Some investors are mixing between investment research and investment advice, but they are not alike. Please make sure you understand the difference between the two.
Websites such as www.moneyshow.com, ElliottWaveTrader.net, www.wyattresearch.com, www.lucaswaveinternational.com and so forth are providing investment research (we have no idea how good or bad they are, and if the service they provide is a good bargain). We know that using their services is your own responsibility, and you should consult with independent financial advisers with respect to any investment in the securities mentioned.
The investment research services mentioned are not regulated like your independent financial advisers (please make sure he or she are register), and they may be less cautious with their marketing materials and statements.
If you will not bear responsibility for your own actions, no one else will. Again, please make sure to consult with independent financial advisers with respect to any investment.
It is advisable to use register financial adviser, if things goes wrong, he/she may have professional liability insurance, and you may be able to get back your money.
Please find attached an enforcement action related to this category (press here). According to the press release, The Defendants told clients and prospective clients, falsely, that trading in the Room was conducted by a “professional trader” and that all the trading was conducted “live” with real money at risk. The Order also finds that Defendants told clients and prospective clients that trading in the Room generated substantial profits — profits that, if annualized, amounted to a return of more than 400%. In reality, according to the Order, all of these statements were false because there never were any futures contracts traded in the Room and all supposed trading was in fact simulated. The Order further finds that the Defendants provided supposed past performance information to clients and prospective clients but failed prominently to display in immediate proximity to this performance information prescribed disclosures relating to the inherent limitations of such simulated or hypothetical performance information. The Defendants failed to register as required.