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Signal Provider Quits and Take off with Payed Subscriptions, takes about $37500.

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metareal
73
metareal 2013.10.25 15:13 

Dear Moderator:

How I get my subscription back from a signal provider that 4 days after my first month he decides to quit for a couple of weeks? In his last trades I lost $105 and now the subcription of $30.

Please help, because I hope you have some way of dealing with these kind of people. The signal subscribed is the" FastWayToMillion". 

Ubzen
5394
Ubzen 2013.10.25 15:24  
metareal:

Dear Moderator:

How I get my subscription back from a signal provider that 4 days after my first month he decides to quit for a couple of weeks? In his last trades I lost $105 and now the subcription of $30.

Please help, because I hope you have some way of dealing with these kind of people. The signal subscribed is the" _________________". 

Please contact the service desk. Topics based on particular signals is against the forum rules.

Why in the world would you want to continue trading a signal whose provider's spirits is broken?

Simon Gniadkowski
Moderator
18002
Simon Gniadkowski 2013.10.25 15:41  
metareal:

Dear Moderator:

How I get my subscription back from a signal provider that 4 days after my first month he decides to quit for a couple of weeks? In his last trades I lost $105 and now the subcription of $30.

Please help, because I hope you have some way of dealing with these kind of people. The signal subscribed is the" FastWayToMillion". 

Please don't double post https://www.mql5.com/en/forum/10773/640009#comment_640009  or you will end up making work for Moderators and haaving your duplicate posts removed.
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Alain Verleyen
Moderator
31085
Alain Verleyen 2013.10.25 16:18  
metareal:

Dear Moderator:

How I get my subscription back from a signal provider that 4 days after my first month he decides to quit for a couple of weeks? In his last trades I lost $105 and now the subcription of $30.

Please help, because I hope you have some way of dealing with these kind of people. The signal subscribed is the" FastWayToMillion". 

This is a "school case" (good english ?), no formal rule has been broken by this provider, but a lot of 'traders' were taken by the gold fever.

We can discuss without end about what this guy made, but the more astonishing is that more than 1200 users paid for this signal while the provider was almost swore it would always be free. The pretext invoked slippage was so rude that any person a little thought would have realized that something was wrong.

Anyway, even from the start, it was obvious that it was only a question of time before the collapse of the signal, no stoploss, over trading, over sizing...I sympathize with people who have lost money, but I hope it can serve as a lesson. I am not sure Metaquotes can do something about this kind of thing, subscribers have to take theirs responsibilities.

Ubzen
5394
Ubzen 2013.10.25 16:46  
angevoyageur:

This is a "school case" (good english ?), no formal rule has been broken by this provider, but a lot of 'traders' were taken by the gold fever.

We can discuss without end about what this guy made, but the more astonishing is that more than 1200 users paid for this signal while the provider was almost swore it would always be free. The pretext invoked slippage was so rude that any person a little thought would have realized that something was wrong.

Anyway, even from the start, it was obvious that it was only a question of time before the collapse of the signal, no stoploss, over trading, over sizing...I sympathize with people who have lost money, but I hope it can serve as a lesson. I am not sure Metaquotes can do something about this kind of thing, subscribers have to take theirs responsibilities.

I have to admit, it was really exciting to watch. I had to keep telling myself, this is a really good back-test in slow motion. $100 into $10,000 in 8-weeks. Everyone can say in hindsight that this was doom to fail, however, when it was happening no-one can say with confidence that they believed he was just getting lucky. The red-flags for me after I started paying attention was the fact that his draw-down per series_of_trades was nearly always %20. If thats the average_draw-down, whats gonna happen when the real_trend happens.

I agree the change from free->pay reflects badly upon him. But I like the fact that he apologized, for something which really isn't his fault. He actually also lost nearly 10k and his dreams crushed. As humans, we believe that the right to change_our_minds makes us unique. With over 7000_free_loaders benefiting from his trading (even if just for study) he did something which was very human.

The biggest winner here is the signal service. It was very nice exposure for the service. For me, it also highlights the types of systems people are interesting in. For good or ill, the masses seem to gravitate toward 1 particular signal at a time. And its usually the one with the highest % returns. If he used stop-losses, traded less and used small sizes then no-one would care about his signals.

I hope this doesn't turn into some type of exclusion of averaging_strategies from the signals. Because if this providers goal was $10,000. And he left and we never saw him again, allot of people would be calling him a legend and praying for his return. :)

Alain Verleyen
Moderator
31085
Alain Verleyen 2013.10.25 17:01  
Ubzen:

I have to admit, it was really exciting to watch. I had to keep telling myself, this is a really good back-test in slow motion. $100 into $10,000 in 8-weeks. Everyone can say in hindsight that this was doom to fail, however, when it was happening no-one can say with confidence that they believed he was just getting lucky. The red-flags for me after I started paying attention was the fact that his draw-down per series_of_trades was nearly always %20. If thats the average_draw-down, whats gonna happen when the real_trend happens.

I agree the change from free->pay reflects badly upon him. But I like the fact that he apologized, for something which really isn't his fault. He actually also lost nearly 10k and his dreams crushed. As humans, we believe that the right to change_our_minds makes us unique. With over 7000_free_loaders benefiting from his trading (even if just for study) he did something which was very human.

The biggest winner here is the signal service. It was very nice exposure for the service. For me, it also highlights the types of systems people are interesting in. For good or ill, the masses seem to gravitate toward 1 particular signal at a time. And its usually the one with the highest % returns. If he used stop-losses, traded less and used small sizes then no-one would care about his signals.

I hope this doesn't turn into some type of exclusion of averaging_strategies from the signals. Because if this providers goal was $10,000. And he left and we never saw him again, allot of people would be calling him a legend and praying for his return. :)

You are still a believer of the forex religion ? it's not possible to maintain more than 1000% of profit/month over a long period. This kind of %profit is only possible by taking with very high risk. He could win (from his trading) 10.000$ this time if his target was more reasonable, maybe more with luck. But statistically it's not possible to repeat that forever.

His trading is certainly interesting, and I was interested also, but the risks taken was very high. Also I don't think it's possible to maintain such manual trading on a long period, it's too intensive. these nerves probably have cracked.

Ubzen
5394
Ubzen 2013.10.25 17:12  
angevoyageur:

You are still a believer of the forex religion ? it's not possible to maintain more than 1000% of profit/month over a long period. This kind of %profit is only possible by taking with very high risk. He could win (from his trading) 10.000$ this time if his target was more reasonable, maybe more with luck. But statistically it's not possible to repeat that forever.

His trading is certainly interesting, and I was interested also, but the risks taken was very high. Also I don't think it's possible to maintain such manual trading on a long period, it's too intensive. these nerves probably have cracked.

I'm a believer of the robot religion . I don't need to sit around for this *$#!*... start looking like a crazy man.
Anton Nel
37603
Anton Nel 2013.10.25 18:27  
Imagine...he earns $37,500 per month - it is just from subscribers alone. That will be awesome. What a pity -- greedy kills!
Simon Gniadkowski
Moderator
18002
Simon Gniadkowski 2013.10.25 18:35  
ROMAN5:
Imagine...he earns $37,500 per month - it is just from subscribers alone. That will be awesome. What a pity -- greedy kills!
https://www.mql5.com/en/forum/14825#comment_639374  
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Alain Verleyen
Moderator
31085
Alain Verleyen 2013.10.25 18:38  
ROMAN5:
Imagine...he earns $37,500 per month - it is just from subscribers alone. That will be awesome. What a pity -- greedy kills!
Yes and it take him 75 days at least to withdraw this money
dmbabaz
6
dmbabaz 2013.10.26 01:34  
I've tried to contact the mql5 support but no answer at all about a possibility of money back since the signal provider is not working anymore.
Maybe this can teach to never pay for signals in metaquotes and use only free signals...
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