Buying a system from a successful trader? (pleas read)

Trading Discussion Trade Journals
1

Hello, i’d like some advice regarding an interesting system someone is giving me

About 6 months ago i was really focused on trading and i was looking for people to network with and find out any advice people had and what the best way to trade was. I reached out to someone and explained my personal and family financial situation and asked if he could help me to basically make money quickly. He said he got someone to create a system which basically notifies you when to enter a trade and you simply follow the buying and selling rules and it the trade will likely come through. He was willing to offer me this system in return of a percentage of my returns, we had a conference call and he showed me this system and explained the entry rules.

pictures of system below

However because he had someone else program the system he didn’t have the necessary rights to transfer it to another computer. So in the mean time he installed an EA on my MT4 and manually copied his trades onto my account. Because his account was much bigger than mine the trading style (mainly the targets and exits) resulted in me blowing my account within a month ($500 account), I was forced to use higher lot sizes to compensate for the difference in capital, i would often hit TP but would vary my lot sizes, i held on for some trades for way too long and it was my first attempt of a live account. I was able to stay in profit in the first 5-7 days but went downhill from there very quickly. Lost $200 on one trade (yeah i know)

So before I could deposit again (about 3-4 months later) I messaged him to ask whether he had the necessary rights to give me his system in return for a %. He said he had spoke to the programmer and he said that in order to transfer it to someone else’s ISP the guy would have to pay for it, so i would basically have to pay anywhere between $500-1000 for the system as HE would need to pay the programmer. He said he would go over it with me again and show me once more how to use the system, but hes also asking me to sign a non compete (which means that i can’t start a similar business in competition with his, so essentially selling the system to other people for my own gain) - this is making me feel a bit more reassured as it seemed a bit too good to be true, if he’s making me sign a contract surely it’s worth something? Maybe he actually does need to pay the programmer to let him share the system? I have my doubts

I’m basically worried it may be a scam because $500-1000 isn’t a small amount of money (for me), what do you guys think? Think it’s worth a shot?

Here are the images he sent of the system - the arrows and messages give instruction but you also have to follow buying rules, general consensus is to follow the MA crossover and the arrows i believe? dont remember correctly:





Please let me know your thoughts and opinons, my gut feeling is telling me to go for it, but after consulting family they are more skeptical about it. They think it could possibly be scam but I honestly dont think it is, we’ve been in touch for so long and he hasn’t ever been pushy with what hes offering, if anything i have been that’s been pushy for him to help me. i think hes genuinely trying to just help me out

Pleas let me know and thanks in advance!

2

If it walks like a duck yadda yadda.

Bro you’re being set up big time. Walk away from this an chalk it up to one of life’s little experiences.

3

Hi djeffx,

Trust me man, Do not go for it.

4

What makes you say that Bob?

5

Hey man can you explain why you say that?

6

Firstly, you are not an experience trader. Even with good signal. There is absolutely no way you will be able to manage your trade well. When do you exit? What is the position sizing in relation to you available margin? You won’t be able to profit.

Secondly, the chart looks like crap!! Obvious scam! Do you even understand what you are looking at?

Lastly, and most importantly, you are not in a good financial state to trade well. Very likely you will fail. Work hard the old fashion way. Live below your means. Save up 1st. Improve your financial cash flow while learning to trade using demo.

The so called successful trader selling you the system. If he is “SUCCESSFUL” does he even need to sell you. Successful my foot! Every system works when market trend very well. Every one is a genius. There are times when market are hard to trade. FOREX i believe have the steepest learning curve in terms of reaching the point where you become consistently profitable and have ability to deal with all sorts of market condition.

For example, fencing. Someone gives you a fencing sabre teach you a few moves. Secret move. So now you can fence is it? It takes 10000hours of deliberate practice. I’m practicing like crazy. Still the progress is so slow. It take years for a trader to be successful.

Forex is a hard way to make money. It is as tough as professional poker. You need to chalk in tons of hours.

7

Listen to yourself bro.

Understand why I say this. Speculating is not for you. Walk away period.

8

Ok I understand your point

In the pictures when the arrow is facing upward the market has followed by going in that direction, it looks quite clear cut and simple to follow, can you explain why it looks like crap? And also why do you think he’s making me sign a non compete? It must be surely worth something if he’s making me sign a contract?

9

The internet is literally littered with bazillion of trading system out there. Just google for it.

All system will fail at some point when market condition is choppy. My main point is not that his system may not work. He’s stupid to include the trendline, the chart looks messy. Even if the signal works. You will still fail, because everyone have a work schedule to adhere to. You may not be available to enter a trade when the signal is present. When there is signal to exit, You may not be able to exit your position in time to lock the profit in. How could you be available 24hours for the market.

For experience trader, if they think they can trust the system. Its another story. It may improve their profitability. Because they know how to make use of the signal and improve their odds in trading. You are not a seasoned trader. The signal is worthless to you.

This guy selling you the system or signal knows trading is hard. There are winning days and losing days. But by selling you the system. He makes a gain no matter what. He is not trading. Or maybe attempting to minimize his losses in trading by selling the system/ signal.

Signing a contract is always risky. Upon breach of contract is he going to sue you? Doesn’t matter his reason for wanting a contract. Scam or no scam ,once you sign, you may find yourself digging a deeper rabbit hole.

Work hard, work overtime, take on any job. Save up. Live below your means. I’m begining to think trading is only for serious hardcore gamblers.

10

There is no such kind of process in forex trading. My suggestion is don’t look in to it. Your topic is saying that you are not experienced enough. The problem is, for lack of experience you will not understand which signal is good for you. You have no clear idea about when to start and when to stop. It will fall you in danger and you will not able to manage your trade.

11

There are many reputable sites offering signals to copy.
I would recommend some of these as you dont need to take care about technical staff or setup the mirroring system.
You can clearly see providers history, max risk, profit per month, etc…

12

One thing I have never seen with signal providers, pay or otherwise, is a certified live trading blotter. For example, a brokers rep saying, yup this is so and so’s live account. Or an audited account, or prospectus. Before we go down the road of MFB or the Blue thing, I understand that these can be manipulated by the owner, I don’t know about that, but it is just weird, if you had a system, wouldn’t you want a second party to confirm your claims???

The Ever Wondering VIPER

2 Likes
13

they not ,no one sell for cash $ clear

14

The unnamed site providing signals allows only real accounts with min. 6 months history and fully verified on MFB.