New Service - Opinions please

[johnr59]

Here is the proposition -
The promoter is asking for £2,500 up front as the fee. Here is his website www.scalper.web.officelive.com For this fee you get 1 months day to day telephone instruction for 1 hour, second month you get the instruction 3 times a week and on the
3rd month you get instruction once per month. The licence is for 1 year. You are guaranteed to recoup your investment within the first 12 months of the licence. Once you have made your £2,500 back you have to pay 10% of all winnings for the remainder fo the year and for 1 year after you have been released from the licence. You will also need a trading bank of minimum £1k to enable the company to shadow trade you. You will also need to provide the company with the equivalent of your trading bank, this is then offset against the 10% of there commission once you have got your initial fee back i.e. you pay them £2500 plus say £1000 trading bank, once you have recouped your £2500 and made profit of £10000, you will then be paying them 10% commission for the remainder of your licence and for 1 year after that.

Thanks
John

 

[foredog]

Load of old sh*t.

Ok i could see the £2500 "training fees" but if you're risking your own money and making your own trades why do you have to give them 10%!!!!

Stick that £1000 in a spreadbet account and trade 1% risk for a few weeks with a method you feel comfortable with. (try demo'ing a few methods first to find the one that suits you best.)

What exactly do you get out of the £3500 except for 35 hours of phone tutoring. I'll call you once a day for a month for £100 per hour.

 

[meanreversion]

Call me cynical, but what's to stop this chap from disappearing once he has your money? Unless you have a friend or know someone who's used this service, I'd steer well clear.

 

[meanreversion]

My goodness.. the website is awful... grammatical errors, spelling mistakes, punctuation issues, looks like it's written by a 10 year old. Are you sure you want to give them even a pound of your money?

 

[Martinghoul]

Run!!!! Don't walk, don't look back...

 

[Dubai]

Sounds and looks absolutely shocking.

 

[gamma]

Sounds like a very effecient service.

And I though my grammer was bad.

Good to know that there's always some one worse than you.

 

[foredog]

Sounds like a very effecient service.

And I though my grammer was bad.

Good to know that there's always some one worse than you.

Verry ammooozng grammer gammmmaaaa

 

[Hoggums]

Agree the grammar and spelling is absolutely terrible - looks like it was written by a 14 year old.

I do not believe in the authenticity of the statements either. There are no losses there at all. Simply unrealistic. They are also doing binary betting on the indices - hardly a sophisticated investment approach.

In fact on closer look they are only doing daily binary bets - ones that only last for a day - so how do you make a profit with their advice if you only talk to them once a month - you only trade 1 day a month?

Ask yourself if you lose money - doyou really think they are going to give you the 3.5K back? - probably not - they may give you 2.5K back as in their guarantee if you are lucky, but I bet there's a clause in there saying they can keep the rest of the "trading bank".

 

[D70]

Agree the grammar and spelling is absolutely terrible - looks like it was written by a 14 year old.

I do not believe in the authenticity of the statements either. There are no losses there at all. Simply unrealistic. They are also doing binary betting on the indices - hardly a sophisticated investment approach.

In fact on closer look they are only doing daily binary bets - ones that only last for a day - so how do you make a profit with their advice if you only talk to them once a month - you only trade 1 day a month?

Ask yourself if you lose money - doyou really think they are going to give you the 3.5K back? - probably not - they may give you 2.5K back as in their guarantee if you are lucky, but I bet there's a clause in there saying they can keep the rest of the "trading bank".

Hey Hoggums,
Just regarding your comment on binary betting on the indices.
I am posting more as a matter of interest than anything else.
You say it is hardly a sophisticated investment approach. You may be right but it is being used more and more these days. There are a few guys near me that love using binarys on fx. But they take on ones that are normally near the next roll date (or further) rather than the short term expiries. Gives them extra bang for their buck

 

[Hoggums]

I personally believe binaries are poor value for money. They are easy to understand but the expected return is limited and the buy/sell spread tends to be punitive. however I'm sure there are people making good money from them

Look at the usage on the above website and you see they are buying binaries when they are already at a value > 80.0 which means if you incur a loss it's going to take 5-10 successful trades to make the losses back.

Also look at the section below - the numbers don't quite add up.

17NOV09GW4V9Z BinaryWallStdownat6pm +£2 72.30 100 55.00
4FAVATisnowcompletely
closed


If you close an entry of 72.3 at 100 you should have made £55.40 at £2 a point.

Little mistakes like this give the game away that it's all made up.

 

[Black Swan]

In fact on closer look they are only doing daily binary bets - ones that only last for a day - so how do you make a profit with their advice if you only talk to them once a month - you only trade 1 day a month?

Scratchcard trading for the Lotto generation...which is the market these guys aim for...

 

[johnr59]

God I feel I have been taken for a right ride. By the way for the first month you are on the phone daily for about an hour. So he must initially only take on about 6 clients.
Anyway my real problem is that I have now forked out the money to this guy. What really annoyed me was after I had paid the £2500 he phoned up and asked for the equivalent of my betting bank to be sent to him so that he could shadow trade. I won't type what I told him what I thought about that and that basically he had mis-sold me the system as I never knew anything about him having the equivalent of my betting bank as well. He reckens it is to shadow trade with and is offset against your winnings, never heard such a load of pish, anyway now stuck between rock and hard stone. Don't have much choice but to go along with it, as not going with it just means I've lost everything anyway. Don't stand much chance of refund and don't know how I stand legally.

 

[foredog]

Send him an email asking for a refund and see what he says and if he is shady talk to the police. Why would he need to "shadow trade" you with your own money, you're just trading double the size of your intended account. Sounds like a real scam to me.

 

[timsk]

Hi johnr59,
I'm afraid I very much agree with everything already posted, especially with foredog's last post. Depending on when you transferred your money, you may be legally entitled to ask for it back, even if the vendor isn't regulated by the FSA - which is almost certainly the case. It's worth checking with Consumer Direct and/or Trading Standards to find out your legal position. If you ask for a refund to which you're entitled and it isn't forthcoming - and you can demonstrate that you've explored all possible avenues to recover your money - you could get your money refunded by your bank. Your chances increase substantially if you paid via a credit card rather than a debit card. I'm speaking from recent experience after being ripped off by a fraudulent website when I tried to buy an electric shaver. Once the bank was convinced that I was the victim of a scam, they refunded my money in full. So, banks aren't all bad! Whatever you do, I would advise against handing over any more money in the strongest possible terms. It's what traders call 'averaging down' and, unless it's part of a carefully planned risk and money management policy, it's almost certainly going to make matters worse rather than better. Don't do it!
Tim.

 

[pboyles]

The website is created and hosted by Office Live, an MS product which is totally free. He hasnt spent a penny on the website and the address is a business centre, he most likely has a mailbox there without a physical presence. That costs him £35 a month according to the website.

http://www.vb-services.com/mailhandling.html#

Of course none of the above means that this has to be a scam, but it isnt looking too good in my opinion.

 

[johnr59]

Well, I have been talking to one of Kevin's customers, who is apparently doing very well with the course, my training is due to start on January the 5th. He said I was just angry at this shadow trading lark, which I am and he has also stated it was his fault as he never explained it fully. I have tried several courses and read loads of books, problem is it is how you interpret these things as to wether or not you are going to be successful. I must admit I don't mind the 10% bit, if someone shows you how to make £1k I don't mind paying him £100. So bottom line is if I still feel the same way come January 5th he will give me a refund.

 

[Black Swan]

TBH bud I reckon you're a sandwich short...you are prepared to give this person £2,500 rather than trade with it over a protracted period? You could make the first grand last a year, if you traded v. conservatively whilst learning all there is to offer on 'ere, then use the extra £1,500 to have a decent go of things...

 

[johnr59]

TBH bud I reckon you're a sandwich short...you are prepared to give this person £2,500 rather than trade with it over a protracted period? You could make the first grand last a year, if you traded v. conservatively whilst learning all there is to offer on 'ere, then use the extra £1,500 to have a decent go of things...

Had to laugh at that one Black Swan - maybe your right. However there is just to much information on here to read and digest, information overload. Like I said it is only how you digest and interperet things. There is load of people out there and on this Forum who have paid Vince Stanzione thousands for 1 day seminar, Ultimate Forex Predictor, the list goes on and on. I'll bet people on here have paid many thousands for courses and got nowhere. Everyone is different. Whilst I understand what you are saying above, that isn't for everyone. Everyone does things differently, If I go ahead and pay, then having direct contact with the guy on a daily basis and finding out how the market works may be a good thing. It will be focused on a couple of aspects of the trading I hope. He also guarantees you your money back (although that may not be worth the paper its written on) however not many people give you that guarantee. So I don't know, still sat on the fence.

Cheers

Have a good xmas

 

[pboyles]

I would say that almost everybody here has paid for worthless training or software, do you feel left out or something? Will you be happier when you've wasted a couple of grand?