• Report: #1072567

Complaint Review: Simo FX Signals

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  • Submitted: Fri, August 02, 2013
  • Updated: Fri, August 02, 2013

  • Reported By: Scott Trader — Westwood California
Simo FX Signals
Internet USA

Simo FX Signals Simo Forex Signal Service  Internet

*Consumer Comment: Simo FX is a complete rip- off!! AVOID!

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This is a new trade copier signal service that started on June 17, 2013.  I received numerous promo ads from Simo for the service.  I did find that my contact information was taken from MBFX Systems, a company where Simo was previously involved.  In speaking with MBFX Systems, they informed me that Simo illegally exported their mailing list, left the company, and used their mailing list.  Simo also took one of the MBFX indicators called the New Trend Indicator, changed its name, and re-marketed the indicator as his own creation calling it the FX Indicator Predictor.  Nonetheless, I stupidly signed up for the trade copier service at the end of June in which Simo claims 70% winners and 10% to 50% monthly (you will laugh at these claims when you see the results).  Simo took 1 week to get the copier service properly working on his end.  So on the start of the 2nd week, I took all of Simo's trade signals for use on a LIVE account.  Here are the results:

 

TOTAL TRADES:     64

TOTAL WINNERS:  12 (17%)

TOTAL LOSERS:     52 (83%)

CONSECUTIVE WINNERS:  2

CONSECUTIVE LOSERS:   14

 

DRAWDOWN:  -16.2% 

MONTHLY PROTRATED DRAWDOWN:  -32.4%

After 2 weeks, I had to shut it down to stop the bleeding from having my account wiped out.  With such horrendous trade signals, I requested a refund in line with his 60 day guarantee.  Before the request, he would respond to an email.  But after the refund request 3 times, all requests were ignored.  I assume that nearly all the new clients for the new service were also asking for refunds, and he went into hiding.

SUMMARY:  STAY AWAY FROM SIMO FX SIGNALS

Someone who rips off his previous work place for their mailing list, someone who rips off indicators and re-packages as their own, and someone who makes false performance claims and puts out signals with performance so bad that it would be hard to duplicate even if you intentionally tried to pick losing trades.  Then to top it off, does not acknowledge refund request under the 60 day guarantee.

 

 


This report was posted on Ripoff Report on 08/02/2013 03:04 PM and is a permanent record located here: http://www.ripoffreport.com/r/Simo-FX-Signals/internet/Simo-FX-Signals-Simo-Forex-Signal-Servicenbsp-Internet-1072567. 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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#1 Consumer Comment

Simo FX is a complete rip- off!! AVOID!

AUTHOR: p.m. - ()

I just wanted to confirm that the rip off report already here is completely accurate.

You will lose significant amounts of money if you use this so called "system"

I originally decided to purchase this product based on the independent reviews that came up when I typed 'simo fx reviews' in to google. But I now realise that all of these reviewers are making money every time someone signs up to simo fx from a link through thier websites. if you click the 'affiliates' link on the bottom of simofx.com you will see that he offers 75% of the sale price then 50% per month each time he gets a subscription from an external website. so all of these generic reviews that people have on thier websites are false, i doubt if any of them have even used his signals. they all seem to offer a 'special gift' for signing up to simo fx from a link through thier websites and it's no wonder if they are making money every time someone follows said link and signs up

 

I have used these signals for about 3 months now in the hope that he wasn't a liar but he clearly is. He was very quick to respond when i had questions regarding his service but i e-mailed him over a week ago to say i wanted to cancel but have had no response.

 

i have been trading for 10 years now so i am aware that you cannot see profit every day (which is the reason why i have tried to stick it out) but i am around 30% down now and cannot continue. if i do, i will be completely wiped out within a few months (and I stick to money managament rules vigorously, using a maximum of 2.5% of my capital for each trade)

to sum up, don't be fooled by the fake reviews online or the completely fabricated results he e-mails out claiming to make 5 or 10% each month

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