Global Trader

Re: The Global Trader

Put those license numbers in here to get the answer:

http://www.search.asic.gov.au/fsr/flb.html

The other giveaway is that ASIC require certain information on the web site. If you take a look at mine, and any other licensed company for that matter, you will see they all have the same information. As an example they all must show a Financial Services Guide (FSG). No FSG is a certain giveaway.

Secondly, visit any licensed web site and you don't get the spriuker talk - the promised land, 40 mins a day, etc. Everything written on the web site must be validated. As an example, I state I am a 'professional trader'. I had to actually prove to ASIC I was in order for that to be on the site. It says on my web site I authored a book. I had to prove to ASIC that I actually did so. etc etc. You also see that I don't make outrageous promises or claims.

Anyway, as usual, buyer beware of anything and everything. Greed has a way of seeing beyond logic.

Re: The Global Trader

Thanks Nick

Nick Radge said:

you don't get the spriuker talk

Click to expand...

This is definately not spriuker talk:

Radio Interview
http://www.globaltrader.net.au/GT_NZ_Radio_90_22666.mp3

:bayer:

Re: The Global Trader

The radio ad makes it sound as if it might be a system development platform?

Re: The Global Trader

Many thanks to everyone for your responses. I've definitely made my mind up on this one.

Regards

John

Re: The Global Trader

skinner36 said:

Many thanks to everyone for your responses. I've definitely made my mind up on this one.

Regards

John

Click to expand...

Made up your mind to buy the trading program package or not buy it?

My personal advice is to step aside with your greed for now and analysis the whole "offer" from another perspective again. The website is nothing more than a promise of great wealth with little effort/risk, through a special, proprietary trading program, techniques and technology.

There are literally billions of these kind of websites out there. Except this one has really done a good job in marketing and promoting their offers. The result is to be taken with a grain of salt as well unless you can get REAL, authentic trade records from reputable brokers from them.

Re: The Global Trader

Made my mind up not to buy it.

By the way, I want to thank everyone here for their input. You've got to get a little tired of these kind of novice questions all the time.

I sent an email to ASIC asking if Data8 were licensed. FYI I am posting the reply I received from them. Please not that some personal information has been removed.


Regards

John

Dear Mr Skinner

Thank you for your email.

I have conducted a search of the ASIC company register and find that Data8 Australia Pty Ltd is a registered company, with the ACN 101 523 184 based in QLD, and does not appear to hold an Australian Financial Services license or act as an Authorised representative of an AFS licensee.

As the product they are offering does not constitute financial product advice as defined by s761A and onwards of the Corporations Act, complaints about the product or service would not be dealt with by ASIC. I recommend that you contact your State or Territory office of Fair Trading/Consumer Affairs for advice regarding such products, and any complaints. I have attached a link below to a website where you will be able to find the relevant details of these offices.

ASIC has issued warnings about share trading software and information is available on ASIC's FIDO homepage, at the links attached below.

Share Trading Software - No One has found the Magic Mechanism< http://fido.asic.gov.au/fido/fido.nsf/byid/CA256AFA0080A5DECA256AFB000634A8?opendocument>
;
Get rich quick trading courses: Painful Lessons <
http://fido.asic.gov.au/fido/fido.nsf/byid/CAE8EF56877541EDCA256D7200244B2E?opendocument>
;


Due to the unique nature of each enquiry ASIC is not able to provide interpretations or recommendations specific to some enquiries or circumstances. If you require further information please seek independent advice through an ASIC registered agent, your accountant or solicitor.

Yours sincerely

Re: The Global Trader

Anyone have any updates on the product.... have been considering it but have been turned off what what i have read on forums... have yet to find a forum or a person that has used this software to give an accurate indication if its legit or not?

Re: The Global Trader

Hi. I purchased the package twelve months ago..
Global Trader is very proffesional with great backup..
the software is very easy to drive after establishing certain systems and criteria.

Re: The Global Trader

I also purchased the software 12 months ago....and got ripped off...
I was promised training, and received it from a guy that lived in Perth (as I am in Sydney) over the phone... 5 minutes a couple of times over 2 months. I have asked for a refund, as I have had this sofware (cost me $9,500) for 12months, and according to their 12 month money back guarantee, I am not entitled to it, but no reason was given. I will probably need to settle this in court, what a pain !!

When they originally sold the product to me (via a marketing company), I was promised huge returns...But little did I know, and found out later, I needed to start trading with at least 10-15K to possibly do so...

Stay away from these guys.....I learnt the hard way.

Re: The Global Trader

Hello all,

I came across this thread when doing some research on the Global Trader before receiving their demonstration.

It seems like barnett and mwen are the only two here who actually have experience with the product, and they have very different opinions...

I just went through the Global Trader demonstration and thought I'd give my 2 cents worth!

Firstly, if you would like to check their ASIC listing you need to do it here (their rep no is 331706, from their website): http://www.search.asic.gov.au/fsr/far.html

From reading barnett and mwen's posts I didn't know what to expect from the demo, and I had my scam radar on high intensity. I am a small business owner and have been exposed to many scam artists!

I got a really good impression of the Global Trader product! I also got a very good impression of the staff, both the sales guy and the demonstrator. Being flooded by sales calls as a business owner, I've become generally skeptical and usually quick to decline any sales approaches. This to Global Trader's credit!

I am in the process of becoming a full time trader, meaning that I already have trading experience. From what I've learned you do not need any trading skills to start with the Global Trader. Having said that, if you do not have any trading experience at all I should think it can feel a bit daunting. However how they've set up the concept it definitely seems doable to get on top of for most people! Just put in some effort and don't expect it to be a black box that will magically generate money for you.

Starting to trade is daunting! Believe me, I've gone through it. To get over it you need to gain knowledge. Global Trader's focus on training is one of the things that I like about them.

Another thing that I liked was the online trading platform for placing orders in real time. I've seen a few (including award winning ones), but this one seemed excellent. I obviously base this comment on the demo, not on hands-on experience.

You should know that I've decided to not purchase the Global Trader at this stage. I'm writing this so that you know I'm not "sold". However the reason for this is NOT the product! I am currently studying to become a W.D. Gann trader, which is taking all my time at the moment. It is not unlikely at all that I will purchase the Global Trader a little bit down the track! I can easily imagine how the platform can be used as a mechanical trading tool generating consistent profits. Again, it is not a magical black box; it is an automated tool that searches markets for trades. And the more effort you put in developing your trading criteria the better your profits will be.

skinner36 - I hope my comments help, in case you are reconsidering. As for ASIC's comments in their letter; my impression of the Global Trader is that they do NOT claim it to be a get-rich-quick tool or a magic-mechanism. ASIC's letter is a general warning to people looking for the magic wand.

Re: The Global Trader

barnett said:

Hi. I purchased the package twelve months ago..
Global Trader is very proffesional with great backup..
the software is very easy to drive after establishing certain systems and criteria.

Click to expand...

I too am have been through the demonstration of Global Trader and am still making up my mind. I asked a couple of questions of them which received very negative responses. Firstly, I wanted to be able to speak to a couple of real live clients of theirs who would willingly testify as to the veracity of their claims. I personally sold software for 25 years and happily referred prospective clients to existing clients to qualify their interest. I found personal referral to be a very powerful tool. Global Trader cited that this was illegal according to ASIC and they would be penalised if they did so.

This may be true because it could be imagined that someone could call in quoting bogus figures and be on the payroll of the company. However, if you have been watching "lie to me" and follow some of the strategies for catching out liars then differentiating genuine from fraudulent callers would not be too hard. Ask a liar to report a sequence of events and then ask them to repeat it backwards. Liars cannot accurately do this because their brain is working overtime trying to invent the story forwards and the cannot remember the details, because then never actually happened.

I asked for an objective answer about how their clients trading fared last calendar year, certainly a disastrous one for many investors. Their report was that the average client made a 30% profit last calendar year. That sounds inpressive to me it only I could verify that it were true. I was also told that they currently have around 700 active clients. Surely if this was so, there would be at least a dozen people on this forum with something to say.

Are there any real users of the Global Trader out there that are willing to give their experience and impressions of the system. Some earlier posts talked about startup experiences, both negative and positive. I am more interested in what happens over the long haul.

The gold membership includes a ten year subscription. That sounds almost too nice to be true. Ten years is a long time in business and anybody who guarantees that they can offer a ten year of unlimited service for around $10,000 on the one hand sounds a bit unbelievable. It may be true though.

On the other hand I purchased a Qantas Club Life membership a few years back and they are still valid!

Re: The Global Trader

I have been caught by these people.

I purchased the package and went through the so called training. They guarantee to give you the knowledge and training to make a substantial income in the market.

Training consisted of about 6 x 5 minute telephone sessions. Every question I asked I was given no explanation for. It was a simple case of "this is how you need to set up the software - dont worry about any of those other
parameters because this is what is working.

Having traded the system on paper for the last month it has lost around $14,000.

There is no way I am prepared to enter the market with cash using this system.

All attempts to get a refund so far have failed.

My recommendation - unless you have lots and lots of cash to just throw away - dont touch these guys.

Re: The Global Trader

mwen said:

I also purchased the software 12 months ago....and got ripped off...
I was promised training, and received it from a guy that lived in Perth (as I am in Sydney) over the phone... 5 minutes a couple of times over 2 months. I have asked for a refund, as I have had this sofware (cost me $9,500) for 12months, and according to their 12 month money back guarantee, I am not entitled to it, but no reason was given. I will probably need to settle this in court, what a pain !!

When they originally sold the product to me (via a marketing company), I was promised huge returns...But little did I know, and found out later, I needed to start trading with at least 10-15K to possibly do so...

Stay away from these guys.....I learnt the hard way.

Click to expand...

Corrections to above post:

The purchase price was $9,750 (inc GST) rather than $9,500 as I initially mentioned in the thread above. I have also forwarded a copy of the invoice to the forum administrator as proof.

In regards to “marketing”:

I received a phone call from a sales person that said he was from a company other than Global Trader (I am pretty sure my memory serves me right), unfortunately, this was a few years ago, and I can’t remember what the company name was. I was then called by someone entirely different, in which he then passed me onto a person that gave me a demonstration over the phone. Eventually, when I paid the money, I was dealing with a trainer on the other side of the country....

After a few weeks of so called “training” over the phone by my “designated trainer” (this guys would ring me 7:00pm his time, and 10:00pm my time, as he was in Perth, and I in Sydney), I didn’t receive any other correspondence.

After numerous emails asking for a refund, I received an email from their resolutions department with no reason given:

Hi,

I encourage you review the Terms & Conditions of your 12 month Training Guarantee. You are not currently eligible for a refund.

Kind Regards,

XXXXXXXXX (do not want to publish name)
Resolutions Department

Re: The Global Trader

Aussie Stock Forums has a policy of ensuring that any incorrect information is either removed or corrected. To that end I would like to make the following correction:

skinner36 said:

I take then that no one has come across this company before. I have done some research and the lead programmer, Colin Moyan, is the lead programmer and he appears to have been involved with a company called Aussoft.

Click to expand...

The individual referred to in the quoted post, Colin Moyan, is in fact Colin Boyan.

Re: The Global Trader

$9,500...

I wouldn't mind hearing why some of you decided to spend 9.5k on a product without requiring data to confirm it achieves what they claim.

Re: The Global Trader

Mr J said:

$9,500...

I wouldn't mind hearing why some of you decided to spend 9.5k on a product without requiring data to confirm it achieves what they claim.

Click to expand...

Probably a very slick sales technique or techniques.

Re: The Global Trader

The sales team from Global trader has been pursuing me with phone calls and glossy brochure. Below are some questions (from me) and answers.

What type of return is normal?
10% per month.

So that equates to 120% per year not including compound effect?
That's right.

That sounds too good to be true?
You will never hear a truly wealthy person say 'it's too good to be true'.

Paul Clitheroe says it all the time doesn't he?
Oh well.......[change of subject] - he tells me the banks use Global trader as part of their diversification strategy. So he assures me the 7% compounding they make off my mortgage is helped a bit on the side with the 120% profit from the trading they do.

Do you trade?
No, I'm 23 and my focus is music and my studies and I don't want trading to interfere with these priorities.

Isn't your calling me interfering with your priorities?
[change of subject]

When this sales guy couldn't tell me how much brokerage they charge (or the companies they use charge), not even a guess or ballpark figure it all got a bit silly and I got back to my day job. 2 minutes later his 24 year old supervisor rang me back with brokerage fee details ($19 per trade depending on size of trade). It turns out the supervisor does trade and he assures me he made an extra 55k on top of his very reasonable salary last year.

Paul Clitheroe is smarter than me and clearly smarter than my 2 youthful sales friends.

TOO GOOD TO BE TRUE

The 120 day money back guarantee they promise on the phone doesn't appear to relate to success, it appears to relate to training! but to be honest I couldn't make much sense of it.

Re: The Global Trader

I have been approached over the past 10 months by one of the staff at Global Trader trying to sign me up, very persistent they are. He tells me that they now have a new version that is even better than the previous and that it is much simpler than before. I am booked in for a session this saturday morning to see the new system, see how it works. As for having a AFSL the company itself does not but they are stating a connection to Mark Power Financial Pty Ltd (AFSL No. 332428) on their website and are using his AFSL. I have left a message on his phone to find out whether he is putting his reputation on line for this product. It does seem strange that no-one who has had success with this product is willing to say so on this forum, maybe there are tied up trying to recoup there initial outlay?

Re: The Global Trader

julius said:

btw... it looks like a mechanical system + some kind of bonus for refering new members.

Click to expand...

I wonder if it acts like a ponzi scheme

Re: The Global Trader

boffin125105 said:

I have been approached over the past 10 months by one of the staff at Global Trader trying to sign me up, very persistent they are. He tells me that they now have a new version that is even better than the previous and that it is much simpler than before. I am booked in for a session this saturday morning to see the new system, see how it works. As for having a AFSL the company itself does not but they are stating a connection to Mark Power Financial Pty Ltd (AFSL No. 332428) on their website and are using his AFSL. I have left a message on his phone to find out whether he is putting his reputation on line for this product. It does seem strange that no-one who has had success with this product is willing to say so on this forum, maybe there are tied up trying to recoup there initial outlay?

Click to expand...

Just ensure that they are an authorised representative of this Mark Power....

I have heard of him before and he has ties to several firms (cough - schemes) in the UK. Be very cautious and don't sign anything on the day. Do more research before signing up for anything.