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Tim Sykes Review – The Biggest Scam Ever?
Timothy Sykes is a very well-known figure in the trading education space. There are many debates questioning his legitimacy. After some requests, I decided to sign up to some of his services and deliver an informed review of his products. I spent around $2’000 for his services by buying some DVDs, subscriptions and more. This Timothy Sykes review will give you an insight into Tim Sykes’s educational platform, products, strategy and more.
Who is Timothy Sykes:
Before I start with the actual review of Tim Sykes’s products, you should know who Tim actually is and how he got to where he is today.
Timothy Sykes is most famous for turning his $12’415 Bar Mitzvah gift money into $2’000’000 while attending Tulane University. All these profits were achieved by day trading penny stocks. Tim’s trading career started in 1999 during the so-called ‘.com’ internet bubble. He started to get into trading due to a tennis injury and a lot of free time. This is how his profit chart looks today:
Sometime after graduating from university, Tim ran a hedge fund for some years. The hedge fund was ranked number one short-biased hedge fund for a few years until it suffered one severe loss. But even after the big loss, it was still up a few percent. Tim wrote an autobiography ‘An American Hedge Fund’ shortly after retiring from the hedge fund industry. This book is all about his trading and hedge fund manager career.
Many people also know Tim from the tv series ‘Wallstreet Warriors’. This tv show led to a lot of exposure of Tim’s success story. Finally, this led to the creation of Tim’s websites, educational DVDs, subscriptions… Nowadays Tim tries to teach the strategy that led him to all his success to others. He has done this for several years and with a lot of success. He has multiple Millionaire students and countless six-figure students. His most successful student is Tim Grittani who just recently passed Tim Sykes in trading profits. Here are his profit chart and a few of his latest trades:
But note that Tim Grittani trades with all/most of his money and Tim Sykes often goes back to his initial $12’000 to show how to grow a small account. Additionally, Tim Sykes mainly focusses on teaching instead of trading nowadays.
Another successful student of Tim Sykes is Steven Dux. He actually made over one million Dollars in under a year after signing up to Tim’s services. Note, however, that he put in many hours of work to accomplish this. Not everyone will achieve the same level of success that fast. Nevertheless, his success shows that Tim’s education together with hard work can accomplish greatness.
Furthermore, Tim Sykes and some of his students have been featured by countless financial media like CNN Money, Fox etc. He even has interviews with respected people like Steve Harvey and Larry King. Currently, Tim Sykes is involved with a big number of charities. He has donated over one Million Dollars to his favorite charity ‘Pencils of Promise’, constantly gives away more to other charities and even has his own charity named ‘The Timothy Sykes Foundation’. Tim’s goal is to build one thousand schools in countries of need. Some of Tim’s profits achieved from DVD sales only go to charity. For example, all money made from his DVD guide ‘How to Make Millions’ goes to charity. By now this DVD has generated over one Million Dollars for charity.
So you can be pretty sure that Tim Sykes is the real deal and not some scam or so. Another thing supporting this is his software profit.ly. On it, he displays all his trades fully transparently and alerts them in real-time. Therefore, it is impossible for him to just act like he is trading.
Nevertheless, many people don’t trust Tim and even call him a scam. This has multiple reasons. One definitely being Tim’s marketing methods. He enjoys posting pictures of supercars, piles of money, other expensive items, his travel locations and other attributes of his glamorous rich lifestyle. This makes many people very skeptical as it often may seem fake and too good to be true.
Furthermore, a great deal of hate that Tim gets probably refers back to jealousy. Most people would love to swap places with Tim as his life definitely is desirable.
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But a big difference between Tim and other ‘traders’ with similar marketing styles is that Tim actually backs his claims up with full transparency, real-time trade alerts, countless successful students etc. If Tim would be a scam, he would have never been featured on all these financial media…
Tim Sykes and Tim Grittani on Fox:
Now let us dive into Tim Sykes’s wide range of products. His products range from software to DVDs/educational video lessons, real-time alerts and watchlist subscriptions… In this Tim Sykes review, I will present Tim’s main products being his subscriptions, educational content and DVDs.
I will start by presenting his most ‘basic’ subscription services. Tim’s main subscriptions are his Tim’s Alerts plan and his Pennystocking Silver plan. The Tim’s Alerts membership gives you access to:
- The chatroom
- Tim’s daily watchlist
- Real-time SMS, Email and Push trade alerts and commentary
- iPhone and Android app.
The Pennystocking Silver plan gives you access to all of the above and access to:
- 5’000+ video lesson library
- New weekly to daily video lessons
Even if these subscriptions might seem quite similar, they really aren’t and I will tell you why now. The only difference is that the Pennystocking Silver subscription gives you access to all existing and future video lessons. But this difference is a major one. Each video lesson is about five minutes long which isn’t that much. But at over 5’000 video lessons that are over 410 hours of content and more comes out almost every day. All these video lessons are ordered by 50 different categories. These video lessons really add huge value to the membership as they actually teach you how to trade.
I personally dislike the alerts membership as you depend on Tim’s alerts to trade. The goal of trading is to make your own money and to be your own boss/be independent. You could obviously follow Tim’s alerts but you can’t possibly understand the trades and you won’t have a trading plan. Tim even says himself that you shouldn’t just blindly follow his alerts. It can be very hard to follow these alerts as these penny stocks usually are very volatile and move very fast. Therefore, it can be very hard to get in at the same price as Tim.
Pennystocking Silver can make you a self-sufficient and independent trader. In my opinion, this alone is more than enough reason to choose this plan over the Alerts membership. But obviously, becoming an independent trader through these video lessons requires some time and work.
The Tim’s Alerts Plan costs $74.95 per month ($900 per year) or $58 per month for the yearly membership ($697 per year). The Pennystocking Silver Plan costs $149.95 per month ($1’799 per year) or $108 per month for the yearly membership ($1’297 per year). Even though the Pennystocking Membership costs more, I definitely recommend it over the other one due to the reasons mentioned above. Furthermore, I really recommend choosing the yearly membership instead of a monthly one as you need time to learn how to trade. No matter who you are, you won’t learn how to trade like Tim in one or two months. You may want to test out the plan by subscribing for one month. If you like it, you should definitely upgrade to the yearly membership to save money.
Aside from the video lessons, Tim also has a big DVD library. But each DVD is a stand-alone product, so you have to pay for each and every one. Some of these DVDs can be quite pricey ranging from a few hundred Dollars to over $1’500 per DVD. But Tim has some sales where he offers the DVDs for big discounts once in a while. So if you are short on cash, I recommend taking advantage of these sales when they are around as you never know when the next one will be. These DVDs provide educational content about Tim’s strategies, trading and more. They are what teaches you how to trade like Tim and his best students. Some of his DVDs even are made from his most successful students like Tim Grittani or Michael Goode.
Here is a list of all his DVDs and a brief description of their contents:
An introduction to Tim’s strategy, patterns, trading, the penny stock world and more. Length: Almost 6 hours
- PennyStocking Part Deux:
The sequel to the original PennyStocking DVD focusing on more modern chart patterns and a lot of trade examples. Length: Almost 5 hours
- Tim Raw:
Another introduction to Tim’s strategies and some basic tips. Length: 12 hours
How to find ‘Supernovas’/stocks with huge profit potential (multiple 100%). This guide mainly focuses on buying these stocks. Length: A little over 6 hours
- TIMfundamentals Part Deux:
How to build watchlists, research stocks, which websites to use and more. Length: Almost 12 hours
- Learn Level 2:
A walkthrough of level 2 quotes, how to use and profit from them. Length: 6 hours
A guide focussing on short selling stocks (what setups to short, when to short…). Length: 6 hours
43 Trading Tactics. Length: 8 hours
- Read SEC Filings:
A DVD from Tim and his first Millionaire student Michael Goode. It is all about SEC filings, how to read and analyze them. Length: 10 hours
Footage of the 5th Annual PennyStocking Conference featuring over a dozen expert traders. Length: A little over 14 hours
Footage of the 6th Annual PennyStocking Conference featuring multiple successful traders. Length: 15 hours
- Answer Stock:
Footage of the 7th Annual PennyStocking Conference featuring millionaire traders Timothy Sykes (who makes several thousand dollars during a live trade), Paul Scolardi, Tim Grittani, Michael Goode, Nathan Michaud, and six-figure part-time trader Tim Bohen. Length: 13 hours
- Pennystocking Framework:
Tim Sykes unveils and outlines his 7-step trading framework during his annual Vegas conference. Length: 15 hours
- PennyStocking Framework Part Deux:
Update of the initial 7-step PennyStocking framework. Length: 12 hours
- Trader Checklist:
Tim’s step by step guide to evaluating potential trades and setups. Length: Almost 12 hours
- Trader Checklist Part Deux:
Addition to the original Checklist DVD covering the following topics: building a watchlist, what catalysts are most reliable, planning short selling, growing an account exponentially and live trade examples. (All profits from this DVD will be donated to charity.) Length: 9 hours
- New Rules of Penny Stocking:
Footage from Tim’s 2020 Las Vegas conference featuring 13 different speakers. Length: A little over 18 hours
- Trader & Investor Summit:
Footage from the 8th Annual PennyStocking Conference) featuring several millionaire traders, investors, and hedge fund managers. Length: A little over 15 hours
- Trader & Investor Summit 2020:
Footage from the 9th Annual PennyStocking Conference featuring several millionaire daytraders, swing traders, energy and futures traders. Length: A little over 16 hours
- Trader & Investor Summit 2020:
Footage from the 10th Annual PennyStocking Conference featuring presentations from several millionaire traders along with a great deal of Q&A and live trading. Length: A little over 18 hours
- Trading Tickers:
This is Tim Grittani’s DVD. It is about his trading strategies, setup process and preparation, analysis, 35 live trades and more. Length: A little over 16 hours
- How To Make Millions:
This DVD outlines the process of turning a few thousand Dollars into a few Million. Everything from the basics to advanced trade setups and examples is in this DVD. Several of Tim’s most successful students are featured in this DVD. (All profits from this DVD will be donated to charity.) Length: Almost 35 hours
(The DVDs are available for streaming access or as physical products. The physical copies will cost more due to shipping though.)
As you can see, Tim really has a lot to offer and even more is added quite regularly. Obviously, it is rather hard to decide what DVDs to buy with this huge selection. In my opinion, some definitely are better choices than others. If you want to learn how to trade just like Tim, you will have to get some of these DVDs as they outline how his strategy really works. In his video lessons he sometimes even refers back to lessons found in some DVDs. Therefore, it is fundamental to watch and study some of these DVDs to enjoy the same or similar trading success as Tim.
Tim’s most mentioned ‘must watch’ list is: PennyStocking, PennyStocking Part Deux, Pennystocking Framework and How To Make Millions. Even though these are good DVDs, I do disagree with this list.
I personally, do not necessarily recommend PennyStocking due to several reasons: First of all, it is very old and not of the best production quality (anymore). The content is still relevant though. But the main reason why I wouldn’t consider it a ‘must watch’ is because Tim offers a free PennyStocking 101 guide with very similar content. If you are short on money, you should therefore just read this free guide instead of paying money for the DVD. There are some additional examples and further lessons in the DVD but in my opinion nothing crucial.
I find the sequel ‘PennyStocking Part Deux‘ more valuable and would recommend it even though it still is quite old.
Pennystocking Framework is another DVD that isn’t necessarily a ‘must watch’. It outlines Tim’s seven-step trading framework which is relevant and useful for his trading strategy. But otherwise, some other speakers aren’t as relevant. For example, one speaker talks all lot about options basics. Even though I trade options, I can’t see the relevancy for Tim’s students. Nevertheless, this DVD does outline an important part of Tim’s trading strategy.
How To Make Millions is an entirely different story. This is the longest, most comprehensive and in my opinion one of the best DVDs of Tim Sykes. It is a great introduction to him, his mentality, the markets and his trading strategy. No matter at what level you are, I definitely recommend this DVD. This DVD is discounted quite often (up to 70%).
This does not mean that you shouldn’t watch any other DVDs than these. Many of the other DVDs aren’t necessarily ‘must watch’ DVDs but all of them can improve you as a trader and help you understand Tim’s strategy even more. Which of the other DVDs to buy, really depends on you. If you want to focus on buying strategies, I recommend Spikeability (a very good DVD). A short seller, however, could probably learn more from ShortStocking. If you want to learn more about level 2 quotes for penny stocks and Tim’s strategy, I suggest checking out Learn Level 2. I hope you understand where I am going with this…
Generally speaking, I have made the experience that newer DVDs are a little better. Once due to the improved production quality but secondly also due to the relevancy. A lot of Tim’s older content is still very relevant but some isn’t as much anymore. For example, Tim speaks a lot about ‘pump and dumps’ (stock manipulation) in his (older) DVDs. Even though this still exists, it isn’t near as common anymore nowadays.
Therefore, some strategies discussed in older DVDs aren’t as relevant anymore. Generally, the markets change and Tim emphasizes this a lot in his video lessons. Some strategies work better in specific markets. As a new trader, it can be hard to know what is working and what not. Therefore, I really recommend the Pennystocking SIlver membership. Tim brings out new video lessons multiple times per week. In this video lessons, he discusses what strategies are working, which ones aren’t, how to adjust your trading style, live trade examples and much more.
One of the most popular and, in my opinion, best DVDs is Tim Grittani’s DVD Trading Tickers. Tim Grittani has made a few video lessons himself and I personally like his teaching style a lot. The DVD covers the trading setups that made Tim Grittani millions of Dollars within a few years. He even shows a lot of real time trade examples of each trading setup in this DVD.
One DVD that I recommend for everyone is Trader Checklist. This DVD is 100% free for everybody so there really is no reason not to watch it if you are interested in Tim’s strategy.
Summed up, I don’t think you can really go wrong with any one of Tim’s DVDs. All of them can improve you as a trader and your trading results. Nevertheless, some are better than others.
Just like I mentioned above, the prices of the DVDs vary widely. Trading Tickers currently is the most expensive DVD at just under $1’800. One of the cheapest DVDs is PennyStocking at $397. Quite a few cost the same and many others are somewhere in-between these two price tags. But sales aren’t uncommon. Often specific or even all DVDs are set down to a very good discount price.
Book: The Complete Penny Stock Course
This book was written by Jamil Ben Alluch which is one of Tim’s students/software developers. Jamil’s goal with this book was to sum up all of Tim’s teachings in one very organized, easy-to-read book. The book covers everything from stock market basics to all of Tim’s trading setups, and how to trade them.
I have personally read this book and I can definitely recommend it.
This is yet another very interesting and special product of Timothy Sykes. This is not something that you just can buy and own. The millionaire challenge is a program that Tim has created to create more millionaire students. The challenge is to become a millionaire. To gain access to this challenge you have to fulfill a set amount of criteria. For example, you will have to be able to monitor the markets and chatroom during trading hours every day, attend multiple live webinars per week, have enough money to trade with… Additionally, you will have to pay an upfront tuition. This means you can’t be a part of this challenge if you have a job during trading hours or so. Most importantly, you will have to be dedicated and willing to work. This is very important. You won’t become successful without a lot of hard work. Tim and his team know this and will, therefore, make sure you are this in a live interview.
Only apply to the challenge if you are dedicated, hardworking and have a lot of time. Not everyone will be accepted.
Obviously, this is the best plan as you receive the most content (most of the above content+webinars+challenge chatroom…). But there is no point in applying if you know you won’t be able to participate. This will just be a waste of time and money. Don’t be sad if you can’t fulfill the criteria as you will always have the chance to apply in the future. If you can’t fulfill the criteria, I recommend checking out another plan and some DVDs. From that, you will definitely be able to learn Tim’s strategy and how to become profitable with it. By doing this, you will be able to learn at your own pace. You can always apply again later. Even Tim’s most successful student Tim Grittani started with the Pennystocking Silver membership. With the profits achieved from this, you can potentially get into the challenge later.
Pricing for the challenge isn’t displayed openly as you have to fulfill other criteria first. Furthermore, the price has changed over the past few years as demand has risen. But you can expect a figure over $5’000.
My experience with Timothy Sykes has been relatively good until now. I have been a member for a few months and I am enjoying the membership. He provides tons of educational content.
Tim Sykes is an honest and transparent trader. He displays all his trades openly no matter if loss or win. He often even makes video lessons about his trades to review them. I personally find his teaching style good. He is all about education and I couldn’t agree more with that. Education is by far the most important factor when it comes to trading. If anyone ever tells you otherwise, he has no idea what he is talking about. In my opinion, Tim is quite different a teacher and person than he may portray himself in his marketing material and pictures. In many pictures and (older) videos, he seems like a very arrogant guy. But in his video lessons and DVDs, he doesn’t seem that bad at all. Especially in the recent years, Tim has become much more humble and mature than he once was.
In addition to that, one can really see that Tim is a very passionate teacher. He truly loves what he is doing. Otherwise, he wouldn’t be doing it. Tim has earned many many Millions of Dollars both from trading and from teaching. He openly admits that he earns more from teaching than from trading. He even states that he is a better teacher than trader. If he wouldn’t love what he is doing, he wouldn’t be doing it. He probably would retire or fully focus on trading…
What to Expect:
When signing up for Tim’s program, most people expect to become just as rich as Tim. Tim’s and his top student’s returns are very unique. You won’t find any similar percentage gains anywhere else in the finance industry. This doesn’t mean that they are impossible to achieve. They aren’t based on pure luck. Otherwise, Tim wouldn’t have been able to create so many successful students. But this does not mean that they are easy to achieve. Don’t sign up to any of Tim’s plans and expect to become rich within a few days, weeks, months or probably even years without any hard work. You really have to study a lot, work hard and trade for a long time before becoming successful. No matter how good Tim’s strategy is, you will have to work for your success. Even his most successful student wasn’t profitable for a year. So don’t expect that it will be much different for you. All of his successful students have worked and studied countless hours.
If your plan is to sign up and just watch a few video lessons here and there, maybe one or two DVDs and then expect to trade similar to Tim, you may just as well let it be. This isn’t different with any other trading strategy, even if other marketers do say so. Only sign up, if you are willing to work for your success! Ideally, you should solely focus on studying for a few months, before even trying to trade.
Trading is just as much a profession as anything else in life. Every other profession requires a lot of work, studying and often even a lot of money. Why should this be different with trading? You can’t become successful without the correct training and education. I even wrote an entire article about this, here.
Tim’s Trading Style:
Timothy Sykes mainly trades penny stocks for the very short-term. His holding times range from a few seconds to one or two days max. Usually, he closes his positions either after very few hours or enters before the market close to sell just after the market open the next day. Tim focusses on the best setups only and therefore, he usually only trades a few times per week. He rarely has more than one position open at once. Furthermore, he likes both buying and short selling stocks but in bull markets he prefers buying and in bear markets, he focusses on short setups. His strategy highly depends on technical analysis but some fundamental events/news play a big role as well.
Tim does not try to aim for home runs or ‘pick the next Microsoft’. He just tries to profit from parts of big moves and takes one trade at a time.
Tim’s strategy is not scaleable meaning that you can’t use his strategy if you have hundreds of Millions of Dollars. It works best with ‘smaller’ accounts.
So is Timothy Sykes legit? Yes, he definitely is! His strategy does work and he is probably the most successful trading teacher in the world. Many lives have been changed due to Tim’s teachings but none without hard work and dedication. Is Timothy Sykes for you: Even though his strategy can be very profitable, it isn’t for everyone. In my opinion, his strategy/products are only for you if:
- You are willing to work, dedicated, motivated and really want it!
- You have at least a few hours per week to learn how to trade.
- You have a ‘small’ account. If you have tens or hundreds of Millions of Dollars, I would not recommend Tim’s strategy.
- You are willing to invest into your education and future.
If the above criteria are met by you, Tim and his strategy can truly change your life. If you are interested, I recommend doing the following:
1. Subscribe to PennyStocking Silver for one month and consume as much content as possible. ( HERE )
If you like what you see and still are motivated:
2. Upgrade your subscription to yearly to save money (and as you need that time anyway).
3. Give the DVD How To Make Millions a try as it is a great DVD especially in the beginning.
4. Watch PenyStocking and Pennystocking Part Deux for an introduction to Tim’s strategy, setups and more. If you don’t want to spend as much, save money by reading the Penystocking 101 guide instead of buying the PennyStocking DVD.
5. Furthermore, watch Tim’s free DVD Trader Checklist.
6. Check out fitting DVDs (for example: Spikeability if you want to focus on buying, ShortStocking for short sellers…)
7. During this time you should also be watching some video lessons (I recommend starting with the newest ones) and potentially reviewing watchlists, analyzing trades…
Click HERE To Visit The DVD Library or Click HERE To Get Started With Pennystocking Silver or The Alerts Membership!
I truly hope you enjoyed this Tim Sykes review. Hopefully, you got a good insight into his different services and have an idea of what to do now. If you have any question, comments or something else, ask me in the comment section below. I will respond as fast as possible.
Some of the links within this Tim Sykes review are affiliate links of which I receive a small compensation from sales of certain items. There are no added costs for you and these affiliate links do not influence the objectivity of my review.
76 Replies to “Tim Sykes Review – The Biggest Scam Ever?”
Wow, this is an amazing review of Tim Sykes and all of the amazing products, and teachings he offers.
I am definitely interested and will no doubt keep him in mind in the future.
I am also appreciative of the video and the length of the article, very informative and helpful!
Profit 24-7 Review (A Huge Scam Exposed?!) (Updated 2020)
Hello! Welcome to my Profit 24-7 review!
It is wonderful how technology, especially the internet, has impacted a lot of things. One of them is earning money. Today, there are all sorts of ways to do it.
However, have you tried encountering those advertisements or even received an email that you can earn a thousand dollars or even more in an easy and fast way?
Well, one of them is Profit 24-7. If ever you are one of those people who consider joining it, you must think twice and read this Profit 24-7 review.
Is it legit? Does it work? Or is it a scam? You will find out all the answers here!
24-7 Profit Review Quick Summary
Name: Profit 24-7
Price: $37 + ugly surprises!
Owner: Jacob Allen
What is Profit 24-7?
Profit 24-7 is a product that is being sold on this affiliate network called Clickbank.
Found at MakeMoneyOnline.network, it is a website that claims to give you the possibility to start earning real money online, up to $1000 per day!
Allegedly, it has been created by a guy who goes by the name, Jacob Allen. He has one purpose and that is to each you how to earn money online quickly.
I have watched the whole video presentation which is named the Profit 24-7 Super Offer.
Here’s it if you want to watch it again, I have watched it and I’m still wondering how you’re going to make money.
Earn money online the right way. Click here to learn how to do it!
This is not the first time I reviewed a Clickbank product. At the time of writing this, I have reviewed over 100 of them and they are pretty much the same as Profit 24-7.
Basically one person or a group of people are creating tons of websites that are similar to Profit 24-7.
The people under these products are hidden as they use fake stock photos and nicknames because they don’t want to get sued once their scam is exposed by the authorities.
One thing I always noticed on these scams similar to Profit 24/7 is that they always keep talking about how much money you will earn after watching their video.
However, the method or way to do this will not be mentioned in the video. That is why, after watching it, I got nothing.
They just want you to feel what is like to be rich. Furthermore, to trigger your emotional buttons and tell you everything you like to hear to make you relate to their story.
This is a psychological technique that every scammer uses to lure newbies into buying their courses or whatever they sell!
How Does Profit 24-7 Work?
As I said above Profit 24-7 use shady techniques to sell you their stuff. How? Well, first, they will tell you all the good stuff in the sales video.
However, for you to know how to do it, you must pay $37. But that’s not all you have to pay.
They basically get your email address where they will keep pushing you to buy more scams.
In my case I have bought a scam called KDL Sniper earlier and I have been receiving more emails from them about other similar scams.
Today I received an email from them trying to sell me Profit 24-7!
If you buy any product from these Clickbank scammers, expect more of them for you to purchase!
Below I want to give you 2 reasons why you need to stay away from Profit 24-7!
2 Reasons Why You Need To Avoid This!
Profit 24/7 is a Copied Cookie Cutter Clickbank Scam!
Profit 24/7 is nothing but another cookie cutter website.
The owners of this scam are literally creating lots of variations with different colors and headlines.
Here are the latest Clickbank scams I have reviewed that are similar to Profit 24-7
Now have a look how similar they are to each other!
They Just Want Your Money!
Profit 24-7 and all the other Clickbank products are only created to make some quick money from the victims that fall for them.
They offer no value and give you nothing except new products to purchase over and over again.
That is NOT going to make you any money. With Profit 24-7 you’re going to be wasting it without learning anything!
Remember the guy, Jacob Allen, who is allegedly the owner and creator of Profit 24-7?
Well guess what? I researched about him and could not even find a single information about him!
If Profit 24-7 was legit, is there a need to hide the true identity of the owner instead of using a fake one?
Scams are just a waste of time and money!
You have to earn money online legitimately like I do.
I earn a 4-figure income monthly with this program .
Check it out!
Is Profit 24-7 A Scam?
To conclude this Profit 24-7 review, it is time for the final verdict!
Is it a scam? Yes it is!
First and foremost, they promise a huge amount of money but does not tell you how to do it. Once must pay $37 first. If ever something does the same, do not believe it and waste your money!
Furthermore, the moment you will pay that amount, you will be receiving mails to convince you to purchase more products which are useless!
Next, the information, especially the owner is fake. If this was legit is there a need to do this?
You will not earn any money from them! Instead, you will end up losing it.
Thank you so much for reading my Profit 24-7 review! If you have questions or comments, please leave them below!
This is How I Make Money from Home!
If you want to earn money online, you won’t be able to do it through sites like Profit 24-7. Your money, effort and time will just be wasted. Do it the right way like I do.
I recommend you to do affiliate marketing. It is pretty simple. You promote products on your website. If ever someone buys it, you will earn a commission!
What’s better is that you will be earning a passive income!
Still sounds a bit complicated right now when I said website, right? Don’t worry because Wealthy Affiliates is the best training program for you!
They will provide you with the tools you need, including the website. Furthermore, the support will be helping you 24/7, along with the professional marketers in the community. And of course, their training is complete and comprehensive.
Because of them, I now earn affiliate commissions on a daily basis! Check this out.
Admiral Markets Group consists of the following firms:
Admiral Markets Cyprus Ltd
Admiral Markets Pty Ltd
Admiral Markets UK Ltd
Reading time: 14 minutes
Did you know the forex market is the largest financial market in the world, with over $5 trillion traded every single day? Not only does it allow central banks and corporations to trade with each other, or holidaymakers visit new destinations, it also also allows speculators to take advantage of a market that trades 24 hours a day, 5 days a week.
There has never been an easier time to access the world’s forex market either. At the click of a button you could be trading on the direction of the Euro, British pound, Japanese Yen, US dollar or even the Russian Ruble! There are hundreds of currency pairings to trade from, so you’re free to find the ones that interest you most.
However, while the financial gains of trading the forex market seem lucrative, it’s not considered easy. Having a sound trading education, a properly funded trading account and understanding of risk management techniques are essential. Unfortunately, there are many unscrupulous individuals who will try to scam individuals through forex trading scams.
Forex scams will be around for as long as the Forex market exists. As schemes are evolving, scammers are always somewhere nearby, trying to extort your money away. But could there be a solution to this problem?
Investment scams take many different forms. Some of the scams are even named after their creators – such as a Ponzi scheme, after the infamous scammer Charles Ponzi. Forex scammers tend to target beginners or uneducated traders. The best way to combat this, and avoid getting scammed, is by getting a good Forex trading education, so you are aware of everything before you enter the markets.
Once you master the markets, you are no longer an easy target. Forex scams often use phrases like “a too-good-to-be-true investment opportunity” as a way of convincing you to part ways with your money. When you lack trading experience, swindlers will try to exploit your optimism and fears. Here’s where Forex scammers step in and make you exciting offers.
How To Spot A Forex Trading Scam
The most important giveaway of a Forex scammer is the guarantee of unusually large profits with little or no financial risk. First of all: there’s no such thing as a 100% guarantee. If there was, there’s no way traders would share it with other market players. Some of these offers may sound very attractive, especially to beginning traders. But as the saying goes, the only free cheese is in the mouse trap. The bottom line is this: if something sounds too good to be true, it probably is.
Here a few simple rules to follow in order to avoid scammers:
- Remain safe and don’t run after empty promises
- Be especially wary of software that claims to have found a ‘secret formula’
- Do not install any programs until you are certain they won’t damage your computer
Another giveaway is that scammers never register with any regulatory authority. Remember – true brokers always provide proof of their legitimacy. If you suspect that a Forex brokeris lying about their regulation, you can contact a regulatory authority who may be able to provide a list of regulated companies, and a list of cases opened against regulated companies. This will help you understand which Forex brokers to avoid.
Three Major Types of Forex Scams to Avoid
Those involved in forex scams, money scams and general trading scams are always trying to find new and innovative ways to take advantage of new traders. However, there are three major types of forex scams that people commonly fall victim to. Understanding them is the first step in trying to avoid them.
#1 Forex Robot Scams
A forex robot is a trading program which uses algorithms, or lines of computer code, as technical signals to enter and exit trades. Typically forex robots are built using expert advisors, or EAs, within the popular MetaTrader suite of trading platforms.
Of course, not all forex robots are scams. Searching online for forex robot scams list may help you avoid some of the known scammers. However, here are a few things to watch out for to avoid any forex robot scams you may come across:
- Marketing messages that are unrealistic: If the author of a forex robot has to ‘sell’ you on it the dream of what it could do for you, then it’s unlikely they’ll have the results to back it up. After all, numbers don’t lie, or do they?
- Very high percentage growth returns: There are some forex robots that are advertising systems that should over 4,000% return in just a few years. This may seem fantastic, but it’s important to look at the statistics. The return could just be closed trades, the system may have open trades that if the stop losses were hit could wipe out any gains.
- Undiversified scalping strategies: Many forex robots employ a scalping system which means they trade for very small profits. This then shows a high win rate and can inflate the results in a supportive market condition. Yet, market conditions change, and if the system loses more per trade than it wins, it will only take a few losing trades to wipe out any accrued profit.
- Using unregulated brokers: There are some forex robots that show extremely good results using unregulated brokers no one has ever heard of. In this instance, the results might be good on their own interbank spreads but if you open an account with them your spreads and commissions will be wider, thereby eating into much of the profit.
At the end of the day, if you are considering using a forex robot, then treat it like a business rather than make an emotional decision. Start with an online search for a forex robot scams list and then do your own due diligence. As the saying goes, ‘if it looks too good to be true it usually is’.
#2 Forex Signal Seller Scams
Forex signal sellers are individuals who send out trade ideas which usually include a currency pair, direction, entry price, stop loss and target levels. There are multiple things to look out for so you don’t fall victim to these kinds of forex trading scams and money scams:
- Subscription fees: Individuals may market you amazing results without any verification. To get access to the trades, you often need to pay high subscription fees, or they start out low and use credit or banking details for other kinds of money scams. If their trade calls were so good, why sell them at all?
- Broker-tied signals: Some signal sellers offer you trading signals, but only if you sign up with a specific broker. This means they may be getting a kickback from the broker, so are motivated to send you any trades for you to take regardless if they win or lose. Having said this, there are some that will want to keep you profitable so they can continue to receive their kickbacks from the broker, which acts as their payment for the service.
- Unverified results: It’s all well and good saying your forex signals have made a high percentage return but if they can’t show a verified track record it means they’re not trading the signals themselves – which is clearly a red flag in itself.
The key to avoiding any type of currency exchange scams, money scams or trading scams is to, again, think like a business and do your due diligence, rather than act on an emotional decision of inflated promises and dreams.
#3 Phony Forex Trading Investment Scams
There are many adverts nowadays promoting phony forex trading investments scams and phony forex investment funds. In essence, a slick marketing message or salesperson will sell you on the phantom, or unverified results, of their forex fund. All you need to do is send them your investment, and you can sit back and enjoy the returns.
Of course, many people who send their money over often never see it again. The company says they’ve never heard of you and have not received any funds from you. What started as a forex trading investment scam now turns into one of those money scams.
Another outcome, is that they open an account for you, usually with an unregulated shady broker. However, after one or two trades, they wipe out your account. While they blame it on the market, it’s all gone to their brokerage company. And, because it is unregulated, it’s very difficult to get your money back – just another type of currency scam.
Why You Should Educate Yourself To Avoid Trading Scams
As Forex trading carries exceptionally high risk, losses are inevitable. Retail speculators are almost always trading undercapitalised, and are subject to the problem of gambling addiction and improper use of leverage. Any speculator who trades without skill is essentially playing against the market as a whole, which has nearly infinite capital, and they will almost certainly go bankrupt as a result.
In all fairness, a large number of the reports of money being stolen by brokers is a result of weak trading, and not scam brokers. If unskilled traders spent time developing a proper trading methodology they would become better traders much quicker, and would likely avoid Forex scammers altogether, as they would suitably informed about the potential risks and what to avoid.
Most retail traders should be able to use almost any trading platform with any broker, and see very little difference in their results – it’s that simple. Once you accept your losses, trade with a trading system, and master your market, it will be much harder for you to fall for a scam.
Three Signs of Forex Trading Investment Scams
1. Trading Systems and Education Without Any Proof
There are a lot of scammers selling trading systems and education. When you ask them to provide any proof of their trading history, they evade the answer. There are also many traders who would offer their systems without a trading room or any services. These types of scammers are sometimes referred to as “snake oil merchants”. “Snake oil” is the term traders use for false traders and trading systems that have no valid proof of their trading history.
2. Email Spam Asking for Personal Info
Scammers may also ask you for personal information, such as:
- Your full name
- Your phone number
- Your home address
Don’t give away your personal details to someone you don’t fully trust. Be suspicious of brokers who don’t provide you with a written risk disclosure statement. Even if they do, read the statements thoroughly, because the devil is in the details. Remember, data may become currency soon.
3. No Background
Never work with someone who refuses to provide you with their background information. Be it a broker, a trader, an educator, or a money manager. Always do a quick check online to see if the person or company is legit.
According to New York Magazine, a kid from Queens, New York City in the USA made tens of millions of dollars by trading stocks on his lunch breaks at Stuyvesant High School. What happened in reality, is that it turned out he never made any money, and all his profits were made in a paper trading account.
How to Avoid Forex Scams
The best way to avoid investment scams is to take your time. Don’t rush your decisions – and make sure to assess all the pros and cons first. Finding a reliable Forex broker is not an easy task, but you’ll benefit in the long run from investing your time. The first step you should take when you come across a Forex broker or agency is to google their business name.
Look for customer reviews on reputable websites. If there are none or they are sound fake, you should stay away from that service provider. Additionally, you can browse through scam reviews and see if a Forex broker is as reliable as claimed. Also, make sure to find out if there are any outstanding legal actions against the broker.
For example, you can:
- Visit Forex forums and see whether there are any complaints about fund withdrawals, and if so:
- Contact the user who posted the complaint and ask for more details.
Perhaps the user was mistaken or confused, but it never hurts to ask. A proper background check will also minimise your risks.
Keep Away From Opportunities That Seem Too Good to Be True
Easy money? No way! Don’t believe anyone who tells you it’s easy to make money with something like ”20% gain per month”. It’s pure nonsense, because Forex & CFD (contract for difference) trading requires a lot of screening time, education, patience, and quick wits to become profitable. There is no easy money achieved here. If you dedicate your time and learn how to trade properly, you might achieve an additional source of income.
Further Steps You Can Take To Protect Yourself
Make sure to compare the regulations of the regulatory authority with the terms on the broker’s website to find inconsistencies and anomalies in their terms. If you don’t trust your own judgement, or you simply don’t have time, ask the advice of a licensed financial advisor. Additionally, you can ask for business registration proof before registering with a broker. Make sure to read through all the fine print when opening an account. Sometimes scammers use account incentives against the trader, when it comes to withdrawing funds.
- If you receive bonus funds and wish to withdraw them, a Forex scammer may deny you that right due its terms and conditions.
Don’t forget that when you start live trading – always trade a small volume for a short period initially, and then attempt a withdrawal. If everything goes smoothly, it’s safe to deposit more funds. The availability of a Demo account is another indicator of a good or bad broker. If you don’t get offered this option, or are discouraged from demo trading, this is a strong indication of a Forex scammer.
Questions To Ask To Avoid Forex Trading Investment Scams
Remember that you have every right to ask questions. A few proper questions, can determine whether you are dealing with a trustworthy broker or a Forex scam artist. Make sure know your rights, research the contacts, and check the company’s registration and business background. Keep in mind that all the information you receive from a potential new broker must be in written form. Never rely on phone conversations or oral statements.
Ask yourself these questions:
- What can you do when you realise a broker’s offer is not for you?
- How binding is the contract?
- How easy is it to reach customer service?
- Can you contact the broker by phone, Skype or email?
- Do they list a physical address?
- Do they use actual names?
- Are they a registered company?
- Can they provide performance history?
To ensure you’re not a victim of a scam, always use a regulated broker that is well established, has favourable online reviews, and is 100% transparent in their fees and compliance policies. The allure of quick money and easy cash will always be omnipresent, which is why you should make sure that you fully understand what it truly takes to become successful at currency trading, without using quick-fix schemes that put you at risk.
Trading With A Demo Account
Trader’s also have the ability to trade risk-free with a demo trading account. This means that traders can avoid putting their capital at risk, and they can choose when they wish to move to the live markets. For instance, Admiral Markets’ demo trading account enables traders to gain access to the latest real-time market data, the ability to trade with virtual currency, and access to the latest trading insights from expert traders.
To open your FREE demo trading account, click the banner below!
About Admiral Markets
Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world’s most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today!
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
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