Author Topic: Any 5 Star Signals Reviews Scam or Not  (Read 12234 times)

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Offline Charles & Susan

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Any 5 Star Signals Reviews Scam or Not
« on: July 02, 2014, 04:01:25 PM »
Anyone have a review of 5starsignals.com a Forex program claiming 10 levels of commissions with 80% payout?
If you have any info on this program please let us know.

Regards,
Charles & Susan



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peterp

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Re: Any 5 Star Signals Reviews Scam or Not
« Reply #1 on: August 19, 2014, 03:12:54 PM »
Like so many other programs, they offer you training etc on how to trade with Forex. Thats their product: selling training programs. What they do not tell you is most people loose money. Statistics show that 95% of all traders loose money trading. It is the hardest business to succeed in. Just browse the web for Forex SCAM, loose money with Forex, illegal MLM Forex etc. In my opinion, yes, its just another scam operation where only the top will enrich themselves.
http://articles.latimes.com/2011/apr/03/business/la-fi-amateur-currency-trading-20110403

Offline Charles & Susan

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Re: Any 5 Star Signals Reviews Scam or Not
« Reply #2 on: September 03, 2014, 02:18:25 PM »
Hi Peter,

Thanks for that.
Please keep us updated.

Charles & Susan



5SS

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Re: Any 5 Star Signals Reviews Scam or Not
« Reply #3 on: October 07, 2014, 12:08:07 PM »
Hi everyone.

I am Marie, one of the founding three of 5 Star Signals. Specifically I am the head analysis and in charge of all things trading. As some of the others in the team put it "The one who understands the squiggly lines on the charts".

Nice to meet you.

I agree with a lot of things Peterp said.

Quote
they offer you training etc on how to trade with Forex. Thats their product: selling training programs.

This is correct. We also do what is know as a "signals service" and that is where we tell our members the trades we will be taking and they can follow along and make the same trades as we are.  It means even if they know nothing about trading they can make money copying our moves (as long as we are making money of course, there are times we do very well and there are times we lose but overall we come out on top, or at least we have to this point and our traders have traded for over 20 years combined).

Quote
What they do not tell you is most people loose money.

This would depend whom you spoke to I suppose. We do keep a tight eye on our affiliates and take a hard line with anyone who is making misleading claims.

I have been running forex services for a number of years (long before 5SS but 5SS is the first time I have welcomed in others to affiliate and added levels. Before that I have always just ran my own traditional subscription service) and I would have no one under the disillusion that trading any financial assets isnot something most people have a hard time with.

We do state on our website in our T&Cs and at the foot of each page that trading on leverage is risky and may not suit everyone (this is a legal requirement of our industry) http://www.5starsignals.com/terms-and-conditions/

Quote
Statistics show that 95% of all traders loose money trading. It is the hardest business to succeed in.

I am not sure of the accuracy of this statistic but I would not doubt it. From my personally experience this is not far off the mark (and I have a trading group with over 10,000 people in - I have encountered my fair share of wannabe traders. 

Forex is a zero sum industry though, meaning that every dollar someone loses someone else wins. If 95% are losing and 5% sharing all that money you can see how being on the right side of this is mightily attractive.

The very first thing we aim to drum into new people is risk management, it is paramount. Using our suggested risk management you would have to lose over 50 trades in a row to lose your initial investment.
See - http://5starsignals.com/percentage-based-money-management/
       - http://www.5starsignals.com/risk-control-and-lot-sizing/

I think my personal worst ever losing streak has been about 15 trades and none of my signals services have ever reached 10 losing trades in a row. There is of course no way to say 100% for sure we will never lose 50 + trades in a row but the mathematical probability of it based on personal history and knowing the probabilities of the setups we trade I would estimate the chances down in the nano fractions of a percentage point.

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illegal MLM Forex.

I have to strongly protest against our name being linked with illegal shams that usually just use forex as a front for ponzi schemes. We are in no way like that, we are fully compliant with all laws pertaining to our industry.

Quote
where only the top will enrich themselves.

I know you are focusing mainly on the MLM aspect here but I'd like to draw your attention to the fact that I (and all our traders) trade the signals we give out - we are just sharing what we are doing, so if our members are losing, so are we.

It is very much in our personal interest to make profits from trading. Furthermore, I am very much on the front line with direct contact with our members and their feedback so I experience the joy of them winning and the frustration of losing trades. I care deeply about our members. Many of them in fact are people I have become friends with over the years often with them having been members of my previous services.

Another very simple fact is this ... if our members do not make money - they will unsubscribe.

We sell a Bronze level membership at $27 paying out 80% of that leaving under $5 per member profit. This is only enriching us if we can maintain a big members base.

The bottom line (literally, I am about done typing :) ) here is that we only make money when our members make money, don't knock it until you have tried it ;)  Demo accounts can be used to simulate the results trading with us without any risk of real money and I would suggest this may be the best way to determine whether or not 5SS will be profitable for you.
« Last Edit: October 07, 2014, 12:38:04 PM by 5SS »

5SS

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Re: Any 5 Star Signals Reviews Scam or Not
« Reply #4 on: October 07, 2014, 01:04:51 PM »
PS - If you would like I would be happy to keep a running record of our trades from this point onwards posted here in the thread so you can see how we get along :)

5SS

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Re: Any 5 Star Signals Reviews Scam or Not
« Reply #5 on: October 07, 2014, 02:12:38 PM »
I just read the article Peter posted.

I'd like to go through it :)

Quote
""The ads made me think, 'This is easy,'" said Ouma, 52, an administrator with the Grand Prairie, Texas, police department.

Ouma used her credit card to fund an account with an online currency broker. Within a few weeks of swapping dollars for yen and euros, she said, her $3,000 of borrowed money was gone.

"Even if you make money for a little while, eventually you just end up losing," she said."

OK ... lets do this another way. You see people driving past you all the time, they are driving fine all looks nice and well. You jump into a car with no lessons and no idea what you are doing.  You just know what peddle makes it go - you're gona crash if you even get started.

Profit loves preparation. If you do not know what you are doing the markets will not be kind. USD/JPY is a little tricker than some pairs to trade with the Yen being very volatile and moving a lot of pips in a average day.... said another way, she could not drive and she jumped into to a super car for her first spin ... no lessons and probably no seatbelt.

Quote
"Ouma made two mistakes: investing on credit and trying to make a buck by predicting changes in currency exchange rates, something best left to professionals, according to personal finance experts. But she has plenty of company."

She made one mistake. She invested money she could not afford to lose and she would have went through several risk disclaimers warning her not to do so - they are a legal requirement to open a live forex account.

Quote
"As if those statistics weren't scary enough, the rules of currency trading allow investors to leverage every dollar they bet on a 50-to-1 ratio. This allows them to bet money they don't have — a tactic that can boost profits but also losses."

Some brokers will leverage you right up to 1000 to 1 and most up to 200 to 1.

It is a choice if you use it. If you have a money management strategy they rules would prevent you using all this leverage which is just playing with fire (stick some nos on that car)

Quote
""The business model for forex trading is to burn the customer and then find another one," said Larry Harris, a USC professor and the former chief economist at the Securities and Exchange Commission."

OK .. there are two types of brokers. One is known as a market maker and they will take the other side of your trades. They then may have a conflict of interest wherein they make money if you lose (so ignore any advice they give you).
These brokers will often elect to cover their exposure meaning they will open a hedging trade with another broker so they are neutral, they have no vested interest in you losing.

The other type is a ECN broker and they route your trades directly to the banks (liquidity providers ) and they get a small commission (known as the "spread" from each trade made) - they at no point are exposed to risk on this transaction.

These type of brokers are paid per trade. Their ideal client is someone who trades actively and profitably. No traders, no money.
More traders, more money. They are not trying to burn through them and get a fresh stack - this is very ignorant of the workings of forex brokers in the main.

Quote
"'At the mercy of the dealer'

Experts say the unusual structure of the currency market makes it hard for amateurs to beat the house.

With stocks, brokerages typically send customer orders out to be executed at an independent exchange and charge a set commission for each trade, no matter whether the customer wins or loses.

That's not the case in foreign currency markets. Because there is no centralized currency exchange, the brokers must fill customer orders themselves. This enables them to make money in two ways."

This pertains to market maker vrs ECN broker.

A ECN broker sends your trades to a bank and they fill it (happens in fractions of a second).

Usually these banks will deal with the Bank of International Settlements (BIS) - the Daddy of them all.

This ... is the crux of it really.

Quote
"Executives with both firms say that they simply provide a conduit for people who want to trade currency, and that customers are given full disclosure of the risk.

"The majority of people today are on a quarterly basis not doing well," Drew Niv, FXCM's chief executive, acknowledged in an interview. "There's lots of education showing, 'Here's how to do it right.' … Do most people heed the advice? No, of course not.""

It is virtually essential to our success as a company to make sure we dont have Oumas. A Oumas would make us the princely sum of about $10-15 if they managed to last a full quarter (and with no money management its rare anyone lasts in FX even that long)

Even on the free parts of our site we stress the importance of risk management and we give the exact methodology to not be a Oumas :)

http://articles.latimes.com/2011/apr/03/business/la-fi-amateur-currency-trading-20110403


« Last Edit: October 07, 2014, 02:27:27 PM by 5SS »

5SS

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Re: Any 5 Star Signals Reviews Scam or Not
« Reply #6 on: October 08, 2014, 09:58:43 PM »
Trades taken/closed today. This is on a $10,000 account using 2% risk per trade. 3.3% return on this one.


5SS

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Re: Any 5 Star Signals Reviews Scam or Not
« Reply #7 on: October 09, 2014, 11:51:45 AM »
Trades taken/closed today. $10,000 account based on 2% risk per trade. Return of a little over 3% on this one.



Took another one for about 2% but I actually missed it (told the members how to make money and missed it myself - duh lol) am waiting on one of the members sending me the trade data and will post it.

Net gain for the day a little over 5% based on 2% risk per trade.

5SS

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Re: Any 5 Star Signals Reviews Scam or Not
« Reply #8 on: October 09, 2014, 05:18:36 PM »
Extra trade mentioed above (from clients account)


5SS

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Re: Any 5 Star Signals Reviews Scam or Not
« Reply #9 on: October 10, 2014, 01:21:39 AM »
Trade closed at no loss (decided to enter at more favorable price later)

« Last Edit: October 10, 2014, 01:24:18 AM by 5SS »

Offline Charles & Susan

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Re: Any 5 Star Signals Reviews Scam or Not
« Reply #10 on: November 10, 2014, 05:13:03 PM »
Anyone have any thoughts on this?



cadx82

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Re: Any 5 Star Signals Reviews Scam or Not
« Reply #11 on: December 01, 2014, 06:44:58 PM »
Hi,

I just came across this thread I haven't seen before and throw my 2 cents in.  I am a member of 5 Star Signals, and yes I am an affiliate although I have not made any sales (sales is not my thing).  I have been a member almost from the beginning back in June 2014.  I have nothing but good things to say about 5 Star Signals and their head analyst Marie.  Since I have been with them for a while I've got to know Marie for a while.  She is a great person and also a great forex trader. I am a bronze level ($27/month) member and trade 99% of the trades their signal service provides (the other 1% the SL is too big for my account, so proper money management says to stay out of the trade).  Attached below is my MyFXBook account which is my account that I use to only trade 5 Star Signals trades from the time I joined up until today.  Yes times were VERY good in the beginning (June & July 2014) and then they hit a drawdown period (August, September & October 2014).  Yes there were complaints made to 5 Star Signals questioning their forex trading ability.  Yes they did lose members during this time, but anyone who trades forex for a while knows there are what is called a drawdown period and you with proper money management and the right trades its just a matter of time before the profits start rolling in again.  Those who decided to stick it out with Marie and the 5 Star Signals team(most members & myself) saw that since then (November & now December 2014) my account is now back in profit and I look forward to even more profits with them.

If you wish to follow my MyFXBook to continue to watch 5 Star Signals trades you can follow me at: http://www.myfxbook.com/members/cadx82/5-star-signals/664407

If you do like what I said and are interested in joining 5 Star Signals and give it a try maybe you could help me get my first sale and use my affiliate link here: http://www.5starsignals.com?aff=cadx82

Either way I wish you good luck in your forex trading!
-Chris (cadx82)

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Offline Charles & Susan

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Re: Any 5 Star Signals Reviews Scam or Not
« Reply #12 on: December 02, 2014, 02:23:36 PM »
Hi Chris,

We are glad it is working out for you.
Keep us updated and thanks for stopping by and posting.

Regards,
Charles & Susan



cadx82

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Re: Any 5 Star Signals Reviews Scam or Not
« Reply #13 on: April 21, 2015, 06:24:29 PM »
Update:


YTD (2015): -21.9%


Return since I started (June 2014): +10.1%


I am unbiased.  You make the decision.. Good Luck


Here is my new MyFXBook since FinFX stopped accepting US clients, my account got transferred to Tallinex:
http://www.myfxbook.com/members/cadx82/5-star-signals-tallinex/1146690

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