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!