Australian (ASX) Stock Market Forum

MCI's Star Trader

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Hey Mr Firkin, just in reply to ur post, I too am interested in this program, got the leaflet, rang them up, got the info pack, rang them up again to talk to them about it. They told me, and this was on the 22/6/05, that it would cost me $5900, and that I'd have to pay $3000 once i made $30,000. I think you have your figures confused, or they just seem to make up the prices as they go along? Let me know what you think! But yes program does sound fantastic, still not sure about it though, and reading other peoples posts about them, I am having second thoughts. You still have to pay $49.95 a month for the online stock prices updates. This money also covers a monthly newsletter and 24hr 7-day a week customer support. If you dont pay the monthly "subscription" you will have to enter the stock prices manually. Any more feedback about the subject greatly appreciated.

Pastor
 
Simply ask for audited trading results over the last 2 yrs---actual trading.
If its any good they will trade it themselves and will fall over to prove how good the actual results are.

Ask for a guarentee that if you follow the software to a "tee" then fail---you'll show your trading account---then they will refund your purchase price no questions.

That normally sorts them out.

OH whats all the firkin fuss about!! :cautious:
 
tech/a said:
Simply ask for audited trading results over the last 2 yrs---actual trading.
If its any good they will trade it themselves and will fall over to prove how good the actual results are.
Click to expand...

Forgive my dumbness/naiveness tech/a, but could you explain further? My question would be.."Are you trading using this program? If so, can i see the audited trading results?" Is that sorta on the right track?

Ta for help

Pastor :D
 
Pastor.

If claims are being made about performance then those claims should be varifiable by potential customers.
How you personally word your proof requirement is up to you.
But thats the one I have used when pulled to a seminar or presentation by a friend.99.9% of people in the room havent the guts to question credibility.
Thats to the sellers advantage.

The answers I have recieved are pretty well evasive or down right avoidance.
The only one accomodating my request was "Home trader" ,no I havent done the course but I have met the principals in Adelaide had coffee and looked over their supportive evidence---wads of it.--I havent varified any purely because niether I or a friend interested in trading didnt go any further.

A fool who asks a question is only momentarily a fool.
A fool who asks no questions remains a fool indefinately.
 
Pastor said:
Hey Mr Firkin, just in reply to ur post, I too am interested in this program, got the leaflet, rang them up, got the info pack, rang them up again to talk to them about it. They told me, and this was on the 22/6/05, that it would cost me $5900, and that I'd have to pay $3000 once i made $30,000. I think you have your figures confused, or they just seem to make up the prices as they go along? Let me know what you think! But yes program does sound fantastic, still not sure about it though, and reading other peoples posts about them, I am having second thoughts. You still have to pay $49.95 a month for the online stock prices updates. This money also covers a monthly newsletter and 24hr 7-day a week customer support. If you dont pay the monthly "subscription" you will have to enter the stock prices manually. Any more feedback about the subject greatly appreciated.

Pastor
Click to expand...

Hi Pastor,

They must make up the prices as they go. They have sent me a 'one off' special deal of $3000.00 instead of $8500.

It's rubbish night tonight and guess where MCI's brochure went ?

After doing some research and listening to the wisdom of many on forums like this I realise it's just a scam.

I am new to all this stuff and have decided to do something else with my money than invest in shares.

Seems to me there are so many richard craniums involed in this investing lark and the likes of MCI and kind hearted souls like tech/a really make you feel welcome. NOT :mad:

Good luck with it.

Cheers Paul.

PS, Better skip the MrFirkin bit as it seems to get up tech/a's nose for some reason?

Maybe he was one of the fools that got stung with this piece of rubbish from MCI. :eek:
 
Yeah I have been asking this guy question after question. But was still left feeling aprehensive about the whole thing, so decided to investigate further, which brought me to this informative forum. The financial review has also written up a review on the Star Trader, which I found quite interesting. For those interested you can find the article here: http://afr.com/articles/2004/02/12/1076548157545.html

I am very new to the whole share market bizo, in fact I hadn't even thought about investing in it till I got that flyer in the mail from MCI. But as I have found out, one has to do alot of research before heading out to start investing. That is unless you pay someone to do it for you, ie Managed Fund. So I thank you all for the responses, and I shall continue to research all methods and probably will end up doing a course of some sort in share trading to learn more about it. Because at the end of the day, I'm not in it to get rich, I'll be in it to have a more comfortable living, if it is at all possible.

p.s. - if someone can point me to a thread in the forums regarding books and or courses that one could do, it'd be much appreciated.

Cheers,

Pastor
 
I get the feeling fivemajix is trying to promote some sales for this product.

We all know its crap. If people are making money using it, its just because of the bull run. You might as well buy a horse racing software program.

If youve got a spare 9k, go for it, but I dont think you will see it again. They will actually give you the product cheaper if you push them. It only costs them a few bucks for a cd, and they sell it to you for 9k.
 
monoply said:
I get the feeling fivemajix is trying to promote some sales for this product.

We all know its crap. If people are making money using it, its just because of the bull run. You might as well buy a horse racing software program.
Click to expand...

I tend to agree, judging by the way the posts have been phrased; well, looks like this thread isn't exactly going to help them! There's also a portfolio mgmt programme called Stator which appears to be good, I'm considerng downloading a free trial, I think Tech was tinkering with it. I really can't justify a big outlay on such software when you can get most things for free, preserving capital is key, why give it away so easily?

Still, nothing wrong with a debate, as long as no one uses ASF to plug software for commercial purposes.
 
I had one of their salesman trying to push it on to me tonight. He claimed that his clients were making 10-20% per month. When I asked about the price, he hesitated and told me about the montly fee instead. I asked again and he told me that it sold for $8900! (ripoff!), but that was very quickly reduced to $5900 after I told him it was a no go.
As for the $42 monthly fee, supposedly it is waived if you buy 5000 shares in their parent company...
Hopefully that will be the last I hear of them, but hearing from other's experience I'm sure I won't be that lucky
 
MCI - Star Trader

hey..new to this forum, this is my first post... have been chatting to someone from mci, does anyone use it with sucess? What do you think about the star trader software?
 
Re: mci-star trader

dano065 said:
hey..new to this forum, this is my first post..., have been chatting to someone from mci, does anyone use it with suscess. What do you think about the star trader software
Click to expand...

:headshake

Nicks book plus amibroker will be better choice IMO...and many thousands cheaper.
 
I came accross the discussions on star trader by accident and have registered simply to give you the point of view of someone who has been using the program for about 11 months. As far as I am concerned anyone who buys this software with a view to positive results will always be disappointed. I find it extremely difficult to use and at no time have we been successfull as given to us by the sales pitch. I was also originally approached at $8900 and declined, however got a phone call several weeks later with a series of questions and then offered it to me for $5000 and the balance doesnt have to be paid unless I made $30000.00 clear of tax in the first twelve months, even though I explained that I was very much a novice and intended only starting with play money. i.e $5000.00. So far I am in the red and rarely find a stock that meets their criteria to purchase from the parameters I set under their guidelines. I find comsec more informative.

My recommendation is FIND SOMETHING ELSE.
 
G'day Petlyn123,

Thanks for alerting us all to this crap dished out by this mob. Sorry you lost your hard earned to this scam.

I have had them hounding me with high pitched sales calls for several years now.

The last telemarketer that called me from Star Trader called me a 'Loser'
and hung up on me. She chucked a hissy fit when I said no thanks.

I think it's time the Office of Fair Trading looked into this outfit.

What is it about Queensland, The Gold Coast in particular that has so many con artists lurking around?

A mate of mine lost a lot of dough on horse racing software and they were also based on the Gold Coast.

Cheers,

Mrfirkin
 
Today I received yet another one (probably the fifth time!) of their glossy mail outs with their colourful pictures of "successful people" as well as impressive return percentages.

I wasn't fooled. :cautious:

I think this black box software is simply for people who are plain greedy and lazy. Greedy for money and too lazy to do their own research and learning. I met someone at a trading seminar who had bought this package who wasn't happy with it. At least he rejected it and was taking action to find a better way. :)

Find out more about MCI here:
http://answers.google.com/answers/threadview?id=304096
 
I got a call from this Star Trader mob claiming that their clients are making 20% a month (240% a year) by using their software for a few minutes each day to select stocks.

Think about this.....240% a year! That's about 10 times the return made by Warren Buffet, who is considered the world's greatest investor.

If they could make that sort of return for no work and just a few minutes of their time each day, why on earth would they need to flog software for a living?

Don't allow yourself to be duped by these criminals. If it sounds too good to be true, don't touch it.

Bunyip
 
hotdarwinguy said:
Is this software still available? What is it called now?
Click to expand...

I used to use it years ago but changed to property just in time before 2008 & am now back in the market.
I made > 32% returns from 2002 - 2007 & would recommend it to anyone. :)

Regards,

Noshed. ;)
 

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