In I went to a 4X Made Easy seminar. It appeared to be right up my alley. I had an interest in the forex and this was presented as an easy way to learn about it and then profit from it. I paper traded first as Globaltec recommended and had success so I went live. I used their recommended buy strategies with their green and red lines. I would wake up early to hear the training.
I spent a lot of time and effort on this. BUT Even after following their regimen, I ended up losing a lot of money. $40,000 dollars! It is so sick I can't believe it and I am now just writing about it. I lost $40,000 because I bought into the system that losses are acceptable, it's just a part of trading but if you follow their system - the 4X Made Easy system, you will succeed.
Globaltec would throw around investing adages like the Trend is your Friend. At about the time I started trading, the Euro, the Pound and the Swissie and the others were consolidating and reversing (temporarily) their trouncing of the US Dollar.
But 4X Made Easy did not ever address this except to say, look at the Short - the Intermediate and the Long term charts and then if you are an active trader, or super active or position trader, you can figure out what your strategy is. With the "attractiveness" of the forex, your profits are multiplied so just learn from the trends and watch the green and redlights.
Well, it didn't work and when I would go to meetings to discuss how everyone was doing, many people were failing. I realized everyone was losing but I thought, surely this scam wouldn't be allowed to go on but it did. The green light is supposed to mean buying pressure, the red light is supposed to mean selling pressure. It didn't add up to anything for me or all these other people. I hope this helps someone. I should have known it was a bunch of crap. It's embarrassing.
FYI - I had 2 accounts - one with REFCO and the other with Interbank. I half wonder if the these companies manually would make sure I hit the trailing stop so that my trade would close out just before it would go in the direction I thought it would. But I digress.
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