April 2012: WARNING: Based on multiple news reports and other items the FPA has become aware of, the FPA recommends against signing up with this company at this time.
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Seems that "Deano" might actually be Les "Ray" Freeman who is the REAL scam artist behind YTR. For a true account of what happened check out the latest articles written by respected journalist Anthony Klan in The Australian newspaper. His latest is called "Investors Burnt as Forex Scheme Teeters" published April 2, 2012.
So Your Trading Room is no longer operating and it is the fault of the COO Joseph Nikolson and CEO Richard Waryn. Both the scam artists sought to move the shares in this company to a new company in order to take ownership and remove liability to investors and to line their own pockets with the profits and make the company more attractive to new investors that they intended to screw over.
What bought the company undone was that the owner and major shareholder found out their plan and tried to stop it resulting in the company accounts being frozen. This means no operating capital to continue business.
The underhanded tactics of Richard Waryn and Joseph (joe) Nikolson has resulted in thousands of members missing out on what they paid for.
A big warning goes out to other companies considering hiring Richard Waryn or Joseph Nikolson, they are working to their own hidden agenda. I am sure there are other stories that relate to these con men, especially Joseph Nikolson who clearly lacks any capability, well considering he was also axed from the Bonds group!!
Beware people, there is way more going on than just a company that has ceased to operate.
YTR Pro's- None I can think of since they have closed their Live Trade Room's and are out of business
Con's- Where do I begin with a SCAM like YTR
2012-02-16 1StarYour Trading Room is a SCAM- Lynne Fairhall is very thorough and accurate in her assessment of YTR (see http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/18834-your-trading-room-ytr-gpt-program-ponzi-scheme.html ) YTR is registered with the ASIC- I have contacted the ASIC to file a complaint and have their registered status removed and assist in the pursuit and prosecution of all involved. I have contacted the Brisbane Times (where YTR's Australian office is based) to work with them on an article about YTR's fraudulent activities and hopefully to stop Mr. Freeman and his co-conspirator’s
2012-02-14 1Star After a large investment in YTR their live trade rooms and GPT program has been terminated. No response to email's etc. At this point what YTR has done is a ponzi scheme and no different than Bernie Madoff. Do not work with YTR on any level.
YTR was once the best forex educator in existence, with excellent moderators and trade calls you could trust to keep you in profit by the end of every month. Then things changed when they introduced the gpt program and went on huge recruitment drive. Now their live rooms have closed and their got program is defunct leaving a lot of people significantly out of pocket to the tune of $10 - $20k. IRS such a sad demise, as YTR gave me the skills to become a professional trader but they've now ripped off people who I've referred to them. At the time of writing (jan 2012) I would clearly say do not join YTR and whatever you do do not go near GPT. The company is currently defunct, the rooms are closed and GPT is, as I understand, still recruiting but is closed. Sad to say but true.
I joined YTR's GPT program when it first opened in August 2010. There were to be a maximum 40 members. There are now at least 450. We were told that we could just take the moderator called trades while we learned to trade Forex. Shortly afterwards, when those moderator calls proved useless, we were told "Oh no, you're not supposed to rely on those. You're supposed to take your own trades." We were promised non-discretionary trading strategies that gave signals when to enter and trade and when to exit. They never happened.
Many of the indicators developed by YTR caused problems both with the trading platform and with MyFX, which we were encouraged to use for trade management. Members complained about this and it took seven months for there to be any acknowledgement that it was their indicators that were causing the problems. Some are still not fixed.
Then the platform began to freeze. One would try to close a trade in profit and couldn't. Then the platform would close the trade once it got into a loss. This often happened on news trades and during the busy London session, and many members lost considerable dollars. Again members complained and were ignored. Eventually acknowledgement came when one of the moderators threw a tantrum in the trading room because his platform had frozen and he couldn't close a profitable trade - yet again.
YTR minced around over it for several weeks and then in November pulled the access to the GPT trading accounts completely. Member received hardly any explanation as to what was going on and were left in the dark. Again members complained and were promised a weekly update. It doesn't happen. About every 2-3 weeks we get yet another email promising us that they are near to a solution.
Meanwhile YTR are selling GPT memberships to unwitting people. Most original members don't go into the trading rooms anymore, so the newbies just have to find out for themselves what is going on. We can't contact each other even through the members' forum.
It's been over 2 months now that we have had no accounts to trade. We paid between $5k and $20k for our memberships and we have nothing to show.
Some have requested refunds and been refused, only to be told that they can't touch YTR because the money is in Hong Kong and that if we don't want to be part of it, they'll just remove our access.
We now know that YTR don't have an Australian Financial Securities License and shouldn't legally be selling memberships anyway. Many employees have left and there is question as to whether people have been paid or whether their superannuation entitlements have been paid. If they can't pay employees, are they trading insolvent?
The major share holder of YTR is Les Freeman. Google that. You'll be amazed and shocked. I hear he's now working as Ray Freeman for YTR in the States.
I feel very sorry for the great employees who have worked quite hard to try to make trading accessible to everyone, by sharing their talents.
I pretty much agree with what Darren has written.
I joined the GPT program last year and love it. Personally I have had no issues with the support provided by YTR, they have always responded in less than 24 hours.
I have been moving through the levels. It's not easy and takes a lot of time and hard work. If you're not prepared to really put in the hard yards then you probably are wasting your money.
Overall I'm really happy with YTR and would recommend them to anyone who is serious about trading.
Remember, follow your trading plan, discipline and patience are the key!
Trading is bloody hard work, and I just don’t have the discipline to trade my money.
I would say trading is 99% discipline cause I know people that make consistent money trading only support and resistance yet I consistently loose money trading s and r!
For me the gpt program has rules that cuts me off if I am trading recklessly. I don’t chase the dollars any more but weekly targets and I guess I am more focused. Accountability worked for my diet and I guess its what I respond to. When I started my membership I jumped two levels pretty quick and dropped those levels pretty quick too (ego got in the way again) but if that was my account I would have doubled-up and doubled up on positions and eventually burned it, again.
I have crawled back a few levels and only need to make 62 pips to hit level 4, maybe this week.
Seriously though you have to have the discipline and different people respond to different rules, for me it seems to be working and I am pretty happy with the education and I have met some people through the trading rooms who have the same discipline issues as me and we have a laugh but also encourage each other.
Pretty happy with it all and will keep you posted, as far as YTR being a scam though, its legitimate I think it’s just hard to make consistent money trading and people blame everything else instead of taking responsibility, its like the ad ‘bet with your head not over it’
They post some pretty good results on their site.
However, there is no consistency with time zones in logged trade times.
The Asian Session uses Australian times and the session laps into London Open.
The London Session moderator uses NewYork time.
And the US Session uses New York Time.
For consistency the US session SHOULD use Asian or London time... just to keep it all mixed up!
Before anyone joins the GPT program at yourtradingroom i want to let you know what they dont tell you because it does sound alot better than what it actually is.If you are a good very experienced trader then i say go for it but if your still learning forex trading do not join this program, you might learn something but you will not make the level required in 1 year to keep your membership so hence you will lose the $20000. They say only 8 pips a day is all required but that is only the best case scenario its not that easy with the limitations they give you also they say that they will cover the losses but that is c*** you do also have to cover the losses yourself.The monthly membership is ok as they do have a couple of good moderators but unless you are already a successful trader then dont waste 20000 on the GPT program.
Been a member for over a year, the results have been fantastic, I don't know of any other group that posts ALL of the trades called by the moderators. YTR proves every single day that they make PIPS for their members. Could not be happier with the education and the live trading rooms.