Well it's about time someone met up with the people behind this thread of "systems" and showed then the error of their ways.
Well it's about time someone met up with the people behind this thread of "systems" and showed then the error of their ways.
Ah. My thoughts exactly.
The results posted on their site from August last year to August this year are accurate. As a former user I can vouch for that.
As I posted earlier, I'm about 150 pips down over that period. 150 pips and the 4k I was greedy/naive/desperate enough to pay them.
My feeling is that if concept had been a genuine attempt to create a valid system and it failed, then that was that. You win some you loose some. However it would seem that the only attempt made was to fool people like me into paying £4k up front. And that I don't like. Not one bit.
What does surprise me though is that there are enough people out there who were/are in the same state of mind that I was at that time to pay so much money to a company that doesn't stand up to any kind of scrutiny.
More surprising is that since these systems seem to have been about for a while and seem to be backed by the same group of people, they haven't ever pissed off the "wrong people". And I don't mean the OFT of FSA or the like.
BigP
stevespray
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Evening people,
I’ve been away for a few months (taking a well earned rest) and was surprised to see so many posts on the Concept FX thread.
I’m personally still trading with the system. Results over the last couple of months have indeed been mixed (more losses than winners I’m afraid) but nothing to get too worried about – this is the nature of trading. Personally I have actually managed to turn a number of the losing trades in to winners because, once the positions were triggered, it became obvious to me that the particular fx pairs weren’t ‘breaking out’ as expected – as a result I was able to play a number of range trades which made decent pips.
Phil has mentioned that he estimates that he is down 150 pips but I would like to point out that this method of calculation is not a very good way of working out if you have lost or made money. With Concept each currency pair uses a different size stop. Therefore, because your risk per trade is the same for each trade, the number of £’s per pip is quite different for each fx pair. For example the risk on GBPUSD is 150 pips per trade whilst the risk on EURGBP is only 60 pips. This year has seen quite a few successful trades on EURGBP but a ‘successful trade’ will have quite a low pip score when compared with a loss on GBPUSD or EURJPY – two winning trades on EURGBP could make say 120 pips whilst one loss on GBPUSD will cost you 150 pips – on the face of it it appears that you are down 30 pips but the reality is that you are actually ahead by 5% of your bank (ie 1 x 5% loss vs 2 x 5% wins).
I still stand by what I have stated in previous posts. When we all bought this system it was known that it was a requirement to risk 5% on each trade and it was also known, based on prior results, that the system suffered large / long draw-downs (in fact someone clearly points this out in an early post on this thread). The real moan appears to be that people, having bought the system, don’t have the stomach for the risks required? Phil, can I ask why you have stopped using the system?
I notice that people have also questioned the success of TradeWin. I personally made money with TradeWin (enough to cover my outlay and a little bit more) and they were quite quick to pull the plug on the system when it was clear that the markets weren’t functioning as they normally did a couple of years back. I personally bought TradeWin because a friend of mine had cleared over £80k in profits for the previous two years. Concept appeared to be a natural progression from TradeWin.
My advice is very simple – If people are not happy with what Concept has provided then ask for a refund – this is your right as a paying client. The firm may have T&C’s but legally cannot remove your right to claim a refund if the system does not perform as advertised or implied. In simple terms, if the system does not live up to your (reasonable) aspirations then you are entitled to your money back.
I just thought that I’d mention that when I attended TradeWin’s offices, to see the system demonstrated, the sales chap alluded to the fact that Intellitrend 250 was hopeless – I’m thinking that he was hardly likely to say that if the two products were related in some way.
Hope this helps,
Steve.
I’ve been away for a few months (taking a well earned rest) and was surprised to see so many posts on the Concept FX thread.
I’m personally still trading with the system. Results over the last couple of months have indeed been mixed (more losses than winners I’m afraid) but nothing to get too worried about – this is the nature of trading. Personally I have actually managed to turn a number of the losing trades in to winners because, once the positions were triggered, it became obvious to me that the particular fx pairs weren’t ‘breaking out’ as expected – as a result I was able to play a number of range trades which made decent pips.
Phil has mentioned that he estimates that he is down 150 pips but I would like to point out that this method of calculation is not a very good way of working out if you have lost or made money. With Concept each currency pair uses a different size stop. Therefore, because your risk per trade is the same for each trade, the number of £’s per pip is quite different for each fx pair. For example the risk on GBPUSD is 150 pips per trade whilst the risk on EURGBP is only 60 pips. This year has seen quite a few successful trades on EURGBP but a ‘successful trade’ will have quite a low pip score when compared with a loss on GBPUSD or EURJPY – two winning trades on EURGBP could make say 120 pips whilst one loss on GBPUSD will cost you 150 pips – on the face of it it appears that you are down 30 pips but the reality is that you are actually ahead by 5% of your bank (ie 1 x 5% loss vs 2 x 5% wins).
I still stand by what I have stated in previous posts. When we all bought this system it was known that it was a requirement to risk 5% on each trade and it was also known, based on prior results, that the system suffered large / long draw-downs (in fact someone clearly points this out in an early post on this thread). The real moan appears to be that people, having bought the system, don’t have the stomach for the risks required? Phil, can I ask why you have stopped using the system?
I notice that people have also questioned the success of TradeWin. I personally made money with TradeWin (enough to cover my outlay and a little bit more) and they were quite quick to pull the plug on the system when it was clear that the markets weren’t functioning as they normally did a couple of years back. I personally bought TradeWin because a friend of mine had cleared over £80k in profits for the previous two years. Concept appeared to be a natural progression from TradeWin.
My advice is very simple – If people are not happy with what Concept has provided then ask for a refund – this is your right as a paying client. The firm may have T&C’s but legally cannot remove your right to claim a refund if the system does not perform as advertised or implied. In simple terms, if the system does not live up to your (reasonable) aspirations then you are entitled to your money back.
I just thought that I’d mention that when I attended TradeWin’s offices, to see the system demonstrated, the sales chap alluded to the fact that Intellitrend 250 was hopeless – I’m thinking that he was hardly likely to say that if the two products were related in some way.
Hope this helps,
Steve.
stevespray
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I think most people bought it for considerably less!
gamma
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How much less?
Evening Steve. I worked out pips from the published trades. I'm actually out a lot more cash. I "only" had a bank of £4k and that took some serious grief last year. I joined in August and by the end of the year concept was down 685 pips. I FULLY accept your argument that pips alone do not a loss make, but -685 did in my case. That and the purchase price left me in poor shape.
The reason I stopped using Concept and did not renew the subscription was quite frankly that I no longer believed in the system or it's long term ability to make me money. I was still way down on my bank and putting another £250 into signals which were in all probability going to loose me more money didn't make sense. To me. YMMV.
"Happily" it was "play" money. And I paid "only" 3k not 4 as i said earlier.
As regards the refund. Well that's something im looking at.
BP.
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Was what thrown in?
Lobotomy? well that may have prevented me from buying it
But Im better now. :cheesy:
http://bit.ly/4uw6TF
BP
Are you still getting signals? They haven't updated their site for over a month.
stevespray
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Yes, I'm still getting the updates with no problems. As ever they only seem to update their website when they get clusters of winners. There are at least four trades which need to be added to the list (mostly losses) to bring it up to date.
Steve.
Steve.
Yep, this is mentioned somewhere else in this thread as being the ******* child of the individuals behind concept. This cracks me up:
The directors of Invest on golf have an impressive track record of high-income generation, with over forty years combined experience in financial trading, and sports betting
Why "on" golf? Surely the correct preposition is "in"?
The forum auto edits out the word b_a_s_t_a_r_d? Seriously?
LOL - what cracks me up is still there are people in denial as to the MH connection - he should rename his business Pasta Investments - because he just keeps on re-shaping then re-naming the same old crap!
Willy
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Well, it is most likely completely true that the directors have an impressive track record of high-income generation. I wonder about their clients though...
Another interesting concept (!) that you often see in advertising like this is "combined experience": Start out with one person with one year of experience (read: almost no experience) and get nine others to join. Suddenly you have "ten years combined experience".
The expression "combined experience" is always senseless and therefore means there is something to hide. If the directors really were experienced they would say something like "Our directors each have from twenty to thirty years experience".
OTOH, their results so far this year have been positive. According to their website, and as a former user I can confirm that the results there are well nigh spot on.
stevespray
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For some reason T2W stopped emailing me updates to this thread. Not sure why.
Just to let people know that I am still using the system and that we've had a really nice start to the new year. I can only back up what Phil has already said and say that the results reported on the website are spot on with all trades being completely genuine.
On a personal level my bank is still growing nicely towards my £60,000 target level where I will start to draw earnings from the system.
Hope these updates help. Is anyone else still running this system?
Cheers,
Steve.
Just to let people know that I am still using the system and that we've had a really nice start to the new year. I can only back up what Phil has already said and say that the results reported on the website are spot on with all trades being completely genuine.
On a personal level my bank is still growing nicely towards my £60,000 target level where I will start to draw earnings from the system.
Hope these updates help. Is anyone else still running this system?
Cheers,
Steve.
a couple of questions steve if you are happy to answer them. i have watched the concept site and this forum for some time without buying. i use fx53 which while not perfect does put you in control (not reliaint on signals).
1. when did you buy (did you miss phil's bad patch)
2. your target is 60k. was your bank 25k as they suggest ?
just being nosey so understand if this is too much info
1. when did you buy (did you miss phil's bad patch)
2. your target is 60k. was your bank 25k as they suggest ?
just being nosey so understand if this is too much info
