1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

The Insider Code

Discussion in 'Scam Alerts' started by Eduard Egikian, Dec 1, 2008.

  1. Eduard Egikian

    Eduard Egikian Private

    Joined:
    Dec 1, 2008
    Messages:
    10
    Likes Received:
    0
    Hello,

    I am experiencing terible time after I purchased The Insider Code.

    In the confidential report their are many promising statements, but at this moment I would like to start with one which says "You don't need trading experience, you have no knowledge about currency markets or how to trade them". Even it says " if you are completely clueless about any of this stuff then all the better actually".

    So I meet all those requirements and that's the reason how I got in the trap.


    Hi,

    I think good teachers look after their students. Mac X is not one of them.
     
    #1 Eduard Egikian, Dec 1, 2008
    Lasted edited by : Dec 4, 2008
  2. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,634
    Likes Received:
    2,189
    I've seen the Insider Code. My father bought a copy and I took a look at some of it before he sent it back. Some of the info isn't bad, but it is massively overpriced for what could have been sold as a semi-adequate "Intro to Forex" course. I also checked the space used on the CDs. It could have all easily fit on just a few, but was spread out over many in an apparent effort to increase the perceived value.

    Although it's got some good info, Mac X's math does not make sense. He goes on and on about how a 2:1 ratio of reward to risk will mean that you will make plenty of money if you are right only 1/2 of the time. Wow! Risk $50 to make $100 and if you are right twice and wrong twice, you've just made $100!!!!

    But then he adds another little rule to lock in some profits early, but doesn't redo his previous calculations. He closes 80% of each order if the order goes 20 pips (plus spread) into profit, then moves the stoploss to breakeven.

    I fully agree with taking some profit early and moving your stoploss, but let me give an example of how bailing on 80% of your trade this early can turn a winning strategy into a losing strategy.

    Let's say you make 4 trades with minilots ($1/pip). We'll assume a 4 pip spread. SL is -50 pips, Take profit is set to 100 pips (Woohoo! 2:1 ratio! Let's make some MONEY!!!). Now assume that the first 2 trades immediately crash and burn. You are down $100. The next two trades go all the way, so it sounds like $200 profit (YAAAY!! MONEY!!!), but not really (Say what?!?!). You closed 80% of each trade with a 24 pip profit netting $38.40 (24 * $0.80 * 2), and only 20% of each trade gets to 100 pips, netting you another $40 (100 * $0.20 * 2). This makes your final outcome a loss of $21.60 (WAAAHH!!!!). Of course, if one of those 2 successful trades had gone back to break even before hitting the profit target, you would end up down $41.60 (Ready to jump out the window yet?).

    For a 25 pip SP/ 50 pip TP, this same set of trades would end up either a profit of $8.40 or a loss of $1.60 (Both hitting TP or one at TP and the other closing at BE). This seems to be a LOT less than the road to easy riches promised when Mac X discusses that 2:1 ratio.

    ****

    So, where did you buy it from? Have you tried to get a refund yet?
     
  3. Eduard Egikian

    Eduard Egikian Private

    Joined:
    Dec 1, 2008
    Messages:
    10
    Likes Received:
    0
    In the confidential report their are many tricks incorporated with the way the report is written. If you buy those tricks they will eat you up for breakfast.

    You open the 1st pg of the report it says " I am going to be exposed to highly sensitive information".

    Sounds very pitchy, real pitchy

    "All you need is computer w/internet connection, just play the CD's, relax and watch me trading".

    Its not that easy as it sounds and I gotta tell you I have never seen Mac X trading.

    Let's all come togther and fight for our refund soilders.

    I have sent many emails to get an authorization for refund, but no one reply's.

    I was late, but 30 days is not enough time to go over the material and double your money. I bought through an email newsletter(dailywealth, international living)
     
    #3 Eduard Egikian, Dec 3, 2008
    Lasted edited by : Dec 4, 2008
  4. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,634
    Likes Received:
    2,189
    In my opinion, the Insider Code is way overpriced, and massively over-hyped. Unfortunately, if you waited until after the money back guarantee expired, it would be pretty hard to make them give you a refund.

    Check the licensing agreement. Maybe you can resell your copy on eBay to get back some of your money. Maybe telling them you plan to resell it on eBay would get them to discuss a refund with you.
     
  5. Eduard Egikian

    Eduard Egikian Private

    Joined:
    Dec 1, 2008
    Messages:
    10
    Likes Received:
    0
    Just to make a point 1 month is NOT a reasonable time and Mac X as a PROFESSIONAL TRADER should be embarrassed of himself to make such an offer.

    If you subscribe to any investment research papers for 1 year they give up to 6 months to examine their product and return it for a full refund, for a $200 and less. That is just to compare the 1 month from Mac X

    Just came across something Forex related from Mr. Jack Crooks. Compared to The Insider Code there is a huge difference. You don't have to learn anything if you don't want to, and on the top of that he tells you what to do word by word. He offers 60 days full test drive even after you are still covered. Looks like a honest deal opposed to Mac X tricky deal.
     
    #5 Eduard Egikian, Dec 4, 2008
    Lasted edited by : Dec 4, 2008
  6. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,634
    Likes Received:
    2,189
    Unfortunately, reasonable time to assimilate materials isn't a typical thing covered under most forex company's money back contracts. I've seen stuff a lot longer and much more in depth than the Insider Code that also had only 30 day money back guarantees.

    Write to them and tell them that you'll leave a big nasty warning about it in FPA's reviews and will sell the thing on eBay. Tell them that you'll update your FPA review with the price you get on eBay, which should be a reasonable way to establish the true "fair market value" of the product.

    They might just offer you a refund to keep that from happening.
     
  7. Eduard Egikian

    Eduard Egikian Private

    Joined:
    Dec 1, 2008
    Messages:
    10
    Likes Received:
    0
    For those of us who are still waiting for a full refund from ETR we should all come together and fight for what's right. Its obvious for a course with so much complex terminlogy the 30 days is not enough. I am sure even someone with a bit more experience will also be in the same boat.

    Lets do what right army.
     
  8. Eduard Egikian

    Eduard Egikian Private

    Joined:
    Dec 1, 2008
    Messages:
    10
    Likes Received:
    0
    If you have gone through all 10 CDs than you know it is very difficult to complete that in 30 days, especially for someone who is totally new to this whole concept. As a beginner I had to go back and fourth.

    In the end I can tell you 30 days is crazy.
     
  9. Eduard Egikian

    Eduard Egikian Private

    Joined:
    Dec 1, 2008
    Messages:
    10
    Likes Received:
    0
    When you pay $2000 there is no problem, but when I am suppose to receive back my $2000 than there is problem. I have called, emailed, but have not received anything. What kind of customer service is that?

    I am not going down without a fight. Who's with me?
     
  10. investigan

    investigan Recruit

    Joined:
    Dec 20, 2008
    Messages:
    1
    Likes Received:
    0
    Hi
    I am sure with you ! I also bought the Insidercode, and went through the cd´s without being able to complete in time to get a refund. NO reply from "Mac X" on mails. Furthermore another scam seems underway. The Deal Butler, wich is an automated trading system from "Mac X". This also comes heavily overpriced, and with automatic renewal after trial-period. Another 2000 USD, can you believe it ....? As usual, I am not able to contact the support to cancel this renewal.......what to do ?
     

Share This Page