I am not sure if I am posting this in the right place or what kind of users would be best to answer this question. If I am in the wrong topic please let me know and I will re-post. My close friend just put his life savings of $50,000 into a Gain Capital / Forex.com account. He has been relying on a "friend's" signals for the past 30 days during the practice/demo trial and got a 27% return on investment in 1 month. He is convinced the guy is a forex genius. I have tried to reason with him, but he keeps telling me to "just try it yourself with the practice money and you will be convinced also." He gets 1 signal emailed to him at exactly 9:53am for him to place at exactly 9:55am and 1 signal at exactly 6:52pm for him to place at exactly 6:55pm. The stop loss is $1,500 and the upside is $3000. He makes only 2 trades per day and 1 on Friday. Does anyone have anything I can say that will convince him to pull his money out and run for the hills? The guy is totalling lying to him saying that he has a "patent" on his mathematical algorithm (if you had a system that worked you would never patent it as it would make it public information). Plus the guy works as a security guard during the day...why would someone who has a successful algorithm be working 9-5 as a security guard..I just can't convince my friend that there is something wrong with this picture. I would hate to see him lose the $50,000. Its everything he has saved up in the last 5 years. Someone please give me some advice on how I can convince him.
Mike
Mike