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Report: #318956

Complaint Review: Market Traders Institute - Lake Mary Florida

  • Submitted:
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  • Reported By: Del Norte Colorado
  • Author Confirmed What's this?
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  • Market Traders Institute markettraders.com/ Lake Mary, Florida U.S.A.

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I was told about their wonderful education and that they have a "learn to earn" program where they give you a trade from their system on Tuesdays and Thursdays. These winning trades help you pay back the program costs.

You are told that they don't win all their trades but they do win 60% of their trades. For the two weeks I participated in their calls and used their trades, I lost over $2,000 as their trades lost money and booted you out at your stop loss. One of the trades bounced back after you were knocked out and did go to where they said but you had already lost money and been kicked out at your stop.

Out of three trades they lost two (both of which I had participated in, I missed the winning one). They made me feel it was my fault I lost money because their "educated people" know how to go back in and recover the money they just lost.

I have been studying forex for several months and had played several practice accounts. During those months my practice accounts did very well and I averaged 2 losses per every 11 trades.

I'm not sure their target system is very accurate or their learn to earn program a very good deal unless you have the money to pay without worrying whether you make money or not. They send out these emails about all these pips captured and that if you know what you are doing, you don't have to sit and babysit your computer to see what the market is doing. Well, if I had babysat my computer one of the trades was ahead at one point and I could have gotten out with a profit instead of a loss.

I also received an email telling me how if I had traded on Thursday evening in only six hours I would have made 120 pips or $1200 in just one trade. That's fine if it happens and if you happen to still have any money left after two bad trades, but would you trust them? I don't.

I am glad I didn't pay for their education program or their trend setter program. I highly suggest sitting in on their webinar calls and play only with practice accounts. No system is perfect but you need to beware of the costs of these systems and risks.

Mary
Del Norte, Colorado
U.S.A.

This report was posted on Ripoff Report on 03/18/2008 09:48 AM and is a permanent record located here: https://www.ripoffreport.com/report/market-traders-institute-342/lake-mary-florida-mti-false-318956. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
0Author
5Consumer
1Employee/Owner

#6 UPDATE Employee

Help for "BeverlyM"

AUTHOR: MarketTraders.com - ()

POSTED: Thursday, March 21, 2013

"BeverlyM"

If you have any issues with a transaction with our company please call our customer service number and ask to speak with our Customer Service Manager Matt Johnston, 407-740-0900, and he can assist you or escalate the issue as necessary. I didn't see any questions you were asking in your previous post, I saw a different version of a story you posted on several other sites under different usernames. If this call actually occurred and you are concerned about the quality of our education or sales process, please call our customer service manager and get him the time and date of the call or your phone number so he can review the call and take any necessary action. I'm not sure how you would have any information about the number or percentage of our satisfied or dissatisfied customers, but we take it very seriously.

As a practice, we utilize our time and these forums as a method to help actual customers with issues. It's very evident that you are a competitor and not someone who has done business with us, so we will not be responding to you further. Good luck to you and your company. 

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#5 Consumer Comment

MTI - You are too funny!!!!

AUTHOR: BeverlyM - ()

POSTED: Tuesday, March 19, 2013

I asked a series of serious and I think solid questions. You responded with with the most incredulous and pathetic response I have ever seen.  No wonder so many of your clients are upset with. If this is how you handle a complaint or even a question, they have every reason to be upset.

How come so many are still waiting for the those 450, not make that 2880 pips from your pivot point predictions?

The best part is that judging by your response, now the entire world can see what they are dealing with with MTI aka Next Step Financial Holdings.  You actually seem to take pride in your ignorance. 



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#4 UPDATE Employee

Help for "BeverlyM"

AUTHOR: MarketTraders.com - (United States of America)

POSTED: Tuesday, March 05, 2013

Hey BeverlyM, 

I see you have posted a few times. I'm sorry that you are having a hard time. Have you purchased something from our company before? It seems that there are no claims about any transaction with us, but a lot of issues with our sales and marketing. You have also posted a lot of claims that is inaccurate or just blatantly false, I'm curious where you are getting your information. If you have legitimate claims about a transaction with our company, please call in and we can help you work though it. Our customer service manager's name is Matt Johnston and his # is 407-740-0900. 

I did notice that every time you post, there are a series of other posts on the same day using other usernames making the same or similar claims. All of our calls are recorded for quality control and to ensure complete customer satisfaction. Our compliance department regularly reviews the calls to make sure that sales people comply with our company policies and other regulations. Every specialist should be able to clearly and confidently address all of the questions you posed. I find it highly unlikely that someone hung up on you because they didn't know the answers to your questions, because we regularly provide people with the same information. If you actually spoke to someone, please call us and let us know when it was and who it was with so we can review the call you are talking about and ensure that the specialist gets the proper retraining.

As for the expense of our courses, for the amount of education, live in-person training, one on one support, mentorship  online training and coaching, daily market analysis, additional charting and analysis software, and more that we offer, the cost of the package is nominal. We often offer payment plans, scholarships, and other financial assistance to those who cannot afford the full product so that they can get involved with our education as well.

In summary, we are not a fly by night scam organization. We are a 19 year old Forex educational company that has educated tens of thousands of students on the Forex market. If you have a legitimate issue with a transaction, a specific salesperson, or want to get involved with our education, please contact us directly and we will be happy to work something out with you so you have a chance to get educated and profitable in the market. 1.800.866.7431

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#3 Consumer Comment

Beware of MTI/Next Step Financial Holdings

AUTHOR: BeverlyM - (United States of America)

POSTED: Sunday, February 10, 2013

I agree with the first post here that MTI  dba Next Step Financial Holdings makes a lot of grandiose promises but they fall far short on delivery.  It should be noted that most people who take their courses lose money. It should also be noted that over 90% of the people who trade Forex lose money. MTI/NEST STEP FINANCIAL HOLDINGS will throw this in your face when you contact them to complain that their product is not working.

"Everybody loses money." They say. Well that is not what we are told when we signed up.

Let's take a look at how this company operates. First of all you will get a call from someone, a  low paid telemarketer no doubt, inviting you to attend a webinar. They will tell you that they are form Next Step Financial Holdings which is a reseller for MTI (Market Traders Institute) It is widely considered t hat Next Step Financial  Holdings and MTI are one and the same company. Both are in the same office and both are owned by the Martinez family.

These telemarketers will also rave about a special free ebook written by Jared Martinez, The FX Chief. We are told that it is about 20 pages of powerful information. FACT: It is about 5 pages of basically generic information that you can find on the internet. And calling it an ebook is a stretch. If it were printed it would probably be about the size of a small pamphlet and is more or less a promotional brochure, not an ebook.

We are also told that Mr. Martinez is world renowned forex trader and has written over 20 books.  The truth is, he has written about 20 promotional ebooks which are basically advertisements. There is no proof that he is a real trader and we are told that he has been trading ofr anywhere from 18 to 25 years depending on who we speak to. In all fairness, Mr. Martinez has had two books published. I looked on amazon.com and neither book even made the top 1 million. Hardly best sellers.

So we agree to attend the webinar. First thing we see is a huge building and it is at least implied that Next Step Financial Holdings and MTI occupy this monstrous building. In reality, the combined companies of MTI and Next Step Financial Holdings have about 50 employees and occupy a small space on one floor.

We follow the webinar which is supposed to be educational and we realize that it is a sugar coated sales pitch, much like attending a time share presentation. Only much worse. Parts of it appear to be live while most of it seems to be pre-recorded. There is some t/a, nothing earth shattering. And throughout the "demonstration" we are constantly reminded how great MTI is and that supposedly have been in business for 18  years and have around 35,000 happy clients.

The presenter tells us about his background, claims to be a forex trader for around 7 years and takes us to his facebook page with testimonials from MTI clients. Some of the claims seemed unbelievable. It should be noted that there was no record or indication of average returns, annualized. Only best returns which could have been fake or just luck.  When I typed this as a question, I could hear the presenter sigh, but he never responded.

This whole thing lasts for about 90 minutes. Then there is a question and answer session. The presenter reads the questions back but once again when I asked several questions, there were never addressed nor did I get a response.

Then the presenter asks the audience to leave their phone number if they are interested in hearing more. Next thing I hear him saying, "Thank you Bob. Thank you Carol. Thank you Jeff. Thank you Mike" etc. for leaving your number." I couldn't help but think that he was pulling these names out of the air or they were plants. So I didn't leave my number but low and behold they did call me back on the phone number that I used to register.

Wow that was fast! So I spoke with the "Educational Specialist" as he called himself, actually a sales person, probably better known as "The Closer" who was calling to "close me" He said several things that really rillied me. 

First of all, when he asked me if I had any investments and I told him that I had about 1/4 million in retirement accounts he gleefully told me that I could open a slef directed IRA and use that money to trade the Forex. I said, "Hey hold on a minute.  I spent most of my life working to build that account, you think I am going to gamble it on the Forex."

His reply was that MTIs training was so great that traders make money at least 60% of the time. He said it wouldn't be gambling.  Then he started bragging about margin accounts and that here in the USA I could get 50-1 margin so if I used my 1/4 million in retirement money to open an account, I would have over 1/2 a million to trade with. WOW! He said.

WOAH I said. Margin is high risk. You could lose alot of money. Then he said something which really caused me to laugh almost hysterically at the time, he said"It is not risky, all you can lose is your own money, not the borrowed amount." BHWAAAAAA!!! Is that all? Who wants to lose money and a 1/4 of a million at that from retirement accounts?? Not me.

He wasn't done. I told him that I wanted to trade on my own for awhile. He had a rehearsed answer.

"You will lose more by traidng on your own that what this course will  cost." Oh really? I'm going to lose more than $6, 900 by trading on my own? Don't think so. I didn't accumulate this nest egg by being stupid.

So then I told him that I was going to trade in a demo account first to practice. Again he had a well rehearsed answer ready for me. He says, "If you trade in a demo account, you could pick up a lot of bad habits. We con't recomend that." Oh of course not. You would rather have me pay you guys $6900 for an over-rated course.

Then I asked him some questions:

Do you trade?

What pairs?

What time frame?

How much are you making trading?

Have you taken this course? Did you pay for it or get it for free as an employee?

Can you show me confirmation slips proving that you trade?

If this deal is so great, how come you aren't trading?

Can you show me affadvaits of clients who have made the kkind of money you claim is possible with the

"pivot point predictions" you are so excited about?

How many lots have you purchased to take advantage of the coming "pivot point prediction"

If it is such a great opportunity, whay aren't you participating in it?

How many friends or relatives have you enrolled in this program? If this is what you say it is, why or why not???

Needless to say I didn't get any good answers to any of the questions. So I asked him a couple more

Help me understand why I should risk my retirement money on this?

Explain to me why you are better than the other companies out there?

His response was, "I have to go." And then CLICK!

Take some time and research MTI and Next Step Financial Holdings. Google Jared Martinez and his sons, Issac and Jacob. They have been involved in a lot of legal issues. I have seen the Ultimate Traders Package and it is nothing to  get excited about. The Analysts On Demand? Most of these "analysts" got about 1-3 months of generic training and don't even trade themselves. And these are the guys doing broadcasts and giving us "expert advice" Reminds me of the old joke about a guy who is giving out hot stock tips and just had his car repossessed.  To whom are you listening to? Be careful

The charting services offered here are inflated by at least 200%.  You can get the same or better elsewhere for a  lot less money.

The company from time to time offers partnerships. MTI had partners in Miami and the Caribean. Those partners lose money and went out of business. CAVEAT EMPTOR!

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#2 REBUTTAL Owner of company

Feedback

AUTHOR: MarketTraders.com - (United States of America)

POSTED: Monday, September 19, 2011

Thank you for your feedback , we at MTI take feed back very seriously and use it to better our company.  That is how the Earn While You Learn program was developed.  We had a number of perpestive clients who did not want to go through the full education before they got started trading, as a business, we would be crazy not to try and satisfy a market request.  We thought we could satisfy this  request for our clients.   After trying this pilot program, we have found that there is no real substitute for fully understanding the trading concepts  taught in the Ultimate Traders Package, before doing actual live trades.  It is too risky.  So we discontinued the Earn While You Learn program.

Our education is not any different from a student learning to be a Surgeon.  There are no short cuts to perform surgery.  A medical student must learn the procedure as well as use all of the available tools to complete the surgery correctly.  To make educated decisions in Forex trading , you have to find a good education and use the available tools.  Market Traders has the best Forex training product  and tools on the Market, The Ultimate Traders Package, MTI 4.0 Charting an Forextips website.  The Ultimate Traders Packages , is not a  get rich scheme, it is an education.  It teaches a person the basics of the Forex Market  as well as  MTI strategies , so you can be better informed about each trade you about to execute.  We are an education company , not a broker, so we can not make any guarantees on how much you will make or suggest any trades.  But we can train you to understand  the market to ensure you are comfortable with the trades that you execute.
 
The Ultimate Traders Package is a four phase education:
Phase I- 16 On Demand Modules
Phase II-  Online Classes
Phase III- Online Mentorships
Phase IV- 2 Day Onsite Training


2 Months Free Access to :
MTI 4.0 Charting Software
Forextips Website- Analyst on Demand

Again, there are no shortcuts to building a solid understanding on any important learning concept.  Shortcuts only encourage bad habits, missed important steps or thought processes.  This is the reason that you must align yourself with the best Forex Education and utilize all of the resources available.

The price of greatness is responsibility and we take our responsibility seriously in selling, delivering and servicing our products. We appreciate your feedback and wish you success in your endeavors.If you need any other assistance please call us directly at 1-866-787-8558

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#1 Consumer Comment

Some are so amazing

AUTHOR: Richard - (U.S.A.)

POSTED: Friday, June 27, 2008

It's so sad to see a good company being slammed by someone who's not really doing things right. First of all this person isn't even a client of the company. If you notice on the bottom she says she did not purchase the education. Secondly, anyone can make money on a demo account. That's why it's called a "DEMO". I will say that there is some truth to what this report says. Yes, in the earn while you learn program you are following the professional traders advice on his trade. You get to copy his trade verbatum and when he wins you win and when he loses you lose. It's part of the game.

I have been trading with MTI for over two years and the program just keeps getting better and better. The earn while you learn program was added in this last year and what a blessing it is. In June MTI went 7-8 trades in the program and I racked in $3,770. I've lost plenty of money but I can honestly say that I have won way more than I have lost due to the education. Part of the market is knowing that you are going to lose but I am educated enough to know that I can make it right back. I have followed the education exactly as it was lined up and I have been very successful. They taught me good techniques and I love that I can keep re-educating myself through their continued service.

I am one of those people that does not have to babysit my computer when I place trades. I can easily place a trade and walk away with confidence knowing that I am well educated and I only place trades after extensive market analisys and going over my trade plan. She should have bought the education. She might have known how to win her money back.

Have fun on your demo account playing with paper money. Again thank you MTI. I am close to hitting my goal of six figures this year.

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