Rockwell Trading is alleged to be a scam

Discussion in 'Index Futures' started by Jreality, Dec 12, 2010.

  1. Jreality

    Jreality

    I stumbled across this on the internet. Someone who tried Rockwell Trading claims that it is a scam. If I understand correctly, the strategies didn't result in profits for himself when trading them on his own. Further, even when he shadowed, and recorded all the trades in their live trading rooms, the results weren't profitable overall. He claims that they have a habit of falsely reporting profitable results for the live trading rooms at the end of the week, when the actual results each week were mostly net losses. NOTE: this was for a period of many weeks, not just one or two. He claims that when he exposed in their chat room that the results were being falsely reported as more positive than the actual results, he was banned from the room.

    I've never tried Rockwell Trading, and Markus seems like a nice guy. I realize he doesn't promise to anyone they will be profitable. However, I've always wondered if he hasn't been somehow taking unfair advantage of people's dreams of becoming a profitable day trader. After reading what this former Rockwell customer has to say, I'm now even more suspicious.

    Here's a link to the story:

    http://www.targetwns.nl/index.php?w...ll&id=1288362795&archive=&start_from=&ucat=11

    Here's a youtube video:

    http://www.youtube.com/watch?v=JnWzBw7h1y0

    My understanding is that this person, who claims that Rockwell is a scam, is located in the Netherlands. I believe he started a website called http://www.daytradingscam.com/, but it is primarily in Dutch language.

    ***EDIT: actually I'm NOT sure the site is his*** (although he did post some info about Rockwell being a scam there.) If I understand correctly, the site owner's opinion, is that day trading, for the most part, is a scam, because most day traders ultimately fail and those who attempt to teach people to day trade are usually scam artists. Even those who actually trade and are profitable are not necessarily going to be able to teach a new trader to become profitable.

    What do you think? Is Rockwell Trading a scam? Is day trading in general a scam?

    All I know is that I've gotten chopped up from day trading in general. I even tried one paid site last summer, and it didn't work out well for me. I know a couple of people who I believe are profitable day traders, but I think they are the exception and not the rule.
     
  2. Just another example of the shady side of the trading business. Since trading education is basically an unregulated market, they can do whatever they wish.

    If I had a time machine, the one big thing I would tell myself that was thinking of getting into trading was that there is zero correlation between $ spent on training and the quality of that trading.
     
  3. Frits

    Frits

    To Jreality:

    Thanks for posting the article and vdo on this site. One of the members of elite trader emailed me that it was posted here.

    Just to make things clear.

    - I am located in the Netherlands
    - My full name is under the article
    - I'm not the founder of daytradingscam.com
    - I don't believe day trading in general is a scam

    But as brownsfan mentioned, I learned that the business has a lot of shady sides.

    If you have any questions don't hesitate to contact me. I'll be happy to answer them.

    Cheers,

    Frits
     
  4. ggeib750

    ggeib750

    I have looked at the educationnal stuff proposed on this web site several week ago ( so before this post) and I found honestly that this site has nothing to do with trading scam .
     
  5. Jreality

    Jreality

    ggeib750,

    If I am understanding it correctly, it is allegedly being done to their paid subscribers. Just because you don't find evidence of this on the free areas of their site doesn't mean the allegation is false.
     
  6. Frits

    Frits

    @ ggeib.

    Thats what people call a scam... You think that anyone would do business with them if their homepage already said:"we'll empty your pockets and leave you with nothing but bs strategies"?

    Nevertheless it's always good to get other peoples reactions in as well. The post with the article and the vdo is a warning. What you want to do with that warning is for you to decide :)

    Shaka,

    Frits
     
  7. Yea it's a scam. Otherwise they would trade and not just put in lines on a chart lol!

    They're "lines in a chart"-drawers and not traders...and yea there's a difference :)
     
  8. doesnt surprise me
     
  9. Frits

    Frits

    I guess that some of you here would like to know that two of rockwell trading's staff members left the company. The Marketing Manager and the Manager Personal Coaching Program. This is since February 28th this year.

    Besides that the Rockwell Trading NOT live trading support room is shut down and they now have an alternative in which it is impossible for traders to communicate with eachother.

    For all the other updates check this URL: http://www.targetwns.nl/index.php?w...ll&id=1297765264&archive=&start_from=&ucat=11

    Remember before you start paying to educators like Rockwell Trading:
    - are they trading live
    - do they have a good track record (trade log kept by third party)
    - can they show prove of consistent profits (account statements)
    - ask yourself: "if my system would generate me profits would I sell it"?

    Shaka!

    Frits
     
  10. joe4422

    joe4422

    Sorry, I just find it funny that people are always saying that things that aren't regulated are shady. Hmmm..... let's just think how heavily regulated at the financial firms were, the same ones the stole billions.


    Trading rooms are shady because there are plenty of crooks out there, and plenty of fresh meat to trick. The best thing you can do to stop them is to expose them and tell as many as you can about them. You can also bring a lawsuit against them.
     
    #10     Mar 13, 2011