My name is David Ellis, and I am acting as solicitor for CFTI Trading. I am responding to the numerous false statements made by an individual who has chosen to remain anonymous. Let me individually address each point raised.
Firstly, this person claims to have posted his report from New York City. In fact, this individual is not a US citizen. He is a citizen of the Central American Nation of Guatemala.
The claimant states that there was little guidance offered in the program. This is a false claim. The program offered by CFTI Trading is in-depth and contains several hours of additional assistance and guidance. Mr. Chambers has stated on numerous occasions that futures markets are complex and require both dedication and time to master. My client, CFTI, has arranged a comprehensive support team for all its clients and has stated on numerous occasions that additional help is always available.
CFTI Trading clearly specifies in its agreement that no guarantees of profitability are made, nor are any refunds offered. Both points were known to this past client who was not pressured into signing any agreements with CFTI Trading.
Although there is a strict no refund policy in place, when this individual requested a refund, 6 weeks after completing the program, the company considered granting the request as a sign of good faith. Several attempts were made to reach a formal settlement with this client, but each one was rejected by the client. Even after the client agreed to accept a refund of 50%, because he acknowledged his failure to study and execute the strategies taught, he continued to refuse to finalize the agreement in writing. CFTI made every effort to operate in good faith, but those efforts were met with little co-operation.
The client's assertion that Mr. Chambers has been trading for 12 years is completely false. It is well-documented that Mr. Chambers started trading in 1992. Mr. Chambers has always been willing to submit tax forms to verify his length of time in the markets and his level of profitability as a trader.
This individual claims to have had arguments with Mr. Chambers. These disagreements were fuelled by the client's inexperience with the futures markets. Mr. Chambers does not instruct clients in destructive trading activities; the disagreement involved the client's wishing to execute a trade with significant risk, which Mr. Chambers opposed (in the best interest of his client).
On the topic of Trader Psychology, the CFTI Program spends 3 - 4 days discussing various psychological barriers and ways traders need to prepare themselves if they intend to maximize their chances of success. The preparation is far more intensive than any public presentation CFTI Trading may deliver.
The client makes a claim that clients of CFTI had one month where the average return was 36%. In commodities markets, it is not uncommon to see exceptional rates of return, followed by a period of sluggish returns. The net returns during the 3 months following the impressive 36% gain were under 2% per month. CFTI Trading makes it very clear that clients should not focus on any specific monthly return, but rather, to focus on consistency in trading and on building accounts annually.
The client also questions whether Matrix Trading, a proprietary approach for finding key levels in a market, is a valid one. The client indicates he did not make an effort to apply or understand the mechanics behind the trading approach.
The five most profitable markets reviewed were the Euro currency, crude oil, US 30-year Treasury bonds, gold, and the Canadian dollar. All of these markets have been trending strongly over the last several years, and indications are they will continue to present opportunities for seasoned, well-educated traders.
In his closing remarks, the client clearly acknowledges the fact that he is fully aware that there are no refunds.
In summary:
This client's credibility is highly questionable. He is not a US citizen; he is a citizen and resident of Guatemala. Why does he feel the need to impersonate a US citizen and say he lives in New York? If he felt that his claims were valid, why did he feel the need to post anonymously? Mr. Chambers' contact information is freely available and he strongly encourages anyone wanting to contact him for clarification to do so.
This client acknowledged he did not make any effort to apply any of the strategies or information presented to him.
Note: There is strong evidence to indicate that this client regularly takes educational programs and then makes accusations in an effort to extort funds from the firms in question. The evidence includes correspondence where this client openly admitted to threatening firms with whom he had dealing with and making efforts to extort funds.
Why did this client wait 6 full weeks after the completion of the CFTI Program before expressing any concerns about the quality of information? He has admitted to Mr. Chambers that he did not execute any trades based on anything in the program he was enrolled in.
As recently as October 9, 2007, this client was trying to extort funds from CFTI Trading and made threats to Mr. Chambers. He knowingly placed this posting on October 4, 2007, as he continued to try to extort funds, knowing he had fabricated these statements.
CFTI Trading has been operating successfuly for several years. In composing this response I spoke with over 50 randomly selected clients, and all of them were pleased with the quality of the education and support provided by CFTI Trading. All said they would gladly recommend CFTI to fellow traders. In short, they all felt the program was excellent and extremely valuable.
If you require any further information, feel free to contact me at the address listed below.
David A. Ellis
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