- Report: #970683
Report - Rebuttal - Arbitrate
Complaint Review: Global Trading Academy
Global Trading AcademyInternet United States of America
Global Trading Academy Global Trading Group GTA will lose your money - My recomendation - DON'T Invest you will lose everything! Internet
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I was sold a misrepresented product as shown by Reason # 1 and Reason # 2.
Reason #1 - Global Trading Academy failed to perform, through its automated trading program, to the intent of our agreement. The program was marketed as an automated trading program that provides "True hands-free trading (that) lets you harness the power of your computer and Internet to participate in the more sophisticated financial markets with out being chained to your desk. VECTOR monitors the markets for you tick buy tick, in real time, and seeks market opportunities (profits) based on our proprietary parameters."
- Example 1: On April 19, 2011, I had $6,358 and in February 8,2012, after I got out, I was down to $1,975.20, a loss of $4,382 or about -69%. If I had not revoked Vector Trading program's access to my account, today (September 27, 2012, the last automated trade was made June 6, 2012) I would have only $61 left and would have a margin call of around $1000.
- Example 2: In only 5 trades made between March 9, 2012 and last trade made June 6, 2012, with the last trade breaking even, produced -$1550 loss.
- (Comment: Not counting trade slippages)
1) The program is not what it was sold to be.
2) The program is not trading; it only made 5 trades in over 6 months. It should average 1 trade every 4 days.
3) It is not working; I have no use for it and will not ever be using it!
Reason #2 - Because the "Hypothetical" spreadsheet that Global Trading Group showed me CONTAINS TRADE DATES, Global Trading Group mislead me into believing, that the trade results represented actual software test-trade responses of the Vector Trading Program to actual market conditions and values over a test period of 5.9 years of its development! The spreadsheet shows that, with out compounding, by just trading 2 contracts (average $323 for the two) the program would have produced $59,475.00 in those 5.9 years.
In summary: If I had known what I was being shown was FAKE, I would not have invested in the program!
This report was posted on Ripoff Report on 11/17/2012 02:38 PM and is a permanent record located here: http://www.ripoffreport.com/r/Global-Trading-Academy/internet/Global-Trading-Academy-Global-Trading-Group-GTA-will-lose-your-money-My-recomendation--970683. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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