Harris Tech -- a scam?

Discussion in 'Educational Resources' started by ScottD, Jan 25, 2006.

  1. ScottD


    A while back, Harris Tech posted a journal on this board ostensibly to share his opinion of good trading opportunities. In the end, the journal appeared to contain some subtle hints that he was running a service.

    Harris had a Hotcomm site called DayTradingWithHarris on Relay10 that is now shutdown.

    Harris continues to send out daily 'marketing' e-mails with results that promote his service.

    These things always seem a bit shady, and let me be perfectly clear that my unverified hunch is that he may be running a scam.

    By creating this thread, I recognize that I risk creating an opportunity for "shills" to respond, so if you are a new user and have fewer than, say, 10 posts, or have been registered less than a year, please don't respond to this thread publically as you will be viewed by the community as a shill. If you fall in this 'new user' category, or wish to respond privately, please PM me.

    Interested in any direct experience with Harris Tech, either pro or con.
  2. pikachu


    It is a scam. Stay out.
    If you remember, sometime last year, harris start posting his trades then he call his trades live in a chat room. In the end he sent out email asking for $$$ to learn his methods. Then his thread was shut down.

    He offered for a fee of $500 I can watch him trade live for one month. Then if I like his trades, I can pay another $2000 for which I will get all the indicators and parameter he used.

    I took up his offer and paid him $500. I later found out that a group of 12 people has signed up and pay the $500.

    The one month live trading lasted only 2-3 weeks with lots of interruption. First he promised to show us the live trading in HotComm. But he never paid the HotComm though he insisted he has done so. One of us in his group actually called up HotComm to inquire about this, but the HotComm people said they never receive any payment from him. We have to settle for Glance which is something similar to HotComm, but the trial expired in a few days. Then he kept registering for free trial under different names. The system always hang. We have never been able to observe his trading for a full day. We suspect he might be using a dialup instead of broadband. Anyway, there is just a suspicion. There a lot of other interruption too. First his sister had an accident, then he has to go to China a few times to take care of his business in China. He often leave without notice for days. And during the live trading, he would often disappear without a trace with the excuses of tons of his trade to take care.

    to be continued....
  3. pikachu


    During the live trading, he showed his charts with some indicators on it. He taught us how to read those indicator and what were the entry signal and exit signal. There were two indicators on his chart. One was like a stop loss level line. The other was similar to T3 indicator. His system was to enter trade when price touched the stop loss level line using T3 as the trend filter. The system always used 1:1 risk/reward. During his teaching he introduced additional rules for 1:2 risk/reward trades. This additional rules was not part of the original system. He also had some rules for stopping the trade immediately without hitting the target or stop loss. All these extra rules were not part of the system, and caused a lot confusion and argument on interpretation of the rules. I suspect he just introduced them to spice up the result of the system, which I tried to papertrade and managed to just break even. His system was just like any trend following system: Good on trending days, disaster on ranging days.

    to be continued ....
  4. pikachu


    Anyway to make the story short, after a few weeks harris was getting impatient, and his trading result was going no where. I couldnt convinced myself that his system realy worked. Then he wanted to terminate the live trading asked those who wanted to continue to fork out another $2K.

    Surprisingly, one of us actually forked out the $2K.
  5. Would it be safe to assume that the fellow in question could be referred to as a 'Cock Sucker' of sorts?
  6. How would you know, pikachu, if the $2K guy actually paid anything, in an arm's length transaction, and wasn't just a shill / Harris Tech's alter ego? Online, everyone can be anyone.
  7. pikachu


    Later I found out from that guy that harris actually gave him some pirated version of the indicators. It did work on his tradestation software !!

    End of Story.
  8. Hmmm, lets see you have how many posts? :D
  9. Me thinkst you have been watching too many episodes of Deadwood.
  10. pikachu


    I am quite sure he isnt a shill. He told me exactly what indicators harris used, and they were pirated version.

    #10     Jan 25, 2006