“Are you a loser”? That’s how Nelson Rooson, the creator of The Wealthy Trader, invites you to watch the video on his sales page. And if you are an “it will never happen to me person”, he wants you to “get the hell of his page”.
Although I became a “this will never happen to me AGAIN person”, I refused to get the hell of his page. I was eager to find out what kind of BS story this clown came up with to sell his scam to unsuspecting folks.
The Wealthy Trader – Same Old Binary Option Scam
The sales pitch is basically the same used by all these promotions……
- “I made millions with this software” (a ton of bragging about riches; you know the showing of luxury cars, yachts and mansions)
- Software is big secret and works on auto pilot (so you don’t have to do anything)
- I will give you the software for free (because I am an angel)
- You must hurry because ONLY 20 Beta-Testers will get it for free (after that it will cost $199)
- Look how much money this software made me (yes, I can work “Photoshop”)
- Don’t take my word for it, see for yourself how others do with my software (oh boy, here comes the parade of fake testimonials by fiverr.com actors)
- Click on the button below and get FREE access (start making big bucks every day, yea right)
You see, I watched so many of these sales video for my reviews, I could script one in my sleep (and would do a much better job). However, there is one thing in this presentation that is unique.
Nelson Rooson, or whatever his real name may be, does show you some software doing some kind of work. Unfortunately, he never explains how this darn thing really works.
All you see is that some numbers are changing, but I seriously doubt they are the results of actual trades taking place. It does look impressive though, I have to admit.
What Happens After You Push The ‘Give Me Access Button’
The Wealthy Trader gives you some basic information about trading. You learn that the way the software works is highly secret, and you will have to open and activate a trading account with Nelson’s recommended brokerage.
After you added funds to your account, the minimum amount is $250, the software will start working. You don’t have to do absolutely nothing, don’t have to know absolutely nothing and will be absolutely rich in almost no time.
So far, everything seems to be nice and easy, just like a beautiful dream. But if something looks too good to be true, it never is. In a heartbeat, the beautiful dream turns into an ugly nightmare.
The Truth About The Wealthy Trader
You made the minimum deposit of $250 and anxiously wait for the darn software to do its miracle and earn you some real dough. Instead you get a call from a broker’s rep.
He informs you that the minimum deposit $500 and not $250, and that the software cannot be activated before you add $250 to your account. You disagree and refer to Mr. Rooson’s sales video. No help there.
Obviously, you overlooked the ‘fine print’, cleverly hidden on the broker’s purchase page. Of course you are angry and request an immediate refund of your money. Again, still friendly but firm, the rep shows you another tid-bit of fine print you also over looked.
You can withdraw money ONLY after you executed 30 trades, no exceptions. What to do, what to do? Reluctantly you shell out another $250 to be able to start trading.
Furious, you try to reach the office of Nelson Rooson, but you cannot locate a contact address. At least there is an email address and you shoot off a rather angry letter. Hoping for a response, you will be disappointed again. Your complaints are completely ignored
Such is the truth about The Wealthy Trader!
Does The Wealthy Trader Software Really Work?
It should, wouldn’t you think so? You’ve put the nasty stuff with Nelson’s BS behind you and were watching the instructional videos at the broker’s website for half a day. They are pretty good and give you some insight and understanding of binary option trading.
Then you check on the activity of your account and notice that this software made only ONE trade all day. Now that is weird, particularly when they post 50 trades for the day on their site. What’s going on here?
The same thing is happening the next day, and the day after. One week goes by and a total of 9 trades have been executed for your account. And here come more bad news.
6 losses, 3 wins have been posted. Each trade was made for $25; you lose $150 and receive 60$ in earnings for the winning trades. Your account balance is now $410 and you begin to worry.
However, you don’t have a way out, unless you simply give up on your investment and forget about the whole thing. A lot of folks just place trades on their own, which you can do, of course.
Not being an experienced trader, you don’t stand a chance to beat the market. Finally, realization sets in that ‘you have been had’.
Now here is the trick to the whole thing. Unfortunately, it is against human nature to just give up, and most people try to recoup their money. They keep on trying and keep on losing.
You may ask why the software is not working as promised. The reason is that software that can predict the fluctuations of the market DOES NOT EXIST. Period.
I tried Binary Option Trading to experience first hand how it works and how accurate the trading signals of the software every broker provides really are. Take a look at REAL results of my tradings:
|Date||Asset||Signal Time||Expire Time||Direction||Target Price||End Price||Result||Bet||Balance|
I traded with Redwood Binary Option, followed the Trade Signals exactly as given and lost $312.50 in 2 weeks!
The Bear Naked Wealthy Trader Scam!
First off, I doubt that Nelson Rosoon is a real person. I strongly suggest that a certain group of Internet Gurus is behind most of these scams and uses actors to narrate the videos. The members of this group are in reality Affiliates of the broker(s) and receive a commission for every new trader they refer.
The initial commission is usual $250, followed by a residual commission of 25% to 50% of the total TRADE VOLUME of the trader they referred.
You wonder how it is possible for the broker to pay YOUR minimum deposit as a commission? Remember, you need to execute a certain number of trades before you are allowed to withdraw ANY money from your trading account. The brokers make money in two ways.
If you lose, the money belongs to the broker; if you win, the broker pays you only between 75% and 85% of the trade amount. In addition, if you opted to take their matching bonus offer, you cannot withdraw any money until you reached a certain trading volume. For example, if you deposited $500, they deposit an additional $500 in your account.
You MUST reach a trading volume of 40 times the bonus amount, in this case $20,000, to reach the withdrawal threshold.
Now you see how Nelson and his buddies scam you. They will get $250 as initial commission and then another $6.000 if they have a 30% residual commission contract. Pretty clever, don’t you agree?
Binary Option Trading is a legitimate, albeit very risky form of playing the market. If you want to give it a try, do some research and learn the basics of the industry. NADEX, the only registered broker in the U.S. is a good source to do that.
Then find a reputable broker and ‘read all the fine print’ before jumping in. My article ‘Is Binary Option Trading A Scam, Legit or Gambling‘ will give you some more details.
Under NO CIRCUMSTANCES should you get involved with Wealthy Trader or with any of these other scam outfits. If in doubt, just google the program and when you find a ton of ‘POSITIVE REVIEWS’ with links to sign up, you know that these are from affiliates of the affiliate, jumping on the “easy commissions bandwagon”.
I hope you enjoyed reading this review as much as I enjoyed writing it, and I would love to hear your opinion. So, don’t be shy and leave your 2 cents worth on your way out.
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That’s all for today; thanks for stopping by and I hope to see you on the other side