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  1. #1
    ACC
    ACC is offline Recruit
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    Dec 2009
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    2

    Thumbs down MoneyMatrix Insider by NEWSMAX Chris Ruddy

    Did anyone subscribe to the Money Matrix Insider? It was well presented. Chris Ruddy CEO from Newsmax & Moneynews,they also had Steve Forbes backing it as well

  2. #2
    Ira Kare is offline Recruit
    Join Date
    Apr 2010
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    2

    Thumbs down MoneyMatrix Insider by NEWSMAX Chris Ruddy

    Last November I signed up for the MoneyMatrix Insider after reading Chris Ruddy's article extolling Sean Hyman as a FOREX trader who could produce positive results in currency trading. This has turned out not to be the case. Like most offers of this type it's a scam. Sean Hyman is a FOREX trader but no better than any recreational investor as proven by his record. Of the original amount invested I have lost three quarters of that amount by following Sean Hyman's advice. This program's hype is sadly taking advantage of the current economic condition and the high jobless rates. People are desperate for any method that will give them some source of income.

    I am calling on Sean Hyman and Chris Ruddy to stop this scam and make good on any and all losses incurred as a result.

  3. #3
    Ira Kare is offline Recruit
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    Apr 2010
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    2

    Thumbs down Money Matrix Insider

    Yes, I was scammed into believing Sean Hyman was as good as Newmax Chris Ruddy said he was. Hyman's recommendations have lost me 3/4 of my account over the past four months.

    DO NOT SIGN UP FOR RUDDY'S MONEY MATRIX SCAM. HYMAN CANNOT PERFORM AS STATED!

  4. #4
    Lepauvre is offline Recruit
    Join Date
    Jul 2010
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    1

    Thumbs down Money Matrix Insider

    I trusted Sean Hyman because he was introduced and implicitly recommended by Steve Forbes.

    The last recommendation was a short on AUD/NZD that did not go well, like
    so many of its predecessors. It was a loser from the start and, as soon as it came into the black, Sean Hyman recommended ditching it and proclaimed the position a winner! Thousands were at risk and a meager $70 was gained, but at least Sean Hyman seemed in this case to be watching the progress.

    But in fact it was indeed a winner, at least relatively. Some of the other Sean Hyman recommendations have cost me real money. This is hardly the "inflation protection" that was hyped by Steve Forbes in his introduction.

    There is no recourse that I can think of. I am just left to laugh at myself for being such an idiot!

  5. #5
    Olemartinus is offline Recruit
    Join Date
    May 2010
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    4

    Question Hard Data

    I have traded with the Money Matrix Insider since 11/09. I was also influenced to use the service by the strong endorsements of Christopher Ruddy and Steve Forbes. I have significant investment experience, but I am new to Forex. I was interested in having a professional to suggest trades in an effort to learn Forex trading and further diversify my portfolio. Sean Hyman provides 2-4 trade recommendations per month with precise entry points as well as stop/limit values. Every Wednesday, subscribers receive a video discussing all aspects of the Forex market and the economy in general. Every Friday, subscribers receive a written discusssion of the trades and the general economy. The information provided is very professional.

    However, the trade results have been dismal: following his trade recommendations carefully including accurate stops and position sizes, my account has lost nearly 40% of its original value.

    Total pips since 11/09: -1,259 pips
    Winning trades: 9
    Losing trades: 11
    Average gain on a winning trade: 119 pips
    Average loss on a losing trade: -212 pips
    Smallest winning trade: 1 pip
    Largest winning trade: 401 pips
    Smallest losing trade: -111 pips
    Largest losing trade: -395 pips

    We also have one active trade that is on life support -- 30 pips from the stop loss with -170 pips to date which would worsen the above results.

    Sean seems to be honest and interested in providing a real service. He is a moderator for DailyFx.com. He is also a regular columnist for Newsmax. I have reviewed his record on the internet, and he seems to have a long history in the Forex market.

    However, I asked Newsmax to provide me with further trading history for Sean, so that I could evaluate the probability of his being able to recoup my investment by trading his Forex signals. They refused saying that his previous clients were private and would not divulge the results. This is concerning.

    At this time, I could not recommend the service.

    Martin


  6. #6
    Olemartinus is offline Recruit
    Join Date
    May 2010
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    Default

    Follow up:

    I should have waited a few hours to post, because the last trade just stopped out for a loss. I also failed to count one of the winning trades.

    Updated Results since 11/09:

    Total pips since 11/09: -1,454 pips
    Winning trades: 10
    Losing trades: 12
    Average gain on a winning trade: 107 pips
    Average loss on a losing trade: -210 pips
    Smallest winning trade: 1 pip
    Largest winning trade: 401 pips
    Smallest losing trade: -111 pips
    Largest losing trade: -395 pips

    I hope this is helpful for other traders/investors.

    Martin

  7. #7
    gbenga112 is offline Corporal
    Join Date
    Jan 2010
    Posts
    70

    Default

    That's some serious loss..The most annoying part of such signals is the marketing,they will portray it as holy grail..People often falls for some of this marketing because of one or two appearance of the author on CNBC,Bloomberg etc.
    I will still ask the same question i have always asked myself each time i sees any fx or investment signal, why would this people channel so much of their resources into marketing and selling the product if it actually works when they can make fortune out of it without sweating and marketing??? The answer is obvious,most doesnt work..That does not mean there are no good people with good signals and intention out there but over 90% are fake and scammers.

    I wish the affected clients quick recovery from this massive 40-75% losses and also hope potential customer will read this and learn from their mistakes.

  8. #8
    Join Date
    Aug 2009
    Location
    New York
    Posts
    1

    Default

    Completely agreed!!

  9. #9
    Olemartinus is offline Recruit
    Join Date
    May 2010
    Posts
    4

    Default Performance Update

    I thought that I would provide another update for the FPA. The blistering pace of losses has continued for Money Matrix Insider subscribers. Another stop loss was hit within the past week: a 258 pip loss.

    Total pips since 11/09: -1,712 pips
    Winning trades: 10 -- gaining 1071 pips
    Losing trades: 13 -- losing 2783 pips
    Average gain on a winning trade: 107 pips
    Average loss on a losing trade: -214 pips
    Smallest winning trade: 1 pip
    Largest winning trade: 401 pips
    Smallest losing trade: -111 pips
    Largest losing trade: -395 pips

    Martin

  10. #10
    NickB is offline Forex4Noobs Rep.
    Join Date
    Aug 2010
    Posts
    85

    Default

    It looks like I will just be piling on. I run my own Forex site and I tend to hear about a lot of scammers. I also help out people who have been scammed. I have heard many complaints about these guys. Stay well clear everybody.

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