MTI/Next Step Financial Holdings a scam???

MOVIE

Newbie
1 0
I've been hearing a lot about a company called Next Step Financial Holdings calling on behalf of Market Traders Institute. Usually get a lot of phone calls and emails inviting me to a Free webinar presentation or advertisements making some incredible claims like making $228,000 in 20 minutes??? Anyone hear of these guys? Are they for real?
 

Cheetah_

Newbie
2 0
I've been hearing a lot about a company called Next Step Financial Holdings calling on behalf of Market Traders Institute. Usually get a lot of phone calls and emails inviting me to a Free webinar presentation or advertisements making some incredible claims like making $228,000 in 20 minutes??? Anyone hear of these guys? Are they for real?

I bought into the system, or lets say with the 60 day money back guarantee with conditions. The conditions are fair and I will meet each condition required by them and give the system a fair shake before I make my decision on day 50 which is late May 2013. They really push the money-back guarantee in their sales pitch, but you don't realize there are conditions until you are ready to sign.

The company is basically built on teaching ABCD wave patterns using Fibs. There is a huge (way over the top) marketing machine built into everything, and I mean everything they do. They are constantly attempting to up-sell amazing "get rich quick systems" with 40% off the price sign now beyond super tacky and what I would call late 1970s used car/aluminum salesman type tactics.

I am a professional enterprise level sales consultant and I am blown away by what they do in terms their tacky sales and marketing machine. The always say they have 200 people on their webinars and calls, so it must be an amazing percentages game they play. My guess is this is a huge cash machine; not the systems but the sales part. It really bums me out and over-shadows everything else I am trying to do.

They seem to have this evangelical religious aspect to their high-pressured do it now you owe it to yourself to give us your money and we will sprinkle you with holy water aspect to it all. I just sit in amazement. I fell for this I have to admit but it did not take long for me to suddenly see the reality of the situation. I now only hope that what I bought may be of some value once I have a chance to put it to the test ... if I can work out what I am going to put to the test.

They overload the wanna-be trader with a huge amount of information in what they call the Ultimate Traders Package. It is all basic academic ABCD, market price action, pattern and momentum trading stuff. Academic is a code word for "you can find all this stuff for free on the web, thank Google for that ..."

Without being overly negative, but just trying to share my personal and judgmental observations, their materials delivered a ratio of 3:1 in terms of time:content/value. In other words it takes about 3 hours to get 1 hour worth of material done. Now again, this is my opinion. I have trained about 3,000 technology enterprise professionals on business and financial acumen skills etc. so I am familiar with the BS factor vs the value delivered; they are not.

They require and track through testing that you do all this extra nonsense (buried in there is basic good academic stuff)..but stuff I as an experienced traders already became familiar with. The key for me is that I want to be eligible for the refund if this turns out to be jack-poop or whatever so it is required I do all their jump through the hoops stuff. Again, the key word is that it is mostly "academic".

It is really overkill and I believe they believe the more there is, or the more weight there is..the more value that will be perceived. Well, again, that is indicative of a pre-technology or better said, pre-digital world where we process faster and like to get to the point. (I noticed alot of their materials for sale here in this forum).

After you complete 6 modules (it takes forever) they let you download their "systems" that assist your trading. I also noted that their included trading charting software is like working with 1980s technology. It is clunky, slow, buggy, nasty stuff. They like it, I don't. It does not come close to Ninja Trader or Trade Station or eSignal etc.

I (personally) have not seen anything that old and clunky in years. I think Terra Nova was the last I had seen of this type of charting software. It has everything anybody could want and all their systems work on it; but I just do not like it. I am going to use Ninja Trader and of course Meta Trader 4 is easy and available. Again, technology and platforms is personal and my opinion is limited to me and me alone; there I could be entirely wrong and that is just the way it is.

Their systems only run on their 1979 Chevy..so to speak..so got to have it if the systems turn out worthwhile. They over-pitched the auto-system in the initial sales pitch but it is pretty much buried and rarely mentioned for the most part. There is one called Turbo-Trader and I will set it up and try it this weekend. There is only so much time and I am also trading the ES Futures big-time; so I have to squeeze this all in.

They gave me an "personal account representative" that called me once. He never returned emails, did not help with a problem over the weekend (he does not check email) though my friend had his system problem fixed that same weekend by the owners grandson who happens to work there as an account rep. The FX Chief is what they call the owner and his entire family plus extended family apparently work, run and operate the business from Florida. He does webinars but is totally a throw-back to 1970 with politically and socially incorrect jokes and statements thrown into Evangelical and wildly over the top stuff that I couldn't even come close to capturing in this post. This man is rich and not on trading I can assure you it is on selling the "guru" thing. I will just put a "LOL" here and end this sentence.

I told the account representative that I did not appreciate the lack of communication or help. He was pretty defensive and irritable. We have parted ways and I have been assigned somebody else. They have not contacted me at all. I am not sure what their job is. I could not get any straight information from the one I had in terms of background, skills or value. He just seemed to be irritated that he had to talk to me for a few minutes.

I must say there is one guy who works in the technology help desk that has personally worked with me as if I was shopping at Nordstroms; I am impressed but also bummed that most of it is because their charting platform is just sort of buggy.

The ABCD system is constantly demonstrated in their Analyst on Demand service. It is cool in terms of technology and demonstration. They are almost 90% focused on seriously high-time frame swing trading using these ABCD rules. They quickly do ABCDs across several time frames, fill their charts with FIBs really fast and point to where the D extension should be or go. It can be hard to follow and best taped using Snag It or Screenflow for later replay and anlaysis. The analyst are very good at what they do and they don't sell, so it is a nice island to visit in a sea of over-hyped constant pitching. There is a lot of time spent just BSing and dealing with typical chat off the subject and valueless chatter.

They do novice hours as well and I have gotten value there in terms of the ABCD system and learning what is important, if that is going to be my path to riches, fulfillment and endless opportunities to buy new systems and products that have come directly from the FX Chief himself just for me .

You really better be an ABCD trader or else you are off the island. I am not sure what to make of this service yet and how best to turn it into ongoing value for the time required. There is no agenda, it just runs as a "broadcast" for example there is FX Showtime and FX Jazz...and they do shows. They cover whatever comes up in the chat box and that can vary. Its pretty scattered and again not consistent in terms of following trades and determining success or failure consistently. They send out alerts as well. I am not sure again how timely or great they are and considering there are 12 pairs to keep up with and a multitude of time frames to run ABCDs upon and than the actual finding the candlestick pattern that "screams" trigger the trade... It like drinking from a fire hose sometimes. Overkill. Remember, they wait days (weeks) and live with hundred pip swings before a "D" either becomes real within 10 pips of the target...or sadly ... not. That is probably a deal killer for me..but I have to give it a chance.

I am a scalper for the most part and maybe I can learn some swing skills, not sure yet. I have the scalper package as well and I regret buying that. Its just a bunch of moving averages and basic flag/pattern based entries using candlesticks. They don't seem to really support this or get into it much. A video and webinars are provided once a month. I don't know about it; at this point I think it may be more money flushed down the FX toilet. I will update later on that.

Enough for now. The jury for me is way out there as I have a month to work on this. I broke my ankle in a motorcycle accident in Viet Nam on an adventure ride and I have 12 weeks sitting in front of the machine to trade futures and learn FX. I will see. I hope so badly that these 1980s guys with their clunky software charting package and hyper-jazzed cheap and obnoxious marketing and sales pitch machine turn out to deliver just a few basic, clean well executed trading strategies that I can adopt and make my own. So far..it looks very refundish for me?

Hey..I apologize right now for grammar, spelling and other errors in this post and there are lots. As an accountant, we did not learn English very well. Also, I understand this is my personal opinion so it can be wrong, it can be narrow and certainly differ from anybody else s personal experience. This is mine. And that is that.

Hope this helps in terms of the original question. I bought it and it is real. ::confused:
 

pboyles

Legendary member
8,072 1,302
You'll never get a cent back from these guys. The best thing you can do is not trade it with real money, you don't want to add to your losses.
 

Lightning McQueen

Moderator
4,916 780
He is or was a defendant in the following court case along with the Ponzi operator. As yet I can't find the outcome of this.

http://www.olintja.com/docs/lawsuits/SeanBelcher-etal-JaredMartinez-8-17-09.doc

there doesn't seem much out there on the outcome at all.

david smith of olint apparently was found guilty in 2011 and sentenced to 30 years. no mention found yet of any other defendants fate.

David Smith of OLINT fame today was sentenced to 30 years in prison. He was sentenced after being found guilty on 23 counts of wire fraud, conspiracy to commit money laundering and money laundering. David Smith was previously sentenced to six and half years in the Turks on Caicos in 2010. David Smith ran OLINT as a foreign exchange (FX) outfit that promised persons high returns that averaged 10% per month. In reality OLINT was a massive Ponzi that managed to rake in reportedly over US$220 million from over 6000 investors.

Olint Ponzi’s Boss David Smith gets 30 years | Real Investments For Life
 

Cheetah_

Newbie
2 0
Yes, well this next 30 days will put it to the test... I certainly will report the outcome good, bad or indifferent. My guess is they dont refund....but that fact is yet to be tested by this trader.
 

Lightning McQueen

Moderator
4,916 780
Yes, well this next 30 days will put it to the test... I certainly will report the outcome good, bad or indifferent. My guess is they dont refund....but that fact is yet to be tested by this trader.

if a few hundred spent then not so much to worry about. different story if a few thousand.

how much money have you put at risk to follow their training?


oh! just looked at your profile Cheetah_ and i'll take a guess that you've spent in the thou on this, yes? i wish you well and good luck, do please report back.

I spent well over $50k on various and in the rear-view mirror wasted programs and gurus
 
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Deba

Newbie
2 0
I have recently been on a MTI webinar, and been chased by one for their telesales guys, trying to get me on to a program for $6,995! and by via instalment plan. Very slick presentations smooth talking marketeers. I think I'll give this a wide birth, maybe stick closer to home Vince Stanzione's course is only £197 maybe I'll start there instead.
 

pboyles

Legendary member
8,072 1,302
I have recently been on a MTI webinar, and been chased by one for their telesales guys, trying to get me on to a program for $6,995! and by via instalment plan. Very slick presentations smooth talking marketeers. I think I'll give this a wide birth, maybe stick closer to home Vince Stanzione's course is only £197 maybe I'll start there instead.

Forget about all these clowns, Vince is no better, he just charges less.
 

ratu

Newbie
1 0
their tele-marketing guys are relentless!They're tracking you thru infusionsoft.
1st the webinar,next the hi priced product,then the upsell!
Bottom line,you gotta know how to trade 1st.Otherwise it'll be an "expensive" exercise for you!!
 

Delta1One

Newbie
2 0
Hello guys,

I've just subscribed to the package yesterday...before reading all of this now...I understand that some of these guys were in trouble with US audit because running Forex broker business without respecting all the laws & regulations...well....

The deal I have with them for now is worth $6,995.00....as follows:
$1,000.04 upfront + 12 monthly payments $499.58....damn it....:-((
And after that it costs 199$ per month to keep the software (data feed for the analysis)

This for their "Ultimate Traders Package on Demand (UTPOD)" with the automated trading systems. I was only looking for a real course about automated trading systems in order to let the tool run while I'm not in front of my computer to make some extra bucks during the day, with low risk level, low lot sie. Then when I'm in, seating in front of my screens, turn it on with a bit more loaded lots, increasing size, and scalp gains.

My first hopes are just to catch at least enough pips to pay back this stuff on the long run. It will also be my very first experience with automated trading package.

I've decided to give the guys their chance on this part, so selling of this automation pack. I'll keep you updated of the outcome.

My target is to use the automated trading system on my MT4 trading station. If I cannot link the stuff to have automated trading orders flowing from my MT4 to my broker, then I'll ask for refund back.

My first target is at least to make the tool run and refund the investment. If at first testing I realise that it won't make it, I'll go for the refund.

I'll keep you posted asap I'll be able to run the tool.

On another hand, no scam (so far) filled on the below website: Ripoff Report | Market Trader Institute Complaint Review Lake Mary, Florida: 726886

Nothing for the subsidiary Next Step Financial Holdings on Ripoff Report | Scams, reviews, complaints, lawsuits and frauds. File a report, post your review. Consumers educating consumers.

Also, only 2 claims so far recorded below for them amounting $3,250 (and they say they have more than 25,000 clients, so maybe not that much in ratio claims/clients)
Next Step Financial Reviews | Scambook

There is another doc I'm currently checking with the SEC (I wrote an email to check if any correlation with the Next Step Financial Holdings I'm dealing with): http://www.sec.gov/litigation/complaints/2009/comp21085.pdf

Bottom line so far: the guys aren't really clear 100%, but I'm giving a chance to test the pack and will off course update. No big target, if the pack is at least only able to pay back the investment, then I'l quote as break even. If completely scam, then you'll hear as well, and the SEC will also off course.

If anyone is also in this, please kindly update here.

I'm putting some key words here below in order to facilitate searches and catch here anyone looking for info about them:

key words:
JACOB NATHANIEL MARTINEZ
Market Trader Institute
MTI
Next Step Financial Holdings
Next Step Financial - An authorized seller of Market Traders Institute's products.
Jared F. Martinez
Jacob Martinez

Let's be an efficient community here.
 
 
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