- Report: #1136620
Report - Rebuttal - Arbitrate
Complaint Review: The ATP
The ATP44 Market Street Sydney, Other Australia
The ATP The ATP, Achievement Trust Prosperity Negative 120% ROI in under 3 months, Great return guys! Sydney New South Wales
*Author of original report: The ATP, Still losing money
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The ATP Australia
Where do I start?
They called with the classic line, our investments have been closed to the public up until now, so get in quick while you still can etc
The ATP had a pretty good history for the last 12 months their ROI stated they had made around 150% for the year prior, not bad
The services the ATP offer are automated trading on Silver, Gold, Oil and the DAX using Vantage FX as the broker
I wasn't happy with the buy in price as in these types of services they are generally quite high, the higher amount paid up front the lower monthly costs if any
The buy in for a 3 year trading deal was $15,000, I said it was too much so they offered me the same deal but for $10,000 and so long as within 12 months they returned a 50% ROI then I would have to pay up the remaining $5000
Good deal right?
The trading account barely traded in positive territory before starting a stellar run down, I have seen some people wipe out in spectacular fashion before, and while this wasn't as quick it was certainly as consistent, constantly betting against the trend, i.e have a losing trade on, keep putting trades on in the opposite direction of the trend until it finally turns, well guess what thats what rookies do! And it cost them majorly. Another point to note is the amount of capital risked on each trade, this is calculated by your account size and its about 3%. According to Trading masters such as George Soros etc anyone who risks 3% of their capiltal on one trade is insane. People in the game for a long time making billionions of dollars stick around the .05% mark
So what happened?
Well the account got set up all pretty easy signed all the liability wavers etc
Then the downward spiral happened
It was bad but it wasn't soooo bad so I just let it slide, it was my money in there but hey 10k wasn't the end of the world
Then one night I wake up to see a fairly major 16% drop in one night or around $1600, you've got to be kidding me right?
I only had 10,000 in their, some people had their superannuation in there, thats their life savings and a 16% drop on 500k is very damaging
I emailed the ATP to immediately cancel their Power of Attorney on that particular trading account and asked for a refund of the service cost, not the now $4000 of lost trading monies
After a pathetic excuse as to why they had the big drop that night [common the ATP a software glitch] Really? Who falls for that stuff, I don't know
So they offered me the money back for the 16% drop, but that was it, this was not good enough so I rejected it, also it had a waiver in it silencing me, you wont silence me for a measly $1600 the ATP
So in a nut shell the ATP had said hey if you come with us we'll give you a discount and if we make 50% on your account in 12 months you owe the balance, well 50% on $10,000 plus the $10,000 buy in, so to work out the ROI accurately we need the full amount invested to the ATP which was $20,000 and the return which was -$3,500 which gives us a negative ROI of -117.50%
Yeah thanks for that
I don't know how many of the ATP's clients are sticking by them but after such an epic mistake its hard to imagine anyone trusting the ATP with their hard earned money
This report was posted on Ripoff Report on 04/05/2014 03:54 PM and is a permanent record located here: http://www.ripoffreport.com/r/The-ATP/Sydney-Other/The-ATP-The-ATP-Achievement-Trust-Prosperity-Negative-120-ROI-in-under-3-months-Great-1136620. 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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