure, you can short on many of the free brokers, but they have poor inventories. Do you really want to short Google or Microsoft? Not me. But, I like to short lower quality stocks which require more nuance. Interactive Broker is a good choice.
That’s beyond weird. Maybe I’m crazy, but entrusting your money with someone who thinks cheating on exams is a great strategy…isn’t a very bright idea.
Well if you need the skinny on KFC she’s your girl.
The whole situation regarding CMEG is just weird. The deeper I dug, the more strange things became. That ‘girl’ is a stooge for the organization.
I believe that the real “owner” is some character named ‘Rufus.’ And ‘Rufus’ daddy is well connected in the Trinidad and Tobago government.
But truthfully, who is really the owner of this company? Just pick up the phone and call them. Ask plainly, “who owns this company.” The response is laughable. Nobody will take responsibility.
Once again, breaking the PDT rule and accepting US investors is the “kiss of death.” The SEC will only sit on their hands for so long.
And, we also have to remember all of the US based brokerages that actually do follow the rules, pay the regulatory fees, abide by the regulators, etc. Do you think they are going to just stand by and let a bunch of islanders north of Venezeula eat their lunch? Not happening.
Man I could not stop cringe laughing while watching that video, it felt like I am living in an alternate dimension I mean are there that many under funded traders that have to go to the bottom of the barrel offshore brokers? I have an idea for all your under PDT rule traders.. SAVE THE FREAKING MONEY UNTIL AT LEAST 50k there are plenty shops in the U.S that you can pick from.
email me