In Forex trading, people don’t win every battle, although the intention is to ultimately win the war. In other words, we are not after winning every trade position in the market since it is not possible to do so. But we are concerned with making profits at the end of the day.
However, along the way, you also meet shrewd Forex investment hustlers like Chris Terry who have run a couple of websites where they sell all kinds of illegal Forex products.
Mr. Terry is the owner of iMarketsLive (imarketslive.com) where he peddles a day-trading room, Forex courses, trading signals combined with a MLM business model.
This guy was previously associated with a certain trading room which disappeared into thin oblivion after a flood of complaints started pouring in. At one time, he partnered with Linda Raschke to peddle a product known as Market Wizard.
Now, his most recent business venture involved a fraud worth $600 million. This was stopped by the SEC after it was found to be operating like a ponzi scheme.
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In addition to this, iMarketsLive serves as a trading room where members come together with a common purpose — which is to learn and profit from the markets.
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However, iMarketsLive is also promoted as the only trading room with magical indicators on the internet.
iMarketsLive sells a tool called Harmonic scanner. Mr. Terry says that this tool is useful because it scans and identifies key harmonic patterns in the market. The aim is to identify profitable harmonic patterns — so they say.
We were contacted by a Forex broker who asked us to bring iMarketsLive into the spotlight.
This is quite unusual because, generally speaking, Forex brokers never care whether you profit or lose. They don’t care what tools you’re using to trade on their platform.
After all, their job is to ensure that you can place the largest volume of trades possible. Their other job is to find new customers, period!
Actually, this is very unusual. It seems that users of iMarketsLive have been losing money to the point of shading tears, thus threatening to flood and drown the premises of this particular broker.
Now, this is what happened in relation to iMarketsLive. This Forex broker accepted deposits from clients of iMarketsLive which amounted to several thousands of dollars.
This money was deposited via credit cards only to learn that those credit numbers were illegally obtained and charged by the so-called Chris Terry who prides himself as the number 1 Forex and Futures trading educator.
In the 90s, a book by Jack Schwager was published and released into the market. It was called the Market Wizards. This book is very popular with new traders since the content is geared towards motivating people who want to start a career in trading.
The content of this book is nothing more than stories of supposedly rich traders who made their fortunes from Forex trading.
It’s been a while since the last update of this book was released. Nevertheless, news has it that Jack Schwager was apparently hustled to believe that the ‘successful millionaire traders’ whom he mentions in his book were actually struggling traders in the beginning.
One personality that was hyped in that book is Linda Raschke. She was portrayed as an extremely successful trader with a solid track record of making money — although no proof was given.
The bottom line is, Linda Raschke became the center of attention. She took advantage of this and opened a day-trading room where hundreds of people paid boat-loads of money to participate in.
Guess what, Chris Terry was her co-pilot. Mr. Terry was a self-made millionaire who alleged that he was an expert in day trading.
At one point, we learned that he made $85 million and in another, the story changed to $185 million ….. the story keeps changing as years pass by.
Eventually, this duo separated and Linda went back to selling books, trading courses and appearing on TV etc. No one knows if she really trades for a living.
Sorry to bust a bubble here. But truth be told that despite people trusting her, many of them lost a fortune in her trading room.
Anyway, after her demise (because they separated), Mr. Terry started a multi-level marketing program which is also related to trading Forex. He used to promote a now defunct website called Zeek Rewards.
After this guy ripped off his clients in the so-called Zeek Rewards which operated like a securities scheme, he launched iMarketsLive.
We would have told you long ago that iMarketsLive is just another Zeke Rewards in disguise. The different is that this scheme employs an interesting twist.
The twist is this: you pay an upfront fee of $195 to join and a monthly subscription fee of $145 to keep getting Forex signals.
And the ‘best part’ of becoming a member of iMarketsLive is that your trading account will be ‘auto-traded’ by Cherry himself and other shit-shows who help him run the trading room.
How is it that people are delivering Forex signal services and at the same time taking part in an auto-trading room? Things aren’t so good.
As a matter of fact, the situation is growing worse by the day, making it difficult even for brokers to conduct their business with a peace of mind. That is the reason they contacted us with the request that we should expose the mastermind of iMarketslive.
However, Mr. Terry ”the trading educator and signal provider” wouldn’t want you to believe that these accusations are true.
That is why his website is big on claims that whether you sleep, party or do whatever you want, your account will always grow because it is mirroring their own accounts.
You are supposed to open an account with them so that your alleged training can begin.
The next step is to fund your Forex account (only with their recommended Forex brokers). Keep in mind that Mr. Terry receives a kick back for all your trading activities, and he’s very happy about it.
Third, you will be lured into his so-called auto-trading program where you will lose a shirt and a whole farm. A quarter of those who get involved in this auto-trading thing will randomly make money because signals are binary in nature.
The next step is to target the few who have made money with the intention of pitching them a pyramid scheme. Of course if you made money here, you’d be more than glad to tell your family and friends about iMarketsLive.
Now, Zeke Rewards used to follow this exact business model, and it collapsed.
However, iMarketsLive will continue for as long as a greater fool exists to join it.
You’ve seen that iMarketsLive is a completely ridiculous program. You might wonder if people really fall for these scams.
However, am forced to remember the words of PT Barnum. He said that a fool is born every minute.
On the other hand, clever people often find good things. The moral of this is that you should always choose products that have a track record when trading Forex.
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