A few days ago I received an email from a reader who is participating in a 4x Made Easy® (4xME) trading group in Los Angeles. For those unfamiliar with the company offering 4xME, GlobalTec Solutions, represents itself as a Forex software, trading and training provider. Judging from the number of people who belong to Yahoo’s 4xMadeEasy eGroup (8,846 members and counting), the company has succeeded in getting thousands of small investors to spend upwards of $4,200 ($3,000 up front, $99 a month thereafter) to learn how to trade the foreign exchange which, of course, is very misleading, since they're recommending their students trade with dealing desk brokers.In my response to the gentleman who wrote me from Indian Wells, CA, I referred him to a website that posts trader reviews of brokers, education and training providers and my interest was peeked when the word "Scam" appeared in bright red letters in the column that day next to 4xMadeEasy’s® name. Visiting the online reviews, I came away with the distinct impression that few have anything positive to say about the program.
After I had a couple cups of coffee this morning, curiosity got the best of me so I decided to Google “4x Made Easy”® and made a few discoveries that provide some additional perspective. The citations are dated but I have no reason to believe that they are any less relevant today than they were when they were originally published.
Wize Guys?
Who is James Dicks?
Trading Systems: Show Me the Money
Fox 31 in Denver: Investigative Report
An Attempt to Silence a Lamb Who Thinks He Got Sheared
A visit to 4xMadeEasy.com was also informative. On their home page they provide a disclaimer toward the bottom that asserts that the company does not offer investment advice. Reading the articles above, I guess hype doesn’t technically or legally qualify as “investment advice” otherwise the SEC probably would have issued a cease and desist order a long time ago.
Now if this isn’t enough to convince traders to go elsewhere, get this. When you visit the company’s website you’ll see that they’re promoting brokers who offer commission free trading which means that they are recommending that their proteges sign up to trade through one or more dealing desk brokers. No mention is made of non-dealing desk brokerage as an alternative investment platform.
Novel concept. Hype the dream of easy riches. Sell people an outlandishly expensive program that won’t stand knowledgeable scrutiny and then collect a monthly fee providing useless automated signals.
I’m guessing the company will continue to prosper until 60 Minutes® decides to do one of those wake-up-and-smell-the-coffee investigative reports they’re so famous for. Until then, the principals won’t have to worry about canceling their tee times because there seems to be no end to the supply of people buying into the dream of easy riches.
Is 4xMadeEasy a scam or a path to easy riches? I've pretty much made up my mind. You'll obviously have to decide for yourself.
Invitation: I would be very interested in hearing from experienced 4xMadeEasy® traders who are not only using the program but are producing the kind of no-brainer profitability the promoters lead prospective traders to believe is possible in their introductory seminar. If you are using it, how long have you been using it? Is it as easy as they would have prospects believe? If successful, how successful? If you felt like you got burned, I'd love to hear from you, too.
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