With the big movements from the cable and yen for the past few days, there’s definitely a dip or even margin calls coming from users of Freedom Rocks as well as ForexForSmarties. A user, harry posted on our HYIPBlog shares his shocking experience on FR with us here,
hi folks,
i just want to warn everyone to be v.v.v.careful. i started out demo trading FR – loved it – market was on the upside – eventually i decided to go in real money.
invested $31,000.- and guess what – it kept going upwards.
the real horror story started last week – from 37,000.- USD the total equity of my account went down to $880.-!!!! Yes folks $780.-. More than 95% wiped out !! And i’m a newbie so i was trading exactly what i told to trade – 10% margin – 400:1 – all 4 currency pairs. I was told the JPY had more volatility – but never told that if it went down 400 to 500 pips, it could WIPE OUT my account.
I’ve exited my JPY orders – badly bruised.
Please be careful with F.R – if the market starts going down – all that lovely music about buying low and selling high and collecting interest will feel like a piece of crap.
And the best part is when i write to FR they write back to me …..at the end of their email they give u a full A4 size page full of legal terms and conditions (obviously safeguarding their legal ground which i fully understand) and that lovely email ends with “Have a great day†!!!
The system works fine if everything is flat or moving up / down in small cycles. The moment there is big downward wave, THE LAST THING YOU WANT TO DO IS BE hooked to Mr.Mark’s music.
 As I was having a conversation with Dan, Life-Holdings who agrees with me as well,
Jude: still, its morally wrong to tell people that following their system, nothing will go wrong
Jude: even the best leveraged accounts can go bust with any kind of hedging when such drops happened
What irks me is since FR has an MLM model, alot of misconception could be formulated with the promotions member will be sharing. Potential members who wish to sign up with them should have basic knowledge of how forex works before even following up with a live account.
Of course, FR and FFS can retort that users have been advised on not to start any live accounts until they feel comfortable with the system, but when they’re demo-ing, most of them don’t get to see the big moves that Cable and Yen made a few days back. They’ll be shocked if they’re doing that I’m sure.
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