Report: 4X Made Easy
Category: Seminar Programs
4X Made Easy ripoff Promises of 'easy' only apply to how they get your money!! Internet
*Consumer Comment ..contacted by 4x Customer Service
4X Made Easy
Fax:
Internet,
U.S.A.
Submitted: 3/25/2006 9:32:16 PM
Modified: 10/6/2006 11:47:14 PM
Greg
kansas city, KansasI went to the 4X Made Easy seminar here in Kansas City in July of 2002. I liked the idea behind the software, the 'ease of use' and the 'childish simplicity' of red and green arrows and crossing lines. I purchased the software like many of those in attendance that evening.
A week later I attended the 1 day training included in the purchase of the software. I had only 2 days of live use of the software because the original disc sent to me was defective. I received the replacement disc and started watching and paper trading for 2 days. I accepted the 6 disc training package when the 1 day training was over, and that seals your fate, you no longer can return the software.
I devoted uncountable hours trying to get a handle on this 'easy' market,and after opening a mini account and trading real money, I saw just how 'easy' my money had left my hands!!!
Not only the cost of the software, but $100 per month for the data to make the software work!!! I attended extra workshops, scanned the 4xmadeeasy web posts on Yahoo, read all forms of help-u-make-this-work notes and trading tactics for the software, all without any consistant success.
Reading their forum will show you in print that there are a selscted few who tout the value of the software. It will also show you in print that the software is: 1) Not easy or why would there need to be such a forum to help anyone use it, 2)not able to do short time frame trading successfully because the #1 agreed-upon trading method is called 'Big Lights' because it uses much BIGGER time frames to give you signals to take as trade opportunities.
The software will show you as small a time frame as a 1 minute chart. Their instructional dvd set and their seminars tell you: you pick the time frame and the software tells you when to trade. But to hear their live daily talk show trainers teach the really good trading secrets, you should'nt even look at even a 10 minute chart because it is not a good signal to use. So what happened to the shorter timeframe I just bought the software to trade in??? You guessed it, NOT EASY!!
I tried all sorts of things for almost 3 years. I made some good trades and more bad ones. I finally had to say uncle and stop the $100 per month data feed. I think I actually made enough to pay for the data feed 2 or 3 times in that almost 3 years. I'm not sure I can put into words the feeling of failure and disappointment that came over me the day I had to admit defeat!!! But I still trade a mini account in the Forex. I did some playing around with line charts and moving averages and I can get a close cousin of the charts.
There's likely no chance I'll ever see the first penny of refund from 4XMade Easy. But,I won't die from it. I hope I've learned a very expensive life-long lesson. If nothing else, I hope this whole experience comes rushing over me like Hericane Katrina if I ever feel the need to spend more than 50cents on something SOMEONE ELSE TELLS ME THAT I NEED!!!!!
Greg
kansas city, Kansas
U.S.A.
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Updates & Rebuttals:
- 4X Made Easy has competition, if you want to really LEARN Forex Brian [3/26/2006 9:17:14 AM]
- Learned about class action lawsuits in Colorado and Texas Greg [3/27/2006 12:06:53 PM]
- contacted by 4x Customer Service Greg [10/6/2006 10:24:12 PM]
4X Made Easy has competition, if you want to really LEARN Forex
If you are looking for negative criticism this rebuttal isn't going to make you satisfied. I want to provide an equitable solution to the problems that Greg from Kansas describes.
For anyone who really wants to learn how to trade foreign currencies, 4X Made Easy is not for you, in my humble opinion (IMHO?). They do not train students to know the trading pairs and how to read technical analysis data. They tell you to trust their green and red arrows, but never get into what those arrows really mean and how they are derived. In fact, they say those things are 'proprietary information.' If you want to really learn it, you are going to have to learn the ropes better that 4XME offers. It seems to me that relying on 4XME digs you into a rut that blinds you to other options, and here is why I say this:
Another company, Premiere Trade, has a similar approach, expecting students to accept their software's judgment of the market, so as to make the user's task less demanding. I spent 8 months trying to get successful with PremiereTradeAI 'revolutionary trading software' without consistent results, and with no really positive results, but rather with very large losses. Fortunately it was only play money, or 'demo accounts.' But by using the PTAI platform, I became so accustomed to its format that I was unable to easily use charts from other companies, kind of like a WordPerfect expert who can't use Word, or a Chevy Astro owner who can't figure out the controls on a Corvette manual 5-speed. The software has various features that make learning the various operations (and switching back and forth between them) easy, but at a certain point, the things you cannot change on it get to be obstacles to your flexibility. And there is nothing that PTAI can do about that, so they say.
Premiere Trade recently switched from using FXCM to FXDD as their data feed source, for reasons the top man (James Dicks, who created 4XME, too) says are for the good of the customers. That may be true, but it seems to be only part of the story. The fact that Refco (very larger broker) recently lost all its credibility when the CEO was unable to account for a large sum of money (and by the time he got the money back, his whole company's image was demolished) was, it seems to me, enough reason for Premiere Trade to abandon FXCM, since Refco had been a large FXCM customer. It seems Premiere wanted to distance itself from the controversy. In fact, FXDD proudly said that it had had nothing to do with Refco. Well, in fact, FXCM can say the same thing, since they were merely the source of Refco's data, and Refco was one of many brokers that use such data.
Also, the customer service that FXCM provides is quite good, and FREE! FXCM gives free data feed for students who are trying to learn, and even offers free 'webinar' (web based seminars - visual only) lessons for those who are looking to get familiar with the basics. They e-mail you links to get started, and will call you on the phone to remind you of certain events if you ask them to call you. If you don't want them to call you, they won't!
Greg from Kansas City, Kansas says he spent 3 years trying to learn, even with $100/mo data feed. That's really a sad loss! For you, Greg, and for others trying to do the same thing, you ought to try FXCM, or Forex Capital Markets. I have no vested interest in saying this, as I am not affiliated with FXCM. But my experience working with them has shown me that what they offer for free is more instructive than what Premiere Trade offers for $3,000USD. Unfortunately, I paid that bill before I learned the lesson.
Another thing I found out is, that I learn more from talking to other Forex users than I do from these companies. Anyone who wants to help me learn or wants me to help them learn should be able to get in touch with me, but this forum doesn't seem to offer such a feature. This is my first attempt posting here, and as Zeochelo, I don't see a place to post my Yahoo email address. We ought to be able to share contact information, but perhaps the liability issue is prohibitive or whatever.
There is another company with a very forward-thinking approach, with a 'live trading room' virtual access where students can work with professional traders during live action. I have a friend who bought their package, which is $5,000USD. He is very happy with it. I can't afford it right now, but I hope to, one fine day. I would like to tell more about it right here, but I am still learning, so there isn't much to tell yet. However, after my friend took the first 3 days' classes with them, he gave me a few pointers, very basic things, and I put them to use along with the FXCM webinar info. In one day, when the market got real agitated for a few hours, I was able to gain over 500 pips in 4 hours in the USD/JPY pair. That was 2 weeks ago. I bought low and sold high over and over again, able to pinpoint the very instant the price was changing, maximizing profits in a most exciting way.
This 'other company' also offers as part of its big package (it offers smaller packages that don't have this premium feature) a software that can be programmed to automatically enter and exit trades, even while you are not watching, at work, sleeping, or otherwise occupied. This is quite interesting, because nobody else has such a thing. It's a brand new product and so far has had great reviews.
So the bottom line is, that while Forex is alluring on many levels, it is actually very easy to LOSE money in it, and not so 'EASY' to MAKE money in it. HOWEVER, if you have all your ducks in a row, and are clever, alert, awake, and well-informed, you can get amazing thrills raking in the profits AND HAVE FUN DOING IT. The key is, using the right information, getting rid of bad habits, and applying the right combination of trading skills.
Learned about class action lawsuits in Colorado and Texas
I'm looking into more about the lawsuits from the state of Colorado and Texas. It may be the only way to get some restitution. Seems to me that a simple refund of the purchase price would be cheaper and less damaging to Globaltech, but no one asked me for a solution to the problem.
I guess only time will tell. I would like the chance to settle this issue on my own. But it appears that many others thought so too, and a class action lawsuit was the better route.
contacted by 4x Customer Service
I Was called by Oscar from 4XME. He wanted to know how I was doing with my trading!! I stopped the datafeed in April of 05, so I was very impressed with their concern for my trading success!
When I told him the software would not and could not be made to work in any short-term timeframe, he told me that there was more training available to help me. I told him I did not see why I needed $100 per month data feed to trade 90 minute or longer charts! It surely didn't make the shorter charts work, and that was their big brag: you pick the time and the charts, and the software will tell you what to do. IT DOES NOT WORK!
Oscar was a nice man, and he was sorry to hear things didn't work out. He said he would 'update' my account information. No offer to 'be there every step of the way' as they had promised. I wonder what the update to my account was going to say? 'Another satisfied customer' or 'Don't call for a product endorsement' or 'put this one in the trash, he's not going to give us any more money?' What ever it says, it will never reflect the expensive lesson I have had to swallow.
A full refund of my investment is the only just solution to this full-blown scam. And I would wish the same for anyone who believed the lies we were all told!!!
I will keep watching this forum and I'll post any updates to my story. Please, do not become a victim of this scam. Do your homework before you buy anything of this nature. It would have saved me thousands of $$$, and untold hours of grief, lost sleep, shame, self-doubt. You really do learn alot about yourself when you find out you've been scammed!!
The upside: maybe a few people will be able to read these forum postings and avoid becoming the next victim.
Greg
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