scams or not

[ADRIAN123456]

classic SCAM works every time

 

[pedro01]

there are some sites on line that advertise a system that consistantly generates 15-20% profit a day. Do they exist? Is it worth having a look at what they have to say at least or should you just stay away and work on your own systems?
I'm sure many of you like me have paid good money for information that promised the world but did'nt deliver. Do any of you still look at everything or do you stick to your guidelines?

Let me know.
Cheers
Mike White

FYI - Bernie Madoff was claiming 15-20 % a YEAR on his 'hedge fund' - those results were enough to see $65 Billion of 'smart money' invested in his fund.

Some presumed Bernie was front running customers of his brokerage business, because such regular, consistent annual returns were almost 'too good to be true'. Many though that there must have been some scam involved but that they were in on it.

Given that fact, do you really think you can pull 15-20% a day out of the market with some system purchased on the interweb ?

 

[anley]

Mike

One, almost foolproof way to spot a scam is to use COMMON SENSE.

And if we use that on the fella trying to suggest, for a fee of course, that making 15% - 20% a day is possible, then what do you think?

Plus, rememember that the way these scammers fool all the marks is they pry on their greed and stupidity in thinking they can make easy money for doing basically not a lot. And that's why the scammer in question doesn't say "20% a year" because the mugs won't fall for that.

YOU'VE ALL BEEN WARNED.

 

[pedro01]

The only system that works and will make you money in the end is a good money management system. There is no system that can generate consistent returns in the market over long periods of time because the market is either range bound or trending and sometimes just choppy. So effectively you need 3 systems but the problem is most of the time you do not know which system to use because one can only know in which state the market is in after the fact.

Ian - perhaps you can be a brave soul & attempt to answer on this thread - http://www.trade2win.com/boards/general-trading-chat/71472-money-management-mystique.html

It seems the 'money management myth' is becoming more prevalent, unless you can help us mere mortals to comprehend...

 

[AC007]

read what nosecretstrading.com says about these sites.

 

[sqawky123]

I am surprised you are still posting to this thread and letting the scammers know what you think. That way the scammers can get together and brainstorm new ways to scam. Look at the title, this should be a good tip.

 

[£10kLoser]

read what nosecretstrading.com says about these sites.

LOL and then it asks you for £1,000 for their system!

Yes, obviously any 'system' selling for more than, at most, $200 has got to be a scam but some of the cheaper ones that have been around for a while have merits to help the newcomer learn how to trade.

People always throw up the argument, 'Why sell a system that works?' as if nobody would do that. Well, why not sell it? The fact is that even a guaranteed profit making system requires discipline, time and causes a lot of stress. Also, some people just can't stick to the rules.

The idea that all we need is a set of good rules to make money is rubbish - it requires certain psychological characteristics as well to be a good trader.

Far better and easier to sit back and make certain money from sales than suffer the risk and stress of trading daily if you don't have the temperament.

So, to say that all systems on sale must be scams is far too black and white. Life and particularly trading is not subject to black and white rules!

 

[Chesireman]

Anyone heard of Worldwideriskconsultants? Are they a boiler room thoughh they trade FTSE 100 shares

 

[AC007]

Anyone heard of Worldwideriskconsultants? Are they a boiler room thoughh they trade FTSE 100 shares

Very good marketing method you are employing.

 

[AC007]

There is one good trader who started a thread here in trade2win.He called live trades in a room. His thread was taken off by trade2win management. He was not charging any money it was all for free.
You are not supposed to know the truth.

 

[LMH]

of course they do, just because you do not decide to get in your car for a week does that give me the right to come and steal it from you?

 

[Hate2Lose]

there are some sites on line that advertise a system that consistantly generates 15-20% profit a day. Do they exist? Is it worth having a look at what they have to say at least or should you just stay away and work on your own systems?
I'm sure many of you like me have paid good money for information that promised the world but did'nt deliver. Do any of you still look at everything or do you stick to your guidelines?

Let me know.
Cheers
Mike White

I’d always be wary of systems you must pay for. If you can trial them for free then fine. But I’ve always wondered, if a system is so good then why does someone need to sell the secret in order to make a living. Surely just keep it for yourself and trade away! Unless the system can be shown to you live I would also be wary. It’s easy to look at historical data and make a system fit. Whether it works in the future is another matter entirely. At the end of the day, there’s no easy way round it, trading requires at least some work to generate your own way of trading. If there was an easy way, I’m sure the world would know about it. That’s the beauty of it, there are few secrets and so trading is open to everyone. Plenty of providers offer good education seminars and material for free once you fund an account. Good luck.

 

[rogerhunter7]

iamgroupltd.net/.com/iamgroupltdjapan/yokohama

Re Boiler rooms, anyone heard of Morgan Financial Holdings with offices in Tokyo New York?, anyone been caught by this firm?

similiar bunch of scammers with a serviced office address in japan, yokohama.

changing their website to avoid tags that have been exposing them such as iamgroupltd.com/.net/iamgroupltdjapan/yokohama and so forth.

already created a bit of publicity on the net and youtube, can anyone check them out to finally prove they are a total scam? Rog

 

[ADRIAN123456]

Are they in any way related to John White and MORGAN FINANCIAL ADVISORS who were scammimg a few years ago ?
Phone: Tokyo Japan: +813-4580-2109
Fax: Tokyo Japan (Toll Free): +1-866-364-1457
New York Office: +1-646-367-9519

Email: [email protected]

Corporate Website: www.morgan-advisors.com


John White will contact you tomorrow to update you.

Thank you.
Administrations & Allocations Department
MFA-Morgan Financial Advisors

 

[MajorMagnuM]

There is one good trader who started a thread here in trade2win.He called live trades in a room. His thread was taken off by trade2win management. He was not charging any money it was all for free.
You are not supposed to know the truth.

i want to know more please

 

[tradeforex1]

Of course they are scam, 15% to 20% is is very big profit. So we can easily conclude that its a scam.

 

[malaguti]

Of course they are scam, 15% to 20% is is very big profit. So we can easily conclude that its a scam.

go to the fxmo show's thread on this site, he'll show you that 20% is mere childsplay. would be delighted to guage your conclusions on that one!

 

[Forexmospherian]

Hi guys

I had responded to another similar thread on this matter before I actually read this one - so I will adapt my previous answer to comments raised here


You can learn to make 20% + returns per month on your account - but it will not be via a single course - book or any 1 - 3 month mentoring.

First of all you will need anything from 3-5+ yrs of trading experience behind you - and during part of that time you will be probably lose 3-5 % per week or month.

Then one day on your trading journey - or over a few days - you will start to see clarity and understand all the junk that is spoken about retail trading is far from the truth and is actually misleading you

Yes - somewhere between 75% and 95% retail FX traders - fail - ie they give up - lose all the money and think it cannot be done.

Maybe less than 5% end up as a full time retail trader - and then they think - all what I have been through why should I bother to explain to all new traders the actual truth and the real reality of day trading.

First of all commercial / institutional trading is completely different to retail day trading

The monies involved - the risk - the restrictions - the methods are all different and so it like comparing chalk with cheese

For example a good professional commercial trader making 5% per month on a multi million dollar account and over say 50% per annum is looked upon as being good.

For me a good experienced retail trader needs to make over 200% per annum - ie over 20% per month to be even counted as good.

Its simply down to the facts that making a trade on $5 per pip or on 4 lots - is nothing like making a trade on 400 lots or 1000 lots .

The 400 lot trade - still might be just on 0 2% risk - whereas the 4 lots might be on 2 to 3% of capital

Immediately - that means ever gain by a retailer is in % terms 10 or 15 times larger than the pro institutional guys.

So bearing that in mind - if the Top commercial traders make say consistently 4 - 7% per month - the top retail experienced traders should be making 40 - 100% per month - certainly on accounts under $50k - and what 90+% of all retail accounts are smaller than that amount.

I have not mentioning compounding - because that is another big myth - its virtually impossible for any retail trader to keep compounding any account from $1k to $10 million - using their money - simply because they will hit their psychological financial wall at some level - normally between about 10 lots and 50 lots - but can even be as low as just 5 lots - before they crack

OK - so explained the maths % anomaly - now how do you become profitable every day or at least every week

Years and years of study, devotion, luck, knowledge, persistence, hard work, determination etc etc.

Result - that's why so many fail and that's why only a few dedicated top retail trader will end up consistently making returns of 3-5% per day - with no compounding going on as I have already explained that part.

Conclusion - as far as I am concerned all courses might help you achieve between 2 and 20% of what you really need to know.

But if anyone knows of a mentoring course over say 2 or 3 years from a top professional retail trader - that will not cost them over say $50 k - then that might be worth taking.

$50k is nothing - if it then makes you over half a million or more over the next 5+ years surely - my daughters just spending nearly $40k just to get a business degree in 3 years and then she hopes to earn over $40k per annum ongoing to pay it all back

Just my own view

Regards


F

 

[Pat Riley]

my daughters just spending nearly $40k just to get a business degree in 3 years and then she hopes to earn over $40k per annum ongoing to pay it all back

I'm wondering why she doesn't 't want to do what you do. I could understand if she had a passion for the humanities or medicine or writing, you know, all the sorts of things that cloud your better judgement with the empty lure of high ideals, misguided belief in job satisfaction and the ironically ego-driven attraction of an altruistic angle while leaving you pig poor for life. But to see daddy raking it in day in day out year after year, what possessed her to avoid that and do an MBA so she could end up with the over abundance of other grads hawking their identical clean sheet resumes for the dwindling number of jobs requiring that sort of degree whilst having to shoulder a massive burden of debt?

What did you do that made her turn her back on easy cash?

 

[Forexmospherian]

I'm wondering why she doesn't 't want to do what you do. I could understand if she had a passion for the humanities or medicine or writing, you know, all the sorts of things that cloud your better judgement with the empty lure of high ideals, misguided belief in job satisfaction and the ironically ego-driven attraction of an altruistic angle while leaving you pig poor for life. But to see daddy raking it in day in day out year after year, what possessed her to avoid that and do an MBA so she could end up with the over abundance of other grads hawking their identical clean sheet resumes for the dwindling number of jobs requiring that sort of degree whilst having to shoulder a massive burden of debt?

What did you do that made her turn her back on easy cash?

My 16 yr old son wants to do what I do - and I reckon he would be good at it for various reasons

He's a bit of a computer geek and games player and has won many "call of duty" tournaments around the UK and with his team also one in Europe.

He's perfect for scalping - he can stand pressure - he has super quick reactions and spends hours and hours tuning his game and trying to improve.

He's watched me - but as not traded live yet - but his mum wants him to finish his education and get a more "rounded" profession ( like I had for over 25 yrs in business) than just sit all day in front of monitors.

My daughter - chalk and cheese lol - she has the attention span of fly - she cannot stay focused for more than about 2 mins ( Ok for some scalping then ) but she wants to end up as an Estate Agent selling high value properties in London. She has the personality, the looks and maybe even the brains to get there - so I will not discourage her.

With regards to easy money - NO WAY.

Yes I maybe could save them a few thousand hrs getting there - but this "money game" demands loads of study - commitment - effort ( yes even hard work) and several years of your life to get there - its not easy.

Regards


F