Elite Traders
- Thread starter Megabuzz
- Start date
I can tell you exactly how they are as I joined them a while ago- to my BIGGEST regret!
You join them, they give you advices what to buy and one by one they turn out to be losing trades with a very few small wins. The losses however are huge. I read something on the net about "counter trading" their own advices thus taking people's money...
(anybody has any info on that?) Costs $5500.00 with GST to join them and then watch them wiping your account clean.
I just learnt that a broker with an ECN account is a much safer and cheaper way to go.
You join them, they give you advices what to buy and one by one they turn out to be losing trades with a very few small wins. The losses however are huge. I read something on the net about "counter trading" their own advices thus taking people's money...
(anybody has any info on that?) Costs $5500.00 with GST to join them and then watch them wiping your account clean.
I just learnt that a broker with an ECN account is a much safer and cheaper way to go.
It sounds as though it is business as usual!! What are they offering for $5,500 these days Haho?
A 21 day self study course and they send you the trades they want you to take in sms and e-mail. Also, they have webinars 2 times a week and live seminars around the country every now and then...
I noticed something new too, just yesterday. On their platform, looking at the gold/USD daily chart it went down to 1321 but on MT4 platform it only went down to 1352 or so. What is that? Does anyone know?
Hi Haho,
Is this still the online self-study course which uses 5, 20 and 100 period moving average crossovers to give entry signals?
Sorry Haho -I didn't answer the other part of your question. Are you talking about the Gold futures contract? If you are, it went down to about 1352 on Friday night. If you are comparing a futures chart with a futures chart on a different platform, they still should show the same price as it is a regulated market.
Hello,
Thanx for the replies. The study is more than that but not much more...
I was talking about the XAUUSD trade. Can be traded both on their platform (halifax online) and MT4. I thought too they should show the same... so what can that be?? Very suspicious...
Hi there,
Please stay away from this group. Especially Andrew Baxter and Les Noon. They have wiped my account cleaned. They will scam your money away. If you try to ask for their performance for the last 12 months they will make an excuse not to give it.
Everything looks professional about them eg website, Mark Taylor, receptionists etc, its all smoke and mirrors.
You will lose big and win small.
This is scam in which they take your money - which is alot easier than making money for you.
The biggest regret of my life.
Please stay away from this group. Especially Andrew Baxter and Les Noon. They have wiped my account cleaned. They will scam your money away. If you try to ask for their performance for the last 12 months they will make an excuse not to give it.
Everything looks professional about them eg website, Mark Taylor, receptionists etc, its all smoke and mirrors.
You will lose big and win small.
This is scam in which they take your money - which is alot easier than making money for you.
The biggest regret of my life.
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I know this is an old thread but I just found it. I think I've been burnt too. I concur with "The losses are huge".
The thing I'm not able to understand is how they can take money from traders with "counter trading" on futures and commodities trades. Aren't those trades supposed to be handled by the exchanges matching both sides transparently through the broker?
As you might've guessed, I'm a newbie too!
Some answers/explanations would be extremely appreciated as I need to work this out.
Thanks folks,
Rigo.
Rigo, you will never get answers or explanations from these people. Just take the advice of others on this thread and stay away from them. Advise all your friends to do the same.
CanOz
Home runs feel good, but base hits pay bills!
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Well for starters you'll need to describe what, how, when and why you were trading so we all can understand what exactly it is you are not happy about.
CanOz
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Thanks Canoz for taking a look at my query.
I've been signed up with them for about a year now from a total newbie start up. Yes, the joining fees for the lifetime membership was about $4500, discounted as an introductory offer at a 2-day seminar. My only knowledge was general stuff gathered from the Internet + the ASIC tutorials. So I thought they were offering "education" (how good, I didn't have any reference to compare with). Went through all the 21-steps + all the videos and resources, attended boot camps, religiously followed all online webinars, funded my account three times so I could take all recommendations and trade advices given. The things that appealed to me they provided training, and whilst learning I could start making money and growing my account trading from advice/guidance from seasoned traders. Opening the account was not difficult and did not require large start up capital (I started with $3000 as advised, not a requirement) and I could trade all instruments, commodity futures, CFDs, FX, Options, ETFs, whatever they were introducing through the trade recommendations.
As quoted in my first post from the other guy's comment, the losses were huge. 2 x daily or H4 ATR+. Looked like the stoplosses were posted as far as can be, but trade entries seemed to start too conservatively when the trend had already ran its course. That a least I understand, trends always reverse (especially in the current highly volatile conditions) and then the losses will be significant. Some trades started well and completed well, but were closed too early in fear of reversals, minimising profits, when stoplosses were hit on others at the high end due to hopes things could turn good. A lot of trades getting hit at break-even still incurring costs that do compound to become significant when the wins were minimal.
I have learnt a lot since, not just from their material but also by association as things I did not have a clue about raised questions I could Google for answers. I started realising, trading with such strategies were not indicative of sound and good analysis although the opportunities were generally well spotted.
Apart from the commissions which are quite significant (about $16-$17 for futures, spread + varying commissions on FX and ETFs, etc), I cannot understand how they could make money from us by not helping with really good trades. Hence my question.
From what I understand, winning or losing would be transparent through the broker as the actual deal is handled by the exchange? unless I'm wrong and that would explain the high level of losses.
I hope this gives enough info, if not please request some more.
Thanks
Rigo
I've been signed up with them for about a year now from a total newbie start up. Yes, the joining fees for the lifetime membership was about $4500, discounted as an introductory offer at a 2-day seminar. My only knowledge was general stuff gathered from the Internet + the ASIC tutorials. So I thought they were offering "education" (how good, I didn't have any reference to compare with). Went through all the 21-steps + all the videos and resources, attended boot camps, religiously followed all online webinars, funded my account three times so I could take all recommendations and trade advices given. The things that appealed to me they provided training, and whilst learning I could start making money and growing my account trading from advice/guidance from seasoned traders. Opening the account was not difficult and did not require large start up capital (I started with $3000 as advised, not a requirement) and I could trade all instruments, commodity futures, CFDs, FX, Options, ETFs, whatever they were introducing through the trade recommendations.
As quoted in my first post from the other guy's comment, the losses were huge. 2 x daily or H4 ATR+. Looked like the stoplosses were posted as far as can be, but trade entries seemed to start too conservatively when the trend had already ran its course. That a least I understand, trends always reverse (especially in the current highly volatile conditions) and then the losses will be significant. Some trades started well and completed well, but were closed too early in fear of reversals, minimising profits, when stoplosses were hit on others at the high end due to hopes things could turn good. A lot of trades getting hit at break-even still incurring costs that do compound to become significant when the wins were minimal.
I have learnt a lot since, not just from their material but also by association as things I did not have a clue about raised questions I could Google for answers. I started realising, trading with such strategies were not indicative of sound and good analysis although the opportunities were generally well spotted.
Apart from the commissions which are quite significant (about $16-$17 for futures, spread + varying commissions on FX and ETFs, etc), I cannot understand how they could make money from us by not helping with really good trades. Hence my question.
From what I understand, winning or losing would be transparent through the broker as the actual deal is handled by the exchange? unless I'm wrong and that would explain the high level of losses.
I hope this gives enough info, if not please request some more.
Thanks
Rigo
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Hi Ruby,
I just finished posting my answer to Canoz, then I saw your comment.
I know I won't get a clear answer from them and that's why I am seeking from the community's experience-knowledge. If they were to be a scam, aside from probably unduly portraying themselves as experts, would that mean that our accounts aren't really trading through the exchange?
Yes, I've started looking for other options and I'm prepared to cut my losses short.
In my answer to Canoz, I've listed a number of perceived benefits I thought I was going to get through them. Another one I forgot to mention there is they claim to have a preferential deal in term of margining, about 20% of normal margin requirements. Are such margins common with other brokers as well?
As I said, I'm prepared to move on and would be greatful if anyone could indicate other brokers offering similar setups (or better) as I described with better trade results?
It does take time to learn and it would be great to be making some money whilst doing so.
Thanks,
Rigo
I just finished posting my answer to Canoz, then I saw your comment.
I know I won't get a clear answer from them and that's why I am seeking from the community's experience-knowledge. If they were to be a scam, aside from probably unduly portraying themselves as experts, would that mean that our accounts aren't really trading through the exchange?
Yes, I've started looking for other options and I'm prepared to cut my losses short.
In my answer to Canoz, I've listed a number of perceived benefits I thought I was going to get through them. Another one I forgot to mention there is they claim to have a preferential deal in term of margining, about 20% of normal margin requirements. Are such margins common with other brokers as well?
As I said, I'm prepared to move on and would be greatful if anyone could indicate other brokers offering similar setups (or better) as I described with better trade results?
It does take time to learn and it would be great to be making some money whilst doing so.
Thanks,
Rigo
Trembling Hand
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There is your first mistake. They may be seasoned but my bet is they have never been profitable.
Who is the broker?
Elite Traders make their money through your membership fees, through brokerage every time you make a trade, and by churning accounts. They couldn't care less if you win or lose. I don't know what sort of strategies they currently use, but the ones they were using a few years ago produced mostly losing trades. They were not strategies at all (meaning they did not give traders an edge.) I joined their online trading room for a short time when they charged a monthly fee (so the cost was not great then, and I never placed a trade with them), and saw very few winning trades.
The best thing we can all do about unscrupulous people is to spread the word.
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Hi TremblingHand
Halifax I believe. Don't know what to believe with those guys anymore!
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This is nasty and unjustifiable.
One thing I learnt in Marketing is that it is easier to keep an existing customer than to win a new one. We were prepared to pay for the service and support, if they helped us make more money, we would be making more trades, thus more commissions for them? As I understand commissions are part of doing this kind of business, so if they were made negligible through larger wins, nobody would even notice them.
Yes
That is the feeling I got too. We were just placing trades into a trend and to me the stoplosses started to look like they were placed hopefully far enough to not get hit. That indeed does not sound like an edge.
You're correct here again. More like by chance rather than strategy indeed.
I wish I had seen this thread a year ago. Would've saved me a packet.
Hopefully my contribution to it will help clarify things more for others who might come across it when considering them as an option.:bad:
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One more question I have regarding the brokerage service, can they manipulate my trades if I was to still use that part of the service only?
I've already paid for a lifetime membership albeit one side of the service being a complete let down. I'm just trying to work out whether at least the brokerage side has still got some validity?
If the brokerage can still be manipulated and not worth using, could someone be kind enough to indicate some full service Oz ones with reasonable conditions as I outlined on one of my posts above?
I'm sure with the wealth of knowledge and experience here, someone might be able to help in that regards, for people still on the steep learning curve, but ready to get into the action.:1zhelp:
Thanks for helping folks.
Rigo
Trembling Hand
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Why the hell does anyone now days need a full service broker
What does "Lifetime Membership" mean? Does it mean you can get trading advice from them for a lifetime? Do you really want any more advice from that crowd when you already know it is useless? What can they possibly give you of any value?
Let me reiterate....... they care ONLY about taking your money.
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