A MTI student Confesses

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?  

Related:

* conditions apply.

Please note these the views expressed in this article do not necessarily represent the views of investforlife.wordpress.com and are presented for information purposes only.

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136 Responses

  1. Well, failing at Forex does not mean that money cannot be made, or that it is not sound, or that the platform is bad.

    Forex is NOT for everybody.. I think most of the FX class makes it seems like it is basically easy money for everybody.

  2. most people knew this, they thought DS was one of the gifted traders who could actually make a decent profit. Guess we were wrong

  3. MTI Is a fraud scheme and I have proven it

  4. seem like one of the 90% who cannot cut it

  5. I would really like to know the secrets on how to trade the Forex successfully.

    Does the MTI charts really work in projecting the direction of currency pairs?

  6. MTI student

    Kudos for coming clean. Recognition that even the best traders earn between -10% and 30% per year proves that you have learned something. Many of the investors have not even accepted this cold hard fact.

  7. Forex trading is easy ! has always been , yuh no see how much Jamaican rich !!!

  8. Ok…I understand that people are upset because they have lost money with DS and O. However, let’s not get carried away.

    Starting to condemn the very act of trading currencies is a bit sensationalist. That is when this blog starts to lose it’s credibility.

    All these stories about MTI students losing their shirts are ridiculous. Sure, if MTI promoted ‘20% in 20 days’ or anything bizarre like that, they should be held accountable. However, if their students lose their money, how can it be their fault? Trading is a complex skill, the reality is that many are destined to fail. 99% if not 100% fail initially, but it is just through practise and due diligence that you get better.

    I have taken the MTI course, and I knew that I should sift through everything with a strainer. I took what was valuable and added it to my library of knowledge. I also did research elsewhere and combined by knowledge together to develop strategies and I too failed for a while. Just recently (past few months) I seem to have locked in to a strategy that works. So I say that to say, like anything, don’t blame the teacher if the student fails.

    Blaming ‘forex trading’ for people losing them money is like saying you will never buy stocks after the dot com bubble burst, or you will never invest in real estate after this latest housing debacle in the US or you will never buy bonds (whether it is corporate, gov’t or junk bonds) because many blew up in the subprime spectacle.

    That doesn’t make any sense, and I would appreciate if investforlife would regain it’s journalistic integrity and try to stay as neutral as possible. Try to just report the facts, or first-hand info and not get sensationalistic and start ‘bunning’ out forex trading. Your integrity is on the line.

  9. I understand that Lord G said that DS has money but his accounting record is appalling. Although I got back most of my money US $48000, I still owe the bank JA $2.5 Million. I desperately need to know if anyone knows whether or not DS really has as much as US $250 million. My friends and I are now trying to figure how are we going to manage. The Statement figures use to look so attractive that we kept delaying taking more money. Last amount received March $17 K.

  10. Well folks it been a while since I last posted on this site,but tonight while waiting for the Eur/Usd to bounce off the 148.88 support I say let me add my 2cent in regard to this conversation about whether MI T is bogus or not. I have been in this game for over 2years and its been a wild ride what kept me going is my passion for the market . The riches to me is secondary, that is byproduct of just loving what I do. I came across MTI while looking for charting software at the early stage of my trading when I was looking for charting software. When I Sign up for webbminar i was not impressed and at the time the 5k USD for the course was the straw that broke the camel’s back for me, forward 2 years later a friend of my who knew someone who took the class sent me a bootleg copy of the CD’s . I found them very helpful since I was already trading for a while,and when you are truly involved in your craft as I’ m you are always looking for knowledge in your field. If I was a newbie most of the stuff in the lessons would have been like quantum physic to me. To my man Beanstalk, dude what happen to back testing your trading ideas before you live trade it. Rule of thumb I always demo trade a strategy for at least 3months before I trade it live, and I have to be profitable 2 out of those 3 months using that strategy before I fire live with it. I have to be right 60% of the time so I can have the 10% advantage to be profitable,that is what a demo is for. Please realized any endeavor that require a simulated environment to practice in is not to be taking lightly.

  11. coming from the financial services industry, RISK DISCLOSURE was a HUGE deal to FINRA. Whenever I met with a client it’s the first thing that i instilled in their minds, and they all had to sign documents stating that they knew the risks…not to mention the risk-tolerance questionnaires I made them take AND sign to gauge what was more appropriate for them.

    I can’t tell you how many times a client would say “This international fund made 89% last year i want it” and then i would counter “ok it made 89% in one year, can you stand to lose 89% of your money?” of course the answer was NO. Then i moved them on to more realistic products.

    MTI’s problem is that they have BLATANT PREDATORY SALES TACTICS and they can get away with it b/c the public has no proper investment protection & disclosure acts. A responsible forex training course company….not to mention one that also has a brokerage, would not skim over the possible risks associated with FOREX but would SHOVE IT DOWN YOUR THROAT.

    I cannot say that MTI’s methods are good or not b/c i never took their course (nor will i ever, it’s a waste of money). But I can say with 100% certainty to broadcast how much money could be made while skimming over the risks, making it seem that their methods 100% (which is illegal), and using spokespersons to bolster their claims (spokespersons that only trade on demo) is plain wrong.

  12. February 2007 MTI thru ITFX encourage me to sign up after 3 months of consistent calling by their representative. I sent US $300 which was the minimum allowed. I have been on the platform (live) several times, but has never traded. I used the demo once or twice but I do not feel confident to go live. For novice like me what is the best feature to use limit/stop or what

  13. @Hopeful,

    I’m POSITIVE DS has money……..but only just enough to keep himself and his wife nice and fat. As for the rest of the investors… i can only hope like you that people can get back cents on the dollar, otherwise nuff people salt.

    by the way if you got back most of your money then you’re sitting easy.

  14. No I am not sitting easy because I should have paid back NCB their money. Now I have to be paying $94 K monthly for the next 2 years. I am now living from hand to mouth, barely managing.

  15. @hopeful

    How did I-Trade FX get your contact details?

  16. @Hopeful again sorry 🙂

    i would take your money out of ITFX platform, they have too many issues with NFA right now, you can use the same knowledge on another platform like fxcm, fxdd etc. and their spreads are cheaper. I know too many people have issues with their platform..trades not being executed, stops/limits ignored etc.

    Stops/limits are very important to have but that’s the least when it comes to trading. It’s being able to decide with a good probability whether the trade you’re going into will go your way or not – that’s the hard part. I’m personally using leveragefx.com training program and i’m VERY HAPPY. There are lots of other online courses out there that cost less than $1000 and can take you to the next level knowledge wise.

    It sounds like you’re not ready yet which is OK by the way. Go at it at your own pace. And remember forex is serious business, you gotta have some nerves of steel!

  17. @Hopeful,
    I take that back, everyone situation different whether they got back principal, doubled money whatever. My apologies.

  18. @Hopeful,
    if you closing your account at Itrade and they bothering you every minute it’s ok to tell them to lef yuh and tek you off of the call list and hang up the phone on them! They have to comply….at least in the states they do.

  19. MTI has a Florida number which I called. They then sent forms for me to complete. Having done that they sent banking information for funds to be wired. This was then wired thru NCB. They confirmed receipt, gave me the set up and I was ready to go. What freightened me was a product that they were advertising earlier this year where they showed the trends for earnings Jan to April 2008. They were only showing between 2-3% monthly. In fact, I think February was negative

  20. @appauled welcome.
    “Sure, if MTI promoted ‘20% in 20 days’ or anything bizarre like that, they should be held accountable. ”

    “MTI had promised in a September 1, 2006 AD in the Financial Gleaner, to turn US$2000 into US $10000 in 20 days*

    That is not 20% that is 400% increase or 5 fold. It appears therefore that MTI in your book should be held accountable.

    * conditions apply

  21. This would not apply to me because I am supposed to be trading for myself.

    Incidentally, I registered with ITFX before MTI started promoting their training programme for US $3,000.00. I got free limited training. I have learnt most of what I know from their demo.

  22. junk..

    Do I just ask them to wire back my funds and will they take out any fee?

  23. “on another platform like fxcm, fxdd etc.”

    Um… so…. you say to not trade with I Trade because they have an NFA complaint… then you recommend FXDD, which isn’t NFA regulated (they’ve pending and have several issues with getting approved, although they’re trying to fix those)

    http://www.nfa.futures.org/basicnet/Details.aspx?entityid=0397435&rn=N

    FXCM is regulated though.

    http://www.nfa.futures.org/basicnet/Details.aspx?entityid=0308179&rn=N

  24. Hopeful

    well that must be a slap in the face , to those Olint investors who never got paid. You received as much as 48000 , with your last pmt of 17 K in March. DS must love you bwoy……… as many others hasn’t seen a thing since last November .

  25. “Do I just ask them to wire back my funds and will they take out any fee?”

    They probably would – I can’t even think of an FCM who wouldn’t, unless it was for a large account having money put in.

    The question you should ask yourself is if you want to be trading – if you’ve had issues, you should definitely look to pull your money. If you haven’t had issues, then you should weigh your options. I certainly wouldn’t put money into a company based on a random person telling me to do so on the internet. I certainly wouldn’t pull money for the same reason.

    How has your trading experience been? If you’re not liking the service, pull the money. If you are liking the service, evaluate your decision making process. Probably 60% of the people on this site have never traded, so having them advise you is like the blind leading the …. blind? On the other hand, listening only to your brokerage is also just foolhardy. Take the time, evaluate your options, and decide what is right for you.

  26. @hopeful
    when did you make that request , that resulted in you getting $17K? As watching closely said very interesting.

    @appauled and others
    1. Firstly let me say that Forex Trading is a recognized business. That has never been an issue.
    2. Forex Trading Education is also real and needed.
    3. What we have presented is the testimonies of two MTI students, and are so stated. If you have a different experience please post it.

    However we also know that as in any business activity, con men are also exist.

  27. I did not get any special favour as I really do not know anyone there. I asked and received, in fact twice this year. I benefitted because the funds were received at a time when I needed it. I am still optimistic that DS will rebound if the pressure is released. He had set up a webb-base customer service desk and I think he just need to get a reputable accounting firm to send letters to all account holders requesting them to confirm lodgements and receipts. This can be a starting position to get his records straight, although some persons might not be honest. i know that his accounting records are poor because twice my account had duplicated entries. But I was honest enough to highlight.

  28. “I am still optimistic that DS will rebound if the pressure is released.”

    I hope so, for all the investors’ sakes, but I just have too many doubts…

  29. @Lance,
    I was just giving hopeful some examples of other platforms. Itrade in a whole different category of ‘issues’ with the NFA. Why would I go on their platform if they can barely make capital requirements. That’s a whole other issue.

    by the way, the NFA complaint brings to the forefront some very questionable practices of the movement of money – that is very serious, to have that and to barely have the capital requirement is an unstable ground.

    There have been a few brokerage firms that didn’t have the capital requirement and didn’t have the money to pay clients when they traded and had to be shut down. There is going to be a lot more scrutiny of them with their close ties to DS.

    I’m not saying that fxcm, fxdd, oanda, fxsolutions etc etc etc are ‘perfect’ but what i am saying is to proceed with caution when choosing any broker. Besides their spreads seem excessively high to me.

    PS. if you just google ItradeFX reviews there are more horribly negative (not just negative b/c all brokers have typically negative reviews) than any of the other big houses out there.

  30. @0.786Trader

    r u on the 100 pips ride train?

  31. This is much deeper than trading and accounting.

  32. @ traderfxj & @ 0.786Trader:

    For the benefit of the novices out there, could you post your trading results for the past 12 months? Please post the $ amount you trading.

    This will give us some idea of your degree of success and show the “newbies” out there that there is light at the end of the tunnel! The same is true for the other 5 per centers that have taken the MTI course and are successful at Forex Trading.

  33. Doing a survey:

    For all the traders out there who are still up would you mind sharing what platforms you use and how you would rate them?

  34. junkonnu said that MTI “can get away with it b/c the public has no proper investment protection & disclosure acts”.

    I am not sure if this is true. Could you take a look at the securities act? It is not long and can be found on the ministry of justice website.

    The reason I ask is that Olint, etc broke the securities laws quite blatantly. The problem there was not the law but enforcement of the law. And when you dig deeper, the problems of enforcement of the law don’t seem to be straightforward (at least in the Olint, etc cases).

    I remember the Montego Bay ponzi schemes of a few years ago. If I recollect correctly, the laws broken were simple fraud laws, for example. The problem is how to stop people in a free country from willingly handing over their money to a conman even after you all but tell them that it is a con. Even the American’s haven’t solved this one yet. Go to the SEC website to see the long list of similar cases year after year. Then multiply that by three or four (since you are not looking at the state regulator cases and the CFTC cases) then multiply that by another factor (5? 10? your guess is as good as mine) to come up with the number that are not detected, caught or prosecuted.

  35. Earlier this year, I contacted I-Trade FX and enrolled as a member. Their office is just 20 minutes from my home in Orlando. I was given access to their platform and started to practice on the demo platform. I was being coached by an I-Trade rep. I told him I had $10K to invest, but the money at the time was tied up with MayDaisy. I noticed that the I-Trade rep was calling me almost every day wanting to know how soon I was going to put my $10K in and start trading to make lots of money. I thought about his persistence and eventually asked him ” If there is so much money to be made, why didn’t he stay home, instead of working for I-Trade, and do the trading himself and make lots of money?” I asked him straight up, did he make money from trading himself? His answer was, you win some and you lose some. That was my red flag. I never sent him my $10K.

  36. Preferred brokers: Oanda, Gain Capital, GFT, FXCM. I Trade is a bucket shop. Forget news trading with Oanda because their spreads widen to a ridiculous amount of pips.

  37. Always Learning Said: ….”I thought about his persistence and eventually asked him ” If there is so much money to be made, why didn’t he stay home, instead of working for I-Trade, and do the trading himself and make lots of money?” I asked him straight up, did he make money from trading himself?”….

    That my friend is the magical question! The fact is a large number of these guys that teach these FX courses have never traded or were they successful traders themselves. Look at that guy that was a carpenter and did an FX course and then became a FX teacher, then a Ponzi Operator. It’s very frightening when you think about it.

  38. Time for some fun, Answer a few questions and indentify the UFOs.
    https://investforlife.wordpress.com/2008/08/13/striking-similarities/

  39. This blog keeps getting more ridiculous each day. It is become more apprent that this site is all part of the conspiracy to bring down the genuine Forex trading outfits. Reproducing stories of failed unsuccessful MTi students and then blaming MTi is simply underhanded and weak to say the very least. Every year there are some students at all universities that fail. Does this mean that the University is a scam organization? I read the comments and realize that some of you are totally ignorant about the intricacies of forex trading. Sadly your ignorance results in arrogant beliefs and misconceptions. I am a trader myself and while there are significant risks to trading the forex, with a sound risk management strategy and focused discipline it can be a lucrative business. People should not expect to be overnight successes in this business. Just like everything else, it will require, time patience, commitment and even initial failures to succeed. All I have seen on this site is the reproduction of media reports, which are oftentimes based on sensationalism. Add to that the ludicrous comments and the character assasinations by the authors of the site and what you have left is a facility without credibility. It seems that the authors of this site are paid by people with motives to denigrate people with genuine intent to create wealth for a greater corss section of society. I challenge you to prove otherwise by coming clean and disclosing who you are and the financial support that sustain this sham of an operation. If you cannot delcare this, it would evidence serious integrity issues regarding your motives. Anxously waiting………….

  40. Ok, you got me. I am Micheal Lee Chin. I spend my time on blogs instead of minding by Billions.

    you ask a question … but I am sure that you will reject any answer you get.

  41. Next AIS Operator

    It is a shame that you have not done your research into this site. You need to start reading from July 2, 2008 to understand this site has breaking news before the media. Links to the media is a confirmation of what is being said and posted in this website.

    It was first released here that the NFA implicated I Trade FX and the Martinezs’ and David Smith with money laudering. It is only here that you hear the audio interview with the Martinezs, David Smith, and Peter Bovell.

  42. what a stupid topic, its like teaching someone maths, u may be taught the basic concepts to pass your exam, but whether u succeed or not , depends on how time and effort u put into it, and years of practice.

    I bought MTI cds, what it does is just teach u the basics of forex, it will take years to develop a successful strategy

  43. @ Next AIS Operator

    Thank you for your contribution to this blog I truly appreciate your comments despite the fact that I do not share most of your views. I think the emotions that you bring to this subject seem to be clouding your judgment when reading the contributions made by folks here. I would have much preferred if you sited examples for each of your accusations. However, I would like to respond to your post, as I must credit you for attempting to be coherent in your presentation something that is sadly lacking from most of detractors of this blog. I will go through each of your accusations and give my personal response that may differ from other folks on this site.

    1. It is become more apprent that this site is all part of the conspiracy to bring down the genuine Forex trading outfits.

    To the best of my knowledge and I can certainly speak for myself most visitors and contributors to this site are different people form all walks of life who have stumbled on this site. There are folks for different parts of the globe all of whom have been caught up in the debate about AISs in Jamaica. I will agree that most of the active participants view most of these AIS as PONZI scheme but all we have done is to debate the issue and explain why we are of that opinion. Readers are free to agree or disagree and opposing opinions are allowed, and to my knowledge not deleted.

    Pray tell which are the legitimate Forex trading outfits (and which or not) that there is a conspiracy to bring down. Who are the conspirators and how it is that they are affecting people in a free society form doing business. Do these people not have access to the court system to get redress for any grievance they may have, including closing this site if it is deemed a conspiracy to destroy a legitimate business?

    2. Reproducing stories of failed unsuccessful MTi students and then blaming Mti

    The blogger clearly says “Again, I blame myself. I was the FOOL.”
    If you re-read the confession you see that the blogger was attempting to explain the misleading nature of MTI and its principals in the way they advertise expectations to their students. He did not blame them for individual losses.

    3. Every year there are some students at all universities that fail. Does this mean that the University is a scam organization? I read the comments and realize that some of you are totally ignorant about the intricacies of forex trading. Sadly your ignorance results in arrogant beliefs and misconceptions.

    Based on my above response there is no need to respond to this section of your blog, as it is no more than self serving babble, which I can understand due to emotions that you bring to this debate.

    4. I am a trader myself and while there are significant risks to trading the forex, with a sound risk management strategy and focused discipline it can be a lucrative business. People should not expect to be overnight successes in this business. Just like everything else, it will require, time patience, commitment and even initial failures to succeed.

    If you re-read this section of your post and look back at what a lot of other folks have been saying you will realize that you are almost in 100% agreement with a lot of the bloggers here. In fact this is one of the very arguments presented to challenge the idea that any one trader could be expected to be ahead in his trades by 10% give or take every month for years. Additionally, It is also one of the very reason why people blame MTI and others for down playing the risk involved in FX trading instead of trying to recommend it for the mass of investors.

    5. All I have seen on this site is the reproduction of media reports, which are oftentimes based on sensationalism. Add to that the ludicrous comments and the character assasinations by the authors of the site and what you have left is a facility without credibility.

    This is a subjective judgement and in the long run the masses will vote base on their opinion about what they read here. This site like many places on the web is a public forum and there will be fair and unfair comments made from time to time. The public however can use their judgement and decide what is fair and what is not.

    6. It seems that the authors of this site are paid by people with motives to denigrate people with genuine intent to create wealth for a greater cross section of society.

    This comment is also one of opinion albeit for now. The beauty about this issue is that time will confirm the true answer. So we shall await the out come on the investigations in all these AIS and hopefully at some time we might come to all share the same view either way.

    7. I challenge you to prove otherwise by coming clean and disclosing who you are and the financial support that sustain this sham of an operation. If you cannot delcare this, it would evidence serious integrity issues regarding your motives. Anxously waiting

    I do not work for or know the operator or operators of this site so I will await their answer like yourself. However, I suspect that you are very well aware that hosting public sites like these practically cost nothing. It is no more than having your myspace of facebook account. I think you were just being disingenuous in giving the impression that it must cost a lot to host this operation with the hope that you could mislead any uninformed reader who might not be aware as to how hosting pages like these on the web works.

    In conclusion I would like to say to you like I have said to many others like yourself. Present your facts and let us engage in a debate. Getting emotionally charged and dropping rhetoric does not allow for a discussion. My view is that people like yourself have such a week footing on the issues that you cannot defend your position. Unable to back down on a point that you have supported Vociferously for so long is almost sacrilegious so accepting reality is difficult.

    I think it was Plato that said “We can easily forgive a child who is afraid of the dark; the real tragedy of life is when men are afraid of the light.””

  44. RICH BACK THEN BROKE AGAIN Said:….”what a stupid topic, its like teaching someone maths”…..

    I have a STUPID question to go with your STUPID, DUMB, IMBECILE, BUFFOON and UNEDUCATECATED statement. Why can’t you teach successful “trading strategies” that exist in this world of Forex Trading, as part of the FX course? You know, like teaching math solving strategies?

    Shouldn’t potential enrollees (uninformed flock) be told that it will take years to become a successful trader and it is likely that it 99 % of them not cut it as a FX trader?

    Shouldn’t there be some kind of “FX Trader Profile” used to screen out “undesirables” from these courses? No, then MTI revenue will be impacted by such disclosures!

  45. Investorforlife

    How do I edit my responses and how can I adjust the fonts so I can make my presentation better especially the long ones such as the one I just sent to Next AIS operator.

  46. @Next AIS operator
    I just realize what a dangerous name you have. Now I understand why you upset about the attack on your industry. Well it might be a bad time to start a business and call it a AIS however, with some clever marketing if you have a legitimate business idea you might just be able to build a brand despite how sour things are for people now.

  47. banker I sent a invite to your e-mail, the one that you had used to e-mail me before.

    a) Just select “give me a username only”
    b) Use banker as your username

    You should be good to go.

  48. Here is the low down for all you ranting and raving. I have traded in a personal capacity in the US as a Jamaican for over a decade and in my best years(Internet heyday) I brought home big numbers.
    However the trading environment has become ten times more challenging since then across the board with spreads disappearing and profit margins shrinking.

    Olint, Cash Plus, Joncrow Battie Inc….who the hell cares…all BS you were sold by DS and the others. Everyone associated with them is equally a thief as they were in on the game plan as well. Caribbean Ponzi schemes are as old the region is. FX trading is one of the hardest to do well, and only people with superior economic analytical skills and quantitative knowledge do well, and by doing well I mean not even close to 10% a month.

    You were all sold a bag of beans and climbed the beanstalk. In an effort to seek justice and put and end to this criminal activity and protect our fellow citizens and Jamaica’s future, band together and pressure the government and associated bodies to seek justice and prosecute.

  49. For those who believe a Ponzi cannot survive for more than three years:

    ….”In addition, in Ponzi-scheme fashion, Shariff failed to inform investors that he was using a substantial amount of their investment to make distributions to more senior investors who requested to receive their profits on a monthly basis or who occasionally withdrew money from their investment accounts. In total, the defendant made Ponzi distributions of more than $4,000,000, thus creating a false sense of assurance among investors that their money was being safely invested on their behalf.”……

    http://www.usdoj.gov/usao/fls/PressReleases/080813-01.html

  50. @Next AIS operator
    Not much more that I can say. AML and Banker pretty much said it.

    Just to add it is only here you will get the details of the F1 vs May Daisy lawsuit. The Cease and Desist against World Wise was on this site even before the FSC made it public.

    See https://investforlife.wordpress.com/2008/07/30/mti-says-scams-schemes-scandals/#comment-6230

  51. I have been trading for 1 year now.I don’t proclaim to be a pro,but, I have had months where I made as much as 180%.However, I do trade a small account.Most months I averaged 30-50%.
    The main problem I face is discipline which is key.You may tend to be overconfident and thats when you lose big time.that has happened to me.So I am not really making much money.But at least I know the problem is me.However,big returns are attainable if you have self control.
    So when people like Hado come on line and say it is impossible, I’m sorry my freind,you are chatting BS.
    I realize a lot of people on this blog spreading rumors and making claims and judgements that are baseless and have no sense.
    I have in the past made 50% in one night from the GBPJPY.
    Anyone in trading knows what that means.
    People are quick to be judgemental of DS.
    When I was getting gains from DS I considered myself lucky to be part of the club.I even thought we should be getting more than what was given due to market moves I saw in the course of the month.
    People are spiteful and hypocritical.
    When things were good,people called him KING DAVID and cited the story of David and Goliath.He was a Godsend for the Jamaican people.
    Sad thing is, the same people that toast him and praise him at parties and exalt him, are the same sharks,Shylocks and hungry wolves tearing him down today.
    Lets keep our focus on facts.
    I know people had been overpayed in 2006.I am surprised this only came up recently.
    We also know the FCU has a freeze on DS asset and accounts which I beleive they mentioned on nationwide was app.$600-800 mill.
    We also know that the officials in TCI imposed a gag order on OLINT and adviser/lawyers etc.
    We also know that DS is asking for nine months.
    Why?Is it to straighten out his clients accounts and identify who has been overpaid?Is it that he realized that due to overpayment he found he now owes more than he has so he needs time to make good?Or a combination of both?
    Remember,DS has not told us he lost our money.
    In an inerview with Cliff Hughes,he was HOPING AND PRAYING that the wire of app. $200 mill will come through.There must be something there.It must have been coming from somewhere.It could not have fallen from the sky.DS knew something (or someone or many people)were against him.Hence he seemed very distressed.
    Now people condemn without even giving the poor man a chance to explain or make good.
    As for the Doctor that is suing and using his dying father to gain sympathy for himself and to make DS look like Satan,well I,m sorry,for your troubles,but fact is fact and DS is not killing your father.
    You are a Doctor and probably earning as we speak and you could put food on the table unlike many other people out there THAT WERE DEPENDING ON DS FOR A LIVING.Praise God that you are OK.
    Or is it you were also collecting money from other people and skimming 2% of the top like a lot of others were doing. And now these people are after you.
    People talk about DS gamble away all the money.Well,if he was handling a fund of $800 mill or more and he give 10% in a month,I think he must have made 5% at least for himself.After all,he is the trader making the money.Do the math,that is $40 mill.
    So what if he gambles a couple million in Vegas every month.So what if he pays for Jazz festival or buys a jet.
    Guess what?He can afford it.
    My biggest worry is not DS integrity or ability.My worry is that people operating businesses as sub agents pooling money from others to put in there accounts with DS and collecting a 2% commission,may have collected dirty money out there and placed with DS without DS knowing.
    There are unscrupulous people out there who due to greed,don’t care who they collect money from.
    Until,DS says he has no money or plan on how to pay people back,I remain faithful and have trust.

    When Ricky Azan came out publicly and told the public he mismanaged the money and he needs time to make good and promised that he will make sure everyone gets there last cent, some hungry dogs(who ,as always, are the rich guys) decided to sue and get injunctions imposed on him,thus crippling him so now he CANNOT MAKE GOOD EVEN IF HE WANTED TO.
    Sometimes,in life,you have to place trust in people and never kick someone when they’re down.
    As far as I’m concerned,if DS can provide even 25% of my account upfront and trade for nine months after I will be happy.And if he were to be allowed to continue trading,I will gladly maintain an account with him.

    God bless all of us.

    MRS….

  52. Mrs,

    Faithful to the very end, even though she probably hasn’t seen a cent from DS in over 7 months. The blame game has now shifted to the feeder clubs, who basically were the ones providing ‘new money’ to the PONZI or it would have collapsed much earlier, as is the fate of all such schemes throughout history.

    Don’t you people ever read? Do you have to make the same mistakes others have and have warned us against?

    By the way, anybody heard of the latest fx scheme that failed? The one operated by this Air Ja steward named Shawn? He lost all his clients’ money affter about 2 months of trading, but kept sending monthly statements about gains achieved.

    Every one of them, including those who controlled feeder clubs and were taking people’s money up to June when they knew there was a problem. Many of these parasites (pigs) made a killing and bought big houses from their 2 – 5% while their members are now sucking salt.

  53. They should all be investigated and locked up. People should now start to go after the feeder clubs which were taking new clients knowing fully well that these new funds were being used to pay old demands

  54. Mrs
    You took up a lot of space to write your epistle to David. I can see you are trying your best to defend David but unfortunately your presentation involve too much bantering. Try to condense what you have into some salient points and someone might try to give you a response, of course may be like many others before, you are content with a one way conversation.

  55. I MRS must be DS himself….seriously, 50% on the JPY overnight…go sell your crap to someone who has no sense. NFA in the US raised red flags for DS accounts becuase as they said he traded “lightly” and mostly just wired money in and out. All of you believers are fools and now your money is gone. No free lunch in this world people.

  56. Mrs

    Well said – like u i will not join the bandwagon to crucify the man because of his recent challenges.

    Cally

    There is nothing wrong with faithfulness – it works for some – sometimes it is when the challenges seem the greatest that the highest level of hope and faith is important.

    I am one of the club members sucking salt but guess what NO ONE FORCED me to invest in Olint that was my decision I took the risk. So guess what I will receive the reward if and when it comes it belongs to me. If there is nothing – the loss is mine.

    We must accept responsibility for our actions…..

  57. Banker

    Guess what Mrs response was long but made a lot of sense. Ur earlier response to Another AIS was just as long….

  58. Mrs

    Please continue to participate in this blog despite the hostility. Most great leaders have had society turn their backs on them – soon we will know if DS is hero or villain.

    i still believe history will absolve him …..

  59. Time for some fun, Answer a few questions and indentify the UFOs.
    https://investforlife.wordpress.com/2008/08/13/striking-similarities/

  60. mk

    I agree that eveyone should accept responsibility for their own actions. I was just responding to Mrs’ argument about sub agents, who I agree are culpable, but the problem all goes back to DS.

    You all talk about how much DS was making and how good a trader he was….where is the eveidence?

    As my friend Cheatum just said, all available evidence shows he has hardly trading personally, only moving money around.

    Faith is a good thing, but only in whom that faith is directed. Having faith in faith itself, or worse, in a man whom none of us knew until he came on the scene with these fantastic offers. Who really knew or cared to find out what exactly he did at JMMB and the real reason he ‘resigned’?

  61. mk,

    You must be DS or WS himself? A great leader???

    What is the basis for this wild claim? Are the only remaining Olint faithful on drugs?

    The guy came on radio himself and asked for 9 months…isn’t that enough evidence he doesn’t have your money and is lying about everything?

  62. @MRS.
    Well i will attack DS character. Until he can lay ALL his cards on the table and show investors what happened, what went wrong where, who has what, what is left – then i will personally call him BIG CONMAN.
    He is also unethical and an immoral business person for keeping everyone in the dark to his dealings from before he had issues to now – especially now since people are desperate for concrete answers.
    DS business practice was just ‘shut up and take it, don’t question me, don’t report me, leave if you don’t like it’ – sounds like a cult leader and his true believers are his followers.

  63. @MRS.

    PS. I’m willing to take back EVERYTHING that i said in above post and beg for mercy if i can see hard evidence that DS was really forex trader.

  64. Many of us invested with DS even those who heard why he’resigned’ like regular blogger Needy and myself. People deserve second chances – thats my view – i have certainly not been flawless . BTW Cally are u a club member?

    You are right there are no trading records so its hard to verify his performance……..i have spoken to persons i consider credible who have confirmed that he is a good trader. Nothing wrong with more transparency though…

    btw i am all for regulation that would have possibly avoided the situations with both Ricky Azan and Shaun.

    I believe that what traders like DS have been doing is balancing their posts (i may b wrong). That is, they may make 20% in 1 month but post 10% and use this surplus when they have negative months.

    We all rejoice when things r great but want to burn DS at the stakes when things are challenging – thats not right. Lets accept responsibility for our actions.

  65. Mrs:

    You have a bad case of cognitive dissonance going… essentially this is where your brain invents a new reality in order to cope with a difficult situation that might otherwise drive you to insanity.

    Here is a pertinent question… If DS was a Nigerian and Olint was a Nigerian company that made the same claims and evolved in the same way… Would you have been expressing this same faith in DS? In fact would you have even given The Nigerian DS your money?

    Most people (including Olint investors) would have snickered and chuckled in disbelief that anyone could have fallen for such a scam. Just because DS is Jamaican does not mean when he pulls a Nigerian like scam of epic portions he is not a crook with a con of epic proportions.

  66. correction… epic proportions

  67. Cally

    Please note i did not call DS a great leader – i made the pt that many great leaders have gone thru periods when they have been turned on by society and they persevered. However if he comes thru i would be prepared to give him high ratings.

    Yes I am one of the faithful and there r others. I choose to be hopeful and that is MY decision.

    Based on the interview I believe there is a shortfall – but if i get 50 – 80 cents on the dollar for my total balance DS in my bks wld have still come thru.with flying colors.

  68. MK,

    You miss the main point of the ‘unfaithfuls’. People could accept if they were convinced that he was actually trading when he was posting those returns over the years, and that he could have lost money from the same trading activities.

    However, it is the silence since January and the subsequent revelations about wild spending and partying even during the time when there were clear problems with the operation, including the so-called ‘accounting errors’ that people are upset with.

    He has given no one any reason to have confidence in him by his cowardice and lack of transparency.

    You have clearly finished off the DS coolaid and turned to harder stuff.

  69. mk,

    all of you who claim to have faith are actually showing a lack of faith in your own judgement and ability to see thru’ all the b…. s… staring you in the face.

    You are still talking about “if he comes through”. Is there anywhere in the world that once a scheme goes through this type of exposure, that they ever rebound?
    Never, they all remain dead, and their pricipals disappear or end up in jail.

  70. Cally

    Guess what i also disagree with the partying, gambling and Air J jazz sponsoring….his communication has also been very poor.

    This is not blind faith Cally….because i listen carefully to blogs – that make very good pts esp from detractors. But unlike most i believe there was a 200 m on its way to Ja that was intercepted….and there r other funds on the Oanda platform….can i provide all the proof…of course not .

    BTW are u an olint club member ?

  71. mk,

    You are a true believer. If you believe that DS was actually sending $200M to Jamaica, how come we don’t hear of him sending money to other territories where club memebers were also awaiting their funds? Was he only paying Jamaican members and ignoring the rest?

    You would believe anything. Why couldn’t he send the money to the offshore accounts of the various feederclubs? All of them established offshore accounts for the very purpose.

    There is none so blind as he who refuses to see.

  72. Somebody mentioned the CNBC show “American Greed”, go find it online and read the story “Conned in the Caribbean” about the First Intl Bank of Grenada which 100% emulated Olint in every way including the owner’s private jet and lavish lifestyle.

    I’ve worked on Wall St. for many a year and you are all in a state of dillusion if you think you will see even 10 cents on the dollar….the authorities wil likely never recover concise records leaving distribution of funds even if seized in chaos and it could be years or never if you get a cent.

    Then go the website http://www.offshorealert.com which CNBC used for information, it has literally tons of these cases, all the same; high monthly payouts to investors which inevitably stop and then the head guys run or are caught. The Grenada bank ponzi man ran off to Uganda only to be seized and sent back to the US for trial. He stole an estimated $170M so I assure you it’s a matter of time before this ends up in US headlines as well because we all know Olint had more. This is my last message, and no i never invested in any of them and yes i feel bad for all of you who did and are in despair, but take action with your elected offcials because while you have no other recourse ,perhaps your efforts can change JA laws to prevent this from happening again.

  73. Cally

    Simple question: Are u a club member? is that too hard to answer?????

  74. Cheatum,

    Excellent point. I think I will also sign off.

    MK, open your eyes and your mind. These things only have one end…ALWAYS.

    My sympathies to you and all the others who have LOST OUT, and I hope you will never again fall prey to these SCAMS. good night.

  75. @MRS

    as a serious trader my self who is always looking for an edge can you please enlight me a little bit about your money management skills that allow you to make 50% ROI in one night while riding the beast as the GBP/JPY is call.

  76. mk,

    Let me answer that burning question…..NO!

    Even though it looked very attractive and tempting, I am a happily married man, who has to also say No to some attractive and tempting females I meet every day.
    Not all that glitters is gold.

    Bye

  77. Good night as well all…..

    Cally

    Thanks for avoiding my question….

  78. Just saw the answer….not sure why that was so difficult.

  79. @mk what is your opinion on the UFO similarities?
    https://investforlife.wordpress.com/2008/08/13/striking-similarities/

  80. 0.786Trader,

    If you where trading the gbp/jpy when the bank of england mintues came out 9-1 last year. It signal that the brits would have a rate cut. I made 120 pips one night ! Thats just one example!

    It is possible to do that in one night but you would be using too much leverage.

  81. Nothing striking abt the similarities at all – thats what we have been discussing abt DS all this time. He started and became the standard bearer for the Ja currency trading industry – the rest followed hence the similarities.

    Won’t be able to continue this tonight though…I too must attend to more important things – like family.

    Good night again to all…tomorrow is another day….

  82. Miachica:

    Are you MRS.? You have a troublesome side to you where you post under different name (Janice?).

  83. Because I dont say what YOU want to hear so I must be Mrs or janice huh?

    Why dont you ask john doe?

  84. DaveSin,

    I understand why you dont like me because I shut people like you up whenever you start talking crap. Espcially since majority of you dont know SQUAT about trading so I must be Janice or Mrs LOL !

  85. @MK, what you are you Saying? All the clubs follow DS?

  86. @miachica, DaveSin on his own there.
    I don’t care who are… Now if you start posting stuff that is unlike you then we would have to wonder if we have an impostor on hand…

    Anyway Miachica? What is up with Lewfam? ?

  87. Cally everything you say i say! you’re absolutely right, faith shouldn’t allow people to blatantly ignore what is plane as day in front of them.

  88. @junkunno
    At that point faith becomes a delusion

  89. DaveSin

    You like to accuse people of post under different profiles on different boards. Is paranoia getting to you?

  90. JohnDoe,

    I dont know anythign about lewfarm or anyone in it. I know why you guys dont like me. WHenever you talk your BS or try to push your little agena I put a stop to it. Espcially all the misinformation you guys have about forex trading. Thats a nice way to try and discredit me by trying to make people think I am jancie. You probably have my ip address you can tell who it is. But I must really be a torn in your sight huh ? That was a good though LOL!!!!

  91. AML,

    John Doe is a FRUAD with his own agena..wildly accusing me of being janice LOL. You guys better NOT let me find out who you are. It will make the NEWS!!

  92. It is becoming more and more obvious what a FRUAD you people are. Whenever people have views that is not inline with your littel agenda you must try and shut them up right?

    You can delete my post if you want, block me from posting is all up to. As I stated before, you better not let me find out ho you all are.

  93. miachica,

    I think you meant DaveSin instead of JohnDoe. JohnDoe is always looking for something.

  94. I am MRS…
    I would also let you know I am not a female.MRS is the initials for something with meaning.

    As 0.786 trader stated, if you made 120 pips in one night and traded a standard lot in a $100K account,at a leverage of 100:1(which most account offer:some 200:1)then 1 pip is app. $10.
    If you have $10,000 in a trading account and took a position with 5 lots,then 1 pip is app. $50.
    120 pips= $6000 = 60% of your account in one move.
    Now there are fundamental traders and technical traders.
    Fundamental traders are known to be in and out of the market sometimes within 2 minutes and capturing anything from 20 pips to 100 pps.
    So my dear freinds,do the math.
    If you can capture 20 pips twice a week,don’t you think you can live well and give good gains?
    You also have scalpers who are in and out of a trade in very short periods capturing 5-10 pips and do this as many as 10 or more times a day.
    Remember at 100:1 leverage, 1pip is app.$10 for 1 LOT which is only $1000 of your money traded.

    Goodnight all and sweet dreams of money.
    I always say Money makes the world go round.

    God bless

    MRS…

  95. I know, DaveSin is fixated on Janice and is constantly looking for her.

  96. @ 0.786Trader

    “as a serious trader my self who is always looking for an edge can you please enlight me a little bit about your money management skills that allow you to make 50% ROI in one night while riding the beast as the GBP/JPY is call.”

    What Mrs’ I think means is for eg. she has $10,000 in her account and invest $500 on the GBP/JPY and gains $250 at the end of the trade.

  97. miachica:

    LOL… here is a funny one… are you Mark Wignall? just kidding…

    Talking about forex trading with reference to Olint is being delusional. DS was not trading forex to pay his returns… even if you believe their own press release that their accounts were in a shambles… if that was the case how could he calculate the monthly gains from forex trading… like every other ponzi scheme he just pulled a number out of the air.

    Like Mark Wignall you can continue to tell the rest of us how much it is possible to make trading forex and how it is a multi-trillion market and how it is the most liquid in the world… ad nauseum… It has no relationship to Olint. Dude was just running a ponzi scam… Most Nigerian scams can only dream of such success.

    Any intelligent person can gain your knowledge in forex by spending some weeks scouring the net for info to study… But any sane investor trying to become wealthy makes intelligent investment decisions using a selection process that goes like this… will this investment be more likely than not likely to succeed… FX trading does not match such criteria 95 % losers to 5 % winners does not match more likely…

    But you are free to keep up the Mark Wignall like delusion and tell us the great things that can happen trading the FX market… while the Olint ponzi continues it sinking descent to the bottom of Caribbean Sea.

  98. nocotec,

    Forex= nigerian scammers, ponzi, blah blah blah !

    Its always the same CRAP with you. You dont even know or understand what I was talking about.

    You make me laugh lol.

    For someone who is not a forex trader who sure do know alot about it huh???

    SO who is delusional??

    Someone who actually trades or someone that has an opinion about forex trading and think its facts lol!!

    You guys crack me up continue pushing your litte agenda.

  99. I dont even like O, MTI, DS, JM. I can call a spade a spade. I dont agree with your forex trading is a schame BS because I know better than must of you. Just because SD, MJ conned people out of their money that dose not mean forex trading is bad. I will call a spade a spade. But dont try to pas your little OPINIONS as FACT.

  100. It is very sad that most of the people who criticize are either blinded by ignorance or just do not have the IQ level it takes (which by the way is not too high) to understand the basics of FOREX trading.
    I have always said it is easier to point fingers and criticize than to take a close look and understand.
    It’s a pity I could not mntion names but I know someone personally who started off with $10,000
    and in less than 2 years had in excess of 1 mill in his trading account.
    Now you can scoff at this and come up with all kinds of stupid rational against it but beleive me whoever does is the one thats the fool.
    There is money to be made but it is not for everyone.I can tell you from personal experience,I have made big losse.Discipline is the KEY.I am still facing that problem even more than a year later.

    MRS…

  101. miachica:

    No intelligent person on the blog has said forex trading is a scam. You are the person that keeps saying that others are saying that. The intelligent bloggers all know that the true forex market is legit.

    The issues that the blog focuses on are the UFOs. In that context you can recite every iota of any knowledge you have about the forex market… to what end? OLint and all the other UFO ponzi schemes were not trading forex to pay their investors… so why do you feel the need to keep repeating how you are an actual trader and you have knowledge of the markets? What is the relevance of that info to Olint or the others?

  102. Good post, Cheatum N Burnem. I am sorry this will be your last.

    You said “perhaps your efforts can change JA laws to prevent this from happening again”.

    I want to discourage people from trying to change the law. Not because the laws can’t be improved but because in Jamaica this traditionally is the way that we avoid tackling the real problem. When you analyse these scams you find that every single one of them has broken at least one and usually more major law. The problem, then, is not so much the law as the enforcement of the law.

    Here is my question: if FSC did cease and desist order as far back as 2006, why was nobody prosecuted? Why is there no prosecution against DS in Jamaica today?

  103. miachica, on August 13th, 2008 at 9:36 pm Said:
    0.786Trader,

    If you where trading the gbp/jpy when the bank of england mintues came out 9-1 last year. It signal that the brits would have a rate cut. I made 120 pips one night ! Thats just one example!

    It is possible to do that in one night but you would be using too much leverage.
    __________________________________________

    This was my orginal post. I was responding to another poster. You jumped into the conversation not having a CLUE what I was talking about. Then you went into your nigerian ponzi scam rant that had nothing to do with my orginal post. I think you like to argue to much lol.

  104. I agree with a lot of stuff on this blog, trying to keep an open mind. I do have to say though, I found this sequence funny.

    ” I dont agree with your forex trading is a schame BS because I know better than must of you.”

    “But dont try to pas your little OPINIONS as FACT.”

    So… your opinion is that you know better than the people posting, and then you chastise them for passing their opinions as fact?

    I will have to say for this blog – there’s a lot of facts that can be shared, and then there are a lot of agendas on here. I think the messages are getting lost in the agendas. When you come into something biased for one side or the other,, its nearly impossible to have a healthy debate. This blog (from what I’ve seen) has seesawed back and forth as people push their agendas from time to time. I know there are people on here keeping an open mind on each side, but its getting lost in the shuffle. There are some people so blinded with hatred of specific individuals that they absolutely refuse to consider an alternate viewpoint.

    I got picked at by miachica for a lot of things, but there’s no reason to chew her up too badly. She has a right to her opinion – I don’t agree with it, but she does have a right to it.

    “: if FSC did cease and desist order as far back as 2006, why was nobody prosecuted? Why is there no prosecution against DS in Jamaica today?”

    I think the answer is because they appealed the decision and got a stay of the cease and desist. Am I wrong?

  105. “When you come into something biased for one side or the other”

    I meant to say “heavily biased for one side or the other”

  106. I’m sorry for getting the name wrong correction miachica

  107. @miachica.
    I HAVE NEVER accused you of being janice, I do not care if you are janice? I do no care who you work for.

    All I asked simple question. If you do not know the answer, just say I do not know.

    Nocotec has said it again, Forex Trading is legit and no sensible person is going to say other wise.

    On the hand in the there are many SCAM ARTISTE and CON MEN claiming to be in FOREX or using FOREX as a front for the dirty or PONZI operation.

  108. Lance said: “I think the answer is because they appealed the decision and got a stay of the cease and desist. Am I wrong?”

    Thank you, Lance. You could be right. Do you think this was the decision of the DPP? I have my doubts because you usually hear when the DPP has made a ruling on a criminal matter.

  109. AML, on August 13th, 2008 at 9:57 pm Said: …”DaveSin….You like to accuse people of post under different profiles on different boards. Is paranoia getting to you?”

    You are not the real AML….you are a fraud!

    You know why? This is your first post, that I have ever seen where you do not use any of the following words…MTI; JIJ; Jared Martinez or I-Trade FX. Talk about paranoia…you have add a new meaning to that word!

    Talk the truth, you are not really AML 🙄

  110. OK guys, I have a question…Bearing the extreme riskiness of FX trading, and the extreme caution it has to first be attempted with (long periods demo trading etc) wouldn’t you say it were a conflict of interest for a so-called educational institution to be promoting, or owners of, any TRADING PLATFORMS???

  111. DaveSin,

    It is obvious that ur thinking is malious, i pity u.

    If u have never been on MTI programmes then you are not in a position to even comment on what is offered.

    MTI doesnt not guarantte anyone any success, it mere teaches u the basics and strategies of forex trading, how well u use them is entirely up to ur competence in area of understanding charts, economics news etc,

    One of the very first statements that Martinque makes is that 90% of traders will fail , make more losses than gains, while the discplined determined few will succeed.

    This trader who lost his money is an idiot, he should spend his time developing his trading strategies, using demos before he trades real money, and he should be trading small accounts and utilising stop losses., bloody idiot.

    DaveSin, my reference to maths was not to say maths and forex is the same (if u assumed that because u like to assume a lot of shit). I was merely saying that forex is very technical than most people believe, u have to have a mastery of reading charts and reading economic news, and have good risk management, in others words, like maths u may be taught how to approach a difficults topic, but how u apply ur knowledge is what determine whether u succeed or fails, in this case u need to make more gains than losses.

    DaveSin i would invite u to let me teach u about forex that way you would realise making money has more to do with ur competence in reading charts and economic news that, what u are taught by MTI

  112. What a pathetic and negative thread, these people are destined to sink any associated with David Smith.

    For all of u who dont know, most forex programmes by top brokers, that material and live training will cost u from us$2,000 up, in the same price as MTI, THESE PEOPLE DONT TEACH U THEIR TRADING SECRETS, THEY SIMPLE TEACH U THE BASICS, WAKE UP PEOPLE.

    THERE IS SO MUCH TALK IN HERE OF WHO IS A SCAMMER FROM WHO IS NOT, ANYONE CLOSE TO DS IS A SCAMMER.

    U ALL CALL URSELF AN INVESTMENT SITE , WHY DONT U DO SOME RESEARCH AND START A TOPIC TELLING PEOPLE WHICH FOREX PACKAGES HAVE THE BEST RESULTS FROM STUDENTS, WONT HAPPEN HERE AS U ALL WE RATHER CRITISIZE AND DEGRADE OTHERS, RATHER THAN TRY AND HELP OTHERS TO DEVELOP WEALTH.

    PEOPLE WHERE ARE THE TOPICS ABOUT REAL WEALTH CREATION IN THIS PLACE, TOO MUCH NEGATIVE PEOPLE HERE, WHERE ARE THE TOPICS ABOUT REAL TRADERS WHO ARE SUCCESSFUL AND THEIR MENTORS???

  113. RICH BACK THEN BROKE AGAIN said: u all call urself an investment site , why dont u do some research and start a topic telling people which forex packages have the best results from students, wont happen here as u all we rather critisize and degrade others, rather than try and help others to develop wealth.”

    The first rule of wealth creation is capital preservation (listen to Buffet). One must attempt to prevent loss of what has already being gained. Retracing one’s steps to get back to a prior position after losing is not the way to become wealthy.

    For most Olint and other UFO investors they will have lost money. This will be permanent. This money will never be recovered. Consider a person that lost $10,000… it is gone forever… that person may start over and gain another $10,000 but it is not a replacement… had he/she not lost the $10,000, he/she would now have $20,000. Losses are not recoverable, you can get back to where you were but you could taken the same actions and had the new amount plus the losses.

    An investing site such as this must first help people to avoid present and future losses. It must also avoid recommending investments like forex trading to people who are not already wealthy but are as you say trying to develop wealth.

    Encouraging people who are trying to develop wealth to invest in forex courses and take up forex trading is the ultimate in irresponsibility. It is condemning 95 % to lose all or part of their money… making them retrace their steps. This is not helpful to such folks… only folks with a vested interest and something to gain would recommend such a course of action.

  114. RICH BACK THEN BROKE AGAIN:

    Dude, do you know anything about:

    Financial Modeling?
    Multivariate Data Analysis?
    Forescasting Techniques and Modeling?
    Simulations using GPSS?
    Finite Element Methods?
    etc., etc.

    If you do know any ONE of the above, then you can teach me Forex trading. I think you are more Qualify for teaching me the 3-card trick or some other form of gambling!

  115. DaveSinner your a joke , U think ur the only one who went to college lol,

    U think these areas of finance and engineering have anything to do with forex,

    Let me re write ur comment which would amount to something worthwhile.

    “RICH BACK THEN BROKE AGAIN”

    Dude, do you know anything about:

    JAPANESE CANDLESTICKS
    INDICATORS AND TIMEFRAMES
    EQUITY MANAGEMENT
    TRENDS AND TRENDLINES
    BUY AND SELL ZONES
    TRADING CONSOLIDATION
    FIBONACCI CONVERGENCES
    TRADING THE GARTLEY
    HARMONIC VIBRATIONS
    REVERSAL KINGS CROWN
    TRADING PENNETS

    ETC ETC,

    dont even comment if u dont have a mastery of these

  116. DAVE sinner,

    do you know the these affect trading currencies??

    balance of payments
    purchasing power parity
    interest rate parity
    monetary model
    real interest rate differential model
    asset market model
    currency substitution model

    stay tuned Davebookworm

  117. DaveSinner the know it all do u know anything about how bonds affect forex??

    do you about anything about

    interest differentials?
    leading currency indicators?
    coincidental indicators?
    lagging indicators??
    can you calculate currency differentials for bonds re forex ????

  118. RICH BACK THEN BROKE AGAIN:

    Given your vast knowledge and Forex Skills, why don’t you humor me and post the results (% gain/loss) for the last 12 months of live trading or maybe you still in the demo mode? How much $ (real) are you trading? Be honest now! Show me how your exhaustive list makes you a star Forex trader..you know, the top 0.0005% trader in the world!

    Whenever these questions are asked people like you normally just ignore them or just run away. I wonder why?

    My Nick is DaveSin, not Dave Sinner…O.K? 🙂

  119. RICH BACK THEN BROKE AGAIN:

    I’m waiting…I’m waiting for the results or as predicted yuh run gone……… No, you are busy creating fictitious returns. Yes, DS did teach you something!!!

    Or

    Maybe you are checking you Forex book /Forex Web site for more Forex terms to throw at me? How about this one…”Candlestick of Fibonacci convergence of fools”; I bet you haven’t heard that one?

  120. DaveSin, i know its ur purpose in life to be sarcastic and cynical of other peoples financial goals, and the process to acheive them. Unlike others here who think u guys here give a damn, i wont share my financial rewards with u, as i know your intentions are satanic.

    good over evil will always prevail lol

  121. Davesinner, satan called, he says come back home.

    Its funny i have never heard u share any advice with any one here its terms of what opportunities are out there to make money, u prefer to be cynical and sacastic of others who are trying to acheive financial independence. even though some of us here have made bad choices, with good choices, hard work, and determination some of us will succeed without people like u who are better spectators than players in the fields.

  122. DaveSinner, there are many people who have used MTI and are making steady progress, why dont u and ur cult of naysayers start such a topic.

    To hell with David Smith, even if u are a good trader, that doesnt mean ur an honest one lol

  123. RICH BACK THEN BROKE AGAIN:

    Bwoy, you can’t run a little joke eh? Cho.

    Anyway, I was going to have you invest USD$50k for me, since you are such a good trader. But since you won’t post you results, I will have to hold off on that.

    No results at all?

    Alright, what about the last 6 months?

    3 months?

    You still calling me by the wrong name, but I will let that one slide. But I will start calling you “Broken Back Mountain” or maybe “The Forex Dreamer” or maybe Rich Back Poor Back” or maybe “Demise of a Forex King” 🙂

    To tell you the truth I was very impress with you laundry list of Forex terms (not be sarcastic).

    On a more serious note (mi joke a little bit sometime), what are the underlying methodologies of all these predictive Forex Tools?

  124. Catd
    Can you please email me dehustleatgmaildotcom
    Thanks

  125. DaveSinner, that might require a long expanation, whoever what i have learnt the biggest determinant of whether we can succeed or fail is our analysis of how markets will react to economics news, everything else to me seems technical overkills, too much technicality

  126. the same methodologies used in trading stocks is the same used in forex. You can have a loss or a gain in either whether it is retail via etrade or ameritrade or fxcm or oanda. I bought some mayberry stocks at IPO and I am still in a loss position

  127. OK, I ‘ll leaver one more post to educate all who RICH & Sinner ‘s banter has tried to big-up themselves and make people feel they know nothing about trading. Yeah-yeah we’re all so impressed with your mastery of trading terminology. It means squat in the real world because all data are lagging indicators. I have been a professional Nasdaq equity trader in NYC for over ten years and trained many traders, keep reading your books my friend. The reality is this, i’m a good trader but not great and I trained countless people over the years, some from top IVY League schools. Knowing how to disseminate information, read charts etc etc means nothing if you can’t pull the trigger at precisely the right spots. Good and great traders just have a specific aptitude for the profession almost like a surgeon, and for us it’s not gambling. Our fallout rate after heavy screening and training is still 85% including the smart ones.

    Over the years people have asked me to invest their money or trade it etc., but being an honest person I always tell them “NO” ” I don’t want to take responsibility with other people’s funds simple as that. However at the end of every day if my firm wanted to review my P&L they can pull my trading log trade by trade, detail by detail.

    Investing in these schemes to me was analogous to giving a stranger on the street my money. They reported nothing except paper gains…hell I can do that give me an Excel Spreadsheet. Bottom line everyone gave these people hard earned money but could not quantify what they where doing with it. If that’s the case i’d rather give a Colombian drug lord my money because I know the profit margins are awesome. Now you are going to see all senior peole that surrounded theses scheme’s crying “woe is me” and “I lost money too” and “I’m suing”, only to be laughing all the way to the bank.

  128. Cheatum N Burnem:

    I think you got it wrong. The Sinner does not know anything about Forex Trading! The RICH one is the expert. If anything, you are in support of my position.

    However, the statement that “all data are lagging indicators” does not necessarily capture reality. Past performance data can be used to effectively predict future performance (barring high levels of volatility). Yes?

  129. Final and last message

    The Wall Street Journal used to have this competitiion called “Pro’s Vs. Darts” where top fund managers would give their top stock picks and then the rest were made by throwing darts at the stock quote pages of the Wall Street Journal. Year after year the Darts usually came out the winners!

    Good luck to the Nostradamus’s out there!

    Put your money in the bank, not one but a bunch and spread around your investments.

    Diversification- It’s not sexy, but you can sleep at night.

  130. for the record people i am one of the “infamous” MTI students. i need to hear what you veteran traders (an prentiss to ) think of the following. just look but dont touch anything ok? below is my login and password for my demo a/c. i was trading as i would a regular a/c but got bored and lost one trade but look at the closed position window and tell me what you guys think. dont bother watch the anount traded, as i said i am bored. username demo77233 password 1965. its on the MTI platform. just look but dont touch anything ok? anybody who waan link mi can dweet at averagejamaican at hotmail dot com. seen?

  131. Guau – what a nice publicity, you must take a look to all Martinez sites: forextips.com, itradefax.com, mtilatino.com, marketraders.com, mtilatinamerica.com, and many more. All structured to catch stupid people. Asj about slippage and all scams they manage to mix to forex NFA regulated activity as brokers. It is not the forex brokerage itself where the fraud resides but the fraudulent schemes around they have developed. When you get into any relationship with them your destiny is be left wothout any money. So – if thet atract you by MTI or I Trade FX or any investment club they fix in any country associated with greed people lika David Smith – the end is always the same – your money will be transferred to them without any hope to get any profit. That’s it!!!!!

  132. Bunch of people who didn’t educate themselves well enough venting any excuse to help justify their losses. I did the MTI courses and i am glad i did. I learned how to develop potential strategies for trading the forex and i perfected them in demo accounts before going live. That company opened the door for me and i stepped through it. It always amazes me to find people who want to make excuses for their failures, learn nothing, and drag others through the mud to make themself feel better. Attitude, Commitment, & Disipline are 3 simple characteristics i employ in both trading the forex and livin life. Try it, you’ll feel a whole different kind of better about yourself.

    I am now an educated Forex Trader making a 17% ROI. I know i can improve that and do much better, but the point is i’m not losin my arse. If i had it to do over again, I’d go through Market Traders Ultimate Traders course again. It was worth every penny and i still use it as a reference point for some information even today. It was a win win for me! Buyer Beware: You only get out of it what you put into it. Make a commitment, have Disipline, and keep a good attitude and people will want to see you succeed and help you at it.

  133. MTI’s classes on the forex are like those fill in the blanks sentences/questions in school..but with only 4 words given to you in a 15 word sentence…and in another language! lol

    Its probably a little exaggeration but I’d say they teach yu 90 -95% of what you need and fairly accurately describe how the market works..but in terms how to take advantage of it…that is the tricky thing..youv’e gotta figure out how to put it all together and see for yourself when certain aspects of their material are applicable.

    I’d say its pretty much like an engine. There are several moving parts that are clearly and sometimes not clearly related, but which all work together for the smooth ride…yu’ve gotta to pay attention to all the moving parts in the market (especially whats happening across each time frame especailly the larger ones) to understand whats happening before trading. otherwise you’d be like a deer caught between the headlights.

    So they give yu the essence of how the market works but through trial and error and tedious and meticulous reviews of ALL of your trades and backtesting, you will eventually put it all together and fill in the blanks..

    Eventually you’ll be speaking fluently in another language! lol

  134. It all becomes very clear when you pause for a second and consider the money trail. Folks, follow the money! You will note that a handful of people made truck loads of cash sucking money out of the Jamaican people with the allure of the FOREX and FX Education. The majority of Jamaican people would be much better off this Christmas having never heard of the FX Market, FX Clubs or FX Education. Where is the ROI for our people? Lets remain objective and examine who really made the money!

  135. On 7/21/2006, and 8/17/2006 what was the US $ 1,000,100 respectively transfered to Market Traders Institute for? Who benefitted from that money? Was that club members money that was diverted to the Martinez family?

  136. Now tell me, if martinez himself couldnt consistently make 10% a month, how could he have taught David Smith his student to do it? Further more, where is martinez’s managed account fund. I have wealthy friends who were dieing to put money with their managed account program and MTI still cant provide concrete evidence to prove a successful trackrecord. You see, Martinez is a scam, and MTI Education is a SCAM! Not even the best traders in the world make 10% a year consistently, I smell a rat miles away!

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