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Benny T forex coaching clubs is a scam!!

Discussion in 'Scam Alerts' started by Trentsid, Oct 18, 2010.

  1. Trentsid

    Trentsid Recruit

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    Beware of dealing with Benny T and his mentoring company called "Forex Coaching Clubs" aka BennyFx.com

    The following are quotes taken directly from Benny website

    "And the best part about is you can learn this proprietary skill in just 3 days. Nope, that’s not a typo. 3 days is all you need to learn this life enhancing skill I am currently teaching my students, that is guarantee to make you more money than you could ever imagine. And I’ll even back it up with the best damn guarantee in the industry." "I will immediately issue you a full refund, no questions asked. And as compensation for wasting your valuable time, I will write you a cheque for twice the amount that you originally pay me for. That’s right, my TRIPLE MONEY BACK GUARANTEE, A first in the industry"

    I've been a student of Benny's for 1 year and I haven't had any success with his system. I've repeatedly asked for refunds and every time Benny has refused. (so much for the 3 days and immediate refund!) Benny's excuse for not giving a refund is because he hasn't taught me the entire system and that I must wait for his manual that he is supposedly working on. I've been waiting for the elusive manual for 11 months now and there's always some excuse as to why it's not ready or has been delayed again, the lastest excuse was Benny's computer was hit by lightening!!

    It's a complete catch 22 situation, Benny refuses to give a refund because he hasn't taught the entire system, but he won't provide a manual so that I'm able to learn the system, and I'm not the only one, there are many other students that have requested refunds that have also been denied for exactly the same reason.

    Please be careful if you come across Benny, he's not to be trusted.
     
  2. Pharaoh

    Pharaoh Colonel

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    Did he end the guarantee with "and if I'm lying, may God strike my computer with lightning"?
    :D
     
  3. Trentsid

    Trentsid Recruit

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    hahahahah yeah good one Pharaoh.......... hey wait a minute?!.... whats this lightening clause at the bottom here? Noooooooooooooooooo!!!!!!
     
  4. bennysystemtrader

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    Benny T aka Haniel Roswell aka Tong Park Chuang is a SCAMMER

    Unfortunately, I'm in the same situation as Trentsid and I don't expect to see even one penny from him. Beware of Benny T. as he has attempted to launch multiple campaigns for his forex coaching services on numerous websites, his mailing list and eBay.

    Here is one of the e-mails I received from Benny T. after I signed up for his mentoring course. He is a MARKETER, not a TRADER.

    COACHING CLUBS CHALLENGE

    “The economy sucks right now!” I remember a guy said that to me one day when I was talking to him over SKYPE and it kind of got me thinking about the world that we’ll living in at the moment. I have to admit that the currently global economic downturn have really taken a toll on everyone. People all over the world are being layoff by the thousand and it would seem that there is no stopping the recession express from chugging along the rail of further inevitable damage. Who know how long the recession will last and if it would ever improved? But one thing is for certain and that is the economy is not getting any better right now so we have to tighten up out wallet and watch what we spend.

    It is because of the current economic crisis that I am fortunate to be a FOREX trader. While the rest of the world contemplates about the security of their employment, I am basking in the comfort of my own home trading a few hours every day. I never have to worry about job security, I never have to worry about being layoff, and I never have to worry about recession. I’m sure other FOREX trader would agree with me on this as well. The currently economic downturn has left many searching for an alternative career path and FOREX trading has been listed at the top for many people for the reason I’ve just describe above.

    I’ve been offering my FOREX coaching service to the public for well over 2 years now. And throughout these times I receive a substantial amount of interest toward in my service. But only a handful was able to participate in my course. The reason is of course quite obvious, not everyone could offer the $7,500 tuition fee that I am asking. It has been said by many people that my FOREX mentorship is one of the most expensive one on the internet and that I’m crazy for charging so much money, especially when the world is still at the grip of the worse economic recession in decade. Now I’ve yet to verify the claim of the title “the most expensive FOREX course on the internet” because as I recalled several years back seeing another FOREX course on the internet that sells for $17,000 a pop.

    As for me being crazy for charging so much, well that is just opinion and we all right to our own. I believe $7,500 is a fair price to ask in exchange for a skill and knowledge that would help to improve your financial well being. It took me 7 grueling years to claw and scale my way up the pillar to be among the privileged 5% that actually makes money trading FOREX, and not just promoting it like what so many other are doing right now. If I could show you how to get yourself up to the top 5% in less time it took me to get up there, how much do you think it would cost you to acquire this information? Would you agree it’s going to cost you more than $7,500? A student of mine told me that he know a trader who could turn $500 into $20,000 in a month trading FOREX. When he tries to get him to disclose his secret by bribing him with a hefty sum of money, he kindly rejected his gracious offer stating it’s not for sale. And why would he want to part with such valuable information for any amount of money.

    That is why I believe the value of the knowledge that I’ll be sharing are worth 100 times more then what I’m currently asking for and my students can vouch me on that. I am known by my students as being a concerned and patient coach with a propensity of putting my students need ahead of my own. I go through great length to make absolute certain that a student is satisfied with the service that I provide and that they are getting their money worth. But being caring and considerate is useless if I can’t live up to my promise of helping each one of my students becoming a profitable FOREX trader. That’s what they really want, and that’s what I’ve always been able to deliver, No compromise. But don’t take my word for it

    So having said that, I see no reason why I shouldn’t continue charging $7,500 for my FOREX mentorship service. My response to those who still feel my service is too damn expensive is to move on. I said it before in my website and I’ll say it again, my service is only offer to those who could afford it. Consider my mentorship as a business investment, and not as a traditional home study course or a seminar that you attend. FOREX is a business and like any business venture, you need to start with a good size capital. If you can’t make the necessary investment toward your business endeavor, then you shouldn’t get involved in the first place. The same goes with my mentorship service. If you can’t afford my CRAZY price tag, then there is no need to dwell on the thought of “what could’ve been”. I could probably fill in several pages listing out all the benefits that my FOREX mentorship program has to offer but unless you could fork over the necessary greenback to enroll in my coaching service and experience firsthand the benefits, then there really isn’t much more for me to say that I haven’t already said.

    Now Even though I have made myself very clear that I don’t give discount nor do I take bribe. Take it or leave it; that’s my philosophy, but that still doesn’t deter a lot of people from trying. Those seeking discount would typically draw on the currently economic recession as their pitch, while the bribe would usually be in the form of a challenge. But being the stern and arrogant individual that I am, I never once took up any of those challenges and I never cave in to any of their somber recession anecdote. Then I had a brief chat earlier this week with the same individual whom I’ve chatted with several months back. He told me how he had just wasted $6 grand on another FOREX program that did nothing to improve his trading and told me that if I had just provided him a discount before, he would’ve taken up my program instead and none of this would’ve happen.

    And that kind of got me thinking about my purposes in life and the reason behind my goal for starting a FOREX coaching service in the first place. I have always been the type of person that cares a great deal for my student wellbeing, as well as those who keen to become my student. So if someone were to tell me that they either couldn’t afford or still not convinced of my service, I would usually recommend that they try elsewhere first. And that is exactly what I’ve told him. I truly believe that I did him a favor by suggesting to him and everyone before him, to go for another FOREX program that isn’t quite as expensive. But seeing the ill outcome of my supposedly “good intention”, I now realize that telling people to go for a cheaper FOREX program is not the best advice to give. So I feel somewhat responsible over what happen to him. So after about a week of self reflection, I decided to make some changes.

    Now I know that $7,500 is a lot of money to be asking for and you would’ve think the simple solution is to just reduce the price to a level that is more reasonable and well within the reach of the public. But I’m afraid it’s not that simple. Here the dilemma, right now I have 15 active students that is currently enroll under my mentorship program and each of them pay full price ($7,500) to enlist. Now how do you think all my student would feel if I start allowing people to join at a reduce price while they have to pay full price for it. It wouldn’t be right of me to explore that path. If you put yourself in their shoe, you wouldn’t want me to do that to you now would you? So I have to dig deep into my noggin to come up with a feasible arrangement that would be pleasing to both side. I wanted to reach out and help more struggling traders by making my mentorship program as affordable but reasonable as I possible without tampering too much with the mold.

    It’s not easy to kill 2 birds with one stone. That is why it took me weeks to come up with what I believe to be a fair resolution to both parties. So allow me to introduce to you the COACHING CLUBS CHALLENEGE, A campaign design to give common traders like yourself the same opportunity to experience the same success as that of my students. If you ever consider taking up my FOREX mentorship program before but was never able to summon up the hefty entrance fee, then I suggest that you keep reading to find out how you could take advantage of this once in a life time offer for a limited time only, If you know anything about me, then you should know that I am not about hype and phony promises. So when I say limited time offer, you better believe it. So this is how it works, since not everyone may be willing or is unable to come up with $7,500, I would allow traders to sign up for just $5,600. You will receive the same perks as those of my current students. So apart from the 3 days mentoring, you also be granted life time access to my SKYPE room where I will be providing daily trades support and analysis to all my students as well as trade call of my own trade that I’ll be taking.

    But, (yes, there is a BUT) before you get all excited, there is a catch. When you go live and start making money, (which you will) you are required to compensate me with $2,500. So in a way, I’m not really offering you a discount. Instead it’s more of an arrangement that would benefit the parties involved, namely you and me. All you have to do is to pay me 60% of the total cost when you first join and reimburse me with the balance later when you start making profit in your trading. Of course you would have to pay me an extra $500, but that shouldn’t be a problem once you start making money trading. I have traders who would be more than willing to pay me double my asking price for the same arrangement. I’m only seeking a small incentive for the effort that I put into setting up this campaign and I think that’s a fair deal in my opinion.

    Now you may be wondering, “Why 60%? Why not 10% and pay the remaining 90% later?” as much as I would like to help more struggling traders get involved by making my mentorship program more affordable, I still want to control the number of students that I take in. I am only one man and there is limit to what one man can do on his own. The last things I want are hundreds of students occupying my time when I trade. That’s one of the reasons why I kept the price high because I only want to train a handful of students. And it’s no different now than it was before. Trading is still my bread and butter and I wouldn’t replace it with all the potential students in the world. The only reason why I started my coaching service is because I was bored to tear, not with trading but with the amount of free time I was having as a result of trading. When you been running the rat race your whole life, it’s a little unyielding to sit around the house and doing nothing. I wanted to do something productive with all the extra time that I have on hand and seeing the success that I’m having in trading, I decide to help other traders achieve the same thing.

    Listen, I don’t want to discuss the detail of this matter in this one email. If you interested to take up the challenge and would like to know more information about it, please email or SKYPE me, and I’ll be happy to share more information with you in regard to my Coaching Club Challenge. Again, let me reiterate my earlier point about this being a limited time offer only. So I hope you taking this very seriously because I am placing strict limitation in term of the number of applicant that I’ll be accepting into the challenge. At the moment, I am looking at around 10 students max, but it could less than that. It really depends on my ability and availability to handle the number of new enrollment. If I feel I can no longer handle any more new students, I will stop this program immediately. And those that I do take in would have to reserve a date with me to have their lesson sometime in the next few weeks or months. Its s a first come first serve basis. I’ve email you with this letter because you have in the past shown great interest in participating in my program so that is why you are receiving this, along with hundreds of other like yourself. So I’m expecting a very rowdy response to this letter as soon as I send them out. You only are going to receive this letter from me ONCE. After this, you’ll never receive another letter about this offer from me again. I’m not kidding. This is strictly a once in a life time offer that I am making to you. If you think I’m joking, go ahead and dwell on this letter for several months then come back to me again and see if I’m still offering it. I have always been a man of integrity so if I say I’m going to do something; I’m going to do it.

    The next move is yours.


    Best regard and god bless

    Benny T

    FXCC

    ForexCoachingClubs.com
    BennyFx.com
     
  5. Antony Turner

    Antony Turner Recruit

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    Benny T Is A Scam - Beware

    I started training with Benny at the beginning of this year. My main reason for choosing his EXPENSIVE course was as a result of the massive amounts of fantastic reviews that he has on your website. In hindsight, I realize that there is now way that he could possibly have so many happy students. As was also noted in some of the negative posts, the language of almost all the positive reviews is definitely not from people who speak English as their first language, even though the people's names and locations imply that they would be English born.

    One thing that he never warned me was that the system was based on Martingale. If I had known, I probably would not have signed up.

    I traded his system for about 4-5 months, following every aspect diligently. My brief summary of the system is as follows:
    1) He teaches 2 simple systems
    >> A breakout system, from within a range defined by two H and L fractals
    b) A trend line reversal/breakout
    >> Money management is martingale. He will keep saying that it is a modified martingale, and thus not dangerous. However, it is a martingale system, whereby each bet is doubled.
    3) He then adds some other rules for managing the stop loss and target

    All in all, a very simple system, which could have been taught in 2 hours, although he dragged it out for about 10 hours.
    No training material was provided
    He promised training videos which would show live trading - none of these have ever been delivered

    If I analyze my results for 4 months, the system (excluding the martingale) is not profitable. It is common knowledge that martingale is not able to make an unprofitable system profitable. Furthermore, the martingale only serves to make the system LOOK profitable. I had two massive drawdowns, and then a final one that wiped out about 70% of my account. This is when I decided that it was WAY TOO DANGEROUS.

    I also found that Benny was not trading the same way that he had taught me. When I asked him, he said it was because he was trading a larger account - this is rubbish, as the rules should not change, only the lot sizes. It then emerged that the risk levels that he initially told me did not work. Initially he recommended 0.1 lot per 10k account. Then, after my massive drawdowns, he said that I was overtrading, and my risk was too high, and said that I needed an account of 50k.

    Anyway, long story short, I believe that we have all been scammed. the system he teaches is DANGEROUS. He does not have any successful students (I have asked so many times for him to put me in contact with one). Ironically, the person that Benny recommended wholehartedly to provide a managed account service has also stopped using his system.

    I have been in discussions with Benny for the last 3 months, asking for a refund, but I keep getting shoved around. I know that he has no intention of ever giving refunds. He told me that hte reason I am not profitable is that he has not taught me the full system, so cannot give a refund until I know the full system. What a load of BS. I told him I have run out of time and money, so cannot afford to spend another 3 months learning more rules - if he did not teach me correctly, thn it is his fault, so he should give the refund.
    But he is not interested. Keeps promising a new manual, etc etc. There are so many people who have ha similar experiences STAY AWAY FROM HIM.
     
  6. Trentsid

    Trentsid Recruit

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  7. wcchan

    wcchan Recruit

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    Due Diligence

    Before jumping into any trading courses do some due diligence and check where they are coming from. If you had done that, you would find that Benny comes from Brunei, a mosquito infested township situated at the end of the world (they call it a kingdom or sultanate) with a population of less than 300,000. You really expect to learn trading wisdom from a native of this godforsaken dump? No wonder you guys get scammed.
     
  8. vincam

    vincam Sergeant

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    Good thing you're so smart. A lack of research does not justify falling prey to someone. Due diligence should be done but a lack of it does not mean these victims some how deserved to get scammed. You clearly must have caught every liar you have encountered to make such a statement.
     
  9. wcchan

    wcchan Recruit

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    Lack of research does not justify victimisation, but it encourages it. That's ecology. That's a fact of life.
     
  10. Istvan Gilikter

    Istvan Gilikter Recruit

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    I think anyone who is able to successfully trade He trades ..... who is not, teaches the trade !!!!!
    :p
     

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