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Trading Reviews and Vendors


Discuss and review vendors of commercial trading products, trading rooms and services, trading indicators or third-party paid add-ons




 

Ultimate4Trading

  #6 (permalink)

Market Wizard
Chicago, IL
 
Futures Experience: None
Platform: NT8,NT7,TWS,FOREX.COM app
Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FOREX.COM, IQFeed
Favorite Futures: The one I'm creating in the present....ES, ZF, ZN, ZB, FX pairs
 
Blash's Avatar
 
Posts: 1,816 since Nov 2011
Thanks: 5,520 given, 3,054 received
Forum Reputation: Legendary


xplorer View Post
For those of you who have a Yahoo! email address (and possibly hail from the UK), you most probably will have seen in recent months an ad/commercial on Yahoo! UK's frontpage that looks like the pic attached.

There may be variations on the theme but the message is clear: Wall Street is furious over a trading algo that has been taking 'the country' by the storm.

Well, I must have been asleep at the wheel for all this time because I haven't heard those big Wall St. bankers when being interviewed claiming how this fantastic super algorithm has ruined their client's trades and has cut their own bonuses in half.

So how do they do it?

Well there's the article introduction, "4 UK Students prove their Crazy, Money-Making System, worth Millions, on live TV". So we have apparently 4 snotty kids-turned geniuses who have found the Holy Grail. Great. Let's hear it.

There's the "interviewer", "quizzing" one of the kids about the "accuracy rate" of their algorithm: 75%. The kid places a few "live" trades on their system on 3-4 different asset classes and voila'! After a mere 60 seconds the account has grown by 120 USD. Their secret? After having lost money dabbling with trades, one of the kids came up with a phenomenal idea: they decided to combine their passion for trading with their expertise in programming and came up with a successful algorithm. Wow.

First off, bravo. What a fantastic idea. I bet nobody's ever thought about that before.

But wait, hear this. They are releasing this algorithm to the public for free. Yes, you read correctly. Why?

Well they thought long and hard about this. They release it for free so that people, when they have made some money, can donate back (presumably to them) what 'they felt was appropriate' (!).

And of course, it's free, one of them warns, so there will be a 'limited number of positions available', so best to get on board, quickly. Oh. Wait. He's been saying that for months now.

But wait. If they've decided to release it for free, why would there be a 'limited number'? Software is software right? Nobody knows.

The story does not end here. By going to YouTube and searching for 'ultimate4trading' I am bombarded with videos that seemingly provide a review of the service and asking 'is this a scam'? But all the videos are actually people (paid actors I would bet) endorsing the product as the greatest thing since sliced bread.
In one of the video we even have an Apple-esque commercial where another co-founder talks about the dilemma of creating something great and giving it away for free for... no discernible purpose apparently.

Sarcasm aside, my scam-o-meter is off the charts: it is clear these people are paid actors with nothing more than a snake-oil solution under their belt. Poor acting from all parties compounds the problem.

What I don't get is, how come nobody has actually called them out yet?

For whom may want to be amused this is the ad page Top 10 Startups 2015 ? Ultimate4Trading

Note: likely that the 'startup365' is part and parcel of the scam.

I just started reading one of Jack Schwager's many books Market Sense and Nonsense: How the Markets Really Work (and How They Don't)

And your post reminds me of what they have taught in business schools, MBA courses and other business classes....namely the efficient market theory. In chapter 2 titled "The Deficient Market Hypothesis" Mr Schwager discusses at some length this garbage (oops did I say that...).

Looking forward to Jack's webinar next week here at FIO on https://fundseeder.com/home.

Ron

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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