I and many friends were ripped off by over 40 "trading education companies" ranging from stock market trading to options to futures to currencies. All of them have certain giveaways.
#1-They claim the reason they dont keep this "secret system" for themselves is because they love to teach and share. (Why didnt one successful trader who made in the book Market Wizards do that?)
2-They sometimes offer a no questions asked money back guarantee but 80% of the time they come up with a loophole to prove you did something to nullify the contract
3-Sometimes as in Prop firms they tell you they will put up 10 times the money you put up for your trades so you wil make money so much faster. You never get to see their financial statements, and who knows if they even submit your trade to a clearing firm or just cover your trade themselves!!!
4-If there is a chat room moderator and you make a complaint, or try to correct the moderator if he lies, you will be ignored, told it was you who took the trade wrong, or you will just be blocked from ever getting back in the chat room and they will never take your call again, al the while doing business every day while you look behind the invisible glass and cant get into the chat room and tell anyone what happened
5-They always bait you by saying if you dont join them, you really arent cut out for trading. (They really are insinuating you arent man enough to be disciplined!) Thgis hits a lot of guys in their soft spot.
6-Scammers have gotten wise to people checking them out on the Internet before sending money so when you google "Internet scams Jackson Currency Co." you dont always get complaints as you are supposed to. They found a way to rig the search engines to give you glowing testimonials from shills. This is a scam unto itself.
7-Price has very little difference in ther companys legitimacy. I lost 12k to one prop/educational firm and other friends have lost a few hundred dollars at a time 5 times in a row!
The company I was Involved with had the audacity after their moderator who was a truly excellent trade caller left, they never said changes were coming, so they just got in another moderator and after a month or two, to give them time to siphon all the money offshore or somewhere hard to find, they went out of business claiming some "mysterious silent partner" was cooking the books.
Bottom line..."As always, ask yourself before putting down your hard earned money: "If I couyld make a living trading in the manner this co. Says I can, would I spend mucho dinaro and months if not years promoting my system when I could just trade. So the obvious now becomes clear. Even if they have a winning system, there is more money to be made in selling the system than trading it yourself!
Velez Capital Management which took my 12 grand went out of business after 5 months of me joining, then re-opened under I-fund traders and then went out of business again and switched from teaching day trading to swing trading!!! I was very well liked and appreciated in the chat room so no, there was no friction anywhere. To my knowledge, law enforcement or the courts has done nothing despite hundreds of complaints! This is pure fraud and easy to prove. Imagine all the other murky, sleazy companies out there who are borderline that never get llooked at. It is still like the wild west out there on the Internet. Every man for himself. Oh one more important thing* Definitely Pay pal, and now also Visa and MC, are starting to take the sellers (scammer) side over yours unless you can show very clear proof in 5 different ways from sunday how you were ripped off. Verbal promises and things not in a contract mean nothing! We no longer have the protection with credit cards we used to. But if you insist on giving a system or program seller a try, use your credit card over Pay Pal or any online mediary.
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