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

[RP1]

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.

I just put "law regarding forex signal service providers within the EU" into google , nothing came up relavent , can you give me a source please ( sry for slightly off topic )

 

[braufi]

There are a lot of scams out there. First suspicious thing that i spotted and struck me was was the NO STOP LOSS ORDER trading, which is the BIGGEST MISTAKE someone can make. As far as I saw you have placed many positions with various increasing lots and the market went against you. It's just like swimming against the wave . When it comes to trading without a stop loss and with no proper trading plan, just give up the trade. There will be many chances, but it is up to you to make the decisions even if some BIG Guru traded instructs you. I visted Greg's page, it looks like a full of viruses. i would consider a cautious approach.

 

[RP1]

I just visited his "site" it is a typical scam merchant site its even got freaking popups when you try to leave , those sites REALLY get on my tits . I am thinking this is a scam , but It would really be nice to see Greg turn up here and explain himself.

 

[Bob4rex]

Sorry to hear of your loss. I was one of those who bought GSS2 and had already paid my 2nd months subscription before I realized that the system did not meet up to the hype. Fortunately I was trading it on a demo and after 2 months made a $90 profit with open positions showing losses of -$550 plus and getting bigger as almost all of the open positions were 'buys' while prices were clearly going south. Unfortunately I missed the refund policy by one day but I consider myself still lucky to get off with a small loss. Now I will only trade my own simple system manually. If Greg doesn't come clean to explain and answer all the accusations above then I have no choice but to vote 'guilty'.

 

[Feisal Rahimtoola]

I have not voted because I see Greg 70% responsible if he is licensed. I put 30% responsibility on user because user increased transaction size too fast with inadequate hedging/funds.

 

[craig bryan]

I just put "law regarding forex signal service providers within the EU" into google , nothing came up relavent , can you give me a source please ( sry for slightly off topic )

You have to dig a little to find it, came into effect 1st jan 2012, across the EU, I obtained the info from the FSA & the PCB (polish central bank)
google won't tell you squat as it is classified under "investment advisor" same requirements now for a brokers licence ......hope this helps

 

[Synchronicity]

I have voted Not Guilty for two main reasons.

1/ The person submitting this case was in control of the lot size and chose to increase it fifteen fold within a couple of months without fully considering the potential implications.

2/ They were also monitoring the trades and therefore could have closed the positions at any time, sustaining a smaller loss.

That said I would certainly be wary of handing over control of my account to anyone and think that this is an example of a trader talking themselves up and then failing to deliver the goods. There are plenty of free services such as the 'Shoulders of Giants' that give good analysis and teach the trader - I'd suggest this to anyone wanting to trade.

I note from Greg's website that he is claiming a 4 star rating from the Forex Peace Army. If this is the case I would recommend that this be reviewed.

All the best

Michael

 

[Feisal Rahimtoola]

I second Michael's contribution (synchronicity)

 

[Boko Maru]

I second Michael's contribution (synchronicity)

Same here-not guilty. This guy Greg may be a bad trader and someone that overhyped his service in an unsavory manner (I learned long ago not to trust any of those guys to trade my account), but I don't see a scam here, just really bad trading, and over leveraging the account on the part of the complainant.

Very sorry for the loss, but hopefully it's a lesson learned...

 

[Sazu]

First of all if you are using a Signal Service make sure you know enough to determine if the trades being made actually make sense! Secondly if you are increasing your lot size just because you got lucky and won a trade or two that is called greed and that is a bad thing in this market. I have used signal services in the past and frankly noticed that though some of them actually generated some decent earnings they also resulted in big losses, now that said you both are guilty as far as I am concerned. Greg because he really should have been better at what he was doing before he undertook trying to sell his services and as for the poor guy who lost his money, well all I can say is take the time to learn this profession and stop trying to take the easy way to riches!!!

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.

If this is to harsh of a response then you should not be in this line of... work or play! Also if you take this business to serious and get all emotional you are sure to lose, the market does not care who you are and the Money Movers just want your money no matter how they can get it. Last note to Greg, your guilty!