Mike Baghdady - should I take a course or not?

[alphadude]

Out of interest, why is it billed as "Trade Live" ("Join Mike Baghdady as he trades the SpyGlass live money account on the New York session" etc etc)?

Could it be that FX Street is full of sh1t as well? There don't appear to be any trades called live, far less any actually entered live. So why do they bill it as a live trading event?

This whole episode is really staring to shake my faith in charlatans that can't trade and who flog utter sh1te to gullible idiots for staggering sums of money.

I have watched at least 4 webinars last year for MB and not a single live trade happened during the webinar. I have long asked this question; and watch many webinars in desperate search for the truth; and none to be found.

One other thing; I have watched at least 50 webinars for various trainers in FXStreet; some of them are decent educators; and claim to be educators and traders for several years. However; NOT A SINGLE LIVE TRADE that I have seen.

so I gave up after a while. If anyone can prove me wrong about FXStreet webinars; please do so; i am still interested in the truth.

 

[the hare]

So why do they bill it as a live trading event?

Possibly for very similar reasons that Mr B claims to be world trading champion.

 

[pboyles]

What does Mahmoud call this indicator? The dotted line that follows price, the one that is not available elsewhere and in fact isn't an indicator at all.


http://forex-indicators.net/files/indicators/psar1.png

 

[pipsplease]

What does Mahmoud call this indicator? The dotted line that follows price, the one that not available elsewhere.

parabolic sar - Google Search

Market side. Its supposed to indicate momentum.

 

[Digbyarbuthnot]

What does Mahmoud call this indicator? The dotted line that follows price, the one that is not available elsewhere and in fact isn't an indicator at all.


http://forex-indicators.net/files/indicators/psar1.png

Baghdady will probably claim to be the world's foremost expert in Parabolic SAR too

 

[emelen73]

Baghdady will probably claim to be the world's foremost expert in Parabolic SAR too

If he does, we know he's talking Parabollox!!

 

[merkozy]

Can I just clarify, is this 5 grand one-off, or is it 5 grand annually for use of the software?

5k one off

 

[merkozy]

With regard to the TT software and its cost - I'm not sure what the issue is here? Perhaps I've overlooked something, but it strikes me that there are two possibilities here:
1. The software does a great deal more than has been indicated thus far, and these - as yet unknown features - account for its cost. Or . . .
2. It is pretty much as has been described and is mind numbingly expensive compared to other software that will do the same (or similar) thing for a fraction of the cost.

If the first scenario applies - then fair play to TT. If the second scenario applies, then double fair play to TT - so long as they didn't make their sales of the software by making false claims about its effectiveness, or saying it will do something it can't do etc. Obtaining money by deception is illegal, obviously, and completely unacceptable. But, as far as I know, there's no suggestion of that.

The bottom line is that while there appear to be a number of questions surrounding Mike B' and his colleagues regarding their trading skills, if scenario 2 is correct, there can be no such questions regarding their spectacular sales skills. Sales in this business is largely about perception. If someone thinks that by paying X $1000s they'll have an edge that they won't get from a free product or service that does the same thing - then they'll gladly pay it.
Tim.

i agree with what you saying tim but the software was a fraction of what you were told you would get with tt when you signed up

 

[merkozy]

What does Mahmoud call this indicator? The dotted line that follows price, the one that is not available elsewhere and in fact isn't an indicator at all.


http://forex-indicators.net/files/indicators/psar1.png

marketside

 

[pboyles]

Market side. Its supposed to indicate momentum.

Ok well for the record it's a free indicator called Parabolic SAR and it is available elsewhere, for free. I'm sure we can work through the rest of them too.

 

[counter_violent]

There are allegations that the product is time locked, requiring the re installation every few months. If this is true and training traders goes into liquidation, then concievably, there may be punters who paid 5K for a product that stops working after a couple of months.

Lets be realistic, software doesnt last a lifetime, there are factors well outside of the control of the developer that may result in problems running the software in future (changes in operating sytems etc). At the other end of the scale its rather ridiculous if software only runs for 2 months.

Perhaps Mr Baghdady will allow whoever developed the software to continue to provide ongoing support, or maybe he'll be a complete **** and hinder the process. That remains to be seen.

If that is the case, then I would say that the cost of the software is central to the other allegations.

It's probably worth mentioning at this point that if clients are unhappy with the training or the software etc, and if they purchased via credit card, they may be able to reclaim these monies from the card issuer, provided they can make a case for a refund. The timescale for such a claim is 6 years I believe.

 

[pboyles]

It's probably worth mentioning at this point that if clients are unhappy with the training or the software etc, and if they purchased via credit card, they may be able to reclaim these monies from the card issuer, provided they can make a case for a refund. The timescale for such a claim is 6 years I believe.

Good point, if we can identify those other indicators coupled with the proof of claims of uniqueness (which we already have) then I'm sure people will be able to make a very good arguement for refunds.

You see what happens when you threaten people with legal action Mahmoud? It always comes back to haunt you.

 

[pboyles]

Better yet can they knock it up on ninja trader?

Its probably a standard indicator on most platforms.

 

[pboyles]

Attached are screen shots of the claims made about the software. I've also downloaded the video but it's too big to post. The main point is he's claiming it's unique and is not based on traditional indicators. Of course it's utter nonsense. Its a parabolic SAR and Heiken Ashi candles.

 

[the hare]

Its probably a standard indicator on most platforms.

It doesnt quite look like a standard PSAR to me (although he may have changed the acceleration settings). What we ideally need is someone who has mike's indicators to compare the two side by side, which they may be reluctant to do.

Although the credit card company will probably allow a chargeback at the drop of a hat, Its going to be tough getting refunds if the company has ceased trading.

 

[pboyles]

Better yet can they knock it up on ninja trader?

I just had my large IT department work on it overnight, they have created one for MT4, that'll be 5 grand please. It's totally unique and not available ANYWHERE else. I am only making 89 copies available because if everyone gets rich it will ruin the world order. If you're interested in an affiliate scheme to sell the remaining 88 copies just let me know.

 

[pboyles]

It doesnt quite look like a standard PSAR to me (although he may have changed the acceleration settings). What we ideally need is someone who has mike's indicators to compare the two side by side, which they may be reluctant to do.

Although the credit card company will probably allow a chargeback at the drop of a hat, Its going to be tough getting refunds if the company has ceased trading.

Yes and of course there is already a first gazette for them. Is there any insurance cover in such circumstances?

 

[pboyles]

It doesnt quite look like a standard PSAR to me (although he may have changed the acceleration settings).

I'll have my large IT department look into it.

 

[the hare]

Yes and of course there is already a first gazette for them. Is there any insurance cover in such circumstances?

An avelance of chargebacks at 5K a pop might just be enough to tip them over the edge. If anyone's thinking about doing that, then make sure you are the first in the queue !

Credit card processors are generally quite astute at identifying risk, and its not uncommon for them to withold payment for up to 180 days, particularly for businesses with a history of refunds and chargebacks. I have a few aquaintances in the "trading vendor business", and they tell me that their card processors tend to categorise them as high risk, and similar to online gaming companies. If thats the case then money will definately be held back !

I would also say that in my experience, its quite common for companies who are involved in "high risk" activities to be less than honest with their card processing companies, often claiming that the payment is for a "lower risk" product or service. So anyone thinking about a charge back might be well advised to complain about the deficiencies in a product that was supplied that allows them to "MAKE GUARENTEED RETURNS GAMBLING ON THE STOCK MARKET !" Mr B kind of trips himself up with his repeated claim of a 70% win rate.

IIRC visa and mastercard will typically allow chargebacks up to 120 days after purchase practically without any questions asked and up to 180 days if the punter can give a reasonable explanation of why a chargeback is appropriate. Its possible there might be a few hundred thousand being held back to cover those sorts of eventualities

Its gets a bit more complex if the company offers any sort of guarentee, because the 180 day chargeback period starts when the guarentee ends ! Its therefore possible that if someones been promised a lifetime licence which is periodically renewed, technically at the point where that licence cannot be renewed, a chargeback can still be claimed

If Mr B has any sort of previous experience, then its likely that he'd avoid credit card payments like the plague because its far to easy for the punter to get a refund.

Did we ever get an answer regarding the turtles ? are they still trading ?

 

[pboyles]

Did we ever get an answer regarding the turtles ? are they still trading ?

They've stopped as far as we know, JMPower said so a week or two back. He claimed to be a Turtle and there is a JM Power on the LLP document at CH. That assumes he wasn't an imposter, though I have no reason to believe he was.