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  1. #1
    Veteran Member Ronnel's Avatar

    Disclaimers... Why so Many? !!!

    I'm sure that many of us have read tutorial books and videos about trading and often there will be some kind of disclaimer or warning before we can proceed. Usually the disclaimer will say something like "trading is not for everybody, use only what you can afford to lose, don't trade if this is your baby's last milk money or your wife will beat the living daylights out from you and she may pimp you out for street distribution, etc-etc-etc... Okay, those may not be the exact words used but I think everybody got the idea.

    I know the guy who is presenting the book or video is just complying with the law and/or may truly have the sincere intentions giving his viewers the warning. I think that everybody here knows the risk of trading, that it can really deplete ones life saving if he is stupid, keeps losing a lot and depositing more and more money and lose again, some may even be approaching it like pure gambling then loses then comes back again.

    I'm just thinking, are those disclaimers really working? Do people really put the effort to understand and embed those disclaimers in their thick skulls or are they just too stupid not to even bother. I love watching trading tutorial and interview videos and have seen lots and lots of disclaimers and are deeply carved in my brain but even before I started trading, I had the full knowledge that trading can mess up me up if I take it lightly.

    Aside from complying with the law, do you really think that disclaimers are being absorbed or are they just being ignored?

    What do you think lads

  2. #2
    Veteran Member randy1953's Avatar
    They are just being ignored for the most part. People see it all the time so it's like auto pilot they just don't read them anymore.
    You could probably hide the best secret in the world somewhere in a disclaimer and no one would ever find it because it's not being read!
    “Never tell the truth to people who are not worthy of it.”
    Mark Twain

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  4. #3
    Legendry Member Okane's Avatar
    Yes they are being totally ignored, as well as the terms and conditions.

    Disclaimers are just there so that the people who are too lazy to read
    won't be able to come back and make a lawsuit when they hurt themselves.

    You know when you buy some detergents, it may say "don't ****** consume the damn thing
    cause you will probably die"
    Then some people will still consume it, die and then their relatives
    will sue the company. Now, the company can say: "well, we told you so... it's your fault"
    and they are free to go.

    Binary brokers on the other hand can sometimes trick people with their terms and conditions.
    I mean, it can be 5 pages long with small text but somewhere in there it can say
    that your money is not even yours anymore. (this is true for shady brokers)
    and also they will have a horrible bonus policy.
    I just answered another thread here about a broker where the T&C clearly
    says that once you deposit, you can't withdraw unless you trade 20 times your balance!
    Even without a bonus. People don't read those things, they deposit and when the time
    comes to withdraw... that's when it comes back and bites ya.
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  6. #4
    Veteran Member randy1953's Avatar
    Quote Originally Posted by Okane View Post
    Yes they are being totally ignored, as well as the terms and conditions.

    Disclaimers are just there so that the people who are too lazy to read
    won't be able to come back and make a lawsuit when they hurt themselves.

    You know when you buy some detergents, it may say "don't ****** consume the damn thing
    cause you will probably die"
    Then some people will still consume it, die and then their relatives
    will sue the company. Now, the company can say: "well, we told you so... it's your fault"
    and they are free to go.

    Binary brokers on the other hand can sometimes trick people with their terms and conditions.
    I mean, it can be 5 pages long with small text but somewhere in there it can say
    that your money is not even yours anymore. (this is true for shady brokers)
    and also they will have a horrible bonus policy.
    I just answered another thread here about a broker where the T&C clearly
    says that once you deposit, you can't withdraw unless you trade 20 times your balance!
    Even without a bonus. People don't read those things, they deposit and when the time
    comes to withdraw... that's when it comes back and bites ya.
    Exactly..........
    “Never tell the truth to people who are not worthy of it.”
    Mark Twain

  7. #5
    Legendry Member Michael Hodges's Avatar
    Yeah, mostly its for liability... if they say that trading is risky blah blah blah and that maybe you shouldn't do it, or do it at your own risk etc it gives them a little distance from people who go out and lose the milk money and then try to call scam.

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  9. #6
    Moderator Kolyo's Avatar
    I think almost nobody read the full disclaimers of brokers and financial services. The people who are less informed won’t read them anyway. The people who are more informed will say, oo this is something I know so well that I don’t have to read it anymore. Disclaimers are useless for most traders but a help for brokers to have no responsibility in cases of their fault. That’s it.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

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  11. #7
    Master Member SeasaltMcFish's Avatar
    Worse thing is: they sometimes change them, so even when you read them, it still can be a nasty surprise to find out conditions have changed.

    Even less people read changed T&C's

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  13. #8
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by SeasaltMcFish View Post
    Worse thing is: they sometimes change them, so even when you read them, it still can be a nasty surprise to find out conditions have changed.

    Even less people read changed T&C's
    Too true, too true...

  14. #9
    Moderator Kolyo's Avatar
    Yep, the worse thing is to have changes in T&Cs and no email notification on that. In this case you will almost surely miss them and sometimes they can be important. In case we are dealing with well respected brokers they must send email notification on each change, but that's not always the case.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

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