- 1 You Think Gambling Will Make You Rich? Try The Casinos. The Odds Are Better Than Buying The Money Magnet System!
You Think Gambling Will Make You Rich? Try The Casinos. The Odds Are Better Than Buying The Money Magnet System!
I know this is a bold statement. Vince Hunt’s product is just another software that supposedly is able to predict the future swings of commodity trading in general and the Binary Option Trading in particular.
Money Magnet is nothing new and similar software is available for several years. My review will explore the validity of the outrages promises made by Vince Hunt in his sales video, and also Binary Option Trading and the inherent risks involved.
What Is Money Magnet?
Product Name: Money Magnet
Product Owner: Vince Hunt
Product Price: Free
Upsell: $250.00 deposit to use software
My Rating: 0 points on 100 point scale – 1 Star
You want to hear the truth. Keep reading!
Vince Hunt claims in his sales video that he is making Million Dollar Profits in Binary Option Trading by using his software. He wants us to believe he can do that while living the high life and without having to work more than 5 minutes per day.
According to his rant, the program is so extraordinary that you will make a profit of over $5,000 in your first week, and hitting 6-figures in a month.
Please, don’t believe this crap. It’s a hyped-up sales pitch full of lies and misinformation. I don’t know if Vince Hunt narrates his video himself or if an actor does the honors.
However, watching the video is a funny experience. The rhetoric is outlandish, rude and offending in an amusing way though.
I include it here in case you have not watched it yet. It will give you a clearer picture of the manipulating nature of Mr. Hunt than my written words could do. Needless to say, that I do not promote or recommend this product in any way or fashion.
Yo Loser – Do you believe that crap?
Sorry, I had to throw that at you. But let’s put aside the rude manner of speaking and talk about the substance of the message. Is there any ‘Substance”?
There are many sales videos like this trying to lure unsuspecting people to buy useless products. Especially in the “How to make money online” niche of the internet, they are a common vehicle to promote these scams.
You will encounter all the same elements.
- Get Rich Quick
- Fancy cars
- No Skills Needed
- 5-clicks, Copy& Paste
- You work only 5, 10 or 20 minutes per day
and so on. It all sounds “too good to be true”. And that’s the reality. You cannot make a fortune this way.
Vince Hunt’s video is no different. All you hear are outright lies. He is promoting a system that will not work the way he says. I will explain the reasons in the next chapter.
Binary Option Trading – A Brief Introduction
This type of trading is called Binary because there are only TWO POSSIBLE OUTCOMES! You can buy Binary Options on virtually any financial product.
There are 2 ways of trading. You can buy a “Call/UP” option or a “Put/Down” option. That means that you are betting the option either will have gained or lost at a fixed expiry time. This could be 20 seconds and up to 30 minutes, an hour ahead or to the close of trading day.
For example: You buy an option for $100 at a strike price of $40.00 and bet that the option will be 43.50 at 3:30 p.m. that trading day. If the option finishes at 43.51 you win, if it does not reach 43.50 you lose your $100.00 bet.
The pay-off is a fixed amount, and returns about 70% (minus cost for the option) of the bet. So, you will have made a $70.00 profit.
This is the short explanation of Binary Option Trading. (For more info about binary options go here)
Binary Option Trading is a Gamble – What are the odds to strike it rich with Money Magnet?
I talked to several professional traders and asked their opinion about Binary Options.
The consensus: Binary trading is unpredictable and even more risky than playing the stock market in the traditional way. Only experienced traders with a lot of money to play with have a chance to make profit.
Here is a quote from Gordon Pape, writing in Forbes:
“[…] this sort of thing can quickly become addictive […] no one, no matter how knowledgeable, can consistently predict what a stock or commodity will do within a short time frame”.
You see what the “real insiders and experts” have to say about Binary Option Trading.
But Vince Hunt says………………….
that his software will predict what the market is going to do! This is humbug, misleading and a big lie.
Trading software is not a “fortune teller” but “reacts” to the actions of the market, reports an “overall trend” and calculates probabilities. Does the software “guarantee” that the market will behave as it “predicts”? Absolutely not.
Market fluctuations are the result of many unpredictable factors and there is no way any computer software can know of them before hand.
Take the better odds and go to the Casino
Trading Binary Options will give you only EVEN ODDS. Play Roulette if you want to gamble, bet only either Black or Red and wager $10.00. A win returns $10.00. Play the options game and win…….the pay-out will be $7.00.
You win and lose at the same time. Take the better odds. Playing the slots will give even better odds. You don’t have to bet all of your $10.00 on one play. A lower wager let’s you play longer and will give you the chance of winning several bets exceeding your starting bankroll.
Cash out and you are a winner. Playing the max bets on slots gives you the chance of winning the Jackpot that may be hundred times your starting bankroll. I like these odds.
What to do with the Money Magnet System?
In short: Avoid it. Vince Hunt will give you the software free. That is what he claims in his video. However, you must pay $250.00 to his “trusted broker Redwood Options” to be able to even try this system. This deposit, what Vince calls it, is non-refundable.
I think it’s unethical to make you pay for a product before you know what you will get. Many will call this a scam and I, wholeheartedly, agree.
Believe me, Vince is not making millions in profit with trading binary options. He may rake in a significant amount of money by peddling some useless trading software for a hefty commission from Redwood Options.
My Final Word About Money Magnet
It’s very clear that the software cannot predict what the market will do. Vince Hunt promotes his product in typical Guru Scammer method and treats the folks watching like morons.
I cannot recommend Money Magnet to anyone, and in particular not to people trying to start their own online business. There are better and legitimate ways. Check out my post “Legit Online Money Making Programs.
My Verdict: The software may have some useful functionality for experienced traders. The way it is presented and the unrealistic promises made by Mr. Hunt, place the Money Magnet Project in the SCAM CATEGORY.
Money Magnet Rating: Zero points on 100 point scale – ONE STAR – Thumbs down
My name is John, the owner of Facts About Internet Marketing. My mission is to help newcomers start their own online business the right way. If you are interested how to get started, contact me by leaving a note below in the comment box, or simply send me an e-mail. firstname.lastname@example.org