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Urgent Help

Discussion in 'Beginners Bootcamp' started by mike slotnick, Jan 30, 2009.

  1. mike slotnick

    mike slotnick Recruit

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    My friend just put his life savings of $50,000 into a Gain Capital / Forex.com account. He has been relying on a "friend's" signals for the past 30 days during the practice/demo trial and got a 27% return on investment in 1 month. He is convinced the guy is a forex genius. I have tried to reason with him, but he keeps telling me to "just try it yourself in the practice period and you will convinced also." He gets 1 signal emailed to him at exactly 9:53am for him to place at exactly 9:55am and 1 signal at exactly 6:52pm for him to place at exactly 6:55pm. The stop loss is $1,500 and the upside is $3000. He makes only 2 trades per day and 1 on Friday. Does anyone have anything I can say that will convince him to pull his money out and run for the hills? The guy is totalling lying to him saying that he has a "patent" on his mathematical algorithm (if you had a system that worked you would never patent it as it would make it public information). Plus the guy works security during the day...why would someone who has a successful algorithm being working 9-5 as a security guard..I just can't convince my friend that this is a scam. I would hate to see him lose the $50,000. Its everything he has saved up in the last 5 years. Someone please give me some advice.

    Mike
     
  2. Cyclon

    Cyclon Company Representative

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    That poor guy! :(

    That poor guy! :(


    Heh, nice AD!

    ( I'm baaaackkk!! )


    Cheers,
    Cyclon
     
  3. Pharaoh

    Pharaoh Colonel

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    I doubt you can talk your friend out of it now. There's a conversation in the scam alerts folder where a couple people are getting ready to throw their money into a managed account/MLM scheme that has a pile of red flags. Once someone falls for something like this, they need to get hurt pretty bad before they give up their dream of free money. Tell him to ask his friend for the patent number. He can also search the database at United States Patent and Trademark Office Home Page for the guy's name.

    At least the risk is only 3% per trade. He won't get wiped out overnight.

    See if you can convince him to draw an absolute line in the sand to stop the whole thing if his account falls below $40,000.

    When he gives up wasting money on the security guard's system, tell him that I have a cat gives great forex signals. When she sleeps facing left, I buy the EUD/USD. When she sleeps facing right, I sell the EUR/USD. My carefully reconstructed back testing shows a 93.7% success rate. I'd be willing to sell my secret patented Feline Forex Forecasts to him for only $500 per month.
    :D
     
  4. Cyclon

    Cyclon Company Representative

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    I'm thinking there is more here than meets the eye

    You've made an excellent point, Pharoah. When it's decided to follow a scam while delusional, nobody talks somebody out of it.

    While I don't think it is the case in this instance it is all too common for people to be suckerred so it isn't that I don't sympathize with the situation. It is precisely because of this danger I am pointing out some things here.

    My thinking is that this is actually a bit of bait for later hook. There is a very curious set of intricate details given for someone who is making an urgent call for help (and just by chance has only 1 post to date - this one).

    You find every aspect here of the typical sales page.

    Let's just check over some of them.

    Well, maybe...

    Very detailed listing of an irrelevant (to this story) broker:
    Gain Capital / Forex.com account.
    (Yet it adds credibility to the scam angle due to the broker's reputation
    and the story doesn't have a reason for being here without the scam angle).

    Details of the offer:
    signals for 30 days practice/demo trial

    Sample Earnings:
    $50,000 X 27% return on investment in 1 month

    Testimonial:
    convinced the guy is a forex genius. I have tried to reason with him, but he keeps

    Call to Action:
    telling me to "just try it yourself in the practice period and you will convinced also."

    Second set of details of the offer - Here's how it all works:
    He gets 1 signal emailed to him at exactly 9:53am for him to place at exactly 9:55am and 1 signal at exactly 6:52pm for him to place at exactly 6:55pm. The stop loss is $1,500 and the upside is $3000. He makes only 2 trades per day and 1 on Friday.

    Takeaway Psych trigger (we want what we can't have):
    Does anyone have anything I can say that will convince him to pull his money out and run for the hills?

    (Well, gee whiz, fella, with those earnings, maybe I wouldn't want to stop either.)


    Validity basis cloaked in scam language:
    The guy is totalling lying to him saying that he has a "patent" on his mathematical algorithm

    The typical 'so unbelievable it has to be true' trick:
    (if you had a system that worked you would never patent it as it would make it public information). Plus the guy works security during the day...why would someone who has a successful algorithm being working 9-5 as a security guard..


    Play on desperation and reiteration of the reverse psycology of the earnings already claimed:
    I just can't convince my friend that this is a scam. I would hate to see him lose the $50,000. Its everything he has saved up in the last 5 years.

    Call for action on OUR part so the details can be dropped in the requested "Conversation":
    Someone please give me some advice.


    OK, so everything is NOT a scam and I've said so myself. It certainly doesn't mean there aren't ANY scams. This story is a bit smelly to me. If this is not a sales pitch setup I don't know what is.


    Cheers,
    Cyclon
     
  5. mike slotnick

    mike slotnick Recruit

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    Re:

    Cyclon, I wish I was such a mastermind :) I was just looking to see if someone had heard of scam that involve emailing signals at very specific times of day. The horseracing scam could be a good analogy as far as perhaps somehome he's been fed through a bogus platform where he is seeing everything 2 minutes slower than real time which is why the signals work...i don't know if he's going through the forex.com platform or if its some gateway platform. In any event thanks for giving this a few minutes of your time. Regarding getting the emails at 9:55 and 6:55, I know now one can see into the future so tying this system to a frame i think is a psychological trick to indicate perhaps the provider has insider information, but I can't figure out how this scam works. I guess time will show, but by then it will be too late. I am trying to convince him to get out if he drops below $40,000. Thx all for the advice.
     
  6. Cyclon

    Cyclon Company Representative

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    Have him drop 10G?

    So your friend is that convinced. Hmmm

    If his account drops $10,000 he would be inclined to continue?

    Oh, no that's right it is now a drop of $23,500. Pardon my sloppy math.

    Well, good luck to you. Maybe then he will consider Pharoah's Witty Kitty.

    8- )

    Cheers,
    Cyclon
     
  7. popbop

    popbop Recruit

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    Color me up.
     
    #7 popbop, Mar 3, 2009
    Last edited: Mar 3, 2009

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