- Report: #1388644
Complaint Review: automatedtradingalgos.com - Menifee California
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automatedtradingalgos.com
30141 Antelope Rd Suite D1000 Menifee, 92584 California, USA
Phone:
760-618-1604
Web:
https://www.automatedtradingalgos.com/
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"automatedtradingalgos.com" "Misrepresented and overcharged for automated trading service" Menifee California
I came across automatedtradingalgos.com through their "fully automated home business" posting on bizbuysell.com. They are a company of 2 people - Dan Sukja and John Weber - that claim to be coders and developers. They sell an automated trading system developed to trade index futures using the Tradestation platform, which can be bought for $15000. For a newbie, who's new to futures trading, and Tradestation, the performance reports that are avilable on their website look pretty good - I admit, I fell for the face value of what was portrayed, however, I found out the reality after having signed up with them.
They first have you setup a live account with Tradestation and then setup the systems on your account using remote access - risky! After the setup was complete, the algorithms failed to execute at times and were going haywire outright (would randomly take trades and exit for a loss, then trade the other direction and lose again). The whole reality and unreliability of operating the systems made me lose confidence and I also lost $10000 in trading in just 3 months. I was really disappointed to say the least, and let the seller know that I would never use the systems again. The seller then made excuses and explained intricacies that were never covered before I signed up with them. I also found out that they were changing their own setups, but keeping me with the same setups that lost me money.
I paid them $7500 to start with per contract. I asked for a refund, but of course they won't pay me back. Now, they're asking for the remaining $7500, which makes no sense to me. But, because there's a contract, I think I am at a disadvantage. I really have no use for their service or the algorithms, so I don't think I should pay. Similar, services charge less than half $7500. I think the seller is targeting high net worth newbies to sign up and have them commit to an expensive contract, judging by the fact that he advertises on a "franchise businesses for sale" website.
If anyone has gone through handling such an experience, I would like your feedback. Also, I would appreciate any legal help on this situation. I've already filed complaints with NFA, CFTC and FTC about this same issue.
1 Updates & Rebuttals
John
Menifee,California,
USA
Abhishek Rane Rogue Trader
#2REBUTTAL Owner of company
Sat, July 29, 2017
Mr. Abhishek Rane,
We do our best to train new licensees on how to operate the algorithms, but in the end we have no control over what the licensee chooses to do with their account or how they chose to operate the algorithms. Should they chose to override the algorithms, overleveraged or just turn the platform off, we have no control over this.
Your personal decision to override the algorithms, over leverage yourself and jump from algorithm to algorithm were the factors which caused your losses. Based on the past performance of the algorithms you were originally on, had you stayed consistent, with the same parameters and the same number of contracts, you would have seen a profit. You were sent the reports and instructed on how to verify these reports through your own system. (See Disclaimer*)
We have another licensee who started around the time you did with the same balance and his account grew year to date. What was the difference between the both of you? He chose to stay consistent with the algorithms, not stop trading after 3 months, not override any trades and not over leverage himself. Did he experience some losses along the way, yes, but that is typical with any system. There is no perfect system.
The haywires you referred to occurred less than a handful of times. This was due to a server / internet outage. We have no control over this, and stress the importance of the internet during our calls.
Losses can occur and every market is different. We make the Tradestation reports available on the website so anyone can see the ups and downs of the past. We also ensure that any new licensee is made aware of the CFTC disclosure that past performance is not indicative of future results. With any new venture there are risks. We disclose these risks on our website, videos as well as the license agreement you sign prior to purchase of the algorithms.
In the end Mr. Rane, you need to accept responsibility for your own actions and not blame others or go on public forums.
*Past Performance Is Not Indicative of Future Results. Trading Futures Does Involve Risk
