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

[Aldo Colombo]

It is evident that Greg's not the best money manager, he will wipe out a few by increasing lot sizes on bad trades..... You having studied how he was doing over a period of time doesn´t guarantee the situation can change, on the other hand, if Greg made some statement as regards his trading style and then broke his word that's another matter.

 

[glittle56]

This is an email I received from GSS Support on Thursday 29th March 2012

Hi,

today I want to take care of couple of things.

Some people seem to be worried about the drawdown,
we've had this week, but there's nothing to worry about.

Drawdowns do happen and from my advanced techinical
analysis tool I can see that these trades will end up in our
favor. So, don't worry about that.

I know what I'm doing. Remember in Forex you don't have to
make money every day. There's still time to make a lot
of it.

Don't try to close trades by yourself etc.

IMPORTANT!

I'm getting reports from people who try to change default lots
for accounts of $2000 and smaller.

If you are trading with a small account, my default setting are just
fine, and pls do not change lot sizes or go for huge leverage
because otherwise your account balance will be at danger.
=================================================================================

Many people with accounts less than $2000 using the default lot size have had their entire account wiped out. At no point has Greg issued a warning that account sizes of below $2,000 cannot safely use his system. Nor did he state the fact that he uses a martingale system of continually doubling the lot size when in Drawdown until either your account is wiped out or the market reverses. In my opinion this information is vital for anyone to make an informed decision as to whether they should use this system or not.

Finally, the most pressing question that has arisen is ......why have some people's accounts received completely different trades than other people? If Greg is using different software to control the trading activity then that should have been disclosed because people are paying for one thing and receiving something completely different. The question of honesty definitely comes into question.

If your account was wiped out through a reckless martingale type system and another person didn't even receive the same trades it requires an explanation and Greg has failed to supply one. And yet even now, people are still having their accounts wiped out by Gregs Success Signals.

If the software sending the trade signals is unreliable to say the least, then Greg should disclose this openly before people pay him a monthly fee. Then people can take their chances and that would be their problem.

 

[along]

Rogue trader....no point inviting him here, just spread the words. Follower should be careful when following someone signal. please limit the number of open trades to 2 or 3 with stop loss to avoid martingale. The best is to choose provider with 1 single trade only per time. Just check zulutrades, there are more irresponsible signal provider who did not apply stop loss and continue opening more trades until the account get screw up. So as a follower, please do not trust your signal provider, please put limit on trades, stop loss and never increase the lot size.

For glittle56, the problem with your account is because the increase of the the trade size, If you maintain a fixed size with 0.02, your account will never get wiped out. you still can sustain 1000 pips DD even if you have 20 trades open in your account. Please NEVER NEVER NEVER increase your lot size when you are following someone signal. The size must always be fixed and avoid signal which has more than 3 open trades per time.

About difference follower received difference trades, I believe because of the difference number of value set by difference followers. example if you set 2 trades, you will receive 2 trades only, if you set all, you will receive all the trades. Account A will not receive the same signal as account B.

 

[Amin EL-HAKIM]

Well martingale is known to fail in trending markets, and I would've voted against the case, but since the defendant isn't concerned in coming to the FPA and explaining himself, I vote guilty as charged.

 

[tangmase]

da sich greg bis jetzt noch nicht zu den vorwuerfen geaeussert hat, plaediere ich fuer schuldig

 

[RP1]

I havent voted yet . However the OP says he was using a "large " account of 12.5k. This is not large enough to trade standard lots . It is barely enough to trade $1 a pip let alone 10 You need a 100k account to do that . Sorry but right now Im reserving my vote right now...

A question , was the lot size you traded controlled by him or you ?

 

[Boko Maru]

You said your total lot size was 7.4 lots using a 15 multiplier. Does that mean that if you had used the base size your lot size would have been 0.49 (7.4 lots divided by 15)?? If that was the case, would you have lost your account?

This guy sounds like a shyster, but I'm going to have a hard time voting "guilty" if you lost your account because you got greedy and chose to hugely increase the lot size from what was recommended. Although it's discouraging that he hasn't come here and explained himself, that alone doesn't make him "guilty" as other posters have insinuated. If your trades were not replicated on others accounts in the same way, that also doesn't make him a scam, as there could be a lot of other reasons for that happening (technology snafus, user EA input errors, broker issues, etc.).

I'm happy to support your case if I can legitimately do that with a clear conscience, so to help me get to that point can you clarify what I am asking above? Or provide any other relevant clarification?

Thanks...

 

[craig bryan]

No-offence but read Boot camp & learn to trade for yourself..........I've been trading for 25+ years now (24 professionally) & usually the traders that tell everyone how good they are, are to be avoided.......... Imho

 

[Black Widow]

Thats crap and rogue trading. No real trader would ever do such a thing. Martingale and all those stuff are an epic fail! Learn to trade as every timeframe is dimension for itself. Learn where to place your stop loss orders.

 

[Ntama Derick Mathatho]

My question is, Does Mr Greg admit that he was in control of all the trades?,if so then he is responsible for the loss.and he should pay for his mistakes.There is no need to argue about how much leverage used,or what so ever lots. that's manipulating your understanding and hiding behind the real facts of action taken.The person who opened and closed the trades must face the music.

I will really like to hear what Mr Greg has to say???.