Fat Prophets

[Fatprophets]

Maybe you want to leave this well alone, if its facts you want I could certainly provide them here for all to see.

No. Should you be unable to back up a statement, it should be retracted. Otherwise there is a strong risk of being sued for defamation.

 

[pboyles]

No. Should you be unable to back up a statement, it should be retracted. Otherwise there is a strong risk of being sued for defamation.

I'm trying to give you a fair chance, just stop this and go away now.

 

[ryandj2222]

I'd be interested to see your data pboyles as a subscriber who finds them to be ok (not amazing, not awful, just fine).

 

[pboyles]

I'd be interested to see your data pboyles as a subscriber who finds them to be ok (not amazing, not awful, just fine).

Well I have given them a chance to retract their threats to myself and others, its only fair to wait for a response.

 

[pboyles]

What a crock! They don't report their losses. Many of their bad recommendations just disappear. I've called them on it a number of times and they just ignore my emails. .

I'm particularly interested in this allegation, very serious indeed if a company did such a thing. Of course we'll give them the benefit of the doubt for now.

 

[ryandj2222]

It would also be good to know which products you are talking of. I've mentioned before the trading report seems a waste of time but the equities ones seem better. It's generally longer term holds of a year or more.

 

[dealer911]

It would also be good to know which products you are talking of. I've mentioned before the trading report seems a waste of time but the equities ones seem better. It's generally longer term holds of a year or more.

Long term hold reccomendations are useless for leveraged trades such as CFD's - the funding charges will eat up any performence - !

 

[pboyles]

Long term hold reccomendations are useless for leveraged trades such as CFD's - the funding charges will eat up any performence - !

Well I hope you can prove that, if not you're in bother with their ambulance chaser.

 

[Fatprophets]

Lets take it one step at a time, firstly there is the serious allegation that losing trades are not being counted in their results. Lets see what fatphophets say about that, surely they would condemn such tactics.

Or maybe they took my advice and disappeared.

I have asked for proof, and received no response. I have also reported this posting as it appears to be malicious and libellous.

 

[Fatprophets]

Long term hold reccomendations are useless for leveraged trades such as CFD's - the funding charges will eat up any performence - !

Correct. A clear distinction must be made between our trading and investment reports.

 

[dealer911]

Well I hope you can prove that, if not you're in bother with their ambulance chaser.

I cleared it with my lawyer first - ! You cant argue with Maths!

 

[ryandj2222]

The winning and losing trades are reported in their website openly. I've not seen any disappear. However the winners that do well you get texts and emails saying well done traders whilst the losers quietly run to the stop losses.

Re dealers point about the long term ones being pointless for CFDs that is correct and FP don't advise using those recommendations for trading. They do a trading report then equities ones covering UK, USA, aus, and some miners. Since I've been a member the equities reports have done better than the trading report I think.

 

[Fatprophets]

The winning and losing trades are reported in their website openly. I've not seen any disappear. However the winners that do well you get texts and emails saying well done traders whilst the losers quietly run to the stop losses.

Re dealers point about the long term ones being pointless for CFDs that is correct and FP don't advise using those recommendations for trading. They do a trading report then equities ones covering UK, USA, aus, and some miners. Since I've been a member the equities reports have done better than the trading report I think.

The trading report has returned more than 21% over the past ten months.

 

[Fatprophets]

I admire your excellent online reputation management skills. Now on to the facts and proof that you have demanded.

1. Not reporting losing trades, indeed a terrible allegation.

It has been alleged that your results do not truly reflect the truth, an allegation made by another member here recently. I can say that indeed your company has been found to do exactly this in the past, what could be described as 'Using only successful recommendations in calculating an ‘average’ rate of return'.

This is strongly denied: either produce the proof or retract! Otherwise legal action could ensue.

 

[pboyles]

This is strongly denied: .

Now are you sure about that? Really sure?

 

[Fatprophets]

Now are you sure about that? Really sure?

Please stop playing games, and wasting time. Either put up or shut up and retract.

I have already reported this to trade2win.

Feel free to message me privately.

 

[dealer911]

This is strongly denied: either produce the proof or retract! Otherwise legal action could ensue.

How did you get on with The Australian Securities and Investments Commission ?
Have you ever had any issues or had to retract any statements of performance ?

I have checked this statement with my lawyer and he says I'm ok to ask this ?
You may want to check with yours before you answer!

 

[pboyles]

Please stop playing games, and wasting time. Either put up or shut up and retract.

I have already reported this to trade2win.

Feel free to message me privately.

Well you cant say I didn't try to warn you.


"The Australian Securities and Investments Commission (ASIC) today accepted an enforceable undertaking from Fat Prophets, an investment advisory group, stating that it will write to current and past subscribers to its online stockmarket newsletter about past investment performance figures used in advertising.

‘Financial service providers must use past performance figures responsibly in their marketing to consumers’, ASIC’s Executive Director Consumer Protection, Mr Peter Kell said.

Fat Prophets, the trading name of Mint Financial Group Pty Ltd, publishes an online stockmarket newsletter which makes recommendations about trading stocks, including time periods within which a ‘buy’ recommendation is expected to be profitable. Between June 2001 and May 2002 the company published advertisements which referred to Fat Prophets ‘average return’ on successful recommendations.

For example, an advertisement in the Sun Herald on 12 May 2002 made the following statement: ‘This inventive stockmarket newsletter has achieved an amazing 27.3% return on their successful recommendations.’ASIC had the following concerns about the Fat Prophets advertising:
Using only successful recommendations in calculating an ‘average’ rate of return did not give a true or fair picture of real ‘average’ returns;
If all recommendations, successful and unsuccessful, were included the average return figure for the May 2002 advertisement would have been 16.5% and not 27.3%; and
The ‘average’ rate of return also failed to include recommendations where the time period for a profitable ‘buy’ had expired. For example, if Fat Prophets recommended a stock on the basis that it would be profitable within three months, and three months had passed and the value of the stock was down but Fat Prophets had not recommended subscribers sell their stocks, this recommendation was not included.
Fat Prophets has cooperated with ASIC’s investigation and agreed to:
Publish a notice addressing ASIC’s concerns in its next newsletter and to send a copy of the notice to past subscribers;
Invite complaints from subscribers who believe they were misled and refer any unresolved complaints to the Financial Industry Complaints Service; and
Engage an independent expert to devise a methodology, with reasonable and appropriate assumptions, to record Fat Prophets results in the future."

Australian Securities and Investments Commission - 02/378 Fat Prophets required to trim claims

 

[pboyles]

I hope you all I agree that I did indeed 'put up'.

 

[pboyles]

Shall I go on?