I am absolutely flabbergasted....

[Tekunda]

Two days ago I came across a thread where member Trueville claimed that he had the 98th customer signed up for the signal service he is offering for $550 per month. Now do the math: This is $55.000,00 per month of secure income.
I was blown away by these figures and visited Trueville's webiste.
(Now please do understand that my intention is NOT to bash Trueville, nor am I envious of his success)
But what I found amazed me even more:
With all due respect to Trueville, but I found a cheaply made website, a ten year old could do better, some shabby account statements of the last 3 months, nobody can verify, and that was it. Apparently this is all what is needed to attract a hundred paying clients.
I honestly thought I am dreaming until I realized that it is the truth: There must be an incredible huge number of totally dumb people out there who are ready at any second to throw their money away. We are talking here $550 per month plus the risk of a total loss and a totally unprofessional website seems not to be the least hinderance to accumulate clients.
It is so cynical that I really have a hard time believing what is going on. On one site you have a signal provider which rakes in $55.000,00 a month and does not even bother to take a meager $5000 and have someone design a professional looking web page and on the other hand you have tons of traders who are so naive they will believe anything, (probably even when written on toilet paper).
I would really like to get some feedback, since I admit I am still a bit shaken by what I saw and by what that means for the trading community.
Please allow me to copy Bobnat's response here to my post at the other thread, since his reponse carries some weight:

Tekunda,

I understand your amazement for I'm equally amazed. Yet, it's more than likely that Truville is telling the truth.

I did some research a while ago and found that from 1997-2000, the stock brokerage firms in the US reported 26 million new accounts were opened, with an average of $1,500 per account. This was during the stock day-trading craze in the US. Those figures work out to $39 BILLION dollars that hit the market from average folks that we see here on these boards. Where did that money go to? Well, I'm sure the brokers took a nice big chunk of it and the rest went to the professionals who left the citizens holding the bag when the dot com went bust.

Now, given that the Forex market is being relentlessly adverstised around the world now, and given the ease and availability for people to access the internet and the brokers, I believe the numbers we will see in the next few years will dwarf those above. As we can see from the composition of these boards, the Forex craze is global in nature, not confined to one country as the stock craze of the 90's. Instead of billions, I expect the number to reach a trillion or more when all is said and done.

Of all these people trying to cash in on what is being touted as easy money, how many of them do you think will be willing to pay $100 - $500 a month for the chance to make millions? I think the number is so high that it is mind-numbing. But look at these boards. How many folks here are looking for easy money? Most of them. And many of them will be willing to try a signal provider, whether they admit to it or not. As someone once pointed out, the folks who got rich during the great Gold Rush were the ones selling the picks and shovels.

Nat

[trendcatcher]

i woundnt be suprized at all if truville is making that money.
i know someone who had a system that was overoptimized ,and he never tested it on real money.
but people saw the reports and sent $500,000 in a couple months to a company trading it.
the system had a 70% drawdown and the people lost their money,but he still pocketed $40,000 and closed shop.
.

[MickMason]

Originally Posted by Tekunda

There must be an incredible huge number of totally dumb people out there who are ready at any second to throw their money away. We are talking here $550 per month plus the risk of a total loss and a totally unprofessional website seems not to be the least hinderance to accumulate clients.

It's the ones with the flashy websites you have to watch, all glitz and no action!

I don't know if the site you're talking about offers any sort of free (or reduced fee) trial, if not then I guess I would have to say give them a miss, a genuinely profitable $ignal provider will be happy to prove a point to the sceptical.

If ever a $ignal provider offers a service where the client is invoiced at the end of the month, perhaps a % of results, then he will be very popular!

Anyway, $550 isn't an awful lot of money to find out whether the provider knows what he's at, the client wouldn't need to follow the calls on a live account and risk additional funds.

I still say there are no profitable $ignal providers, if there were any their names would be in neon lights on every trading forum and website

Mick

[Tzachi]

Tekunda,

All what we really know is how much money he charges. No one knows how many people if any sign up and are paid members.

[Fatman in the H]

I would totally believe all of what has been said above.

I did the old try the signal provider for 2 months, they lost a bit of my $$$, and finally I woke from my trance and realised the only way to make $$$ in this game is to do it yourself, to read, learn and practice, and try to harness your emotions, in other words, PUT IN THE HARD YARDS!!

BUT, there are plenty of people out there who want to make a living out of 4X but dont want to do anything, they read of the endless opportunities for making $$$, but are not willing to do the hard work to make it themselves. SO they go the easy option, look for someone else to trade their $$$ and most likely lose all their $$$.

There is only one easy way to make money and that is to win a lottery, all the other ways require hard work, dedication and some common sense, most of these people looking to make themselves wealthy or better off quickly, do not have.

I should have added one further thing, I believe the only believable signal provider would be one who takes a % of the profits they have generated for their customers each month, if they make a loss they dont get paid, then we would see who the real "PROVIDERS" are and weed out all the crooks.

[naz9403]

Don't fall for the crooks out their


Just think about if you were making consistant profits why would you want to deal with people's complaints and questions. You wouldn't you would put all the money you had into your trading and consistantly make money each month. And the odds are that if you are selling signals because you have a small account balance and are just looking to profit so you can put more money into your account it means that you obviously haven't made the profits which means you don't have the track record to be even giving signals.

so there is no way around it, you either learn progress and profit or you give your money to a professional money manager to manage.

[trendcatcher]

How about Stormy Forex,if you listen to people on this board he is the best thing that ever happened to them.
supposedly we are led to believe he is the best service out there.
but when i wanted verification ,i was flamed to hell.
Tekunda you have always been honest with people,can you or not make steady money with stormy.?
what are his max drawdowns.?
how come if he is so good fx-review doesnt have a review of his site yet?
It seems like with all the scammers out there the only way is to do it yourself.

[Truville]

Well Tekunda, I’m flabbergasted too. Flabbergasted as to why you won’t drop it! You’ve been on me for how long now, a few weeks at least- simply because I didn’t want to take you on as a client? Pathetic, dude. You have taken literally every opportunity you could to bash my trades and my website. Do you think that somehow I’m going to “crack” under your supposed “pressure”, and give you that free month you wanted? Ain’t gonna happen.

AIN’T GONNA HAPPEN!

I am not going to be pressured by you or anyone to give away my product for free. I’m just not going to do it.

Originally Posted by Tekunda

(Now please do understand that my intention is NOT to bash Trueville, nor am I envious of his success)

Alright then, what is your intention? You’ve stated that you don’t have a problem with me personally or my trading success. Then what exactly do you have a problem with? The fact that I leveraged that trading success into a secondary business? The fact that I’m good at what I do? The fact that I have a bunch of satisfied customers? Come on, Tekunda, tell me. What exact problem do you have here?

You stated I have a “poorly designed website”. If it was professionally designed, does anyone think it would stop Tekunda from complaining? Don’t you think, given Tekunda’s responses here, it would be something along the lines of “Look at that professional website. All flash and dazzle! Why doesn’t he just have a simple website that shows his trades? What’s he trying to hide?” Correct me if I’m wrong here, Tekunda.

Tekunda, you stated that I don’t have verifiable results. I told you to pick five people or companies that verify forex account statements, and I’d submit to their ruling. I’m letting you pick the judges here! And what do you do? Start another thread stating your same “objections” over and over, ad nauseam. Do you take me up on the offer? Do you suggest an alternative? No, you don’t. And the only reason I can think of is that you don’t really want my results verified. Correct me if I’m wrong here, Tekunda.

What is your real objection here? Why did you start (another) thread about my service? You thought enough of my service at one time to ask for a demo of it. And then when I told you I wasn’t going to give you a free month, suddenly my results are no good? It’s called sour grapes Tekunda, and it is childish and petty.

If you really are concerned with the veracity of my account statements, I’ve given you the tools to verify them. I’ve used this forum and your objections as transparently as I could to get you the results you asked for. But every time, every single time I’ve some close to answering your objections, you just restate them. Here it is Tekunda, last and final time:

You provide a list of companies that verify forex account results. I will submit my results to them, and post their findings on this forum. If you really think my account statements are total lies, here is the perfect opportunity to prove me wrong. I am handing you my potential humiliation to you on a silver platter.

If you really do doubt the authenticity of my trades, I have given you the means (third time) to show everyone here what a liar I am. Are you going to take up the challenge? Or will it be another whine-fest?

I am answering your questions, Tekunda. Do you have the guts to answer mine?