-A scam implies deception but I didn't experience any deception- I was given a free trial to see if it works for me. This is a description of the experience- -You join the room using a password- -There were approximately 50 users online watching the price action on the screens, in real time. They type messages to each other frequently about entry and exits points, stops etc. People tell you who to watch and type in their trades as they happen- -They use the principles of retracement based on support and resistance with a strong emphasis on trading with the overall trend for the period. -It is a very focused approach because they only trade the EC at night and the S&P in the daytime. (the EC mirrors the eurusd in price action) --Honestly I am not sure yet if it will work for me but I hope it does because I am still losing most of the time- getting close however- my problem is definitely overtrading
Wireman is a world class snake oil hustler out of Ohio. He is top rated by credit card companies for chargebacks by disgruntled buyers.
Anyone can post anything on the internet but without proof that doesn't mean it is true. -If you are offered a free trial and the service doesn't work for you, then don't join- this does not fit the definition of scam. -The dictionary says to scam is to deceive someone and deprive time of something- -Ironically if someone calls something a scam and it isn't, then is he not scamming people himself? -At any rate I am interested in getting rich not arguing with people so I shall bid you good luck and get back to the task-
All the videos and calls are after the fact. Let's see him call it in a live market. He claims to but never calls his entry and when he finally does, it's after the trade is in the money. The tools and setups change everyday, it seems, and he has a bunch of shills boasting 50-100+ EC ticks per day. Maybe one or two experienced traders are doing it, but he would like you to believe everyone is. He also goes on and on about winners that members got in sim mode, or doesn't care to distinguish sim from real money. The environment is not a good place to learn. You can learn his whole system, but will never be able to trade independently of the room. His indicators may or may not be duplicated (he claims they are all proprietary), without them you can't break away and trade for yourself. What's the point in that? When I raised issues about calling trades, he conveniently ignored the questions and would finally answer with something not even related to what I asked. He seems to have a problem with hand holding and talking you through trades, but claims to have designed the room to cater to newbies. Well, if I have never traded before and I am your target market, am I expected to "pull the trigger" and fend for myself? Apparently so. Loads of promises, no delivery. Only focuses on the winners and is reluctant to acknowledge losses in the room. Spends way too much time talking about what happened yesterday and earlier that day, rather than focus on the here and now. He's more about being right than making money. One of the former members who left with me referred to it as "nothing but Monday morning quarterbacking". Very true. Save your $500/month and spend it on a room where you can learn while shadow trading. Jay always used to say,"There's a lot of junk out there." Well, from the looks of all his different websites and previous trading guru incarnations, he speaks of himself. Several other former members, who I have communicated with can definitely vouch. STAY AWAY!!!!!!!
I have made my living from the stock market since 1996 and I can say without a doubt that I disagree with you completely on almost every point- ''''''''''''''''''This is not meant as an insult but you obviously need to study the markets a lot more- since you say you are a newbie that makes sense- -In Jays room they follow the prevailing trend and enter on retracements- -They trade live and you can learn oodles from the other traders in the room- -If someone cannot can't grasp what is going on they need to study the markets fro a while more- THis is not an overnight task- I gave myself a year to demo trade and thank goodness I did because this is a complex game-
I would say 3 days should be sufficient to decide if a room is worthy of your money or not. 2 weeks? Plenty....
Well, on another forum, they consider him a scammer as well, and say he gets a lot of complaints and chargebacks so that he was blackballed by Paypal (I am quoting only) http://www.mypivots.com/forum/topic.asp?TOPIC_ID=2882
If you don't know what you are doing when it comes to trading S&P or currencies then I think it will be very hard to follow anyone- You might as well give your account to someone else and let them trade it because it is a very steep learning curve, not to mention the discipline required- -Again, Jay uses a simple retracement system- When currencies trend they tend to have corrections and Jay's system sets up retracement abd take profit levels for people to get in and out of, when these corrections happen- This type of system emphasizes conservative management of trades because you are always with the trend- You are trading in the direction of the trend, until it changes- then you reestablish trend and repeat- With 50 other people in the room you can learn a lot from their questions, let alone following Jay's own method- ---- $500.00 is not a lot of money if you are going to trade currencies and you can quit after a month if you get what you need from it- The problem is people underestimate how hard this is to do I think- this game is all about learning and you are competing with very bright people that program computers to trade for them so you need every advantage you can get!
I understand that trading takes time to learn, but Jay needs to stop telling people it's "so easy a baby can do it." And, defintely needs to stop telling his members that they should be making 50-100/day, if it is truly as hard as you say. Jay overpromises, BIG TIME! It started as a retracement system that was supposedly 85% accurate with the double dots on the ES along with MOMO trades. Those trades rarely appear anymore, nor do they workout to that win percentage. When presented they were the ticket to 8-10 points per day. Rarely, do any of these setups capture the big 8-10 point runners that Jay was boasting at the start of the room. Then, we had compression trades that became the big buzz and fell by the wayside. Another useless setup that looked great when you went back a few days on the chart, and eventually became invalid and unreliable. He has frequently changed the indicators to make it "easier for people to pull the trigger", but, again, those who have bought into the "easy money" method that Jay sells SO HARD, are getting fried. Now, we have support/resistance lines which look like he lifted them right off of Nexgen. Of course, these are all his own. Are they? When will he stop changing and retooling if this system has worked so well since '93? Last I heard, what started with 50 paying members is now down to 30 or so. OUCH!! That certainly doesn't reflect too positively on what Jay is offering. Also, the 2 guys that are doing really well have developed their own technique to capture profits from the EC. They only use his indicators, which members are totally dependent on. I would rather participate in a room that teaches me something that I can take away. Who wants to be subject to Jay's constant juggling of indicators and desktop viewer malfunctions? All to frequently this is the case. Are you going to deny that? 6000K/year is a lot of money and Jay has even said it himself. This is why he says that he wants to share everything he has learned to help members make money. BS!!!! He just wants to keep you hopeful that the corner will be turned SOMEDAY so you keep paying. "It's just going to take screentime guys!" CHA-CHING!!CHA-CHING!!CHA-CHING!! Save all the bells and whistles and just call trades in real time, if you want members to make money. Instead, you get "Hey guys! Momo channel break about to happen to the downside!! You got that guys?! OK, I'll be back on." He disappears for 5 minutes and then comes back to say,"You should be getting out of your first target here guys. Who got in this with me? Funny thing is: he only comes back on when the trade is in the money, and has a legitimate reason for why it wasn't taken if it fails. All after the fact!!!! So, go ahead and deny that if it makes you feel better. People underestimate trading? True, but Jay needs to responsibly deal with that fact and not make these wild claims. He certainly can't be ignorant to the fact that people have never traded before. He says right on his website that it is tailored to the novice. Novices need hand holding in this market, even if "it's so easy a baby can do it". If he is not willing, then he needs to change his marketing or deliver on the promises he makes to his customers. Sounds fair for 6000K/year right ? You disagree with me on all points? How much is he paying you to be his shill? Maybe you're Jay himself. I look forward to your reply.
((((Last I heard, what started with 50 paying members is now down to 30 or so. OUCH!! That certainly doesn't reflect too positively on what Jay is offering. -Also, the 2 guys that are doing really well have developed their own technique to capture profits from the EC. They only use his indicators, which members are totally dependent on. I would rather participate in a room that teaches me something that I can take away. Who wants to be subject to Jay's constant juggling of indicators and desktop viewer malfunctions? All to frequently this is the case. Are you going to deny that?)))) -------------------------------------- ---You have answered your own question- it doesn't work for you- lesson learned-don't put your money into it- Find a room that works for you- markets can be played in so many different ways by so many different people- I find the main enemy for me is often too much information- That is why I am still trying to distill things down to a simple formula.... Markets change constantly and at the moment they seem to be trending so strongly that retracements are fewer- -People study advanced math for years on top of university degrees to try and get an edge on currency trading and still most people fail- I have seen everything from applying musical notes to market movement (which I did) to genetic programming- it is crazy how much information is out there- I would say stop whining and start designing a method that works for you but I don't want to insult you- -I did not find Jays claims to be unsubstantiated and I was a trial user and used his method to add to my store of knowledge- I would work for him but he is not hiring- In fact I think the easy money to be made in the next while is by choosing the right junior gold exploration companies- that is why I have a big position in GOE.V- they are well situated to profit from what looks like an inevitable rise in the price of gold... -Like Doug Casey said, the juniors gold explorers follow the price of gold- with a sizeable time lag- not seconds, like the currency markts but several weeks or months later- best game in town rigt now because you have so much time to research and get into a few companies- Currency trading is the hardest game I have found- anyways best of luck to you