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Formosa Auto Trade System, Paycheck autotrade - Scam

Discussion in 'Scam Alerts' started by Garesu, Dec 23, 2010.

  1. Garesu

    Garesu Recruit

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    I've googled a lot but can't find any internet info about the Formosa Auto Trade System for which I've been passed a flyer.

    Package One talks of $1000 profit a month and the package costs $15980.
    up to
    Package Turbo talks of $5000 profit a month and costs $23100.

    I've attached the two page document I've received.

    Does anyone have any info about this as it's one of those things that seems to good to be true?
     

    Attached Files:

  2. Susan Cockburn

    Susan Cockburn Recruit

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    Hi Garesu

    Its not too good to be true

    I have 3 Turbos running, 2 since 28 th October 2010 and 1 since 2nd November 2010
    The averaged daily profit is $271.95 per trading day per Turbo based on closed trades

    Every investment has risk but I thought it was worth the risk when a friend showed me the system

    I love having this system automatically trading the currence market and
    making me a passive income
     
  3. Garesu

    Garesu Recruit

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    Susan Cockburn, thanks for replying and letting us know that you're using the system. Are you the same Sue Cockburn who's name is on the flyer as one of the sellers of this product? If so, please can you supply some more info, you mentioned 'risk', what is the drawdown? What strategies are being used? Are you willing to publish test results or forward testing?
     
  4. MaxTrader

    MaxTrader Recruit

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    Formosa

    I am very sceptical to most "businesses" out there advertising their product/service and cautious when it comes to my own money, but I did go visit the office in QLD and I was suprised.My friend is a member with Formosa Trading for over month now,he has the Turbo Package and he has been getting profit every week.He flew over to open another account, and he asked me to go with him.While he was in the office with the Formosa Team, I had a look at the live accounts,seen the good and the bad and general idea of what was happening.I was very impressed and I am very keen now to purchase the product to tell you the truth. I trade for myself and I know what Forex is about.Ive been trading for 6 years now. This was something unique

    I am not saying to go buy it, what i am saying is see it for yourself first then make a decision if its the right thing for you.

    I'll update more with my friends account to see how it performs and possibly mine if I open one with them hehe

    Cheers Max
     
  5. RahmanSL

    RahmanSL Major

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    EAs, Robots, Auto Trader, etc????????

    USD15,980 - 23,100 per package?? You got to be "something" to even consider buying such product.

    Maxtrader, you are only "skeptical" even with one of their rep posting as a "satisfied customer" here at the FPA??? : ).... this is a sure sign that something is not right and should be setting off alarm bells!

    I have YET to come across or to read of anyone who is happy and hugely profitable using these so-called trading aids.
     
  6. MaxTrader

    MaxTrader Recruit

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    The only reason i said i was being sceptical is because i havent found anything that works.Its like looking for a needle in a haystack. Ive been manually trading and using EA's for a while now but that doesnt mean they dont work. There are things that work out there, you just gotta look for them.If you dont look you dont find.Simple
    As for Formosa Trading, i know nothing about it. My mate is using it and i am curious if anyone else was.
     
  7. Pharaoh

    Pharaoh Colonel

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    And we can obviously trust Susan as a neutral party since the flier identifies her as the Sales Distributor for Western Australia.
    :p :p :p


    Ohhh.. this one is extra-intriguing. Check out this thread at another forum where a rep kept trying to get people to call him but wouldn't post any real info about how the system works:

    $5000 a month - Formosa Auto Trade System - Aussie Stock Forums

    So it comes with a cheap (or even expensive) laptop. Hmmmmnnn.... I wonder what else is pre-installed on it. It could easily record all your forex account login info. Force a few hundred trade accounts to take maximum long positions during a low liquidity period, and someone could take advantage of this by shorting the spike that would be created.

    Even if it's not that advanced of a scheme, the whole thing makes wild claims with absolutely no proof. There's not even a website to check out.

    Hey Susan, post investor access to a live account that's been trading this for at least a month. If it matches the claims and can continue to match those claims for 3 more months, I'll buy one directly from you. I'm not even going to restrict risk or drawdown in the terms.

    Simple rules for my challenge.

    1. It must be a live account on a broker that's got at least a 2.4 star rating at the FPA with a balance of at least $5000 at the beginning of the trades using your system.

    2. All positions must be closed at the end of the 3 month period. That prevents hiding losses in open positions. I want to see the final equity with no trades open.

    3. If you don't have an account that's been open for at least a month, start a brand new one with at least $5000 and run it for 4 months instead of 3 months.

    Even better, volunteer the product for FPA performance testing. The rules require a website, but I'll bet I could twist the AsstMod's arm enough to get him to agree. If you can show profit on this month after month, you would be over-run by customers wanting to buy your system.

    On the other hand, if you won't provide verifiable proof that this works, I'll just consider you to be another common scammer trying to rip off innocent traders.

    Susan, are you up to the challenge or not?
     
  8. Garesu

    Garesu Recruit

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    Thank you Pharaoh (and FPA). That's what we need.
    It was noticeable in Mrs Cockburns response that she was only writing about 'closed trades'.
    I'd be very surprised if they accept the challenge. We'll wait and see.
     
  9. LonelyTrader1

    LonelyTrader1 Recruit

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    I agree with Pharaoh. I think if we have some sort of proof that it really does work, then i would be happy to hand over some money too. It surely does sound good... but how do we know it is? Thats why I think Susan should accept the challenge :)

    Very Keen on more info about this
     
  10. Pharaoh

    Pharaoh Colonel

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    Hello Susan! Are you out there?

    I've issued a very simple challenge. Will you accept or not?

    If your product does what you claim, this will be a ton of good PR for you and will give you a pile of sales. If you don't bother to reply, I think your lack of answer will speak for itself.
     

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