MoneyTec Forums: Abysmal, lowlife snakeoil standards

I must say, the motivations appear dubious. Im yet to to be convinced the whole thing isn't sort of a cyber used car yard, but i find it fun to read system seller's flame each other's thread's.
At this point, i can say categorically Ive learnt fa (kind of like ta, but not as usefull) about forex trading there.
But then, et does'nt allow avatars.
:D
 
Quote from Wittgenstein:

I agree. A place for losers . . .
More...

Whaddya mean “losers” on Moneytec? It says right there on that board, in query and reply below, from mid July (“Beginners Forum”), that its traders do very well – and for good reason I might add given their evident savvy. Here are the posts:

____________________________________________________

Experienced traders, can u bear with us?
Dear friends

First, I would like to thank those who answered my previous thread on Meta trader4. This forum feels like a community, although some try to be funny, but we have to accept them as it is a fact of life!
I have some questions wishing some one patient to answer them:
1- What is future trading. How does it differ from FOREX?
2- For intraday trading what sharts/indicaters are recomended? if one chooses the hourly chart what would be the choosen "Period".?
3- Some indicaters like MACD have parameters, when and why should these parameters be changed?
4-What are the best times for trading? How would this effect trading if the market is open 24 hrs a day?
5- Some in this forum claim that they make profit 90% of the time; is it possible?
6-Can we just trade using supports and resistance only (using no indicators)?
7- Some sites do recomend support and resistance for a certain pair, does this mean sticking to the PC until those targets are met?
thank you in advance for giving us the time to reply to this enquiry that can be useful for all beginners.

[REPLY of EXPERIENCED TRADER:]

Re: Experienced traders, can u bear with us?

1. Futures trading is no different from forex is any way.
2. Use the MACD for these types of trading. For any type, actually. You need no other tool.
3. The parameters for MACD should be changed weekly. Use the phases of the moon as guidance.
4. Trade any time you'd like. They are all the same.
5. 90% is not just possible. We all do it on a regular basis. Are you saying you don't?
6. Yes, you can use supports and resistance only. That's how we make our 90%.
7. Yes, you are going to have to stick by your computer. Don't eat, don't sleep. I suggest a pee cup near your monitor for news announcements like NFP. It's tough, but worth it to make 90%!
 
Quote from TigerO:

Still I think that slippage (even huge like 40-80 pips) is better that your broker removing previously accepted entry order at news release.


I think this is really, really amazing: I 've never had any respect for the Moneytec forums or wasted any time there apart from when someone notified me of interesting developments, as after a brief time there at the beginning I very quickly decided that it's a really dubious, snake oil promoting forum if ever there was one out there, an extremely sorry state of affairs supported by the management, but now it looks like even they've taken their low life standards to totally new depths:

It looks like they deleted the thread where FXCM's misdemeanour was outlined.

Does it get any shittier than that?

Removing information just because it puts their sponsor in a very bad light ?

Incredible, amazing, unbelievable.

See discussion on elitetrader:

http://elitetrader.com/vb/showthread.php?s=&threadid=28448
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you're just finding this out???

Kyle is a power-hungry maniac!

MT completely re-writes posts!

MT censors all the posts 100% and only allows what they want to be said - they constantly do things against their own membership rules.

MT should be removed off the Internet, period.

It is a total hazard.
 
Quote from Chood:

Whaddya mean “losers” on Moneytec? It says right there on that board, in query and reply below, from mid July (“Beginners Forum”), that its traders do very well – and for good reason I might add given their evident savvy. Here are the posts:

____________________________________________________

Experienced traders, can u bear with us?
Dear friends

First, I would like to thank those who answered my previous thread on Meta trader4. This forum feels like a community, although some try to be funny, but we have to accept them as it is a fact of life!
I have some questions wishing some one patient to answer them:
1- What is future trading. How does it differ from FOREX?
2- For intraday trading what sharts/indicaters are recomended? if one chooses the hourly chart what would be the choosen "Period".?
3- Some indicaters like MACD have parameters, when and why should these parameters be changed?
4-What are the best times for trading? How would this effect trading if the market is open 24 hrs a day?
5- Some in this forum claim that they make profit 90% of the time; is it possible?
6-Can we just trade using supports and resistance only (using no indicators)?
7- Some sites do recomend support and resistance for a certain pair, does this mean sticking to the PC until those targets are met?
thank you in advance for giving us the time to reply to this enquiry that can be useful for all beginners.

[REPLY of EXPERIENCED TRADER:]

Re: Experienced traders, can u bear with us?

1. Futures trading is no different from forex is any way.
2. Use the MACD for these types of trading. For any type, actually. You need no other tool.
3. The parameters for MACD should be changed weekly. Use the phases of the moon as guidance.
4. Trade any time you'd like. They are all the same.
5. 90% is not just possible. We all do it on a regular basis. Are you saying you don't?
6. Yes, you can use supports and resistance only. That's how we make our 90%.
7. Yes, you are going to have to stick by your computer. Don't eat, don't sleep. I suggest a pee cup near your monitor for news announcements like NFP. It's tough, but worth it to make 90%!
More...

Ha-ha. I really like point 3: Change parameters for MACD and use the phases of the moon as guidance. That must be the reason why they all earn 90%.
 
Guys, don't be surprised at the level of stupidity existing in the world.

From where I currently live (Singapore), there are A LOT of people who would argue fervently FOR snakeoil vendors!

Even something like "Rent our systems for $50/mth and reap profits of thousands of dollars every month!" gets hell of a lot of believers. Heck, I can't even convince them, "Make 500% returns in 1 week after attending this 3 days seminar. Financial Freedom for just $3k!" is total bullshit.

These self-claimed "financial savvy" people label me as a negative critic. :eek:

My guess is that MoneyTec is where people like these come to meet internationally so they can rip each other off. :D
 
Quote from Remiraz:

Guys, don't be surprised at the level of stupidity existing in the world.

From where I currently live (Singapore), there are A LOT of people who would argue fervently FOR snakeoil vendors!

Even something like "Rent our systems for $50/mth and reap profits of thousands of dollars every month!" gets hell of a lot of believers. Heck, I can't even convince them, "Make 500% returns in 1 week after attending this 3 days seminar. Financial Freedom for just $3k!" is total bullshit.

These self-claimed "financial savvy" people label me as a negative critic. :eek:

My guess is that MoneyTec is where people like these come to meet internationally so they can rip each other off. :D
More...

Yes, you are right. And now some of them - like Soul-Trader and his buddies - besides MoneyTec have their own blogs which day after day claims huge profits with only winners and no losers, so they can sell their systems.
 
Quote from Wittgenstein:

Yes, you are right. And now some of them - like Soul-Trader and his buddies - besides MoneyTec have their own blogs which day after day claims huge profits with only winners and no losers, so they can sell their systems.
More...

heh and i just finished reading the first post of a thread titled "bread and butter trading system" which says "+189pips on EUR with 0 pip loss. +240pips on USD/CHF with -4 pips losses".

I betcha my left arm there are STILL people who will eagerly vouched for that post. How dumb can people get????? :D
 
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