I am an experienced trader (trading 5 years) so have come across many people selling systems online and running live rooms. There is NO affiliate link or any of that nonsense in this review, just an honest view from myself which also reflects the sentiments of several other traders who were in Sam’s ‘training’ a little while ago – this article regarding the forexmagicwave (now at myforexmagicwave) system by Sam (Samdani Ghulam).
This will be an open an honest review of my experience learning profitable forex trading with Sam.
These opinions are my own (but are shared by several other members who have now left Sam’s forum having parted with money for his ‘training’). These opinions are based on evidence of what I have seen from this system seller. I welcome any comments from anyone who is currently a member of Sams forum/live room, or anything else that he’s selling online.
I would first like to say, I have been exposed to pretty much ALL the ‘big’ names in forex online, and haven’t come across a single one who is actually a genuine trader. Not a single person has been able, or willing to PROVE that they are actually making money from actually trading. To be clear, to me, a genuine trader is someone who makes consistent money, month after month, year after year from trading, and certainly makes more money from actual trading than the money made from fees in teaching trading. I wouldn’t call Sam one of the ‘big’ names, but I’m quite sure he’s making plenty of money from people paying for his live room by now.
The key question is: Is Sam making 50 to 100 pips each and every day as his advertising has claimed? The evidence I’ve seen is quite simply NO as Sam has provided NO evidence that he is.
The internet is littered with Sam claiming to make 50 to 100 pips each and every day. Here’s a few of the adverts, this “50 to 100 pips each and every day” claim is found all over the internet.
Of course, any intelligent person would know, IF someone could make 50 to 100 pips a day, each and every day asSam’s advertising suggests, by simple compounding, one could turn £1000 into quite literally billions in a few years… something is not quite right here is it?….
** Furthermore, Sam’s self proclaimed unique system looks rather like, if not exactly the same, as the system developed long ago by Raghee Horner (google her). You will quickly see that Sam’s ‘wave’ is almost identical to her method of trading.
** Incidently, Sam’s apparently unique system is also virtually identical to this free system that has been around way before Sam’s system – you’ll quickly see the similarities. Please don’t get too excited though, this one doesn’t work either but as these things always do, looks great on past charts as Sams’s stuff does. By all means check it out and you’ll see why after a few months trading.
Sam’s advertising says he’s making 50 to 100 pips each and every day – but I’ve seen no evidence of this. Indeed, Sam has provided evidence (through his Zulutrade live account that unknown to him was completely public for a while, and indeed the period that he ran a live trade copier for all his members to ‘benefit’ from his trades) that he is in fact not even consistently profitable (although his screen shots littered all over the internet would suggest otherwise).
UNFORTUNATELY I HAVE SEEN NO EVIDENCE THAT SAM IS A GENUINE AND CONSISTENTLY PROFITABLE TRADER.
I welcome Sam to PROVE me wrong by supplying his live trading records since I joined. He has however taken my money and is now ignoring all my emails. I have learned nothing useful from him won’t even offer a refund for the money he’s taken from me. If Sam proves to me that he is a consistently profitable trader I will be more than happy to remove this post from my blog, I think that is very reasonable but I suspect that’s never going to happen.
During the time I was a member, through talking to someone close to him and internet research, I discovered that his live account was being tracked through Zulutrade, it would seem that Sam wasn’t aware that the public could see this as he removed it (with good reason!) very quickly when I pointed out that I could see it and it would seem he isn’t making any money trading!
Would you want to learn from a trader who’s account is doing this?
The above is a screen shot of his account whilst he was taking money from people for his ‘training’.
I have now left his online ‘training’ because he’s provided no evidence whatsoever that he’s actually a consistently profitable trader. Furthermore, as my questions to him became more and more difficult – he’s taken to completely ignoring my emails and was unwilling to provide proof that he is consistently profitable (although his website and advertising make it appear that way) – and offered no refund for the fact that I’ve learned nothing useful from him to help me become profitable.
Unfortunately, myforexmagicwave seems to be more an exercise in getting $50 per month (or whatever he’s charging now) from as many people as possible than anything else (as I’ve experienced in all other online training that I’ve have the misfortune of signing up to). Unfortunately, his system is also riddled with false advertising all over the internet promising an easy 50 to 100 pips each and every day, and furthermore, it’s been proven now to be completely false advertising, as Sam isn’t even able to make these sorts of pips consistently as has been demonstrated by a metatrader EA that copies trades from his account live, he achieved around about an 80% loss rate (as witnessed by several members a few of which I’m still in touch with), and an even worse result in his live Zulutrade account where he experienced a several hundred percent draw down and showed no sign of any consistent profit (screen shot above and below).
Below is the actual screen shot of his Zulutrade account again before he realised I could see his equity curve publicly and he removed it quite quickly after that. (I have other screen shots and details on file).
Please note: the above equity curve got ALOT worse would you believe it and never recovered at the time Sam removed it from the internet – I don’t think he knew the public could see it as he removed it very quickly when I posted it to him!
Indeed, it would seem that he’s having difficulty creating any consistent positive pips what so ever, and has never provided any evidence to the contrary, any request I’ve made to him for proof via email has simply been ignored.
Unfortunately too, for a period of time, some trusting members were trading LIVE accounts (more fool them I say!) using his trade copier, and would have lost a great deal of money money not surprisingly during this time. He stopped the trade copier when he realised how much money he was losing people. I’m just grateful I was running a demo account to see his 80% or so live loss rate.
Being an experienced trader of nearly 5 years now, I have been a member of many live rooms on the internet, and so far haven’t seen a single genuine trader on the internet who is capable or not only making consistent pips, week after week, month after month, but have never come across anyone who has a live room full of traders actually making consistent pips. I was willing to give Sam the benefit of the doubt, and actually believe his advertising hype, but unfortunately now feel like a sucker, as with several other members.
I’m guessing if you’re a current member, you to are beginning to wonder, “Why is Sam seemingly making so many pips and I’m making none, in fact I’m losing overall”.
I feel many newbie’s find themselves content paying monthly subscriptions to a ‘guru’ for being taught ‘stuff’ about trading, things like fibonacci, elliot wave, gann, price action etc. etc. forgetting that they’re actually supposed to be being helped to be profitable and consistent traders. Trust me, I could write books on price action, fibonacci, and technical analysis, and I’m still NOT consistently profitable. This is why I’m not running a live room, taking peoples money, because it’s completely immoral, and… illegal?!
There is a CHASM between knowing everything about technical analysis in forex and actually being profitable consistently, and live rooms all over the internet prove this, as NO ONE is making consistent pips in my extensive experience. Simple maths, $50/month per person, multiplied by 1000 (1000 members), now ask yourself, whose profiting from forex? And in all likely hood, those people profiting from forex are NOT even consistent (month after month, year after year) profitable traders. I’ve certainly NEVER come across one and I’ve been studying Forex for 5 years.
Please note, this is a unique, and genuine review by myself, but I know these sentiments are also felt by several other experienced traders who were members whilst I was. I’m guessing if you’re a member right now, you’ve been thinking the same thing.
I reiterate, there is NO AFFILIATE link or any nonsense like that at the end. The opinions expressed are mine and mine alone with regards to this forum, and are based on my own personal experience and from the evidence I’ve seen in the 3 months I’ve been a member. I have a scientific background (have a PhD in Biochemistry) so am always looking for evidence in all areas of life to prove or disprove ideas and theories, unfortunately with this particular live room, I’ve gathered overwhelming proof that this system is riddled with false advertising all over the internet and seems to be nothing more than a membership fee gathering exercise (like all other live rooms I’ve had experience with on the internet) teaching stuff that is totally free on babypips.com and other good websites. I am VERY HAPPY to invite Sam, YET AGAIN, to prove me wrong and I suggest YOU do too by asking for a copy of his trading account since he started taking money from people in his live room.
If he is not willing to do that, ask why?
I iterate again though, I am MORE than happy for Sam to PROVE me wrong, and indeed PROVE to his current paying members (as he should do), that he is a GENUIUNE profitable trader. I will then immediately remove this post. I feel that’s very reasonable. Unfortunately, he’s been ignoring my emails for a while, and I suspect he will start ignoring yours too if you start asking for proof that he’s making consistent money from actual trading. At that point it might be worth you asking why?
He’s taken to completely ignoring my emails, and requests for such proof and I suggest YOU request such proof too before you give him too much of your hard earned money later finding out that you’re no closer to making money from trading than you were before giving money away.
IF you are considering paying money to Sam, DEMAND that you see his live trading account from August 2012 when he started receiving subscriptions from members. DO NOT pay him any money unless this proof is provided – or any other ‘live room’ or ‘training’ from anyone else who is charging for such information on Forex trading on the internet.
IF you are currently a member of any of the things he’s selling online, DEMAND that he shows you his LIVE TRADING account to PROVE he’s a genuine trader. This should included at least 6 months of trading activity on 1 real money account. If he’s unable to provide you with this, DEMAND a refund (I have been for several weeks but Sam is just ignoring my emails now).
Remember this, ANY GENUINE trader will be perfectly willing to provide this evidence and them saying something like “it’s personal financial information” is NONSENSE and is just an excuse used by ‘system sellers’ to not be ‘smoked out’. I know if I was selling a system, I would be delighted to prove how much of an excellent trader I was by showing my account, because I would be achieving something that most people cannot do. Furthermore, surely selling a system that I wasn’t making good money from would be… erm…. illegal… wouldn’t it?
There is further far more concerning evidence that I cannot post here, but if you get in touch with me personally I will provide that to you.
Please don’t hesitate to get in touch via the comments to share your opinions on FMW (forexmagicwave & myforexmagicwave).
You will find with forexmagicwave method (the price comes in to the wave, comes out, and ‘boom’ you’ve got loads of pips) – that this method DOES NOT work in real time. The reason being is that during accumulation periods, the losses using this method far exceed the gains made from the odd setup that does actually work, and yet Sam advertises this method as making 50 to 100 pips a day all over the internet, and yet Sam isn’t even doing that (as he proved when running his LIVE trade copier – where some people lost a great deal of money) – and indeed was evidence from his Zulutrade account, and furthermore, no other members were making ANY consistent profitable pips during the time I was a member.
I notice recently he’s writing an EA of this method. I wrote one many months ago to his exact system specifications to fully test his system, and it doesn’t work (I am an experienced programmer so coding it only took a week-end). It will work for perhaps a week or two, or even the odd month, but long term will fail miserably for the reasons I describe above. Namely, when markets become choppy, ALL previous profits will be wiped out and then some.
I REALLY hope to hear from many members of Sam’s live room that are making consistent pips with him and I will happily remove this post. I will be happy to share even more troubling evidence with you upon personal communication if you want further details. I am selling nothing here, just hopefully helping people be aware of what strongly seems to be going on.
My experience of him is that it very much appears he’s just yet another person making much more money ‘teaching’ trading, than actually from trading. I could teach trading, I know enough, I could write books on technical analysis but for me, it would be morally VERY wrong if I did, so I don’t, not least it would be illegal to take peoples money knowing that in reality they weren’t going to end up consistently profitable traders.
If there are enough people aren’t making CONSISTENT money (month in month out) using his methods, then the evidence is clearly overwhelming – I’d like to hear from anyone who is currently a member of his live room, whether you’re making consistent money, or losing consistent money like a leaking bucket as I suspect is more the case.
Please note: ‘consistent money’ IS NOT ‘oooh I made 300 pips this week’. Anybody can do that. Consistent money is making money month after month. A few days or a couple of weeks says nothing statistically about a system. Only after several hundred trades can statistics play out to mean something in trading. Sam’s live money account since I joined would certainly have enough trades to prove a system or not.
I wonder whether he’d be willing to share it with us all now?
He certainly should considering he’s now likely making many thousands of dollars a year from membership fees. Surely it would be wrong for him to NOT prove that he’s a profitable and consistent trader as his advertising suggests considering the reason why people are paying him money is that they believe he is making consistent money from trading and has something to teach them?
.. SO, is Sam a genuine trader making thousands upon thousands of dollars month after month, year after year from actual Forex trading?
Let’s find out.
Please get in touch by leaving comments below and tell me how you’re doing. This will be good information for anyone who is currently a member of his live room and also for people thinking about parting with money. Sam took great action on his forum previously when I was a member to stop members contacting each other privately (I wonder why) – but several of us were already in touch before Sam did this – which is when we found out we were all losing money!
Let’s discuss how you’re doing openly here. Please leave your comments, whether you’re making thousands of pips a month (as Sams advertising suggests) or whether you’re loosing money like a leaking bucket like we all were when we were members a little while ago.
If it turns out that most of his members are in fact losing money, we can get together to take suitable action to retrieve all the money paid in membership fees.
Best Wishes J