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simon jousef's GTR trading room
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simon jousef's GTR trading room

  #91 (permalink)
Dallas, TX USA
 
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TraderTS's Avatar
 
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CheckList4GTR

FYI
This was the checklist for my ideal Live Trading Room after I attended the GTR trial... years ago.
I prepared it for my Trading Partner at the time; the entire team left Simon Jousef to open their own live trading room... shortly after.
Sadly, this new room even worst off than I've ever been in.


Find the missing piece of the puzzle... Let's be amazing, be awesome in trading today!
iTS
Attached Files
Register to download File Type: docx docChecklist for my ideal LiveTradingRoom.docx (22.9 KB, 22 views)
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  #92 (permalink)
Legendary Market Wizard
Columbus OHIO
 
Trading Experience: Intermediate
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Cloudy View Post
Yes, it's sad that many were suckered. "From 2014 to 2016, Simon Jousef sold consumers a total of $1,300,000 in live trading room subscriptions and magical magnet trading indicators." Fortunately for myself I had wised up before coming across GTR and the like. It may be another good first step by the CFTC to make inroads exposing this overall sordid business of selling dreams. Syke's empire and bought out shilled review sites has made far more many millions and Warrior Trading is getting up there as new hapless newbs continue to start to discover "trading vendors".

never delt with warrior but I did but first starting out I did put a payment down on sykes stuff and ended up getting a refund.
But there are a few problems in this realm of business.
1) obviously its hard to tell what people make money and what people don't
2) not everything is guaranteed to work, I could show you how I make money and it might not work for the next person. So then the person that it didn't work for because of there personality shits all over the "vendor"
3) the entire world has a false view of what this thing called "trading" is really about. Its hard work no other way around it. I've met a view guys who got into it with out much work but those are rare.

and how is this different then those fat loss pills that are said to make you lose 2 pant sizes in a week. Business is all about selling dreams to consumers, it always has been and always will be like that.

I think its bad that people got ripped off and there should be some sort of regulation on these types of things
but it would have to be flexible to a certain extant. c

also side not- sykes is much smarter about how he hands out his info. In big font on everything he sells it says "for entertainment purposes only" this is where he saves his ass.

-P

"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
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  #93 (permalink)
desert CA
 
Trading Experience: Intermediate
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Posts: 2,104 since Jul 2011
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MiniP View Post
never delt with warrior but I did but first starting out I did put a payment down on sykes stuff and ended up getting a refund.
But there are a few problems in this realm of business.
1) obviously its hard to tell what people make money and what people don't
2) not everything is guaranteed to work, I could show you how I make money and it might not work for the next person. So then the person that it didn't work for because of there personality shits all over the "vendor"
3) the entire world has a false view of what this thing called "trading" is really about. Its hard work no other way around it. I've met a view guys who got into it with out much work but those are rare.

and how is this different then those fat loss pills that are said to make you lose 2 pant sizes in a week. Business is all about selling dreams to consumers, it always has been and always will be like that.

I think its bad that people got ripped off and there should be some sort of regulation on these types of things
but it would have to be flexible to a certain extant. c

also side not- sykes is much smarter about how he hands out his info. In big font on everything he sells it says "for entertainment purposes only" this is where he saves his ass.

-P

My points stand corrected even if taken out of context. Business is business, which can involve selling dreams, but not justified as fraud shenanigan business by fakes who don't really trade with false marketing points and supposed real but faked history of "winning" trading results, and should be stopped and alerted to potential victims particularly the plethora of newcomers to retail trading every year or season who are the primary prey targets of these scams. The CFTC have finally started investigating these vendors more since 2015 thanks to tradingschools and people finally sending in CFTC complaints. They have gotten away with it for too long, unlike fake dream pills which have plenty of counter criticism and review in the media, this sordid industry had worked too much of the niche trading web media and past review sites inundated with fake and shilled testimonials to their advantage, so I'm not buying anymore excuses , or shilled reviews and forums & blogs (some Sykes and others actually buy off (ex. trustpilot, investimonials) or create fake review blogs and testimonials on the web).

Yeah, I tried Sykes years ago too, and had to fight for my refund. All his calls were losers and I suspect now he was pumping longs, and there was no volume for his short calls. Yep Sykes is the biggest snake of them all. (https://www.tradingschools.org/reviews/tim-sykes/) Typical pump and dump of members that Bond and Warrior's Ross also emulate.


Last edited by Cloudy; September 14th, 2019 at 11:51 AM.
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  #94 (permalink)
desert CA
 
Trading Experience: Intermediate
Platform: NT7, TOS, TWS
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Posts: 2,104 since Jul 2011
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"Emmett Moore September 13, 2019

On this review…the scorching was well deserved. Simon lied, and he lied repeatedly. CFTC and NFA investigators went right to the core — he never even had a trading account. That in itself is outrageous.
.
.
At this point, I am sick and tired of dealing with Federal subpoenas regarding Simon Jousef, Bob Amico, Sandy Seghal, Dean Handley and Kai Whitney (all parties involved). Federal investigations are a big time suck for me because I have to put all the evidence together (emails, video recordings, phone recordings, notes, spreadsheets, etc.)

The big question is whether this case gets picked up by the Justice Department and referred for criminal investigation. It should be. This is clear cut fraud."


, https://www.tradingschools.org/reviews/the-trader-institute-global-trade-room-dr-dean-handley/#comment-3054051

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  #95 (permalink)
Salta Argentina
 
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Posts: 52 since Jan 2017
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Lets root out all of the pirates

Here is one.


RELEASE Number
8006-19
September 10, 2019
CFTC Charges Trading Systems Firm and its Principal with Solicitation Fraud and False Statements
Washington, DC –The U.S. Commodity Futures Trading Commission today filed a civil lawsuit in the U.S. District Court for the Southern District of New York against Canadian resident Simon Jousef and his business FuturesFX. The defendants are charged with fraudulently soliciting people, in the U.S. and abroad, to subscribe to a trading system that included a supposedly “live” foreign exchange (forex) and commodity futures online trading room, educational videos, and online support (trading system). In addition, the CFTC’s complaint charges Jousef with making false or misleading statements to the National Futures Association (NFA).
Specifically, the CFTC complaint alleges that from at least July 1, 2014 to on or about January 31, 2016, Jousef and FuturesFX fraudulently promoted and sold access to the trading system ostensibly to provide, among other things, a methodology for determining when to enter and exit forex and commodity futures contracts. According to the complaint, to induce members and prospective members to purchase subscriptions to the trading system, the defendants made numerous materially false or misleading statements and omissions on the company’s websites at futuresfx.ca and globaltraderoom.com, in the online trade room, and in email advertisements, including:
Falsely or misleadingly claiming that Jousef was trading forex and commodity futures in a “live trading room,” when in fact Jousef never actually traded and only made hypothetical or simulated trades;
Falsely claiming that Jousef’s “live” trades were profitable when in fact Jousef never executed any live trades in the “live trading room,” much less profitable ones;
Making false and misleading statements concerning Jousef’s background and trading experience, including that Jousef was registered with the CFTC as a commodity trading advisor (CTA) when, in fact, he was not;
Misrepresenting the risks associated with trading forex and futures contracts, such as advertising “Free Money” and “A Guaranteed Winning Formula;”
Failing to provide proper disclosures concerning client testimonials and hypothetical or simulated trading results.
The defendants allegedly charged members up to approximately $9,000 to receive this access to the trading system. The CFTC’s complaint alleges that, as a result of the fraudulent solicitation scheme, the defendants received approximately $1.3 million in subscription fees from more than 300 members located in the United States and other countries.
In addition, the complaint alleges that Jousef knowingly made false or misleading statements regarding material facts to the NFA when he submitted annual CTA registration updates concerning FuturesFX’s predecessor company.
In its continuing litigation, the CFTC seeks a return of ill-gotten gains, restitution to defrauded customers, civil monetary penalties, trading and registration bans, and permanent injunctions against further violations of the federal commodities laws.
The CFTC appreciates the cooperation and assistance of the NFA and Ontario Securities Commission in this matter.
CFTC Division of Enforcement staff members responsible for this case are Steve Kim, Kara Mucha, Kathleen Banar, and Rick Glaser.
CFTC’s Fraud Advisories: Commodity Trading Systems Sold on the Internet
The CFTC has issued several customer protection Fraud Advisories that provide the warning signs of fraud, including the Commodity Trading Systems Sold on the Internet Advisory, which states that the CFTC has seen an increase in websites fraudulently promoting commodity trading systems and advisory services.
Customers can report suspicious activities or information, such as possible violations of commodity trading laws, to the CFTC Division of Enforcement via a Toll-Free Hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online.
-CFTC-

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  #96 (permalink)
Salta Argentina
 
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Who's the next pirate to be rooted out?

Please recommend the next pirate? I am sure everyone got at least one. Who makes the top of your list.

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  #97 (permalink)
the coin hunter
virginia
 
Trading Experience: Intermediate
Platform: ninja
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this thread itself is 6 year old. It goes to show some scam can go for a long time.

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  #98 (permalink)
Europe
 
Trading Experience: Intermediate
Platform: NT, IB
Broker/Data: IQfeed, IB
Favorite Futures: ES
 
Posts: 140 since Jun 2009
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My favorite Johnny Depp in Pirates of the Caribbean, yours?



jmh13 View Post
Please recommend the next pirate? I am sure everyone got at least one. Who makes the top of your list.


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  #99 (permalink)
Salta Argentina
 
Trading Experience: Master
Platform: Ninja Trader 8
Broker/Data: Ninja Trader 8
Favorite Futures: RTY,CL,ES.YM,FX, BIT,ZC,ZS,NG,6E,GE,SR,HG,SI,PL,TN,ZQ,GE,UB,ZW,KE,LE,GF,DC
 
Posts: 52 since Jan 2017
Thanks: 0 given, 13 received

Favotite pirate vendor

Yes Johnny Depp was a truly great pirate. But my all time favorite was Franz from Traders International back in the early 2000's. Claimed he was making 1 million pounds of treasure a day. Until he was exposed at the NYC traders Expo.

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