is Richard Swannell and Elliottican reputable?

Paytrick

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Hello,

I'm new to the trading scene and I hope you guys could help me with my concerns. I suspect that a family member is attending a program in Chicago tomorrow morning that may be a scam!? I get very mixed information when I search for information on google. (n)

What do you think about Richard Swannell and Elliottican? :eek::eek::eek:

Thank you for your input!

Best regards
 
regardless of what you research and whether you find positive or negative reviews about the seller, ALWAYS ask for his trading statement verified by a third party website
 
regardless of what you research and whether you find positive or negative reviews about the seller, ALWAYS ask for his trading statement verified by a third party website

We're not talking about reviews we're talking about massive fines and a permanent CFTC ban. He won't have a trading statement, he's just another vendor selling dreams.
 
Just because he was banned by the CFTC does not mean he can't open a live or a demo account and show you his trading. Also scammers are usually not so dumb to sell under their real names.
 
Just because he was banned by the CFTC does not mean he can't open a live or a demo account and show you his trading. Also scammers are usually not so dumb to sell under their real names.

Why don't you ask him and let us know how you get on.
 
I am not really interested, I have joined countless elliot study groups and could not find a single profitable elliotitian.

The guy probably has not made a penny out of forex trading and wants to sell forex products instead
 
regardless of what you research and whether you find positive or negative reviews about the seller, ALWAYS ask for his trading statement verified by a third party website

Which websites actually provide any form of independant verification ?

Practically all of the popular audit platforms out there can be abused by anyone with basic IT literacy, its so simple a child could do it.
 
I see ASIC have ordered him to stop selling his software in Australia as well.

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/017029128.pdf/$file/017029128.pdf
 
I totally agree

websites like MT4i for example is not that hard to abuse in my understanding

That is why for me the only acceptable third party verification website is myfxbook, it is nearly impossible to fake results there.

The down side though is that it is limited to a couple of platforms and mainly works on MT4

There are other third party trading statement verification agencies that can be delt with
 
I really appreciate your feedback! Thank you so much, I'm also thankful for more.

I still don't know exactly what do to do to persuade my family member to understand that this indeed is a scam/fraud/con-artist.

I'm just speculating here but I think that Mr Richard Swanell has probably already told his victims that he himself has problems with the justice and lawsuits. His software and technique is so damn good and can make so much profit that the software is dangerous for established brokers, stock-exchanges and maybe perhaps even governments that "they" do anything to stop him from making you - the paying customer (victim) a victim.

Does anyone have any suggestions on how I can proceed? Can I call the police ask them to stop this scam before it's to late or what can I do?

Thanks again for any advise?
 
ask him for his verified trading results proof, and if he does not send it, make some BS excuse or ignore your request then he would be a scammer for sure

This is also the case with ALL forex product sellers
 
I really appreciate your feedback! Thank you so much, I'm also thankful for more.

I still don't know exactly what do to do to persuade my family member to understand that this indeed is a scam/fraud/con-artist.

I'm just speculating here but I think that Mr Richard Swanell has probably already told his victims that he himself has problems with the justice and lawsuits. His software and technique is so damn good and can make so much profit that the software is dangerous for established brokers, stock-exchanges and maybe perhaps even governments that "they" do anything to stop him from making you - the paying customer (victim) a victim.

Does anyone have any suggestions on how I can proceed? Can I call the police ask them to stop this scam before it's to late or what can I do?

Thanks again for any advise?

Show him the court documents (2 from the US and one from Australia) where his fines total about $150,000. If your family member still doesnt think he is a scam and wants to believe that the 'government' and the 'stock exchanges' are out to get Swannell because he knows the 'forex secrets' then clearly he is too far gone for help and probably needs to learn this lesson the hard and expensive way. In other words if he cant see this is a scam with the proof listed here then he's going to lose his money on this or some other scam sooner or later.

The police are not going to get involved I would guess, you could call the venue and complain to them that they are hosting an event that will involve people being scammed but they probably care more about the money. Apart from that maybe the press would be interested but seeing as how its in the next day or so its a bit late to take any action.
 
Is there someone on this forum that do believe in this product or in Richard Swanell? If you do, I would appreciate your feedback as well. If you have less than 30 posts on this forum - please don't bother.
 
Is there someone on this forum that do believe in this product or in Richard Swanell? If you do, I would appreciate your feedback as well. If you have less than 30 posts on this forum - please don't bother.

I have been following the forums here but not posting.

You need to make your own judgement on whether or not to support Mr Swannell. However, I think it's always best to approach anything in life with a fair amount of skepticism.

Consider that the justice system is not perfect. Sometimes innocent people are unfairly accused and prosecuted. On the other side of that coin, sometimes criminals plea at a lower charge to avoid a drawn-out trial. But, chances are, if you are in the criminal system, there's a pretty good chance that you deserve to be there.

I will add some thoughts about Elliott Wave's in general.

In order for Elliott Waves to work, there must an underlying natural law to govern it. I understand why Fibonacci's occur in flowers, shells, rabbits, and bees. I don't understand why it would appear in the stock market.

Since Ralph Elliott introduced the concept in the 1930s the market has changed dramatically. No more "open cry" trading pits, decimal vs 1/8th increments, black-box automated trading, dark pools, complex derivatives, leveraged and inverse ETFs, etc. - all of these change the nature of the markets.

What I have seen is that Elliot Wave Practitioners are remarkable at showing historical charts and explaining how the patterns are clear. However, where they fall short is in predicting the future.

You can spend thousands of dollars for software and services to show you these patterns. One of the most famous people in this area is Robert Prechter. He's probably the preeminent expert on the Elliott Waves. But, you should check his record. CXOAdvisory.com tracks "gurus."

Prechter has a 23% accuracy.

That is the worst of all the gurus on the list. But, that doesn't seem to effect the commitment of his followers - who border of fanatical. They explain "the prediction was just too early." (I can argue that almost any prediction will come true, given enough time.)

These facts that don't stop the fervent hordes from defending the principals and attacking those who question them. It's almost like a religion.

Now with that said, I believe that you can look at a chart and say things like:

  • "that looks like a normal pull back"
  • "that looks like a normal rise to a level of resistance"
  • "if it breaks support here, it will probably fall to there."

Those rational levels of support and resistance do tend to correlate with Fibonacci numbers. So, there's probably something there. I just don't believe that it's a science. (Honestly, I think it's closer to astrology.)

Living in Chicago, I meet lots of professional traders - specialist, market markers, prop desk traders, etc. I always ask if they use Fibs. I usually get the same answer - something like: "I don't use them, but I know some people do. So, I look at them for potential reversals."

Another huge gap in EW theory is that that there is no consideration for volatility - historical or implied. This is because the capability to measure and calculate these things did not exist in the 1930s.

Now, this is just my opinion and I am sure there are others who disagree. You need to make the decision yourself.

"If it seems too good to be true, it probably is."
"Seek those who seek the truth; run from those who have found it."
"If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck."

Eric
 
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I understand why Fibonacci's occur in flowers, shells, rabbits, and bees. I don't understand why it would appear in the stock market.

There's quite a lot of statistical evidence to debunk that particular misconception. Loads of things in nature such as flowers, tree's shells certainly dont conform to these ratio's (although some do approximately, but not with any degree of statistical certainty).

http://www.lhup.edu/~dsimanek/pseudo/fibonacc.htm is a good starting point as any

I suppose it could be argued that these ratios are more likely to occur in market due to a self fulfilling prophesy.

Prechter has a 23% accuracy.

That's certainly a close enough match to to 23.6 for most fib fans :LOL:
 
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