Very interesting reading the posts here, I have been in for a while have never really had much success with the mlm side (dont know how others get loads to join up but would love to know how many leave) have had 2 people join & both have now left along with most of the people below me, one of mine had his account wiped out, as I have since & I felt terrible about it & am reluctant to tell others now & by the way we both kept to all the instructions, I know those converted to Fr will say we couldnt have then why have so many below me left? Hyperdrive was supposed to be the be all when it came out & they want more money per month for it but I have also had demos go bust with this, & overtime every demo I have been running probably close to about 10 have gone along with the live account. They dont take critisism very well either, I wrote to tell them I didnt think much to Hyperdrive as it was far to complicated & they just asked me if i wanted to leave. As others here have said if the market is good money can be made but your whole account can margin out in a day if you are not carefull. I also think it can be a friendship wrecker
First, I am not a member of FreedomRocks but I was about a year ago. I made a nice bit of money and, since I wasn't doing the marketing, I took it and ran :-). Since I am not a member, I have nothing to sell.
Having said that, the company is as honest as any I have seen. Mark Vincelette has been absolutely forthright about explaining the benefits and pitfalls of the program. Back office support is excellent as is training.
This is Forex trading folks. You NEVER commit money you can't afford to lose and you ALWAYS have a money management program in place. Yes, there are occasionally tremendous downdrafts. If you follow Mark's advice and use good money management you should survive them. That is not a guarantee. I rode out some extremely nasty dips and went on to make good money. Others, trading wildly, were margined out.
This is only partly a Forex program. This is a program designed to do three things, help people build an income, put together a debt reduction plan, and then invest some of their new wealth. It is not a get rich quick program. It is a program designed to get your financial life back on track. The Forex is only 1/3 of what they do.
I would recommend them for those that could use a program like that I just described. Forex 'wannabe millionaires' need to look elsewhere.
I wouldn't call it a scam, but there marketing is very misleading and their founder (Mark "something or other") is also a complete a-hole. I blew out a 10K account following there methodology blindly. They try and tell you that you're in a hedged position, which is very misleading. They also try and say the EUR/USD and USD/CHF are in correlation 98% of the time, that's also partly misleading. (FR likes to tell half truths). The bottom line is when you are trading the EUR/USD and USD/CHF simultaneously your actually trading the EURCHF (that's the chart you need to watch), if it's trending up you will make money on the "hedge". If the EURCHF is trending down you'll get your ass kicked on the "hedge". I'm still trading the pairs but without FR. I look at the EURCHF chart and if i get a buy on it, I'll trade the 2 currency pairs. You could just trade the EURCHF by itself and accomplish the same thing for the most part. If you had been using FR during the last week or so you'd probably have blown out your account as the EURCHF has been getting annihilated. My suggestion KEEP AWAY.
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10-31-2008, 02:09 AM
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