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Fat Prophets
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- ihatefatprophets
- 1.00 star(s)
Fat Prophets lost me tens of thousands!!
My single biggest regret of trying to build wealth is that I ever came across Fat Prophets. They are a disgraceful bunch of charlatans and following their advice has lost me tens of thousands of dollars.
1) Their listed funds have lost money and severely underperformed the market (FPC, FPP)
2) Following their share picks has been disastrous for my portfolio (TLS, MEA, QBE, BOQ, GXL)
3) Their signup fee is expensive, then they'll hassle you continually, trying to make you sign up to more expensive products.
Stay FAR, FAR AWAY!!!
My single biggest regret of trying to build wealth is that I ever came across Fat Prophets. They are a disgraceful bunch of charlatans and following their advice has lost me tens of thousands of dollars.
1) Their listed funds have lost money and severely underperformed the market (FPC, FPP)
2) Following their share picks has been disastrous for my portfolio (TLS, MEA, QBE, BOQ, GXL)
3) Their signup fee is expensive, then they'll hassle you continually, trying to make you sign up to more expensive products.
Stay FAR, FAR AWAY!!!
D
Incorrect benchmarking
I am currently reviewing a client portfolio.
Fat Profits have benchmarked their performance against the FTSE 350; I think it worth noting that they have chosen the index price rather than the total return of the FTSE 350 T, i.e. they have excluded the annual dividends, historically c3% per annum.
This is either a huge oversight or an attempt to deceive prospective customers!
I am currently reviewing a client portfolio.
Fat Profits have benchmarked their performance against the FTSE 350; I think it worth noting that they have chosen the index price rather than the total return of the FTSE 350 T, i.e. they have excluded the annual dividends, historically c3% per annum.
This is either a huge oversight or an attempt to deceive prospective customers!
- allantth
- 1.00 star(s)
AVOID AT ALL COSTS
Was persuaded by a pushy sales person to join their Platinum service in 2010. Now 30,000 out of pocket due to the fact that i was exclusively put into miners at the hight of the commodities rise with no advice to diversifyuntil it was too late. Allocated acc. manager was impossible at times to get on phone or email with excuse after excuse about loss of numbers or email addresses. Would not recomend their services to anyone.
Was persuaded by a pushy sales person to join their Platinum service in 2010. Now 30,000 out of pocket due to the fact that i was exclusively put into miners at the hight of the commodities rise with no advice to diversifyuntil it was too late. Allocated acc. manager was impossible at times to get on phone or email with excuse after excuse about loss of numbers or email addresses. Would not recomend their services to anyone.
- chrisusher
- 1.00 star(s)
These guys get very nasty when you try to leave. Even a written cancellation falls on deaf ears.
Joined Fat Profits in mid July 2014, requested refund and cancellation 3 weeks later. Could not log on, (That was my fault of course) was promised US reports but then they said you need to pay extra for that even though I had written confirmation that the US equities were included.
Still trying to get my money back. Problem is they do not have any qualms about taking your money and forgetting you exist. Its now up to the courts to determine. STAY WELL CLEAR
Joined Fat Profits in mid July 2014, requested refund and cancellation 3 weeks later. Could not log on, (That was my fault of course) was promised US reports but then they said you need to pay extra for that even though I had written confirmation that the US equities were included.
Still trying to get my money back. Problem is they do not have any qualms about taking your money and forgetting you exist. Its now up to the courts to determine. STAY WELL CLEAR
- Tony Cao
- 1.00 star(s)
Fat Cats
I signed up for a 2 year subscripton, only to get medicore returns. With the expensive pricing, cut into my margins.
The Weekly reports are hardly current when recieved. Where fat prophets have already positioned themselves in the market well before you.
When I decided to leave, they acted rude and arrogant, saying I was an idiot for going at it alone.
I am pleased with my own independent research thus far.
Advice: Avoid
I signed up for a 2 year subscripton, only to get medicore returns. With the expensive pricing, cut into my margins.
The Weekly reports are hardly current when recieved. Where fat prophets have already positioned themselves in the market well before you.
When I decided to leave, they acted rude and arrogant, saying I was an idiot for going at it alone.
I am pleased with my own independent research thus far.
Advice: Avoid
- SFRetiree
- 1.00 star(s)
Using every trick in the book
Building a database of 'users' for their own use in my opinion. Tried their 30 day trial process and I am now engaged with the financial ombudsman trying to get a refund. 17 contacts with Fat Prophets over an 11 week period and excuse after excuse after excuse. They certainly do not behave with financial integritry, so I would find it very hard to take their financial advice.
Building a database of 'users' for their own use in my opinion. Tried their 30 day trial process and I am now engaged with the financial ombudsman trying to get a refund. 17 contacts with Fat Prophets over an 11 week period and excuse after excuse after excuse. They certainly do not behave with financial integritry, so I would find it very hard to take their financial advice.
- sauerj
- 1.00 star(s)
Performance figures of their portfolios are Incorrect !!!
Had a membership for a while and they tried to convince me to extend as their portfolios is supposingly doing so well and customers too. When I challenged this we discussed some shares which were recommended some 2 years ago but never got a SELL recommendation. So these types of old BUYS have never be SOLD and still sit on HOLD are not included in their performance figures as they are "unrealised losses". When I challenged that view of publishing performance figures without this basket of shares potentially sitting on a big loss the guy told me that their services is bnot for me and hung up!!!
Had a membership for a while and they tried to convince me to extend as their portfolios is supposingly doing so well and customers too. When I challenged this we discussed some shares which were recommended some 2 years ago but never got a SELL recommendation. So these types of old BUYS have never be SOLD and still sit on HOLD are not included in their performance figures as they are "unrealised losses". When I challenged that view of publishing performance figures without this basket of shares potentially sitting on a big loss the guy told me that their services is bnot for me and hung up!!!
- aag100
- 1.00 star(s)
never subscribe to anything from anyone without due diligence.
what you have to understand is what they mean by fat prophets.
they mean fat profits for themselves from your subscriptions.
not that ive subscribed.and who on earth pays up for years in advance,you deservedley get screwed.welcome to the game and let it be your first lesson.
what you have to understand is what they mean by fat prophets.
they mean fat profits for themselves from your subscriptions.
not that ive subscribed.and who on earth pays up for years in advance,you deservedley get screwed.welcome to the game and let it be your first lesson.
- patong
- 1.00 star(s)
Who needs them anyway
Almost become a member 2004 or there abouts. They gave me 1 month free trial and even though we were in a huge bull market at the time their results were not good enough for me to sign up. Plus had a few mates sign up and all they did was loose money while I was creaming it...lol'
Watch SMN.au. Am long from .02.
Almost become a member 2004 or there abouts. They gave me 1 month free trial and even though we were in a huge bull market at the time their results were not good enough for me to sign up. Plus had a few mates sign up and all they did was loose money while I was creaming it...lol'
Watch SMN.au. Am long from .02.
- stevie21
- 1.00 star(s)
What a disaster
FTSE 100 up nearly over 15% , FTSE 250 up nearly 40% since I joined their Platinum - personalised service - you cant get better ?- I lost money. how is that even possible. Promissed the world cost the Earth - now with the Ombudsman. To add insult to injury I paid upfront for three years - cant even get a refund for over two years unused subsription . Avoid at all costs
The Ombudsman has now agreed they mis sold their product and gave me bad avice - guess what - they havent abided by the binding agreement - are they in that much trouble ????
FTSE 100 up nearly over 15% , FTSE 250 up nearly 40% since I joined their Platinum - personalised service - you cant get better ?- I lost money. how is that even possible. Promissed the world cost the Earth - now with the Ombudsman. To add insult to injury I paid upfront for three years - cant even get a refund for over two years unused subsription . Avoid at all costs
The Ombudsman has now agreed they mis sold their product and gave me bad avice - guess what - they havent abided by the binding agreement - are they in that much trouble ????
- thends
- 1.00 star(s)
Absolutely Terrible
I have been a member of the CFD Trading Report for a year, and the returns are shocking. I agree with the feedback of the majority of reviews here. They use market entry orders for commodities and FX mainly and have dropped and share equities ( last was around Nov / Dec 2012 ). SMS service is slow, you can never get in remotely close the recommended entry. They do no trade management except once the trade reach 1:1. Very poor!
I have been a member of the CFD Trading Report for a year, and the returns are shocking. I agree with the feedback of the majority of reviews here. They use market entry orders for commodities and FX mainly and have dropped and share equities ( last was around Nov / Dec 2012 ). SMS service is slow, you can never get in remotely close the recommended entry. They do no trade management except once the trade reach 1:1. Very poor!
- websie
- 1.00 star(s)
Terrible Performance
I joined them in September 2012, since then I stopped live trading with them after 3 weeks as it became clear that there were more losers than winners, it is not safe to do anything other than paper trade. The recommendations have a very poor ratio, usually 1:1 but because they move their take profits in most cases, that ratio becomes null and void. They let the losing trades go to stop and close winners early. Some trades are little more than scalping, in 1 case a mere 22 pips. By the time the trade is signalled there is often little chance of getting in at the recommended price. They do not trade at all on Mondays but often send a trade late on a Friday meaning you have to hold it over the weekend increasing your chance of losing the trade due to gapping. They do not even trade with the company's real money, which to me says if the company doesn't trust their own traders why should you. The trades posted do not tell the real story, sure they look like winners but they are winners because they move the target, if they left the trades to run to TP there would be more losers. "Fat Prophets is unique for our dedication to transparency and accountability. Every closed trade recommendation that Fat Prophets has ever made is available for you to review. Whether we have won or lost, "
The reports on the website do not state the real picture, ie they do not state when the original take profit price was set therefore one cannot see the true picture of how many times trades were either cancelled or the take profit moved. If you ask for a refund you will be kept waiting for the statutory 8 weeks and get fobbed off time and time again, you will be extremely lucky to get a refund. My advice is save your money, start with Babypips and go learn how to trade yourself. Never follow blindly another person's recommendations
I joined them in September 2012, since then I stopped live trading with them after 3 weeks as it became clear that there were more losers than winners, it is not safe to do anything other than paper trade. The recommendations have a very poor ratio, usually 1:1 but because they move their take profits in most cases, that ratio becomes null and void. They let the losing trades go to stop and close winners early. Some trades are little more than scalping, in 1 case a mere 22 pips. By the time the trade is signalled there is often little chance of getting in at the recommended price. They do not trade at all on Mondays but often send a trade late on a Friday meaning you have to hold it over the weekend increasing your chance of losing the trade due to gapping. They do not even trade with the company's real money, which to me says if the company doesn't trust their own traders why should you. The trades posted do not tell the real story, sure they look like winners but they are winners because they move the target, if they left the trades to run to TP there would be more losers. "Fat Prophets is unique for our dedication to transparency and accountability. Every closed trade recommendation that Fat Prophets has ever made is available for you to review. Whether we have won or lost, "
The reports on the website do not state the real picture, ie they do not state when the original take profit price was set therefore one cannot see the true picture of how many times trades were either cancelled or the take profit moved. If you ask for a refund you will be kept waiting for the statutory 8 weeks and get fobbed off time and time again, you will be extremely lucky to get a refund. My advice is save your money, start with Babypips and go learn how to trade yourself. Never follow blindly another person's recommendations
- madbrad
- 1.00 star(s)
Really Disappointed
I lost money with these guys for almost a year and thought it was just the market. I was given an opportunity to run the report side by side with another report and the truth was revealed. They are useless.
Just like Joseph below, I saw Fat Prophets declare wins when there was a loss and pretend losses never happened. I emailed a number of times to ask about recommendations that had suddenly disappeared and received no reply.
They also shared my personal details with other investment companies.
I lost money with these guys for almost a year and thought it was just the market. I was given an opportunity to run the report side by side with another report and the truth was revealed. They are useless.
Just like Joseph below, I saw Fat Prophets declare wins when there was a loss and pretend losses never happened. I emailed a number of times to ask about recommendations that had suddenly disappeared and received no reply.
They also shared my personal details with other investment companies.
- GrandSupercycle
- 1.00 star(s)
Learn T/A !
Learn T/A folks.
Since the GFC, fundamental analysis has been exposed as rather flawed.
Learn T/A folks.
Since the GFC, fundamental analysis has been exposed as rather flawed.
- Joseph Bonello
- 1.00 star(s)
Summing up - loses
I have been a member for a 11 months. The overall result is a loss! Risk to loss ratio is most of the time 1:1. More over some trades were not realistic. On some occasion I used entry stop and target on IGindex. Mine was closed at a loss (stop loss) while Fatprophets claimed a win! Now for the last 3 months or so they stoped issuing recommended trades on Monday. I wrote an email asking about it and never even got a reply.
So so not waste your money1
I have been a member for a 11 months. The overall result is a loss! Risk to loss ratio is most of the time 1:1. More over some trades were not realistic. On some occasion I used entry stop and target on IGindex. Mine was closed at a loss (stop loss) while Fatprophets claimed a win! Now for the last 3 months or so they stoped issuing recommended trades on Monday. I wrote an email asking about it and never even got a reply.
So so not waste your money1
- Rodin17
- 1.00 star(s)
No Profits
I subscribed for a 2 year membership 2009 - 2011 and was truly frustrated with the main service of interest for me: the CFD trading report.
I received all equity reports plus the trading report service in the package. The equity report service churns out mainly buy and hold recommendations every week which may be ok for some, but was of no interest to me and are certainly of no use in the current environment.
The CFD service is frankly shocking. Despite receiving text messages for the trade alerts, the market prices quoted in the messages are usually far too late to acheive the entry price - and more importantly, the risk to return ratio for these trades is always shockingly low at 1:1 or 1:2 at best. These ratios do not include trade spread and any slippage, so the published performance stats are always hugely overstated when compounded. Something that the so called experts have little concern about.
My advice is save your money, purchase a few of Schwager's Market Wizard books, and use your capital on shorting the hell out of the Euro on summit euphoria.
I subscribed for a 2 year membership 2009 - 2011 and was truly frustrated with the main service of interest for me: the CFD trading report.
I received all equity reports plus the trading report service in the package. The equity report service churns out mainly buy and hold recommendations every week which may be ok for some, but was of no interest to me and are certainly of no use in the current environment.
The CFD service is frankly shocking. Despite receiving text messages for the trade alerts, the market prices quoted in the messages are usually far too late to acheive the entry price - and more importantly, the risk to return ratio for these trades is always shockingly low at 1:1 or 1:2 at best. These ratios do not include trade spread and any slippage, so the published performance stats are always hugely overstated when compounded. Something that the so called experts have little concern about.
My advice is save your money, purchase a few of Schwager's Market Wizard books, and use your capital on shorting the hell out of the Euro on summit euphoria.