"ukalgotrader" any one else traded with this

Hi
This is my first posting on here so I hope I have placed this in the right place.

When I was going through one of those moments of despair I convinced myself I needed to buy a trading system and everything would then be okay, yes I know its a silly thing to do but ended up buying a "£100 an hour spread betting system" on ebay sold by ukalgotrader and was wondering if anyone else has brought one of these and had any luck with it,it mainly focuses on binary bets and on first reading it seems really good.

I have tried trading it on IG and I know their binaries are really fast but got absolutly slaughtered with it and actualy regret ever trying to trade binaries as I endured my worst run of losses in my three years of trading.

I have now switched back to normal trading using my own hard won rules and trying to trade my losses out but I am interested if it was just me that was at fault so I can give myself a hard time about it!

I am not interested in slagging the guy off just other peoples experiences with the system.

sonny69 said:

Hi
This is my first posting on here so I hope I have placed this in the right place.

When I was going through one of those moments of despair I convinced myself I needed to buy a trading system and everything would then be okay, yes I know its a silly thing to do but ended up buying a "£100 an hour spread betting system" on ebay sold by ukalgotrader and was wondering if anyone else has brought one of these and had any luck with it,it mainly focuses on binary bets and on first reading it seems really good.

I have tried trading it on IG and I know their binaries are really fast but got absolutly slaughtered with it and actualy regret ever trying to trade binaries as I endured my worst run of losses in my three years of trading.

I have now switched back to normal trading using my own hard won rules and trying to trade my losses out but I am interested if it was just me that was at fault so I can give myself a hard time about it!

I am not interested in slagging the guy off just other peoples experiences with the system.

Click to expand...

Don't beat yourself up. Merchants who sell trading systems and often promise the "holy grail" work on a fundamental human weakness. We would all like to make money quickly and, when a novice, their charismatic pseudo-religious zealous presentation of their product is extremely convincing.

You must now congratulate yourself on your realisation that it takes effort and hard work to build your own trading system and rules. It requires sorting out your psychology and money management as much as entries and exits.

You are now going in the right direction. There is plenty on this site to help you on your journey, but be aware that it is a journey and that there is no free ticket to ride.

Charlton

Good advice there, lesson learned - there's no such thing as a £100 an hour system - especially on ebay!

Thanks for your positive replies, the strange thing is I have always been really sceptical of any "trading systems" for sale and think I brought this because the main indices were trading sideways for a couple of days so I started looking at the returns on binaries and before I knew it had convinced myself this was the answer.I actually thought I had got past this quick fix stage and reading "stages of a trader" posted on here by dbphoenix thought I had reached stage 5 where you realise you have to build your own trading system but then slipped back into stage 4 where you look for the "answer" or "holy grail" of trading.

What I have learnt from this is the next time the market is stuck sideways I will put my energy into planning my trading strategy for when the market breaks out.

The most disturbing thing about this is the guy has feedback of over three hundred on ebay and I am getting about 4 to 5 messages a week from people asking me if they think its worth buying so there are obviously allot of people looking for the "easy way" to trade.