How Can I Distinguish Between Scams and Reputable Vendors?

This is a discussion on How Can I Distinguish Between Scams and Reputable Vendors? within the New to Trade2Win forums, part of the Reception category; Originally Posted by JamesHardiman9 I think that I may have been bitten by a "legal scam", and am trying to ...

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Old Dec 2, 2012, 3:56pm   #16
 
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Re: How Can I Distinguish Between Scams and Reputable Vendors?

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Originally Posted by JamesHardiman9 View Post
I think that I may have been bitten by a "legal scam", and am trying to find more information.

The system is called "SignalBot" is run by a guy called Gerry (Gerard Lannen) out of an office in Stevenage. Signal Bot - web based, system trader tool It appears to be exactly similar to Goldline Trading System Goldline Trading Systems.

It may be that SignalBot is a good thing, and I have just been unlucky (I have been using their system for three weeks, just "paper trading" with a demo account, and with a £2000 pot am down about £650). On the other hand, I may have been stupid (this is seeming more and more likely as time goes on).

I would like to make contact with anyone who has used either of these systems so that I can judge when it is time to suggest to Gerry that he might like to refund my fee.

If I find out anything of potential interest to members here, I will post it in due course.

James
This caught my interest purely because I'm familiar with Stevenage and my lunch time walk often takes me past the address where Goldline Trading Systems is based (Floor 2 Southgate House. St Georges Way, Stevenage. Herts. SG1 1HG). I never realised Stevenage was a financial hub of success . The picture from google maps shows the building which they occupy and for several years the building has had the sign saying offices to let.

Of course, if their automated trading system actually worked they wouldn't be selling the service to the public.

Click the image to open in full size.
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Old Dec 2, 2012, 4:12pm   #17
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Re: How Can I Distinguish Between Scams and Reputable Vendors?

If this was easy, there would be no Madoffs ! Even the Priests were recommending him not because they were part of it but because M had first "seduced" them into believing him ! But a first step should be to ask for details of finances and backgrounds of Management personnel. It is more about reading between lines and listening to what is "not being stated". And Pray to God to save youself from on-ground Sharks !
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Old Jul 27, 2013, 6:12pm   #18
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Re: How Can I Distinguish Between Scams and Reputable Vendors?

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Originally Posted by mtt View Post
To distinguish between scams and reputable vendors read investimonials.com.
If you think that investimonials.com is not manipulated by shills, you are one heck of an optimist.

There is only one way to do your DD and that is by using your own brain and general principles of critical thinking. There is no substitute for that.

Look for the results. No results means that you can move on. If there are some, start investigating in earnest. That should save you a lot of time and money.
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Old Jul 27, 2013, 10:10pm   #19
 
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Re: How Can I Distinguish Between Scams and Reputable Vendors?

If it sounds too good to be true, it is. I have even fooled myself and wasted time pursuing many things that are too perfect. Trust only yourself, have faith in others. Don't let your faith be your eyes; keep them in your head.

Cheers
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Old Jul 31, 2013, 10:26am   #20
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Re: How Can I Distinguish Between Scams and Reputable Vendors?

Choosing to always trade in the regulated broker with a well reputed government agencies like that of in US, UK and Australia would be the best thing to do for the traders.
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Old Jul 31, 2013, 11:37am   #21
 
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Re: How Can I Distinguish Between Scams and Reputable Vendors?

"..... The powers that be don’t like serious fraud, evidenced by the fact that Bernie Madoff is currently serving a 150 year jail term at the Metropolitan Correctional Center, New York. ....."

With good behaviour, he'll be out in 110.
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Old Jul 31, 2013, 12:44pm   #22
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Re: How Can I Distinguish Between Scams and Reputable Vendors?

Devils advocate for once........

so supposing a moderately half decent system (c'mon they exist) just has a bad run in the markets due to the whipsaw nature of that period

would that entitle someone to SCAM the Author ?.........

N
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Old Jul 31, 2013, 12:45pm   #23
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Re: How Can I Distinguish Between Scams and Reputable Vendors?

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Originally Posted by numbertea View Post
If it sounds too good to be true, it is. I have even fooled myself and wasted time pursuing many things that are too perfect. Trust only yourself, have faith in others. Don't let your faith be your eyes; keep them in your head.

Cheers
yep - we've all been there and sometimes I have paid the price to peek and see what the scam was ..............as many are truly beautiful and professional in their own way ........

N
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Old Nov 14, 2013, 3:40pm   #24
 
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Beware snake oil.

There are thousands of websites and companies offering trading systems with seemingly fantastic profit opportunities. None of these are real. For two reasons:

1). If you discovered how to make geese lay golden eggs, would you really tell anyone?

2). The market is, in mathematical terms, a Complex Adaptive System (CAS) (see Wiki) which means that if anyone starts making excessive profits then the market will adapt. In a nutshell, if you find that buying IBM at the open consistently makes profit, then before long the people from whom you bought the shares will stop selling them to you because they consistently make a loss.
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Old Aug 9, 2015, 3:44pm   #25
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Originally Posted by Tyger View Post
Beware snake oil.

There are thousands of websites and companies offering trading systems with seemingly fantastic profit opportunities. None of these are real. For two reasons:

1). If you discovered how to make geese lay golden eggs, would you really tell anyone?

2). The market is, in mathematical terms, a Complex Adaptive System (CAS) (see Wiki) which means that if anyone starts making excessive profits then the market will adapt. In a nutshell, if you find that buying IBM at the open consistently makes profit, then before long the people from whom you bought the shares will stop selling them to you because they consistently make a loss.
Genius!
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Old Sep 8, 2018, 2:51am   #26
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Research on the internet will help you to find the scam and a really good person. It is a little long process but that is the easy way to find.
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Old Sep 8, 2018, 7:19am   #27
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Quote:
Originally Posted by Tyger View Post
Beware snake oil.

There are thousands of websites and companies offering trading systems with seemingly fantastic profit opportunities. None of these are real. For two reasons:

1). If you discovered how to make geese lay golden eggs, would you really tell anyone?

2). The market is, in mathematical terms, a Complex Adaptive System (CAS) (see Wiki) which means that if anyone starts making excessive profits then the market will adapt. In a nutshell, if you find that buying IBM at the open consistently makes profit, then before long the people from whom you bought the shares will stop selling them to you because they consistently make a loss.
welcome to trading ....
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Old Sep 17, 2018, 8:17am   #28
 
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Quote:
Originally Posted by Tyger View Post
Beware snake oil.

There are thousands of websites and companies offering trading systems with seemingly fantastic profit opportunities. None of these are real. For two reasons:

1). If you discovered how to make geese lay golden eggs, would you really tell anyone?

2). The market is, in mathematical terms, a Complex Adaptive System (CAS) (see Wiki) which means that if anyone starts making excessive profits then the market will adapt. In a nutshell, if you find that buying IBM at the open consistently makes profit, then before long the people from whom you bought the shares will stop selling them to you because they consistently make a loss.
Sad, but that's true
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Old Sep 17, 2018, 6:00pm   #29
 
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In a nutshell, if you find that buying IBM at the open consistently makes profit, then before long the people from whom you bought the shares will stop selling them to you because they consistently make a loss.
Don't know why this was pulled out after five years, but it is one of those generally-accepted axioms that turns out not to be true, though it may be occasionally true.

This statement assumes that everyone who sells is selling at a loss, while those who are selling may have ridden the trend quite well and profited handsomely and are now selling whatever it is so that they can buy what is only beginning to move rather than hang on to something that may be nearing the end of its run.

There are many reasons to sell at a profit, which is one reason why beginners have so much trouble understanding failed breakouts.

If one wants to know how to distinguish between a scammer and a reputable vendor, ask for his trading plan and evaluate it. If he doesn't have one, or he doesn't want to share it, then look elsewhere, if one must look outside oneself at all.

Db
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Old Yesterday, 9:00am   #30
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Originally Posted by dbphoenix View Post
If one wants to know how to distinguish between a scammer and a reputable vendor, ask for his trading plan and evaluate it. If he doesn't have one, or he doesn't want to share it, then look elsewhere, if one must look outside oneself at all.

Db
hey DB.....isnt that asking the vendor to reveal his/her plan for free ? ...they may offer a teaser ....but they will simply refuse to reveal all...
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