Does It Make Sense?
EmpowerForex (reviewed here) just published another “Trader Report” in which they claim to have earned a profit of 41% in one day. I will reprint the report below. Unfortunately, the report brings into question the mathematical competency of its writer and even the validity of the entire EmpowerForex program. The logic of the report goes something like this. If I make 1% on one trade, 2% on a second trade, and 4% on a third, the total I have earned is 7% (1 + 2 + 4)! Look at it another way. If I go to the store and save 1% on one item, 2% on a second, and 4% on a third, have I saved a total of 7%? OF COURSE NOT! My total savings in the store will depend on the savings on each item I buy and ALSO on the amount of each item that I buy.
Here’s an example:
1% savings on a $100 item = $1.00
2% savings on a $125 item = $2.50
4% savings on a $75 item = $3.00
Total amount of purchases = $300
Total savings = $6.50
Total PERCENT savings = 2.17% (6.5/300 x 100)
Percent earnings on Forex trading will work in exactly the same way. To compute your overall percent gain for the day, you must know the percent gain (or loss) from each trade as well as the dollar amount of each trade. Then you do a calculation such as I did above to determine your total percent gain or loss for the day.
In the “Trader Report” that follows, the writer reports gains of 5%, 6%, and 20% on three trades. From the example above, it is easy to see that the total percent profit for the day has to be somewhere BETWEEN 5% and 20%. If the dollar amount of the trade at 5% is much greater than the dollar amount of the trade at 20%, the total gain will be nearer to 5% than to 20% and vice-versa. There are an infinite number of possibilities depending on the size of the trades. This is common sense.
So, I am sorry to say that this “Trader Report” is complete nonsense and should be disregarded. It is even insulting to the reader to expect him to believe a report such as this.
There is still another problem that this report brings to mind! In our review of the EmpowerForex investment plans, we determined that the 5,000% plan promises an average daily profit of around 54% per day. So, even the nonsense 41% earnings that the “Trader Report” talks about cannot cover the promised earnings of this plan. The investor must ask why a program devises an investment plan it cannot support — even with a report that exaggerates company earnings. We pointed out this same discrepancy in our News Commentary #728 that dealt with a previous “Trader Report.”
We regret having to write such a highly negative News Commentary. However, it must be done in case there are readers of EmilyNews who are being tricked by the incorrect information given in these “Trader Reports.” We STRONGLY recommend that EmpowerForex hire a trader that understands basic arithmetic and can prepare sensible reports or that it discontinue the practice of publishing reports such the one that follows. Serious consideration should also be given to deleting the 5,000% investment plan. Lacking these changes, we will have no choice other than to publish these negative News Commentaries in response to each “Trader Report” of this type.
EMPOWER FOREX COMPANY TRADER REPORT 01.04.2019
Hello everyone! This is Richard Jones.
Empower Forex company is developing along with the market, so the team of traders starts using even more company resources to trade in cryptocurrency markets. A high level of volatility allows making a large number of transactions with a huge income of 10-50% per day that is unrealistic for the Forex market. I want to illustrate you which cryptocurrencies helped me to earn 41% per day. This is an incredible result.
I prefer to trade less well-known cryptocurrencies, since it often demonstrates huge jumps. At the same time, I do not ignore cryptocurrency flagships such as Bitcoin and Ethereum. March 30 is the day when I managed to earn +41% per day. Let us quickly consider cryptocurrencies that helped me to achieve such a result. Ethereum, racing from $141 to $148, consisting about 5% of the profits. Ripple grew from $0.307 to $0.325, consisting about 6% of the profit. NEO grew from $9.37 to $10.32, consisting more than 10% of the profits. Augur grew from $14.38 to $17.19, consisting almost 20% of the profits. Thus, I got the income in the amount of 41% just within 1 day. This is an incredible result, even I got surprised!
Thank you all for watching. Follow the news of Empower Forex company, we will tell you many more interesting things in the future!
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