• Report: #508898

Complaint Review: Profitunity

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  • Submitted: Wed, October 14, 2009
  • Updated: Sun, November 01, 2009

  • Reported By: Fed Up Trader — Colorado USA
Profitunity
www.profitunity.com Internet United States of America

Profitunity Profitunity Group Profitunity.com, Profitunity Group is a complete SCAM Internet

*REBUTTAL Owner of company: The author if this complaint is a con artist who was charged & convicted by the SEC in 2002

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I am a rather experienced trader but from time to time I like to try to improve my skills. While doing an Internet search I stumbled upon Profitunity.com - so I figured what the heck why not. Their website looks good, they seem to be able to back up their claims with lots of testimonials.

Well after purchasing their course I must say they are a COMPLETE SCAM... there is NOTHING useful in the entire course.

Their whole thesis is that their "alligator" (which is NOTHING more than a few combined moving averages) "leads the market" and provides traders with an unbelievable edge. They even went so far in one of the DVDs to claim their system was "back tested on super computers and proven to be 99.6% accurate"... to which I immediatly went "oh lord this is a fraud".. For all of you out there trying to invest.. NOTHING is ever 99.6% accurate.. most winning traders are only 85% accurate at best... 99.6% is completely IMPOSSIBLE over a long period of time. They claimed they used "years of data"... which again I claim no way.

I personally back tested their theory. Which uses fractal geometry. Fractals are nothing new to trading and that is why I thought this course may be onto something. However, their use of fractals is laughable and their combination of the alligator and fractals is a complete joke. I back tested using their "ideal" setups and to say it was no where near 99.6% accurate is an understatement.

I would have been happy with 90% or even 85%... but it was less than 44% accurate. And their money management had smaller winners and bigger losers.

The bottom line is that fractals may have value if used properly. Moving averages DO have value if used properly. Money Management is EXTREMELY useful if done properly... the problem is that this Profitunity course does NONE of them properly...

Save your money go elsewhere.

This report was posted on Ripoff Report on 10/14/2009 12:02 AM and is a permanent record located here: http://www.ripoffreport.com/r/Profitunity/internet/Profitunity-Profitunity-Group-Profitunitycom-Profitunity-Group-is-a-complete-SCAM-Intern-508898. 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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REBUTTALS & REPLIES:
0Author 0Consumer 1Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Owner of company

The author if this complaint is a con artist who was charged & convicted by the SEC in 2002

AUTHOR: Profitunity - (United States of America)

The person who wrote this complaint has been charged and convicted by the SEC for Security Fraud, representing that he managed a $250 Million hedge fund. In 2009, he ordered our course, installed the indicators, watched all of our videos, read through all of our manuals, and decided that he didn't want to do the work that we require to honor our guarantee, so asked for his money back.

This is against our policies and so he started calling us scammers, and using a lot of derogatory languaage against us, claiming he ws going to file a claim with the SEC, etc, etc. However, the fact is that he is the scam artist, who told us many lies trying to work around the system, rather that actually work on learning to trade the system.

As far as the other comments, what he says about the 99.6% accuracy, is the accuracy of the computers generating the signal, not the accuracy of the signal itself. In addition, we do not say anything about Fractals being new. We have been using and teaching students how to fractals for over 25 years. Finally, he NEVER asked anything about Money Management. Actually, he never asked us one single trading question. Apparently he knows everything he needs to know about trading because he is already so "experienced."
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