GUILTY Case# 2012-043 | glittle56 vs www.gregssuccesssignals.com/

[Kingrex]

Sounds like an EA not mirroring service.

Keen trader and martingale does not add up when price is racing towards the weekly level and its only Monday and we are already -200 pips.
Ive only learn this from experience and blowing my own account(s). Martingale and this style strategy IMHO signals that the trader has no good entry knowledge and depends on indicator/EA to give entry direction, which we all know never to trust unless you are one of the few with the holy grail blackbox that turns $50 into $ million in a month!!?? :-| good trader will make entry , set stop loss, walk away, and come back to many pips, hours, days or weeks later depend on trader style. i believe pips should never be loss on DD but in fighting for good entry position. this belief has not come without great ups and even greater downs thankfully in a trillion $ market there are constant opportunities to "get it right" ... hopefully the trader greg, those of you who have suffer losses, and especially myself will find these opportunities in the coming days months years.

Now i stay in "Shoulders of Giants" thread and trade weekly bar with much greater success. Still I have much to achieve . i vote guilty because trader still has not nobility to respond and explain how client accounts still are being blown.
seems would be better to step back and accept clients criticism in order to improve on strategy. also i believe it is not necessary for signal providers to be license which i am not but i DO offer my clients money back guarantee on your original deposit which is what i think everyone should do regardless of if they are signal provider, manage accounts, etc whatever just offer money back guarantee and if you blow the account refund the client money! thankS

 

[jacoblnrgn]

this is ridiculous

 

[Kingrex]

what is ridiculous?

 

[dbrawner]

To Craig Bryan,

You take it correctly that I am unaware of EU laws, but I'm not sure what that has to do with my response.

The issue of the defendants "license" status was never brought up and as such is not pertinent to the charges or relief sought by the plaintiff.

However, your very valid point actually adds credence to my argument that people need to take some responsibility when entering into the investment arena whether it be through self directed trading, a managed account, or buying a mutual fund. Even the most cursory amount of due diligence would have exposed this vendor, if not at least raising at least several red warning flags.

As to another persons post regarding "blaming the victims"... There is no blame here. The message is simply that people need to take responsibility for their own actions especially when entering into a voluntary relationship with a vendor. This situation is not like some scoundrel offing with your employers pension funds which you had no ability to control or manage.

Craig, I appreciate your response and welcome the input.

By the way, here in the US, the laws concerning investment advisers are enforced with broad and liberal interpretation. Even mentioning what you are personally trading in a public forum, without copious warnings and disclaimers being attached, can in some circumstances be construed as "investment advice" . Providing investment advice from the U.S. is a very risky business (legally) which perhaps explains the proliferation of offshore providers (read scammers).

 

[dbrawner]

...I am voting Guilty but not because of your losses but because people like Greg need to be regulated because others foolishly depend and live by their every trade. ...

Sazu,

Regulation is a very slippery slope that plays into the hands of big government and central authoritarians. Once you allow them to regulate one thing, then another, then another, all in the spirit of protecting innocent citizens, then the next thing you know they are regulating YOU. What you can trade, what leverage you can use, how often you can trade (i.e. pattern day traders), then what brokers you can use, how much liquid net worth you must have to self direct your trading, how much profit you can keep, the list goes on and on and never stops until you live under completely government control.

What we NEED is to educate people to take responsibility for their own actions. Teach them how to choose a vendor whether it's for signal service, trade execution, accounting and legal advice, etc., etc..

That hopefully is what the FPA can accomplish WITHOUT increasing governmental control or oversight.