Hello All,
I stumble this website through forex forum about newbie who wants to trade in Demo and get paid for the profits they make in Demo. I find it quite cool though. At least i dont get my fingers burn to trade at the same time getting paid.Check it out, you might like it. insurefx
Links are a no no, newbie.
Or you could just trade live and get paid for your wins, while using effective money management and conservative lot sizes you prevent substantial losses.
I personally think itās best to demo as demo, with no actual dollars involved so that you learn the basics of trading through a broker. Then I think itās best to trade live so that you learn the realities of winning and losing money. Without actual profits and losses you canāt ever know what itās like to trade professionally.
Hi Moneychick , what you said is true nothing like live account trading but if you are good with that then i think its ok to trade live. On the other aspect of trading demo with no real money i personally think it is not effective and you get bored easily.Imagine your trade make a good run on Demo, it is a waste of time, you get nothing and we think we are good and start trading live with small capital. The next thing you know you lost your small capital. But wouldnt it be nice if some company provide a service with mininmal money to trade big capital in Demos. Its like trading LIVE Account with lower risk exposure of your capital. By the way if you trade in Demo, the Broker wont care less, so i think less interfearence from the Brokers. I think you know what i mean by that.If you ever trade in LiVE ACCOUNT and you are good in trading. The broker will keep an eye on your account.
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OK:
Before this thread starts gaining momentum let me pass some comments here.
The way this thing works is like this:
You open a demo account at a broker of YOUR choice. No problem THERE so far. Then letās assume that you opened your demo account with $10 000. You then have to deposit 15% of that amount with THIS crowd i.e. $1 500. Any DEMO āPROFITSā that you make WITHIN 90 DAYS are yours to keep i.e. they pay to you your DEMO āPROFITSā. HOWEVER: they are quite specific in noting that itās only the DEMO āPROFITSā made WITHIN 90 DAYS that you are eligible to withdraw NOT your initial deposit. See anything wrong with THIS??? I do.
Hereās this thing:
In spite of all their encouragment on their website: they HAVE to be bargaining on the fact that most people are going to lose their demo accounts (or at very least not make more DEMO āPROFITā than their initial 15% deposit). Think about it logically: I open a demo account with $100 000 at ANY broker. I then give these guys $15 000. Remember now: Iām DEMO TRADING with $100 000. Assuming Iām good enough to generate 10% per month return. Compounded: at the end of 90 DAYS my DEMO āPROFITSā are $133 100. So THESE guys, out of the GOODNESS OF THEIR HEARTS, are going to pay to me the sum of $33 100??? In other words: theyāre going to pay to ME, out of their OWN POCKETS, an amount of $18 100??? NICE GUYS!!! SORRY: but NOBODY is THAT nice!!! So: EITHER (in SPITE of their encouragment on their website) theyāre COUNTING on the fact that youāre NOT going to make any DEMO āPROFITSā OR THEY THEMSELVES have not thought this through (and Iām pretty sure itās the former rather than the latter)!!!
BE CAREFUL is ALL Iām saying. BROKERS offer the same type of āarrangementā through various ābonusā programmes. THE BIG AND MAJOR DIFFERENCE though: in most cases the āmatching bonusā EVENTUALLY becomes yours (this normally dependant on a certain trade volume) BUT your CAPITAL is YOURS TO DRAW no matter WHAT happens (assuming you donāt lose it of course). See the difference???
I have sent them an e-mail asking them EXACTLY what happens to the initial deposit to which Iāve not YET received a reply but give them time i.e. this I only did last night.
I shall update this thread assuming that I receive a reply from them.
Regards,
Dale.
Edit:
You know I SWORE to myself, when I saw this thread last night, that I was NOT going to āget involvedā here but you know what: āscr*w thatā. This beloved business has got SUCH a bad name and it makes it DARN difficult for an honest broker to solicit new clients. The LAST thing anybody needs is some new āschemeā that will ONCE AGAIN, QUITE POSSIBLY, ālead to tearsā.
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Good post!
I had a hard time understanding how anyone trading on demo can make the translation to real dollars anyway.
I came to the conclusion that they would pay you out of your own money, should you have any profit, and pocket the rest.
They donāt need a live account of any sort, you just either get your own money back, or they keep your depositā¦
Crafty scam!
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Thanks.
Look: I know Iām not BLAMELESS here i.e. I myself contributed my āfair shareā of giving this business a bad name with my āspectacular blowoutā two years ago with client funds and guarantees. I know this. You (probably) know this. In my own defense though: it was not pre-meditated i.e. I thought Iād ācracked itā and āthe sky was the limitā based on my past performance up until that time (and believe me when I say that I spend every waking hour trying to make up for my āmessā). This is different and, so far as I can tell, just based on the little bit of information thatās available from them, it sure does appear to be just another ānew and exciting wayā to āfleeceā new traders of their cash.
Regards,
Dale.
No, didnāt know.
Big difference there though. You are owning up to it, and investors face risks. They should know it.
These guys are banking on the fact that most traders will lose, and the 90 day deal limits most gains on account sizes in their favorā¦
Hello again,
Well: if the truth be told (I guess were going āoff topicā here) even some BROKERS sometimes offer ādubiousā bonus programs letās face it. You probably know the ones: those bonus programs where the trader has to trade a certain number of STANDARD lots on a micro account within a certain time period. All theyāre really saying is āovertrade your account and youāll be able to withdraw the bonusā!!! LOL!!! In my ācareerā Iāve always turned those things down i.e. I like to know that the money (cents) that I have in my account is MINE and that the amount of money in my account is not āX amountā BUT subject to some or the other calculation that only a NASA scientist could make sense of!!! LOL!!!
This is why this type of thing has become such a ābug bearā of mine. WHY all the āhypeā and āpromosā and stuff like that (Iām probably going to get āshotā for this post by my ācolleguesā but anyway)??? It should be simple. I give the broker my money. They make their money from the spreads and the commissions. I make money: I withdraw my profits. I lose money: I go drinking. That type of thing. Simple.
Regards,
Dale.
Ahhh now you SEE: PipsyGirl has removed the link and spoiled all the fun!!! LOL!!!
Regards,
Dale.
The only way I could possibly see this being a legit thing is if you were using their platform - which spammed advertising at you left right and centre (think many free iphone apps).
Either that, or the (very) small percentage that warrant receiving money from this company would be paid from the large pot of losing investments.
Seriously though, sounds very dubious!
But then, Iām a cynical person by nature. 
Cord
No, didnāt know.
Big difference there though. You are owning up to it, and investors face risks. They should know it.
These guys are banking on the fact that most traders will lose, and the 90 day deal limits most gains on account sizes in their favorā¦
Master Tang your name is very noble and intelligent but not to offend anybody the remarks above sound not quite favourable and how can you say something is scam when we have no proof.And you can defend the statement above as if every investor would know that. We wouldnt know until it is proven scam. Just my two cents thoughts.
Fact. Investors LNOW there are risks involved.
As for this being a scam?
Out and out scam, no.
The devil is in the details. This is simply a probabilities game in the non-brokerās favor. Most will lose, the broker will keep the deposit.
What if someone makes a killing? What are the guarantees the money will be paid?
My experience on the net has taught me to never trust a site that canāt get grammar, and spelling on their home page.
And by the way, google āKung Pow youtubeā.
Look for any clips containing āMaster Tangā.
Nothing noble or intelligent there;)
Are they regulated by any official independent agency like the big reputable brokers are? Or are they just some guys who thought up a get rich quick scheme and put up a website? Actually as a get rich quick scheme itās a brilliant idea. Make money off traders demo accounts. Why didnāt I think of that!
Well for what itās worth:
I did receive a reply from them (to my query as to IF AND WHEN the trader can withdraw their initial 15% deposit). Thereās no point in quoting the reply i.e. not ONE MENTION of what happens with the initial deposit.
SO (I know you guys are reading this thread and āfrothing at the mouthā): Iāve sent (you) ANOTHER e-mail asking the same thing. IF AND WHEN can the client withdraw their initial deposit???
Regards,
Dale.
Before getting too excited, think of one word - Ponzi.
Something about this scheme just screams Ponzi to me. As well as them being confident that few will make profits, they probably plan to pay those individuals from the deposits of the new members.
I was going to say the same thing: most outright scams (oh Iām sure this is one) have shoddy webmastery and borrowed graphix. Those online casinoās can do better, & they also scam: if oneās going to loose money gambling, then oneās better in a real casino where you see whoās killing you?
Google āarmchairmilionaireā, its the same offer. And its been going on since I started looking for the online moneytree. Shouldnāt there be a super-authority to get these guys and serve them their medicine? Or atleast take away their server? Government, UN, superman, anybody, nobody?
Basically, one shouldnāt get caught in one if ones willing to refuse to be blinded by want for green too much to see the trick. Its usually abit complicated and unsupported by basic laws of nature: like work and get rich; give and its gone; gravity pulls everything down; money talks; only so much can be flushed down once; forex rocks MLM doesnāt; a forex salesman cant trade;
Well in all fairness:
I did eventually receive a reply from them.
My question (the second attempt):
[I]"Hi,
Thanks for the reply but youāve still not answered my question. At WHAT POINT is the trader permitted to withdraw their initial capital (assuming that they have made a profit and not lost their capital)???
Regards,
Dale Paterson."[/I]
The answer:
[I]āDear Mr Paterson,[/I]
[I]Of course you can withdraw after the 90Days period together with the profit you make.[/I]
[I] [/I]
[I]Kind Regards,[/I]
[I]InsureFxā[/I]
[I][/I]
Make of it what you will. The words āinitial capitalā are conspicuous in their abscence. Iām not going to belabour the point any further.
Regards,
Dale.
Hey chizzenpips,
You forgot ābullsh*t walksā!!! LOL!!!
Regards,
Dale.
Oh yeah, āsh*# flies!ā