Investment/ trading training

Fireball68
Fireball68 Posts: 27 Forumite
in Savings & investments
Hi,

Hope i have posted in the right section? Does anybody know anything about I markets live?

I am trying to teach my son that money does not come easy and there are no quick rich schemes He has taken on this I markets live trader training and is paying £150 per month for this privilege :mad:? Have found some info against this company but not a lot so any help welcome please?
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Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    Don't worry he'll learn soon enough once his money is gone. Sometimes it's better to learn these lessons early, and if he's gone that far I suspect he's probably too stubborn/stupid/naive to be persuaded, no doubt he'll be a grand or two down sharpish and might come to his senses.
    Just make sure he's not trading options or he can lose far more than he's [STRIKE]invested[/STRIKE] gambled
  • ColdIron
    ColdIron Posts: 9,011 Forumite
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    Oops
    • FULL RISK DISCLOSURE: Trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    Yeh but the son will be too smart to lose money, after all he's taking a course.
    He won't be asking himself stoopid questions such as, , if it's so easy to make money why don't the people who run the courses just make zillions trading rather than sell a course at £150 a month ?
  • Alexland
    Alexland Posts: 9,653 Forumite
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    edited 14 September 2018 at 12:40AM
    Looks like your son is going to learn the hard way. Still it could be worse he could be making this mistake later in life when he has a lot more assets to waste. The danger is getting burnt on this kind of rubbish might discourage him from making more sensible investments.
  • tacpot12
    tacpot12 Posts: 7,935 Forumite
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    Please update this thread with his experience. This could act as a very valuable thread from others who are considering this training.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • Fireball68
    Fireball68 Posts: 27 Forumite
    tacpot12 wrote: »
    Please update this thread with his experience. This could act as a very valuable thread from others who are considering this training.


    I will do but will continue to research this company and badger him to give it up? But i presume nobody knows anything about this company?
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    The people on this forum are by and large not the sort to be suckered in by stuff like this. So you'd need someone that had been suckered in and then happened along. It does happen with those who lose money on dodgy investment schemes that are or might as well be scams, but in that case they are looking for ways to reclaim their money.
    From my POV I don't need to know anything about this specific company because obviously it's a way to remove money from the gullible, since as I said earlier if big money could be made why don't they do it themselves.
  • Prism
    Prism Posts: 3,797 Forumite
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    Its not the monthly charge that is going to lose money - its the fact that if he applies this knowledge then he is more than likely going to lose even more money by trading.

    Not that it isn't possible. I have a friend who reliably makes money off the FSTE 100 through short term trading using specific formulas that have been developed over many years. He certainly wouldn't share that knowledge though for £150 per month.
  • Malthusian
    Malthusian Posts: 10,931 Forumite
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    iMarketsLive? It's not just a way to lose money on trading (like eToro and the like), but a pyramid scheme. It is illegal in both the United States and the United Kingdom (it is not authorised by either the FCA or the SEC). It has already been the subject of an FCA warning and warnings in a number of other countries.

    Read through How To Help Someone In An MLM. Badgering him will not work. He is in a cult, and by badgering him you will only turn yourself into the enemy and make him less likely to listen.
    • Do not criticise the company.
    Your friend will take any criticism personally. They will see it as an attack on them and their dreams. They have had it drummed into them that their hopes and dreams can be achieved by this amazing company. People who stand in their way are just haters and do not understand how wonderful this opportunity is. By disagreeing with it you are criticising their choice and jeopardising their dreams. They genuinely won’t understand why you are trying to destroy their dreams.

    The biggest danger of criticising the MLM is that you will be considered a threat to their success and could bring them failure. There are many, many instances of friends and family being cut off because of that. There have been divorces, lost friendships and family splits. This is a real threat, even if you had a very good relationship before.
    Try to find out if he is flogging the service to his friends because this could really do him long-term harm - losing all your money is one thing when you are young and don't have much to lose anyway, losing all your friends because you suckered them into a pyramid scheme is quite another.
  • jimjames
    jimjames Posts: 17,592 Forumite
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    Good advice from Malthusian about how to handle the subject with him. It's very hard when someone has bought into the promises from a company like iMarketsLive trading system and you're trying to help them to realise what they're doing.

    But ultimately if iMarketsLive was a genuine trading system the owners would use it rather than trying to sell courses.
    Remember the saying: if it looks too good to be true it almost certainly is.
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