There have been several fake business and money market wizards who have time and again fooled the public with their schemes when the reality is that more than them actually making money with their so-called systems or unique methodologies of beating money markets, they actually rip off honest people’s money by getting them to sign up for lessons and courses. This is something that is happening time and again and someone should put a stop to it.
The latest money market guru to join the bandwagon is Steven Dux, a Chinese student who is young and so successful that Timothy Sykes, another controversial finance wizard, took him as his student and proudly proclaimed him as his biggest success story and achievement. It was reportedly the advice given by Sykes that helped Steven Dux make his millions. Things are more complicated than this. Dux is using strategies which are practised by multiple other traders.
Steven Dux was a struggling engineering student who found out Timothy Sykes and then learnt all about his system for making money, investing $5,000 on the latter’s Millionaire Maker program. In 14 months, Dykes reportedly increased his wealth from $27,000 to more than a million. He has also shown proof of his income which may be true or false, there is no way of verifying. Dux then thought of selling a slightly cheaper money making system of his own as compared to Timothy Sykes since he had anyway struck it rich.
Penny stocks is what Dux really specializes in and offers tips on. They are some of the most volatile instruments the world over. It is really difficult to profit from penny stocks and one should be in it for the long haul in general. Steven Dux, based on several complaints and regretful posts from people, is not really generating value for anybody with his course and particularly because he is looking at penny stocks.
More about Steven Dux and his program
The basic product that Steven Dux reportedly sells is the DVD of his trading techniques. Dux is basically not doing anyone any favours since this costs around $1,300. However, the biggest fraudulent shock comes across from this fact as buyers soon find out- this is not a DVD at all. In fact, this is only access to online streaming videos. This DVD covers various aspects including the basics behind trading in stocks, short and long trading, managing risks, strategies for trading and collection of useful statistics.
There have been several doubts about the DVD actually working for people and in my opinion it DOES NOT. This is common place knowledge posted from here and there and combined into something more presentable but I doubt it really works. Most of the information on this DVD is readily available online without paying a single penny. Most people are losing money since they are going by whatever Dux is saying and as a result, those who are not getting into the core of the stocks that he is choosing, are losing out since prices have been inflated artificially by everybody who is buying into the same.
The biggest problem is that the video cannot be downloaded at all which is really frustrating. An internet connection is always required to watch and learn things from the video and in case this is a problem, you will only end up losing money from something that will be totally useless. Dux must have his own spurious reasons for not allowing people to download and get videos. Steven Dux also has an army of people who are writing positive reviews for him. He has managed to hoodwink Google and you will never find an accurate review of people who have tried the system and point out any flaws. There are some of these people but they are covered by the huge stream of positive reviews. He only allows best reviews to link to his site.
Some people have written how they are strongly suspicious of Steven Dux who claims to be the guru and able student of another controversial financial hustler Timothy Sykes. Sykes and his followers are only experts at getting people to sign up for their fraudulent and dubious programs. This is the same principle that his student Dux is also following. They are using this fast cash generated from countless hapless people looking to make the next quick buck. The entire philosophy here is absolutely false. Steven Dux has lost a connect with reality at least through his claims. 90% of trades made following his advice have not been successful and the only thing he thrives on is getting more and more followers and people who have bought into his idea.
Steven Dux also charges quite a bit from people who sign up and the first tier is those who are paying $99 for the live chat room which has the live trades made by Dux and other strategies for the day. The second is $149 and is a live chat room and access to the 8 core strategies employed by Dux and probabilities of every trade. These charges are on a per month basis. The third tier is Market Mastery Silver which tops out to $2,000 annually and $3,500 annually is what you pay for tier 4 or Market Mastery Silver. Market Mastery Ultimate comes for $8,500 annually and every tier is stacked onto the other in the pyramid system. The higher you fork out, the more attention you will get from Steven Dux and in the end you may end up with nothing at all as noted by several people who have fallen prey to his ingenious scam.
The DVD is also another part of the sham operation which costs $1,300 and supposedly contains other secrets of trading which are basically non-existent all throughout. There is no DVD at all and what he is selling is actually an online portal which teaches the same 8 core strategies used every day. The whole operation is a commercial operation without any actual user benefits while their complaints and negative reviews are adeptly wiped out by the company at the first instance they chance upon the same. The entire thing is confusing and really fraudulent.
An investigation was conducted earlier by several experts who had got several complaints from people that this was another scam pulled off by Timothy Sykes and his ilk and also that this was fake YouTube stock trading. Steven Dux, according to several complainants, needs to be really exposed and given punishment for conning so many people out of their hard earned money without really getting them any benefits. Timothy Sykes already has a dubious past selling programs which are messy and complicated and have put several people in a financial soup. Steven Dux was also cut from the same cloth. The Chinese guy had ended up in Ohio as part of his story and was peddling a story that seemed totally false to most people.
What Steven Dux does to fool gullible believers?
Steven Dux was posting material left, right and centre throughout YouTube, claiming that he had done the impossible by going from $27,000 to $900,000 and he also upped this to $1.5 million by posting more videos or so it seems! This went up steadily to $2 million and $3 million and finally $4 million. It was all happening and magically it seemed and people were buying this mystery success story. These investments are impossible legally, ethically and practically. No reasonable person would believe this sort of financial growth in only 4 years or so.
These investigators then created separate email ids and started talking with Steven Dux. Every email character was gullible to him or so it appeared. The identity of one email appeared to ask more questions, one was a little sharp, one was tough and one was soft or so it was stacked up. These investigators desired access to the actual trade secrets or statements from brokerages which would be proof of the performance of Steven Dux’s investments. However, Dux refused to provide any proof of the same which points at him being a major scam by all means. Steven Dux also lied to these investigators once he found out their identity and connection to financial markets. Several investment gurus often lie to people and look where their followers end up. In typical fashion, Steven Dux also kept delaying the procedure and then submitted false statements from brokerages.
The account statements were compiled together from two accounts which were separate upon further investigation. It was a really clever operation or scam. The person would purchase in one account and sell in another at the same time. The record from the winning account would be taken each day and the winning trades would be pasted cumulatively into the document which displayed the win rate as being 100%. The person was building a fabulous track record which was really a scam and also wasting the overall commissions at the same time to keep selling his programs and services.
The chat room was joined by several people who quit after some time since they found better ways to actually make money rather than wasting their time and money on this fruitless pursuit. Dux usually gets into the chat room in the morning and will keep alerting members about good trades. He usually trades twice or thrice in the week and there are days when Dux is at the Tier 3 chat room and the assistant will keep alerting about real-time trades as well. In case there is no trade, Dux leaves at 11 AM or a little later in the afternoon. He majorly sells out his share prior to 12 PM in case he is trading. These are people who hung onto every word that Dux said and yet ended up losing their money. Another thing that happens and is the chief reason for people making losses is that whenever Steven Dux picks a stock which is a great opportunity, it is purchased by all the people in the group and the locate fee jumps to levels which you never imagined. Even for low float stocks, buying a 1,000 shares can go up to a whopping $100-200 at times.
What this shows us is that there is no shortcut to making money even though scammers like Steven Dux may tell you otherwise. They will employ clever tricks in the book to try to get people to sign up. If even a mere fraction of people being targeted sign up for the program, Steven Dux will get his millions coming in and will keep manipulating stock accounts to show that he has a flawless track record. There is no actual proof of the system working for anyone which explains why Dux is perhaps the only success story churned out by Timothy Sykes. Steven Dux is now going even bigger with an avalanche of videos and in some time, his programs are going to get costlier as well. As a result, people will continue falling for his so-called pearls of wisdom and keep wasting their money unless his sham operation is stopped.
People must realize that there is no place in the world or investment avenue which gives a return of more than a few thousand percent in a few years. That is insane and no one has ever seen something legally happening like that. These unrealistic expectations are being fanned by Dux and his cohort for getting more money from member sign-ups and they are not bothered about people investing their hard earned money. The money earned from members is enough to keep a lavish lifestyle going; one does not need constant stock market success to maintain the same if one is clever enough. People should stay away from such fraudulent financial gurus if they want to see their money safe and sound. Steven Dux is a fake guru and should be treated as such. Do not invest your hard earned money here by all means.