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

[Feisal Rahimtoola]

Is there a contractual stipulation or binding on Greg that he has to necessarily provide exactly same advice to every customer/user?
Assuming there is such an implied contract,has Glittle56 not gone overboard on risk exposure?
feisal.rahimtoola@gmail.com

 

[Joh]

Very sorry for your loss- am amazed how big the lots were on your rather small acc.-When you first noticed the difference did you make it clear to him that the lot sizes were risking your acc.? Aswell as the number of trades? He sounds like a desperate trader to me that overtraded and then try to trade out.

Then the issue that he gave you different size trades then he gave others sounds most inappriopriate to me aswell as devious. That would make me angry and i would feel deceived. An unpleasantly -costly- sticky mess.

Thank you for warning us -so we can all away from this joker unless he sorts this out with you and is honorable and restores your account. Good Luck.

 

[Asif Riaz]

I think the signal provider company should monitor every account, in case something goes wrong... or setting of their EA, gets changed, the company should monitor all these things.....

 

[dbrawner]

I too am sorry for your loss, and I regret that our ranks are filled with people of questionable character.

However, mirrored trading accounts are NOT the same as discretionary trading accounts. YOU, the trader, are still responsible for any and all trades placed in your account. Sorry, but that's the raw situation here.

Another troubling "fact" presented is your escalation of the multiplier. It appears that the parameter does not set any limit, but as implied, multiplies the signal orders by a factor of... Thus, you quickly overtraded your account.

Yes, Mr. Stefaniak should be providing a clearer explanation to set the record straight, and novice traders would be unaware of the dangers of a Nightengale strategy, but this alone does not provide force majuere to convict him.

The trading arena is full of challenges and it is amazing how easily people can be drawn into schemes that promise an easy path to success especially during times of economic trouble and uncertainty.

Caveat Emptor (Buyer Beware) is the one rule traders MUST remember when checking out someone's product or service. I for one was turned off by this particular service by the sheer amount of hype it was receiving at the time.

While I feel badly for the plaintiff, I cannot rule against the defendant at this time... Nothing so far proves fraud or even improper (albeit risky) behavior. He may be a scoundrel but, with the facts presented he's... not guilty.

 

[Haitham]

hi
i am also brought this program and installed it on my VPS from the beginning. as you said the first 2 weeks was great, but when the GbpUsd coming up, and greg was concentrate to sell although all the news and said it will be up, it opened buy trades to save my money and it happened.

and the 2nd cases from 2 weeks or more when the eurousd coming down, greg was concentrat to buy and with many lots and many trades, and the news and all charts type indicated it will come down, but this time i was busy because i am offshore engineer and i don't have internet connection all the time for this resone i lost my money also.

i think the major mistake for greg that he didn't follow the news and and and trend Beverie , and with big lots.

if you can invite greg to explain what happened will be good idea.
thanks

 

[samob]

very sry for your losses but starting 1MAy GBP/USD went down more than 1000 pips so there is some credit to GREG analysis. from what i see its all about bad management because of too many lots what if the price went down before the GBP make the gap
then you,ll get a huge profit what GREG did is totally wrong by opening so many positions but i cant smell scamming here so i,ll postpone my vote for now and keep monitoring the thread

 

[JRusk]

As a developer of EAs I can tell you for a fact that none of my beta testers mirrored my account or each others perfectly. Even with the same broker. Re-quotes, trade context errors, off market quotes, etc, etc. These broker issues are the cause of major differences. Nothing to do with the EA or signal provider. As for risk. Its always the person who has their money on the line to assess their own risk. Martingale systems will almost always blow your account up long term. Also, counter trend trading will also eventually blow you up. Counter trend trading and martingale combined is laughable. Greg is an amateur playing with big boy money. That being said, I would've voted not guilty if Greg had showed up to defend himself. Since he thinks the FPA isnt important enough to bother I will be forced to vote guilty.

 

[FreddyFX]

Sorry for the money lost, but I am wondering what are you doing in this business if you cannot trade on your own??
To me it feels like jumping of a bridge because all my neighbors are doing it also.
This would be the first time if somebody would get any money out of these sort of activities.

 

[Galina_K]

The loss of 12,5 K is a nightmare.

But some things are not yet clear to me on this case.

For him to wipe out such a large account trading at 7.4 lots when he was authorized to trade at 0.3 lots is criminal.

Where does it say that he was authorized to trade at 0.3 lots ?

His initial lot-size is 0.02 lots. ( how much balance ? )

Please show evidence that he declared 0.3 lots to be the max lotsize.

Greg did not disclose the fact that he was going to use a martingale type approach during a trend where he would just keep doubling the base rate in a countertrend, nor did he offer any information in the setup video or FAQ regarding the recommended safe lot size to use and the recommended account size.

This is terrible. It reveals that he doesn´t care about customers, he just is interested in taking the money.
He just is dragging victims into his scheme without giving them the most basic and vital information about lotsize and account size.
Because of this serious point I will vote guilty because only a scammer and anti-social and pathologic character will set up a trap to unexperienced and desperate people like he has done.

But it is terrible from the other side of the coin too.
It shows that potential clients don´t have enough knowledge about Forex - or
they are blinded and their mind goes blank because of the huge profits he promises.

Calculating risk is one of the most basic things in forex.

From what you wrote, you either are a newbie or of not, the promised profits had wiped out your rational thinking.
Before you even thought of attaching the trade-copier he sent you, you should have
asked him about lot-size in relation to account size.

From this we see that criminal minds need victims who fall into their trap.

But I do not belong to those perverted people who blame the victims instead of
pointing to the criminals first.
If there were no criminals, there would be no victims, so the criminal is the one who needs to be blamed, not his victims.

This Greg has destroyed many clients lives.
He is guilty and should be brought before a judge. His stolen money should be arrested and distributed amongst his victims and he should go to jail.

Guilty.

 

[craig bryan]

dbrawner .......I take it you are unaware of the law regarding forex signal service providers within the EU?

signal service providers within the EU now fall under the category of "investment advisers" & as such are required to be licensed, as just supplying a signal constitutes "advice" on placing an investment .....................so if the provider in question is not licensed he can be reported & fined accordingly

BTW signal providers in most countries need to be licensed these days.