Is it truly a scam?

pippopper

Recruit
Messages
5
As a trader and TA Tutor I have discovered that many of the "traders" are very quick to call a system a scam - from my many years as tutor I discovered that a number of the systems, held up to be scams, by those who came for training were reasonable systems, not great but Certainly not scams.
Many written to sell to thhose who dont know that they dont know and get caught in the wirly and trading hype - like 500,000 a month and all that crap.
The problem was easily diagnosed as being the fact that the majority of our aspirant traders in fact are unable to read a chart and think that trading is akin to making coffee, pour water switch on - go away and in 5 minutes you switch off and job done! Oh no You are either a trader or a gambler. - FX is not like switch it on put in a profit target and stop loss - come back just now and bank the money - sadly I have some news for those aspirant traders - learn to read the chart and the many of the "Scam systems" will make sense. In this I am not saying that there are no scams on the market, there certainly are. In acknowledging that only 5% of the traders make money - we must also acknowledge why - some loose money because they use robots which to the last one will eventually skin your account, but the main reason is the fact that the would be traders and "Gurus" DONT KNOW THAT THEY DONT KNOW.
Conclusion, Admit that you dont know and learn from those who can show you results on their own account - not backtested manipulated stuff.
SnrTrader
 

f-man

4Xangels Representative
Messages
762
As a trader and TA Tutor I have discovered that many of the "traders" are very quick to call a system a scam - from my many years as tutor I discovered that a number of the systems, held up to be scams, by those who came for training were reasonable systems, not great but Certainly not scams.
Many written to sell to thhose who dont know that they dont know and get caught in the wirly and trading hype - like 500,000 a month and all that crap.
The problem was easily diagnosed as being the fact that the majority of our aspirant traders in fact are unable to read a chart and think that trading is akin to making coffee, pour water switch on - go away and in 5 minutes you switch off and job done! Oh no You are either a trader or a gambler. - FX is not like switch it on put in a profit target and stop loss - come back just now and bank the money - sadly I have some news for those aspirant traders - learn to read the chart and the many of the "Scam systems" will make sense. In this I am not saying that there are no scams on the market, there certainly are. In acknowledging that only 5% of the traders make money - we must also acknowledge why - some loose money because they use robots which to the last one will eventually skin your account, but the main reason is the fact that the would be traders and "Gurus" DONT KNOW THAT THEY DONT KNOW.
Conclusion, Admit that you dont know and learn from those who can show you results on their own account - not backtested manipulated stuff.
SnrTrader
I agree with you on this. Many traders use the word scam too easily.

The facts in numbers:
736 Threads in the Scam Alert Folder
47 Unresolved cases
2 Grey area cases
11 Confirmed Scam cases
 

vincam

Sergeant
Messages
322
Agreed, I do have to say though that a lot of these "system" promoters bring it on themselves with their advertisements of just what we know no system is, perfect, simple and guaranteed to be successful. Install the EA, fund the account and bam, the money just starts rolling in is what they all say. It is a prey upon those who don't know any different.

How exactly do we define a scam? If the system is promoted as the plug it in, roll in the dough system and it is not that is it a scam? It is not doing what the advertiser said it would so many people think this is worthy of a scam label. For me it is not really a scam but just a crappy product, poorly and falsely advertised but not a scam. Outright theft of money with no delivery of product, failure to refund money on a guarantee, or brokers finding various ways to squeak out of paying out are examples of scams to me but not necessarily poorly designed or explained trade systems.
 
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