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Johnpaul77
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FxMasterGuru

Biedrs kopš May 04, 2012  1583 ieraksti FxMasterGuru (FxMasterGuru) Sep 21 2014 at 14:28
RSTrading posted:
What do you guys think of the 'counting probability' strategy that they used inspired by the movie '21 or blackjack'?

https://login.mql5.com/en/users/startumbler


The end result shows the 'value' of their strategy... If there were any strategy at all. Of course, other than scamming thousands of subscribers. Which they did 'masterfully', collecting tens of thousands of dollars in subscription fees while crashing their accounts. One of the best designed scams on MyFxBook by the involvement of a scam broker creating artificial account history.

There are so many other much better strategies on MyFxBook running at mainstream brokers. For example: https://www.myfxbook.com/members/togr/caesar-400-eurusd/662462

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theHand

Biedrs kopš Sep 20, 2014  360 ieraksti theHand Sep 22 2014 at 06:58
@FxMasterGuru

That's simply not true. The people who lost the most here is JP77 (there's 4 of them). They went from having at least $40k income a month to 0 in a day or two. They had every incentive to do as well as they possibly could.

The have at least 3 to 4 year track record in which they built thousand of subscribers through results. What's the problem with a Russian broker ? Metatrader is Russian.

They've simply learned a very public and hard lesson and that is that market conditions change and when they do, they do rapidly.

theHand

Biedrs kopš Sep 20, 2014  360 ieraksti theHand Sep 22 2014 at 06:59
Your average western hedge fund lasts about 5 years.

There's nothing unusual that happened here that I can see that would indicate they were running a scam.

FxMasterGuru

Biedrs kopš May 04, 2012  1583 ieraksti FxMasterGuru (FxMasterGuru) Sep 22 2014 at 07:40
I disagree for multiple reasons:

- JP has has collected MUCH MORE monies in subscription fees than he lost on his own accounts!!!
- Performance was verified through a 'no name' broker.
- JP has appeared on MyFxBook only in 2014, although he had 2-3 years of 'success' history before that, so it is very likely that their 'no name broker' has 'cooked the books' and created a nice account history. (Remember Bernie Madoff...??)
- And finally, isn't it suspicious, that the account has crashed SOON after launching the signal services via MyFxBook and MQL5...?

Even if the above was not correct, they were amatuers and gamblers. Definitely not pros. Even JP has admitted that he was 'gambling' and 'hoping'. If he was a gambler, he should have opened a 'gambling' signal service...

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theHand

Biedrs kopš Sep 20, 2014  360 ieraksti theHand Sep 22 2014 at 09:00
It's very unlikely they were working with a broker. They're just 4 dudes in Indo.

Wether they're pro or amateurs is irrlevent really to the question which is, was it a scam ?

I don't believe it was. Just 4 dudes that traded for their own accounts and along the way they built a client base for their signals using the singal distribution software that's now so widely and easily available.

Yes, they cocked up, but was it a scam ? Unlikely.

gftcfd

Biedrs kopš Mar 12, 2010  106 ieraksti gftcfd Sep 22 2014 at 09:02
https://tradersfamily.com/letter-johnpaul77-back-game/
Looks like a company is interested in these 4 dudes.

theHand

Biedrs kopš Sep 20, 2014  360 ieraksti theHand Sep 22 2014 at 09:54
Must remember we're talking about 3 parties here, them, the broker and the signal distibutors. Unlikley all of them would be in on a con.

Unlike Madoff who didn't even bother to trade, these guys trades were handled by other parties in the clients accounts. They never took possesion of clients money.

FxMasterGuru

Biedrs kopš May 04, 2012  1583 ieraksti FxMasterGuru (FxMasterGuru) Sep 22 2014 at 10:47 (labots Sep 22 2014 at 10:49 )
Anyway at the minimum they broke their own rules and caused significant damages to their trsuting clients.

Any normal buisness causing damages would at least reimburse the monies received from their clients. Apparently they cannot care less about their clients who paid them. They just spent the monies on flights to HongKong, hotels and restaurants bills. From my money. To earn that money I had to provide service to other people and spend my limited life time. What did I get for my money (i.e. spent lifetime) from them...?? BS. That it is: A HUGE BS.

Even JP has personally admitted being a GAMBLER: 'We put ourselves on hoping instead of counting (read: gambling)'. Woooow!!! Did I just read GAMBLING....??? Yes, he admitted to being a f....ing gambler. And gamblers remain gamblers forever.

I can only quote from my previous post:
'Seeing so many and so serious mistakes, how could anyone trust them again? Just as an analogy: How could an airline let a pilot fly another commercial flight after he had made the same many 'pilot' mistakes as trading mistakes JP did...? Yes, right! There is NO WAY that a disgraced pilot would fly anything else than a KITE. Why? Because people tend to repeat the same mistakes again and again. Which is why HALF of the people released from prison end up in prison again. What about the other half? Probably most of them just get 'smarter' not to be caught again.'

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theHand

Biedrs kopš Sep 20, 2014  360 ieraksti theHand Sep 22 2014 at 11:12
My parents have their retirement funds with Alan Gray. Alan Gray lost 50% of that in 2008. Not a cent was refunded nor will it ever be. Nor were any commissions repaid. Didn't even get a sorry. And they are one of the best around. I think your view on this is not realistic. That's just not how investing works.

It's funny how everyone wants to share the profit, but no one wants to share the risk. Everyone draws down. JP just took his a little bit harder than normal and he talks to much. But I don't see any problem here. He drew down he must get over it and carry on, make the money back for those clients.

FxMasterGuru

Biedrs kopš May 04, 2012  1583 ieraksti FxMasterGuru (FxMasterGuru) Sep 22 2014 at 11:34 (labots Sep 22 2014 at 11:35 )
Well, it is very sad that SELF-ADMITTING gamblers offer their useless services and take monies as subscription fees.

It is one thing that they caused damages by losing, but they also took fees for nothing. As what did I get for my money for which I had to provide real services for other people and spend my life time. I got nothing! They simply robbed me of my limited life time.

But apparently that is the 'norm' in the Forex world. This 'sector' of 'services' has probably the most scammers and crooks.

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