BeanStalk as he calls himself was drawn to the allure of FOREX trading. After all, Market Traders Insitute(MTI) had promised in a September 1, 2006 AD placed in the Financial Gleaner, to turn US$2,000 into US $10,000 in 20 days*. After being weighed down, BeanStalk thought it was time get this off his chest.
My experience with MTI is one of deceit and lies, all to pull in more clients and give them false hopes. I blame myself because i got into trading with MTI only because of DS and without doing more research into trading FX. I was told by MTI that I would be making 25% within 3 months of trading. Well, after 12 months of trading, I am down US $100,000 and lost everything. I gave my all into trading and traded full time only to realize that it’s impossible to make consistent profits. If I was had a more realistic perspective to trading FX, I would not have eventually lost all my money. My fault.
Other Students, Similar experience
I have kept in touch with students from MTI classes in Jamaica and Florida and none have them have made a penny. They eventually lost all their money and lost everything to a dream. Several times in MTI mentorship, I would ask the Admins, where are the prior students that are successfully trading. How come none of them ever come into the Chat room? Never once did anyone in there Chat room or Mentorship ever admit to making any money consistently. Yes some made money for a few days, or maybe a month, but eventually lost everything. I even would ask the Admins how much they were making themselves trading, and they could never answer the question. But every month, you would see new hopefuls joining MTI and coming to the chat room with visions of grandeur. Eventually they all just faded away.
On doing his research
After doing more research, i have since found out that most investment banks in the world that trade FX only make between -10%(minus) to 30% per year. So how is it that DS was able to make more than 250% per year?
I specifically remember FXChief telling us about MTI bringing FX trading into Austrialia and South Africa and getting kicked out by the government because of FX Scams. He also told us about people committing suicide after losing lots of money to FX scam artist. Government eventually closed down there offices told them to get out. My point is FxChief has done this before in foreign countries and knows what eventually happens.
I believe that when FXChief originally meet DS, he told DS how he could really make money and they formed a partnership. I think DS was a decent trader but was running Olint as a partial Ponzi by using new investments to pay out returns to make up for his losses. DS knew he could not consistently make enough trading to pay out 10%/mo and that’s why (in my opinion) he has never been able to open his books.
Again, I blame myself. I was the FOOL.
It is time that people start asking the FXChief some serious questions. We have sent questions to MTI and we have received no response. If someone from MTI is reading please give us an e-mail so that we can send questions again or e-mail hyipmyths [at] yahoo [dot] com.
What is your story as a MTI student?
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Filed under: UFOs | Tagged: David Smith, Forex, Market Traders, Martinez, MTI, Olint, SCAM, Scheme | 136 Comments »
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