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Mysticforex

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I thank a lot of the experienced users who came forward and wrote that

Rob Booker is a snake oil salesman

 

He has various wonderfull sounding strategies

Wallaby

Bossilator

Monday Accelerator

P2P trading

 

I am sure there must be a list of more than 10 other names that I do not know

 

After all these years....I really am convinced that He knows he is selling Crap !!!!

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After reading this thread with mostly two people bashing Rob Booker, I will try to introduce some more civil thoughts.

 

Particularly the last statement made about his kids looking him up in the future... not called for, and going too far, IMO. Leave kids, family, anyone else out of this discussion. That borders on creepy, and I would question the character of anyone who said something like this.

 

A scam is defined as a fraudulent scheme; one which has the purpose of deceiving for the purpose of profit.

 

As far as I can see, Rob Booker sells books, seminars, and systems. What part of that is a scam to you? I wouldn't buy them, and would recommend that people stay away because I don't think it's particularly helpful. But to call him a "scammer" is to imply that he is trying to deceive. What evidence do you have of this? You know, evidence--actual facts, not just your emotionally-charged opinion. So much of trading is about the individual; it can't be proven that a system "doesn't work" because it depends on the trader.

 

It's funny listening to you, rforexdad. You sound like a very jaded individual who bought a seminar and didn't get rich quick, and now you're pissed off. Well, get over it, stop blaming the system, and take a good look in the mirror if you want to accuse someone.

 

Mystic, thank you for posting the video and trying to share. I do not endorse Rob Booker or anyone else, but I do appreciate when others share. If anyone does not like this person, or any vendors, then MOVE ON. I strongly dislike a person who is a vendor but pretends to not be; these people I call out. But how can you blame a vendor who is openly identifying himself as a vendor? The guy's trying to make money; if you don't like the product, MOVE ON.

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After reading this thread with mostly two people bashing Rob Booker, I will try to introduce some more civil thoughts.

 

Particularly the last statement made about his kids looking him up in the future... not called for, and going too far, IMO. Leave kids, family, anyone else out of this discussion. That borders on creepy, and I would question the character of anyone who said something like this.

 

A scam is defined as a fraudulent scheme; one which has the purpose of deceiving for the purpose of profit.

 

As far as I can see, Rob Booker sells books, seminars, and systems. What part of that is a scam to you? I wouldn't buy them, and would recommend that people stay away because I don't think it's particularly helpful. But to call him a "scammer" is to imply that he is trying to deceive. What evidence do you have of this? You know, evidence--actual facts, not just your emotionally-charged opinion. So much of trading is about the individual; it can't be proven that a system "doesn't work" because it depends on the trader.

 

It's funny listening to you, rforexdad. You sound like a very jaded individual who bought a seminar and didn't get rich quick, and now you're pissed off. Well, get over it, stop blaming the system, and take a good look in the mirror if you want to accuse someone.

 

Mystic, thank you for posting the video and trying to share. I do not endorse Rob Booker or anyone else, but I do appreciate when others share. If anyone does not like this person, or any vendors, then MOVE ON. I strongly dislike a person who is a vendor but pretends to not be; these people I call out. But how can you blame a vendor who is openly identifying himself as a vendor? The guy's trying to make money; if you don't like the product, MOVE ON.

 

 

Google 'Rob Booker Scam' :)

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After reading this thread with mostly two people bashing Rob Booker, I will try to introduce some more civil thoughts.

 

Particularly the last statement made about his kids looking him up in the future... not called for, and going too far, IMO. Leave kids, family, anyone else out of this discussion. That borders on creepy, and I would question the character of anyone who said something like this.

 

A scam is defined as a fraudulent scheme; one which has the purpose of deceiving for the purpose of profit.

 

As far as I can see, Rob Booker sells books, seminars, and systems. What part of that is a scam to you? I wouldn't buy them, and would recommend that people stay away because I don't think it's particularly helpful. But to call him a "scammer" is to imply that he is trying to deceive. What evidence do you have of this? You know, evidence--actual facts, not just your emotionally-charged opinion. So much of trading is about the individual; it can't be proven that a system "doesn't work" because it depends on the trader.

 

It's funny listening to you, rforexdad. You sound like a very jaded individual who bought a seminar and didn't get rich quick, and now you're pissed off. Well, get over it, stop blaming the system, and take a good look in the mirror if you want to accuse someone.

 

Mystic, thank you for posting the video and trying to share. I do not endorse Rob Booker or anyone else, but I do appreciate when others share. If anyone does not like this person, or any vendors, then MOVE ON. I strongly dislike a person who is a vendor but pretends to not be; these people I call out. But how can you blame a vendor who is openly identifying himself as a vendor? The guy's trying to make money; if you don't like the product, MOVE ON.

 

Okay - let us talk about what is a scam

Rob Booker sold 100 people in 3 batches a system called Monday accelerator which worked in 2007 from January to July and only on one currency GBP/CHF

 

This system made huge losses in other months/years

why ? does he not know this system does not work ?

This is definitely a scam ....correct ?

 

I could go on and on and on.....Right ...?

about his other failed systems

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Thank you so much for stating it so perfectly , Josh. I have attended one this guy's seminar and read some of his writings. All for free. Definitely not a scammer.

And Mystic said greatly benefited from his mentoring. Why not believe him? I do.

 

 

After reading this thread with mostly two people bashing Rob Booker, I will try to introduce some more civil thoughts.

 

Particularly the last statement made about his kids looking him up in the future... not called for, and going too far, IMO. Leave kids, family, anyone else out of this discussion. That borders on creepy, and I would question the character of anyone who said something like this.

 

A scam is defined as a fraudulent scheme; one which has the purpose of deceiving for the purpose of profit.

 

As far as I can see, Rob Booker sells books, seminars, and systems. What part of that is a scam to you? I wouldn't buy them, and would recommend that people stay away because I don't think it's particularly helpful. But to call him a "scammer" is to imply that he is trying to deceive. What evidence do you have of this? You know, evidence--actual facts, not just your emotionally-charged opinion. So much of trading is about the individual; it can't be proven that a system "doesn't work" because it depends on the trader.

 

It's funny listening to you, rforexdad. You sound like a very jaded individual who bought a seminar and didn't get rich quick, and now you're pissed off. Well, get over it, stop blaming the system, and take a good look in the mirror if you want to accuse someone.

 

Mystic, thank you for posting the video and trying to share. I do not endorse Rob Booker or anyone else, but I do appreciate when others share. If anyone does not like this person, or any vendors, then MOVE ON. I strongly dislike a person who is a vendor but pretends to not be; these people I call out. But how can you blame a vendor who is openly identifying himself as a vendor? The guy's trying to make money; if you don't like the product, MOVE ON.

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Mystic, thank you for posting the video and trying to share.

 

joshdance: You thank Mysticforex for posting the video, and yet you criticize rforexdad for sharing his first hand experience with Rob Booker. I don't get it.

 

In my early years of trading I spent (wasted) a lot of money on trading courses, workshops, mentors, etc. So I appreciate when someone like rforexdad shares his experience with a vendor.

 

And Mysticforex: I noticed your avatar is a picture of Rob Booker. Are you Rob Booker?... or just a groupie

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Okay - let us talk about what is a scam

Rob Booker sold 100 people in 3 batches a system called Monday accelerator which worked in 2007 from January to July and only on one currency GBP/CHF

 

This system made huge losses in other months/years

why ? does he not know this system does not work ?

This is definitely a scam ....correct ?

 

NO, not correct. It's either a bad product, or a product that did not work well for you.

 

The question is this:

 

When you spend money on a seminar or book or system from him, what does he promise? What does he GUARANTEE? Does he guarantee success? Not a chance.

 

A scam is usually where someone is promised something, and it is not delivered. Like, someone calls you and asks you to donate to a foundation, when they do not represent the foundation. Or, the scams where you are sent a check, you cash it, and then are asked to send back a portion and the check winds up not clearing. These are crimes, like stealing.

 

Unless Rob Booker promised future results, then this is not a scam if it doesn't work. It's simply another system which does or doesn't work. Don't call a bad product (or a good product that doesn't work for you) a scam, if it's not really a SCAM.

 

Did he provide backtested results for this so-called system? If so, and if it had such a bad track record, then why did anyone purchase it? If he did not, are people so stupid that they blindly purchase something without seeing proven results? Did he hold a gun to anyone's head and force them to buy?

 

Unless you take responsibility for your own actions and results, they will not improve. Instead of blaming Rob Booker for selling you a crappy system, how about blaming yourself for not doing your due diligence and getting burned for it.

 

Again, let me repeat: if he promised results, then shame on him. If he did not (and I know he did not, no vendor would ever do that, it's actually against the law I think), then shame on you for assuming that past performance is indicative of future results, especially on 6 months of past performance.

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joshdance: You thank Mysticforex for posting the video, and yet you criticize rforexdad for sharing his first hand experience with Rob Booker. I don't get it.

 

In my early years of trading I spent (wasted) a lot of money on trading courses, workshops, mentors, etc. So I appreciate when someone like rforexdad shares his experience with a vendor.

 

mike, it's not the experience he's sharing that I have a problem with, it's this kind of stuff:

 

I feel that Rob Booker makes approx half a million dollars a year targeting new people and all his methods lose money (Rob makes money and all his students lose money trading his methods)

 

No facts, only "feelings" -- the hallmark of someone who hasn't a clue about critical thinking skills, and only knows what he "feels."

 

But Rob Booker is different....he finds a time frame and builds a method and knowing that his method does not work - sells it.

 

All I know is that Rob Booker intentionally teaches methods which do not work...

 

I counted 5 or 6 times this has been said-- again, he's not reviewing a method or system, he's making accusations; how does he know Rob Booker's intentions?

 

 

Rob Booker builds his course which works only in specific conditions and is not suitable for all market conditions

 

Today - You cannot say if the next week the market will be trending or ranging

does anyone know if any particular currency will move in which direction and by how much in the next week ?

 

Just included this one because it's kind of amusing. Apparently "rforexdad" still hasn't figured out that no one "system" will work in all market conditions. Genius, I tell you. He's probably still looking for the perfect system. It's clear that he's simply frustrated that there are no shortcuts. An intelligent person recognizes this, and moves on, and gets to work figuring out the market and stops looking for systems that can be bought.

 

I have tried his methods and they do not work !!!

 

One final one to chuckle at -- "Oh well then, you've tried them, and you're such a brilliant trader, they definitely must not work!" ... as if he's the authority. :)

 

In reality though, I'm sure they don't work. Systems that can be purchased will not work over a long period of time. The market does not stay still long enough for systems to work, unless it's some kind of long term investment type of a system that takes only a trade or two per year.

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IMO scam is very fitting for a lot of the vendors who sell trading goods and services.

 

The fact is that no one would pay me to tell them that they probably won't make money every month like they hope if they day trade using my method and that they probably do not have enough capital to extract enough money from the market to maintain a decent standard of living. Oh and with current market conditions, earning about 10% per year is very good.

 

However, I will attract a lot of people if I say that they can make money every day using my system, that my system will allow them to be their own boss, that they can easily make 100% a year and my method works in all markets and all conditions. Even though I can't guarantee it.

 

The intentions of the first offer is to be brutally honest based on my experience and knowledge of markets. The intentions of the second offer is based on what I know traders want to hear.

 

In the second case I am luring traders into buying a product or service that I will not be able to deliver. Caveat emptor aside, I will classify the second offer as a scam.

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If it looks, walks, and quacks like a duck, it's probably a duck.

 

Mysticforex made a fitting reply - he said...You win !!!

 

JohsDance is attacking Me and my words!!!

 

I have given you the experience of 100 users who lost money trading Rob Bookers methods . They were from 3 batches in 2010....Here we are Rob made 200K from these three batches.

Rather than discuss Rob's methods (Systems) please do not attack me and my words

Let us discuss one of his methods that he taught the 3 batches

Monday Accelerator - did this work ...Yes siree Bob - but it worked only from Jan to August of 2007 and then lost tons of money in the rest of the year...

what was the explanation....GBP/CHF - the swiss people travel during the rest of the year and Christmas etc etc...(Hooeey...IMHO)

 

and every one believed (the 100 people)

Why should each student test a system...this is what Rob Booker made the 100 people do...Has he not tested the system....

Does he guarantee results....No person on earth guarantees the results....so...what is a scam...A scam is when someone who knowingly sells you something and it does not work.

 

Can I prove it....No...but it is simple for experts in Forex trading...to understand that Rob Booker has scammed people with a method called Monday Accelerator

Newbies do not understand Forex and get caught by Rob Booker and such other people

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You are a classic victim, rforexdad. It's everyone else's fault except yours... everyone's out to get you, everyone's attacking you.

 

As for Rob Booker or any other seminars and systems, I recommend to avoid them. You don't need them. But if you do business with them, don't blame them if it doesn't work (and it probably won't).

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Mysticforex made a fitting reply - he said...You win !!!

 

JohsDance is attacking Me and my words!!!

 

I have given you the experience of 100 users who lost money trading Rob Bookers methods . They were from 3 batches in 2010....Here we are Rob made 200K from these three batches.

Rather than discuss Rob's methods (Systems) please do not attack me and my words

Let us discuss one of his methods that he taught the 3 batches

Monday Accelerator - did this work ...Yes siree Bob - but it worked only from Jan to August of 2007 and then lost tons of money in the rest of the year...

what was the explanation....GBP/CHF - the swiss people travel during the rest of the year and Christmas etc etc...(Hooeey...IMHO)

 

and every one believed (the 100 people)

Why should each student test a system...this is what Rob Booker made the 100 people do...Has he not tested the system....

Does he guarantee results....No person on earth guarantees the results....so...what is a scam...A scam is when someone who knowingly sells you something and it does not work.

 

Can I prove it....No...but it is simple for experts in Forex trading...to understand that Rob Booker has scammed people with a method called Monday Accelerator

Newbies do not understand Forex and get caught by Rob Booker and such other people

 

I wasn't attacking you or your words. I was saying you are probably right about describing it as a scam. I have no problem with the use of the word either. There are a lot of scams in this industry and you could even go so far as to say that the financial industry itself is based on a scam. Most scam artists are rarely punished, and if they are, it's usually a slap on the wrist and a return of partial profits from the scam. The ones selling courses and seminars are usually light scam artists who take from the gullible such as yourself. Of course, we all start out gullible. What's important is how you end up.

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You are a classic victim, rforexdad. It's everyone else's fault except yours... everyone's out to get you, everyone's attacking you.

 

As for Rob Booker or any other seminars and systems, I recommend to avoid them. You don't need them. But if you do business with them, don't blame them if it doesn't work (and it probably won't).

 

Everyone is not out to get me...!!!

I did not mention Boris Schlossberg or anyone else.

 

I am simply saying the simple thing...Rob Booker taught 100 people

all of them lost money..his systems that he taught us do not work.

 

Next thing...Go google the words Rob Booker scam

Josh - Please remember these are my experiences with Rob Booker.

You have no experience with Rob Booker...right ?

If you have some plese share some more details...

I am really interested in knowing from you directly ....what system of his have you tried and which of his systems works ?

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joshdance,

 

If you doubt that you attacked fxdad then go back and, imagining you were him, read your post. If you still doubt it ... you come from a tough home town.

 

Gosu, he didn't say you did. He said josh did.

 

 

Frankly I don't think you can say anything that is too awful about scammers. And Rb's kids, should he have any, will be able to find some pretty negative views on the net from those who knew him and didn't love him.

 

But there is always another sucker.

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Okay - let us talk about what is a scam

Rob Booker sold 100 people in 3 batches a system called Monday accelerator which worked in 2007 from January to July and only on one currency GBP/CHF

 

This system made huge losses in other months/years

why ? does he not know this system does not work ?

This is definitely a scam ....correct ?

 

I could go on and on and on.....Right ...?

about his other failed systems

 

 

You traded a system which was backtested for only 7 months?!? Are you serious? I do not know this system, but heard elsewhere that RB trades short-term charts like 5- or 15-min. charts. Assuming a system based on such short-term time frames I would not care about a system if it is not backtested for at least 3 YEARS! For longer time frames even longer backtesting periods have to be applied to cover different market periods (e.g. daily time frame -> minimum of 10 years IMO).

 

And even if a system is backtested for 10 or more years and worked in this period (including also forward testing), this is not a guarantee that it will perform exactly the same in the next year, next 2 years or next 10 years. It's just an indication. And sooner or later EVERY SYSTEM WILL STOP WORKING. It's YOUR JOB as a trader to CONSTANTLY RESEARCH AND ADAPT.

 

If someone is not experienced they may not know this. However, if you do a little bit of your homework you will find that out pretty soon.

 

When I started out I took part also in one of these educational services (I will not mention which one, but it was not RB). I've learned a few things, but stopped it after 3 months as I saw that these guys do not have a real clue themselves (only just a little bit). I have to admit, that I got angry about them too. Not because of the money I've spent but because they pretend to know a lot. Anyway, I got over it. There's no point in blaming them. They see a need for a service and offer it and others have this need and pay for it. It's the same in every industry.

 

What such seminars can give to you at most is IDEAS for a system. You then have to go back to your office and backtest these by yourself. And very probably you have to adapt them.

 

I became profitable myself only recently but went through a very painful and very costly year of full-time trading until then. I can tell you that there is no one book out there that teaches you trading (i.e. you read this one and everything is fine). There are thousands of books about trading. Most of them are useless and the better ones include only fractions of the truth about trading. Its YOUR JOB to put these pieces of the puzzle together. In some books, I find helpful advice but disagree with other advice in the same book. It's YOUR JOB to filter the gems from the crap.

 

... yes, it's a lot of work.

 

Coming back to RB, I have not attended any of his webinars or whatever and do not know his systems. However, I started to listen to his podcast (which is for free, by the way) and I have to say that there is some good advice in there and they are entertaining too. The advice given is not new to me, as I have gathered this experience all by myself already. But still, it is good to listen to such stuff to ingrain certain principles more into your brain or to see, that other traders have or had similar problems before they became profitable. But from these conversations in the podcast - and based on my own learning curve - I can tell that these are no supertraders themselves. Based on my own experience I can imagine (sorry Josh, that I have no facts here ;-) ) that they have managed to be just profitable. But I have no facts about this, of course.

 

There is no free lunch on Wall Street... IMO there is not even a cheap lunch on Wall Street... ;-)

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You traded a system which was backtested for only 7 months?!? Are you serious? ;-)

 

If I pay Rob Booker for his education - why must I backtest

I trusted him and all the 100 students did the same thing.

It was systems based on the GBP/CHF one hour chart

we tested 4 systems for one year (2007)

 

His systems worked with some results.

 

The thing I realised (I was a newbie...right ?) after 6 to 8 months was that his systems worked only in the first 7 months of 2007

He had tailored his systems

and that to me is a SCAM

 

Rob Booker does this very very often and catches NEWBIES

 

Please do not trust him !!

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If I pay Rob Booker for his education - why must I backtest

 

Because if you paid for an eduction and NOT a system then you should back test. Did you actually learn something?

 

I trusted him and all the 100 students did the same thing.

 

On what basis???

 

Unfortunately rfxdad while RB may or may not be a lot of things.....if you have subsequently paid for other services from anyone else without doing further testing, deep thought into why it might work, or further due dilligence then I hope you pasted a big "L" on your forehead.

 

Due dilligence should be a part of most things - however if we dont do it then its often hard to blame others. But they do say that people do more research on which car to buy than which house to buy......go figure.

 

you what they say (fool me once, shame on you, foll me twice youve got boobs....or something similar.)

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Because if you paid for an eduction and NOT a system then you should back test. Did you actually learn something?

 

 

 

On what basis???

 

Unfortunately rfxdad while RB may or may not be a lot of things.....if you have subsequently paid for other services from anyone else without doing further testing, deep thought into why it might work, or further due dilligence then I hope you pasted a big "L" on your forehead.

 

Due dilligence should be a part of most things - however if we dont do it then its often hard to blame others. But they do say that people do more research on which car to buy than which house to buy......go figure.

 

you what they say (fool me once, shame on you, foll me twice youve got boobs....or something similar.)

 

Yes...I did paste a big L on my head and so have all the other 100 users in the group

 

So...Yes...Rob Booker scammed all the 100 people...

If you want more details please read this thread completely

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Because if you paid for an eduction and NOT a system then you should back test. Did you actually learn something?

 

 

 

On what basis???

 

Unfortunately rfxdad while RB may or may not be a lot of things.....if you have subsequently paid for other services from anyone else without doing further testing, deep thought into why it might work, or further due dilligence then I hope you pasted a big "L" on your forehead.

 

Due dilligence should be a part of most things - however if we dont do it then its often hard to blame others. But they do say that people do more research on which car to buy than which house to buy......go figure.

 

you what they say (fool me once, shame on you, foll me twice youve got boobs....or something similar.)

 

 

Easy to say with the benefit of hindsight. But remember that Rob and his ilk don't sell it as "take it but test it thoroughly" ... they sell it as "this works, just do what I say and be happy." Hence its a scam.

 

I buy the odd potential scam/crapfest still on the possibility of hitting something useful. The win rate is pretty pathetic.

 

Twice is actually possible too. I bought a course from Denise Shull a couple of years back and it was really a pretty monumental waste of my money. Friday I bought her book on the hope that it advanced my original investment (and it cost less then 1/100th as much). Guess what ... fooled twice. More annoyed about the waste of my time finding out that she can't write and didn't add value than the price. I think she might get my amazon review as a return for the time wasted. She really is pretentious ... I hate the way these psych and education majors pretend to know some science when they just expose their ignorance.

 

I did take this one knowing that I was probably going to be disappointed. Its like a trade that loses in this case though. Price of finding the gem amongst the dross.

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Easy to say with the benefit of hindsight. But remember that Rob and his ilk don't sell it as "take it but test it thoroughly" ... they sell it as "this works, just do what I say and be happy." Hence its a scam.

 

I buy the odd potential scam/crapfest still on the possibility of hitting something useful. The win rate is pretty pathetic.

 

Twice is actually possible too. I bought a course from Denise Shull a couple of years back and it was really a pretty monumental waste of my money. Friday I bought her book on the hope that it advanced my original investment (and it cost less then 1/100th as much). Guess what ... fooled twice. More annoyed about the waste of my time finding out that she can't write and didn't add value than the price. I think she might get my amazon review as a return for the time wasted. She really is pretentious ... I hate the way these psych and education majors pretend to know some science when they just expose their ignorance.

 

I did take this one knowing that I was probably going to be disappointed. Its like a trade that loses in this case though. Price of finding the gem amongst the dross.

 

why did Rob Booker ask us to test 2007 ?

he knew it works in 2007 and he has had many complaints that it does not work in 2010

but he still sold it to us....(SCAM...SCAM SCAM)

 

Right ???

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why did Rob Booker ask us to test 2007 ?

he knew it works in 2007 and he has had many complaints that it does not work in 2010

but he still sold it to us....(SCAM...SCAM SCAM)

 

Right ???

 

Didn't any of you become skeptical why he focused only on 2007? From the information that you provided here, it seems that the seminar was quite a while later than 2007...

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I am with you Kiwi - sometimes there are gems among the dross and I too have bought some crap - only once did I pay what I thought was an excessive price - but only as I am a tight arse,

.....but I still dont believe that a trading educator is a scam artist (matter of degrees really :2c: so this is not meant to be an arguement as I know you take a harder line than me :)) and that ultimately when you throw your money at a system without actually testing it yourself in some form then you have really only scammed yourself.

 

To do this game you need to think a little independently and yet most dont when they think they have paid for a service......what ever happened to the if it sounds too good to be true it probably is - does that not apply to trading/finance/investment.

 

and this is the real point - rforexdad, I have read this thread, and I think you are assigning all the blame to RB without accepting any of the blame -- that is all, and I guess it is more along the lines of ---- haven't you also scammed yourself.

 

If you paid for a University education and did not ever get that dream job that was promised is it a scam?

 

If it is soooooo bad, and soooooo poorly misrepresented then why dont the fair trading government offices close these guys down - that was also my point in my first post #4 - have you lobbied the government, asked anybody to actually look at this industry or their sales pitches or is this the only route you have taken.....?

 

Purely a matter of degrees thats all really.....

 

(Kiwi - I assume its you across the net as the same Kiwi, and if so thank you for your efforts with Sierra Chart - I am using your 'super trend' MA as a bit of a helper for visually seeing things)

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    • Date : 27th November 2020.FX Update – November 27 – Sterling in FocusGBPUSD, H1Narrow ranges have been prevailing in risk-cautious trading. The USDIndex settled around the 92.00 level, above yesterday’s 12-week low at 91.84. EURUSD remained buoyant but off from the 12-day peak seen yesterday at 1.1942. Cable also held within its Thursday range. USDJPY ebbed to a four-day low at 103.91. The Yen was concurrently steady versus the Euro and the Pound, but posted respective two- and four-day lows against the Australian and Canadian Dollars. AUDUSD ticked fractionally higher, which was still sufficient to lift the pair into 12-week high terrain above 0.7380. NZDUSD posted a new 29-month peak at 0.7030. USDCAD remained heavy but just above recent 17-day lows. Bitcoin, which performed strongly this year on the back of dollar liquidity, found a toehold, but remained over 12% down on its recent highs.US markets will reopen after yesterday’s Thanksgiving holiday, but market conditions will remain on the thin side. President Trump said that he will leave the White House if the Electoral College votes for Biden, which may be as close to formally conceding the election as he will go. A sharp focus remains on EU and UK talks, with a face-to-face round reportedly taking place in London over the weekend. There are now reports that the EU parliament might convene as late as December 28 to ratify a deal, if necessary.The spectre of a no-deal hangs over proceedings, though the consensus, as judged by the ongoing stability of the Pound, remains for a narrow deal to be reached.Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Date : 26th November 2020.Brexit endgame remains in sharp focus!The USD has remained soft in quiet conditions, while global asset markets have seen little direction. The US Thanksgiving holiday has quelled activity. Europe’s Stoxx 600 traded near flat. Most stock markets in Asia gained, though remained off recent highs. The MSCI World Index is also off its highs, but remained buoyant and on course for a record monthly increase this month. Copper posted a new near 7-year high, and while other base metal prices were also underpinned most remained off recent trend highs. Oil prices saw modest declines after recent gains, which culminated in a nine-month high yesterday.The Brexit endgame remains in sharp focus!Sterling has seen limited direction, continuing to hold gains from month-ago levels of around 1.5% to 2.5% versus the Dollar, Euro and Yen. There is still no breakthrough in down-to-the-wire negotiations between the EU and UK, and there are lots of warnings of border chaos and, from external BoE MPC member Saunders, of long-lasting economic consequences in the event of a no deal exit from the common market.European Commission president von der Leyen said “we are ready to be creative” to get a deal while repeating that “we are not ready to put into question the integrity of the single market.” An Irish government member said that a deal was “imperative” for everyone.The steadiness in the Pound, the principal conduit of financial market Brexit sentiment, reveals that investors remain unperturbed. One explanation is the real money participants are sitting on their collective hands, positioning for an expected deal but waiting on concrete developments and details, while maintaining vigilance on the possibility of there being a no deal by accident.Short-term speculative participants, meanwhile, don’t seem to have had a fruitful time in trying to play the fatiguing myriad news headlines and endless deadlines that have come and gone. The latest and supposedly final deadline, is next Tuesday — December 1 — which leaves just one month for a deal to be ratified on both sides of the Channel. We expect to a deal to materialize at the last minute, just as the withdrawal agreement was seemingly pulled out of the hat at the ultimate minute a year ago. There may even be a fudged extension.Pressure on the UK government is intense. US president-elect Biden warned London that the scope for a deal with the US would be compromised if there is a return of a hard border on Ireland — which is what could happen in a no-deal scenario (the UK government would have the choice between maintaining a free-flowing border on Ireland at the price of breaking up the border integrity of the UK, and possible protests and even violence from loyalists, or breaking the EU withdrawal agreement, which would result in a hard Irish land border).A leaked Whitehall document warns of a “perfect storm” of chaos in the event of a no-deal in the Covid-19 era. There are also pressures on the other side of the Channel to reach an accord. While French President Macron has political incentive to put up a show of fighting over fishing rights, he is not likely to carry through on his threat to veto any deal as other key EU states don’t see the UK’s position on fishing as being unreasonable. France and other nations, and the UK, also need to maintain good relations for security and many other practical reasons.As for the market impact of a deal, much will depend on how narrow the deal is. The narrower it is, the bigger the negative impact on both the UK and EU’s terms of trade positions will be on January 1, particularly the UK’s.Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Those who take quick and payday loans and refuse to pay them back are now hooked.   Normally, it is not a good thing to go into debt unless that is your last resort. We know that people are fond of borrowing and they seriously hate paying it back. Even when it comes to paying back what was borrowed, your creditor will become your enemy. Such is the nature of human beings.   Debtors don’t want to return money even when they eventually have means of repayment. If anyone borrows money and returns it, it means the person has a Godly spirit in him.   If people ponder the power of compound interest, they would stay away from loans. If you pay 1.33% or 1.79% interest per month on a loan, you will need to pay back roughly 16% or 20% per annum. And this will begin to compound as long as you don’t pay.   Most borrowers who are now in trouble have realized that the interest rates are eventually higher than the capitals borrowed. They realize that the creditors are using an indirect way to enslave borrowers (go and work for me, bring back the capital plus profits).   The banks themselves know that business environment is very tough and are now indirectly asking people to work with or spend the banks’ funds and bring the funds plus profits back to them. Many borrowers really have poor mentality and they don’t know the gravity of what they’re putting themselves into.   If a bank could lend out 1 billion USD per annum, it would reap a return of 150 million USD (at least on paper). Do you think they will forget about you if you owe them even a small amount?   Loans without collateral are now popular. But your collateral is your BVN – unless you don’t want to operate accounts again in the country.   I have heard people saying” Don’t pay to my Access Bank account again, but pay into my UBA bank account.” “Don’t send that cash into my GTBank account again, but send it to Zenith Bank.” It’s like postponing the evil day.   Ti iya o ba i tii je eniyan, iya nri nkan panu lowo ni (Yoruba adage). I literally means: If Suffering has not come to attack you, it means Suffering is currently busy with something. If you think you can avoid payment by abandoning the account you used to borrow money, you’re only postponing the evil day.   They cannot come for you when your debt is small, but the debt will begin to compound and compound till it would make sense for them to come for you.   BAD NEWS FOR DEBTORS CBN has given banks permission to deduct from funds a debtor has in another bank account. For example, if you borrow quick loans from FCMB and you abandon your FCMB account and you are now operating another account with First Bank, FCMB can make a request to First Bank, and the money you owed will be deducted once or gradually from your account at First Bank, without your permission.   Would you now keep money at home, so that bad boys will come to you to take their dues?   Borrowing isn’t a good thing, no matter how plausible it looks.   Profits from games of knowledge: https://www.predictmag.com/   
    • LITECOIN (LTC) SUSTAINS RECENT RALLIES, FACES RESISTANCE AT $90 HIGH Key Highlights Litecoin rallies to the high of $90 The crypto may be range-bound between $80 and $90 Litecoin (LTC) Current Statistics The current price: $89.20 Market Capitalization: $5,900,735,267 Trading Volume: $7,953,660,011 Major supply zones: $70, $80, $90 Major demand zones: $50, $30, $10 Litecoin (LTC) Price Analysis November 24, 2020 Litecoin has continued its rallies as the coin reached a high of $89.86. LTC price has been making a series of higher highs and higher lows. The upward move has been facing resistance at $90. On the upside, if buyers can push LTC above $90, the coin will rally above $100 high. However, if buyers fail to resume the upside momentum, LTC will be compelled to a sideways move for a few days. If the uptrend is resisted the coin will be range bound between $80 and $90. LTC/USD – Daily Chart Litecoin (LTC) Technical Indicators Reading LTC price broke the resistance line of the ascending channel. This indicates a further upward movement of the coin. The crypto is at level 74 of the Relative Strength Index period 14. It indicates that the coin is in the overbought region of the market. LTC/USD – 4 Hour Chart Conclusion Litecoin has made an impressive bullish run on the upside. Nevertheless, the retraced candle body on October 31 tested the 61.8% Fibonacci retracement level. It indicates that the coin will rise to a level of 1.618 Fibonacci extension level. This extension is equivalent to $70 high. Meanwhile, the price action is above the projected price level. Source: https://learn2.trade 
    • XRP/USD PULLS BACK AT RESISTANCE LEVEL OF $0.72 XRP/USD MARKET NOVEMBER 26 After the price retracement, it may resume its bullish trend and the resistance level of $0.79 and $0.88 may be reached. Below the current price, the level is found the support levels at $0.55, $0.44, and $0.39. However, the relative strength index period 14 is at 70 levels bending down to indicate a sell signal which may be a pullback. KEY LEVELS: Resistance levels: $0.72, $0.79, $0.88 Support levels: $0.61, $0.55, $0.49 XRP/USD Long-term Trend: Bullish XRPUSD is bullish in the long-term outlook; the crypto soars towards the north by the strong bullish momentum. The bulls’ momentum breaks up the resistance levels of $0.28, $0.33, and $0.36. The price has tested the resistance level of $0.79 on October 24. The price pulls back to retest the broken level of $0.61. Today, the XRP market is dominated by the bears and the daily candle is bearish. The price may increase further after the pullback. XRPUSD Daily chart, November 26 The two EMAs are located below the coin and it is trading far above 9 periods EMA and 21 periods EMA which indicate a strong bullish momentum. After the price retracement, it may resume its bullish trend and the resistance level of $0.79 and $0.88 may be reached. Below the current price, the support levels is found at $0.55, $0.44, and $0.39. However, the relative strength index period 14 is at 70 levels bending down to indicate a sell signal which may be a pullback. XRP/USD medium-term Trend: Bullish The bulls dominate the XRPUSD market. Immediately after the breakout from the consolidation zone, the bulls push the price high above the September high. It is currently pulling back at the resistance level of $0.72. The price is testing the support level of $0.55 at the time of writing this report. In case the just mentioned level does not hold, there will be a further price reduction. XRPUSD 4-Hour chart, November 26 The price has penetrated the two EMAs downside and it is trading below 9 periods EMA and 21 periods EMA. The fast-moving EMA is trying to cross the slow-moving EMA downside. The relative strength index period 14 is pointing down at 50 levels which connotes a sell signal and it may be a pullback.   Source: https://learn2.trade 
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