Formosa Auto Trade System, Paycheck autotrade - Scam

RahmanSL

Major
Messages
2,526
Weellll, to give them....eehhhh...the benefit of a doubt, there still is that 00.00000000000000000000001% chance that their system is genuine. Hmmmmm, did I miss a zero or two in that calculation???
 

f-man

4Xangels Representative
Messages
762
Let's try to save innocent people from this

Because of the very large amount of money that these people are asking for their system, I seriously believe that we have to act differently than other cases.
I wouldn't like to hear that some person on this planet actually paid this ridiculous amount of money that they are asking and then coming to us to help him/her get a refund.

I suggest that if the representative of the system fails to prove that their system does what it says, we officially declare this system as SCAM and possibly save some people from suffering this very serious ripoff

On the other hand, if they prove that their system is really profitable as described, we commit that we will find them 100 customers.
 

RahmanSL

Major
Messages
2,526
f-man, the problem is that there are, and always will be, some "suckers" who would believe anybody that promises instant "riches beyond their wildest dreams", "guaranteed satisfaction or your money back deals", pyramid get-rich-scheme, etc, etc, etc.
Only after these poor sods have parted with their hard-earned money and realized that they have been scammed, would they eventually stumbled upon this FPA site and scream for help...which in a lot of cases are simply hopeless in recovering any lost money.

I attribute this human behavior to greed and the desire to become rich without too much hard work.

We can preach the virtues of learning/education before investing, but it will be to no avail as there will and always will be one sucker born every micro second.
 

f-man

4Xangels Representative
Messages
762
f-man, the problem is that there are, and always will be, some "suckers" who would believe anybody that promises instant "riches beyond their wildest dreams", "guaranteed satisfaction or your money back deals", pyramid get-rich-scheme, etc, etc, etc.
Only after these poor sods have parted with their hard-earned money and realized that they have been scammed, would they eventually stumbled upon this FPA site and scream for help...which in a lot of cases are simply hopeless in recovering any lost money.

I attribute this human behavior to greed and the desire to become rich without too much hard work.

We can preach the virtues of learning/education before investing, but it will be to no avail as there will and always will be one sucker born every micro second.
You are right Rahman. If there weren't suckers, we wouldn't have any criminals.

The money that they are talking about are just a couple of sizes too large for a Forex product. But on the other hand, they are not refering to Forex traders and I mean not even the very beginners.
They are most probably "fishing" the suckers door to door, or in shopping Malls or through some other marketing campain.
The poor people don't even know what is a pip or a stop loss.
As I can read from their advertising brochure, they inform the "customers" that the system is not trading over the weekend. This explains a lot. They are also writting that the system is running on their servers, so the laptop is only for the eyes of the suckers.

If the representative is reading this, could you explain to us at least why you are giving them the laptop? I am really curious what you will answer.
 

f-man

4Xangels Representative
Messages
762
Hi All please be aware that the Formosa auto trade system is now called paycheck auto trade. I have to admit I bought a system and lost MORE than my bank!!! So I am very dirty about that.
Others have lost all their money too so anyone contemplating buying in should consider this - the system does work as it should MOST of the time but it can not handle big fluctuations - i have proof.
Also one thing the distributors will not tell you when they say you have a money back guarantee is that the guarantee only covers you for the purchase fee not your bank. So if you decide to pull out within the guarantee period you may get your fee back but your Axitrader account could be in major drawdown which you will lose if they stop your programme trading. I believe the guarantee is not 45 days anymore either.
I challenge any of the formosa/paycheck distributors or directors to challenge what I have just said please?
Hi Jackpot.

I am sorry to hear that you fell victim to this scam, but I am really glad that we have someone to answer a few questions about this.

How did they contact you?

Did you pay this amount of money they are asking?

Did you ever withdraw profits?

Could you upload a statement of the activities?
 

jackpot666

Recruit
Messages
3
re formosa autotrade losses

formosa trade losses 001.jpg Hi f-man,
I have a friend who bought a system so watched his account trade successfully for about 6 to 8 weeks. he introduced me to them and I saw the system working well over that time. He was and still is operating his account and still withdrawing profits although he did have to "top up" his account awhile ago.
I was introduced to a distributor through my friend and bought a system. No, i did not pay the amount they are asking as I received a discount. And yes i did (happily), withdraw profits of over $1000/week until the system failed and then I lost my entire bank and more in a very short period of time. It happened so quickly that the broker did not even have time to make a margin call on me! I have uploaded a de-identified statment of that last days trades. You can see where the system started doubling up on purchases of usd/jpy until I ran out of cash.
Happy to correspond further one to one if needed.
The only excuse I was given by the rep and office manager was that forex trading is risky and no system can account for governments or banks dumping or buying massive amounts of currency!! Total crap I know - but I was not warned about that when encouraged to buy in.
Ah well another lesson from the school for fools!
 

Attachments

Chris Burridge

Recruit
Messages
2
Paycheck autotrader owner

Having just read some of the stuff posted here i feel that i should share my experience with the Paycheck autotrade system.
My axitrader broker account had the then Formosa auto trade system attached on the 19-10-2010.
My account was one of the very early accounts activated and i started trading with a $5000 broker account Premium system to ensure that it did what was expected.
By the 24-11-2010 this account had made $1000 profit which satisfied my sceptisism and i then funded my axitrader broker account with a further $4000 to begin trading the premium plus system. I transferred $5000 profit out of this account 21-4-2011 and right now 23-5-2011 has a balance of $16645 with a drawdown in open trades of $1515.
In summary my now premium plus $10 000 trading account has made a profit of $12557 profit since starting 19-10-2010 , 125% or even more if you take into account the fact that i started trading with $5000.
Since then i have 2 brothers and a nephew whom have purchased the turbo 25k trading account Paycheck autotrader system and they are all more than satisfied with the performance and profits generated by the software. 2 of those began trading in january and like me traded through the japanese earthquake scenario. All our accounts received large drawdowns on st
patricks day due to the manipulation of the market by the Bank of Japan but were back in profit and above the balances of the previous day within varying periods of 1-3 weeks of that extreme event. All 3 including myself intend to purchase another system over the coming months as the company has implemented a new and in my opinion safer stratergy to trade both existing and new accounts giving me even more confidence in the product.
This has been my personal experience with the company and i felt that it was time to provide a balanced view to the posts on this forum and for others looking to purchase the Paycheck autotrade system . As with any investment there is risk and i know of a couple of people who have purchased property at the peak and if they were to sell now would be down up to $200 000 on their purchase price not to mention the stock market. I see the word SCAM posted above somewhere but i can personally vouch that the company is for real and myself and my partner have visited the offices a number of times in the corperate centre here on the gold coast . The corperate centre houses many financial business's and institutions .That's all for now
Chris Burridge
 

MichelAnge21

Sergeant
Messages
247
COME ON NOW !!!!!!!!

Those people started threads in many forums; some people pretending to be customers posted reviews etc etc

Just go to www.aussiestockforums.com/forums/showthread.php?t=21337&page=1 to read the same BOGUS story about the STUPID flyers. That s how they cast their line to fish for SUCKERS. Then comes the satisfied customers etc.

THEY ARE USING THE FPA FOR MARKETING NOW !!!! The tactic is simply that FPA members will read the flyers.

They change their corporate name faster than moving targets; they dont have an address; THEY DONT EVEN WANT TO HAVE A WEBSITE ! They do not want to be located or traced.

And THEY DONT NEED A WEBSITE !!! WHY NOT USE THE FPA WEBSITE ????

What a BRILLIANT IDEA !!! LET S USE FORUMS DEVOTED TO PROTECTING PEOPLE FROM US SCAMMERS TO SCAM THEIR OWN MEMBERS !!!!

BRILLIANT !!! I NOMINATE YOU FOR THE SMARTEST SCAMMER AWARD !!!!

HOW BRILLIANT !!!! Merde !

Delete the whole thread or put it in the spammers hall of fame. We can keep Jackpot s posts as a review where it belongs with other EA reviews. His is the only genuine review I think.
 
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Pharaoh

Colonel
Messages
19,690
Having just read some of the stuff posted here i feel that i should share my experience with the Paycheck autotrade system.
My axitrader broker account had the then Formosa auto trade system attached on the 19-10-2010.
Chris, I guess you must have missed the challenge I posted for Susan and all the other alleged happy customers. Let me restate it so that you and anyone else will have no doubt that you are eligible.

THE CHALLENGE: 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, Chis, and anyone else pushing this, are you up to the challenge or not?


Post any weasel-ish excuse instead of an acceptance of the challenge and everyone will know that this whole thing is just a giant scam.

Susan's failure to reply to the challenge and the failure of all other so-called happy clients to step up pretty much proves it's a scam, but I thought I'd be generous and give you people one last chance to prove that you aren't complete vermin who should be locked away forever.
 

Romeo

Sergeant
Messages
239
This smells very bad!

Lets evaluate the facts of this thread:

1. A "representative", which was offered a way to promote the product and never accepted the challenge

2. A bunch of "happy" customers that posted just once about how happy they are with this system and disappeared

3. A real customer that showed us an actual statement of the trading activities of this system, where he lost ALL his capital

4. A new "happy" customer that has visited their offices several times.

The signs of scam are so evident. :mad: Until we have some very strong evidence that we are wrong, I can only say: THIS IS A SCAM. RUN AWAY

Dear Chris, can you tell us the EXACT address of their offices? I am sure some of the other members of the Forum would like to visit them as well;) (I don't think we will ever hear from him again)
 
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