Let other traders know if this service is worth checking or should be avoided.
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Nov 28, 2007,
Here's a recent email I received:
"Hello everyone – it’s been a while since ive communicated – there will be more communication from here on in.
The most pressing need for most of you has been the opening of live accounts – therefore, upon clicking the link below… you’ll be taken to the website of profitrade – fxcsc’s new operating arm with better banking relations.
Please fill out all the information on the form and for the things they ask you to send in to them – you may scan them in your computer and attach it to the form – thereby eliminating the need to fedex anything to their offices – you’ll then be notified via email as to when and where you can send your funds to open fund your margin accounts.
Remember to inform them that you want to trade at 400:1
If there are any concerns – please don’t hesitate to email me – I will answer within 48 hours of receiving the email
Thanking you all in advance for your patience with this matter – as most of you know they’ve been trying to get this takeover done for almost 3 months – now that it’s done there should be no hinderances to your trading.
Anyone recommending that newbies open accounts with 400:1 leverage IS NOT acting in their clients best interest. If you are trading Amin's system at 400:1 leverage - STOP right now. Go to the Forums section at ForexFactory.com, select Forex Beginner Q&A, then to Information for Beginners - page 2, post #19 and beyond.
This is an important explantion of the wrong use of leverage and how you are certain to lose your money faster than you can click yourself out of a trade.
Nov 1, 2007,
Had I known then what I know now… A terrible waste of a LOT of money - $5000US. Amin Ramji is a great marketer and made great claims – 97% accuracy; easy money and I admit I fell for it all. Well the accuracy and easy money never materialized even while only demo trading.
The Swiss brokerage firm FXCSC (Foreign Exchange Clearing & Settlement Co.) that he helped his students set up an account with was located in a building that provided virtual office space. Their website had a links page which listed several Swiss governing bodies suggesting that they were members. I emailed them and asked why their address was in a virtual office building and what governing bodies they were members of. They replied that they weren't members with anyone (even though the business had been established in 1972) but that they had made an application with Polyreg, and that their location didn't matter because they were transferring all their accounts to their parent company. No reply from 3 requests for clarification of who the parent company was and where they were located. I believe that parent company is FXLQ (Forex Liquidity LLC) considering our demo accounts were set up with data feeds from them and that both brokers were being simultaneously promoted at clearway.com (now also shut down).
His explanation for a $10 per lot commission fee was to ensure the broker made some money so they wouldn’t interfere with our trades. If true, then why did he caution us NOT to enter stop losses into our trading platforms? BTW, $10 per lot is twice as high a commission to pay versus comparable broker services. Why? FXLQ provides a customizable interface for companies (e.g. Paradigm) that want to set up access to the Forex market for their clients. Those customizations included optional additions of pips on to the spread, as well as to add commission charges. A portion of that commission charge (possibly $5 per lot) most likely goes back to Paradigm.
I couldn’t understand why we needed to use MetaTrader to trade and Intellichart to chart considering MT has very advanced charting capabilities. Then I discovered that Intellicharts provides a $20 per month per subscription referral fee (back to Paradigm). And yes, all those indicators on Intellicharts can be duplicated in to MT and I have done it and am a novice versus Norm’s abilities.
Get used to hearing “I’ll have that ready/will get back to you next week” because you’ll hear/read it a lot from Amin – that is when he chooses to even reply to you as he always has another group of students to get ready for or important clients funds he needs to trade, but never has time for you once he has your money. Try to create a support network with other students or chat with them through the Paradigm website to share ideas, trade calls? Amin won’t help you and doesn’t care.
If you don’t do your “homework” and submit copies of your demo trades then he won’t talk to you if you have a problem. Yet he monitors your trades in real time! And why do you need to copy him on your application to the broker including a copy of your identification?
Take your time and spend months using this site and others to research Forex for other options. Ask Amin for a list of at least 50 people (that’s only about 10% of his students) who are using his system and are being profitable and phone everyone of them. If at the end of that period you are convinced ParadigmFX offers value for the $6500 US they are now charging then jump in the boat. Otherwise, hope you have an oversized life jacket. Caveat emptor!
Oct 22, 2007,
Sorry Felix but look for another company. Lost a lot of money with this company. They also offer a trading course. There is not one person that has taken their course and has been able to make a profit....other than a few people who got lucky on a few trades, made some money before losing it all. They also promise full support but they do not respond to emails or phone calls. Did I mention a friend of mine invested money with them in a managed account and lost 15% of his investment.
So lets look at the facts:
1) I have taken the course and have had access to the signals but I never see any signals posted.
2) What they teach in their course does not work. No one has made money trading the way they teach.
3) Once they have your money it is extremely hard to get a hold of them. Even after countless emails and phone calls they don't call you back.
4) They traded money for a group of investors this year and lost 15% within 2-3 months.
Trust me on this one...don't bother with this company. Or if you want to see for yourself...try finding someone that has made money through this company, and I'm not talking about them getting lucky on a few trades. Try finding someone that has consistently made profits month after month using this company.