With all the talk about crypto and the hype, I read as much as I can and I am usually pretty good at avoiding scams such as ponzi schemes or fake ICOs.
I came across a post in the Crypto Coin Traders group in which there was a cross promotion with “Jah Trader” aka Chris Cole promoting his website Crypto Kings. People on BHW were quite skeptical and there were a handful of mixed positive and negative results. I signed up anyway. It was $500 to sign up and get some indicators.
The platform, Ninjatrader, is legit. Chris would hold a room 3 times a week via gotomeeting and we just watch him do trades and he provides the occasional commentary. The emphasis is placing stops.
However the signs were coming.
- Lack of communication. Blaming the deaths of family members, the ‘room’ didn’t launch for the newbies until 2 weeks after. However we were given a 2 week grace renewal period.
- I paid $500 extra for indicators that I could install on Ninjatrader. Googling and researching – i found the same indicators from futures.io at $100. At the time, ‘Chris’ would advertise that he was “not trying to make money from the indicators”.
- He would sometimes cut off the room early without notice
- More lack of communication.
- Upsell of the auto mated program. This was the crux. We struggled to pass the topsteptrader combine and here he comes with a program that could solve our problems at a few thousand dollars. Programs might work short term but not long.
- ‘Chris’ didn’t realise I signed up via the Crypto website. He runs two websites to funnel new users in. Crypto kings and Order Flow, but I don’t think he works with Order Flow Analytics anymore. Lack of support
- There was little education. Chris was more reactive to our questions rather than proactively teaching us TA fundamentals like resistance and support. However he did know.
Anyway, there was actually NO crypto learning. It was actually learning how to trade ZB stocks (future bonds). I did learn the basics of trading, however I learned way more on youtube videos about indicators such as RSI, MACD, and Ichimoku. The program here was focus on volume trading, which is also a very good strategy. However Chris seemed non committal to us.
How did I go?
- I followed most of Chris’ trades and some days I got results, some days I didn’t.
- I went on my own and got similar wins and losses. More losses at first and later I got more patient with selecting trades when there was convergence on all indicators.
Overall I could see myself doing the combine but I would be better off saving up for my own bankroll rather than giving 20% of profits to TST and also a monthly fee to Chris. However starting the room got me onto the world of trading – you gotta start somewhere. $1000 Lesson learned.
Since my realisation, I went back to the Crypto Coin Trader group on Facebook, and it is apparent all posts related to Jah Trader were deleted. So the admins seem legit but were also fooled by the scheme.
Be wary people.