To avoid new victims:
Be aware of Steve Rifkin's
$6000 mentoring course.
!!!!!UPDATED EMAIL ADDRESS TO CONTACT US!!!!
Daytrading fraud is fast becoming a real pest on the internet with dishonest so-called profitable 'mentors' offering worthless daytrading courses or sofware programs. Most of such 'mentors' aren't trading real money, but only fictitious. They only sell expensive courses for a living instead of to trade. One of such malafid trading mentors is Steve Rifkin.
We are ex-members of Steve Rifkin's mentoring room and would like to inform potential/existing traders to be aware of day trader Steve Rifkin (aka SPmentor). We only want to avoid that new people walk into the same trap like we did, that's why we opened this website.
But we also want to do an appeal to other ex-members of the private mentoring course / chat room or ex-trial users of Wavetracker to contact us. Together we are stronger and can join our forces against Steve Rifkin to recuperate our money!!!
We know that already a few hundred people have taken a trial to Wavetracker ($199 per trial) and decided not to continue with it. Does this not ring a bell??? So let something hear from you!!! Our e-mail address is email@example.com.
Below you can read our reviews and experiences with Steve Rifkin.
In the beginning...
A lot of members experienced the same problems: during the first contacts Rifkin is quite friendly and delivers fantastic support through e-mail or by phone. He really sounds like a pro, certainly when he shows his (at first sight) complex charts with trendlines, Elliot Wave patterns and buy/sell tags.
Based on that, many decide to sign up and pay for the private mentoring, price: $6000 ...
A lot of money for most people but he almost claims he is able "to bring your trading career to the next level". At least he says this very often.
But when the payment has been executed, you won't see a lot of the promised individual guidance. Rifkin becomes more abrasive, gives short answers to questions and has a haughty manner suddenly. He spends less time to his members and their individual trading problems. To show you we don't lie, we have recorded Rifkin's comment to a subscriber struggling with a trading related problem: CLICK ME (might take a few seconds to load).
That was Rifkin's reaction you can expect after you paid $6000 for your education, objection noted!
Another subscriber testifies: "The first problems appeared after I asked a private session. I was then a member for 3 weeks already". (Note: Virtual private one-to-one session enables Rifkin to go over your trading problems you had during the day. At least that is the intention.)
"Every day I had to send new email requests because I didn't receive replies from him". "Finally after 1 week Rifkin replied". "When I joined the private session, the first thing Rifkin said was that he didn't have much time today and had to keep it short"!!! After 15 minutes he was already away. "That was the first time I had a taste of his "wonderfull" support..."
The trade results...
The buy and sell signals are very subjectif : you can literally buy/sell off of almost any support or resistance level, trendline, 50% fibonacci level and Elliot Wave pattern (=generated by his Wavetracker software) you see. Every reason is good to take a shot on the long or short side. A good example of what we mean, can be examined here: CLICK ME (the mentioned trades on the chart were made by Steve Rifkin in his mentoring room).
As you can see, there are a lot of trades every day: more than 14 buys/sells are not exceptionally (Note: Rifkin claims to trade 6-8 contracts every time).
In best case, such trades result into a minor move up or down (let's say 2 or 3 ticks) and then price reverses again to the other side. But in most cases the pattern fails immediately and you are stopped out directly with your entire position.
Rifkin tries to camouflage these losing patterns by saying you have to use tight stops (2 ticks) but like we all know: having different small losing positions during the day, make one big loss at the end...
He also likes to change his trading method very often. Even trendline breaks like here were good to trade suddenly. A beginner even knows that such type of trades don't work.
Another thing Rifkin claims is that his trading method is universally applicable to all liquid markets. This is a BIG lie! The trade results were even worse and his so called "geometry points" (1 to 1 levels), generated by his software program Wavetracker, didn't work totally. We became stopped out immediately. With other words: nor did Rifkin's method work on other markets.
In short: it is absolutely not a powerfull method like Rifkin pretends. It is more a scalping method which generates a lot of trades without any win ratio. We really expected to learn (keeping the $6000 price in mind) a powerfull trading method, generating high probability setups but that was a sore disappointment....
Wavetracker : a blatant milk cow?
The software program signaling the Elliot Wave patterns that Rifkin uses, is called Wavetracker. It is for sure that the sale of this program is an important source of income (top version costs $1475). So good even, that they started with a chat room on Paltalk and Hotcomm to promote the sale of the software. Many people take indeed a trial of Wavetracker, but don't continue after it expires. Does that ring a bell????
It is really laughable that the moderator of this Paltalk room (Scott Masters namely) identically mimics Steve Rifkin. What you hear in Rifkin's chat room, will you also hear in Scott Master's room but a few minutes later then. He even takes a break (normally between 10 and 10:30AM CST) at the same time as Rifkin.
We can only recommand to stay away from this guy and his Hotcomm room.
But the main question is if Wavetracker works of course. Based on what we saw during our mentoring, we conclude that the working patterns can hardly cover all the other losses....
Another thing is that Wavetracker generates even worse patterns on other markets than the Emini S&P, as said earlier. Almost all the patterns fail on Mini Dow Futures and Russell market, stock market, Dax, etc.
What we want is to stop daytrading fraud on the internet, Steve Rifkin included.
In case you are one of the victimes or would like information about his trading method, please don't hesitate to email us: fraud-rifkin@Safe-mail.net .......Just do it!!!
We are only 1 e-mail away....
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