Mirror Trading International

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warrenpridgeon said:
FWIW their backoffice is a bootstrap template that has not had a helluva lot of effort put into it in terms of styling and stuff... I'm not slamming bootstrap templates (I use them too)... But it's NOT the "quality" of a multi million rand company.
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just look at the office they set up in industrial strand with the mirrio trading billboard. lol no spellcheck
 
MegaTesla said:
I'm not a trader. What does 1:200 mean?
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It means they are using a 1:200 leverage. So, for every Dollar of their own money they use in any give trade, they also have 200 of the broker’s Dollars invested. This greatly increases their exposure in every trade and is extremely risky trading behaviour. When I heard Johann Steynberg boast about this, it once again reiterated to me that he should not be investing money on anybody’s behalf! He clearly does not understand the mechanics of forex trading well enough to control a portfolio worth more than a billion Rands.
 
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DesertWrangler said:
It means they are using a 1:200 leverage. So, for every Dollar of their own money they use in any give trade, they also have 200 of the broker’s Dollars invested. This greatly increases their exposure in every trade and is extremely risky trading behaviour. When I heard Johann Steynberg boast about this, it once again reiterated to me that he should not be investing money on anybody’s behalf! He clearly does not understand the mechanics of forex trading well enough to control a portfolio wort more than a billion Rands.
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Where did he say this? I was under the impression that no more than 5% was exposed ever but 1:200 leverage is just plain insane! This is by no means conservative this is high risk!
 
DesertWrangler said:
It means they are using a 1:200 leverage. So, for every Dollar of their own money they use in any give trade, they also have 200 of the broker’s Dollars invested. This greatly increases their exposure in every trade and is extremely risky trading behaviour. When I heard Johann Steynberg boast about this, it once again reiterated to me that he should not be investing money on anybody’s behalf! He clearly does not understand the mechanics of forex trading well enough to control a portfolio wort more than a billion Rands.
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A lot of what is being said in the official training videos and the interviews with Johann is conflicting and downright daft. Stuff like "Only Johann has access to the BTC, not even the trader does"... then next question "can the trader steal the BTC?" "Yes... he technically could... but he is well known and trusted so it's ok".

Snyper564 said:
Where did he say this? I was under the impression that no more than 5% was exposed ever but 1:200 leverage is just plain insane! This is by no means conservative this is high risk!
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In one of his video interviews.
 
warrenpridgeon said:
Sort of... but SARS definitely has a horse in this race... especially with the people who ARE withdrawing funds into their bank accounts as ZAR... Those that are getting BTC out and keeping BTC and not converting to fiat are semi safe for now.

Those people buying cars and houses... DEFINITELY have to account for where that money came from.

There's a big risk for people who went and bought BTC, "invested" into this and got out BTC and converted back to fiat... They COULD find themselves have to return the funds if there is legal action taken at some point... I'm not sure whether it would extend to BTC though. Basically... if you get money by stealing it and you get caught you have to "pay back the money".
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Interesting point there. Certainly the affiliate might have to. Would admin staff members be likely to have "investors" who lost money come after them? In the USA, staff working for Bernie Maddoff were pursued by investors in the Maddoff ponzi scheme.
 
warrenpridgeon said:
They were talking about adding some KYC (Know Your Client / FICA) type stuff... But haven't done so yet. You might have read that or heard it in a clip etc.
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This is all just one more way of keeping members from running scared and pulling money out: The issue of KYC/FICA is irrelevant to the supposed buisiness plan or whether or not MTI is actually using monies invested to trade,
 
DesertWrangler said:
It means they are using a 1:200 leverage. So, for every Dollar of their own money they use in any give trade, they also have 200 of the broker’s Dollars invested. This greatly increases their exposure in every trade and is extremely risky trading behaviour. When I heard Johann Steynberg boast about this, it once again reiterated to me that he should not be investing money on anybody’s behalf! He clearly does not understand the mechanics of forex trading well enough to control a portfolio worth more than a billion Rands.
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None of that crew needs to know anything about the mechanics of trading. They do very well in fooling people into giving them money anyway, so why spend time trying to learn about trading?
 
Wary GOM said:
None of that crew needs to know anything about the mechanics of trading. They do very well in fooling people into giving them money anyway, so why spend time trying to learn about trading?
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I've done many years of trading and its always been my dream to trade without leverage, something MTI could easily do with the supposed size of their bankroll.
 
Snyper564 said:
Where did he say this? I was under the impression that no more than 5% was exposed ever but 1:200 leverage is just plain insane! This is by no means conservative this is high risk!
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clickingbuttons said:
I've done many years of trading and its always been my dream to trade without leverage, something MTI could easily do with the supposed size of their bankroll.
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I've also traded for many years both in Crypto and resources and I don't go near leverage.
 
Sigh, my friends must be on a similar decently high IQ, I never got asked to join. Sad panda.
Jokes aside these things are shocking as they rely on 90% of the people to have little to no financial knowledge and are generally desperate.

e.g a year or so back I was driving through Worcester and there were sign boards up on all the streets about how to invest in bitcoin, mining etc and some guys cellphone number.

A friend of a friend on facebook - I love going to their profile for a chuckle. 1st it was Herbalife, it was literally a cult, going to seminars, hanging out with only "herbalife" people etc... then their money was apparently taken. Next thing is she is punting some tooth whitening product and to contact her to make money etc....
 
Bandersnatch said:
I've also traded for many years both in Crypto and resources and I don't go near leverage.
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Leverage is a very good way to wipe out your portfolio in no time flat. Perhaps this is part of the exit strategy.... perhaps in a few weeks Mr. Steynberg will be doing a hat in hand video saying “Sorry! Nobody told me that 200:1 leverage was a bad idea! I trusted the bot and the bot screwed us all (insert sad face here)”
 
Cray said:
Always amazed at the altruism of these people, anyone with an algorithm or AI bot that can generate trading profits of 10% monthly could pitch their IP to Goldman Sachs or JP Morgan and literally name their price (Goldman Sachs bounces between 25 and 10% net profit per year (https://www.macrotrends.net/stocks/charts/GS/goldman-sachs/profit-margins)

Yet this Saint of a man chooses to open a club to help poor beleaguered small time investors make a killing :X3:
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At just 10% I know many business owners who might consider closing their own businesses to start with such an opportunity... It's a good profit margin for many well developed businesses.

And yet, they need to attract the average joe off of the street because they cannot possibly get enough working capital to turn this revenue into something massive? And it's unlimited, seems to be completely scalable no matter the amounts? Quite remarkable yeah.

Anyways, I said before and I will again... The complexity, beating around the bushes to avoid a subject and secretive aspects of how things actually work is intentional, it's more than the average joe can understand and they count on this fact, it's evident in the volume of desperate people who attend their meetings. They don't care about the specifics they just need the money and will make decision based on that aspect alone.
 
warrenpridgeon said:
A lot of what is being said in the official training videos and the interviews with Johann is conflicting and downright daft. Stuff like "Only Johann has access to the BTC, not even the trader does"... then next question "can the trader steal the BTC?" "Yes... he technically could... but he is well known and trusted so it's ok".
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It's possible to steal the BTC but Johan defeats all the hackers daily so it's no biggie, don't stress. Legit story from MTI :d

*maybe a more accurate account* hackers target MTI daily and they are all defeated by MTI, MTI doesn't understand why the hackers are so silly because the MTI platform does not give access to the BTC. That's all under lock and key apparently.
 
Remember, the members ("investors") only get 40% of the daily profits.

So the bot does way better than 10% per month.

If daily profit is 1% and it is compounded for 22 days a month you get 24.47% if my math is correct.
 
By that reasoning as above the bot would be doing around 25% profit per month. What say the experts - is that a common kind of return when forex trading?
 
Rum Zacapa said:
By that reasoning as above the bot would be doing around 25% profit per month. What say the experts - is that a common kind of return when forex trading?
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It is achievable, but not constantly. Also, the market would've adjusted to this behavior, as there is a counter party to any trade.
A:
MTI bot would buy from X at R1000000.
MTI bot would sell to Y at R1050000. Taking a R50000 profit from the market.
If the price goes anything but up, you end up losing - especially when trading on a margin.
B:
MTI bot would short sell to Y at R1050000.
MTI bot would buy from X at R1000000. Making a R50000 profit.
If the price goes anything but down, you end up losing - especially when trading on a margin.

When claiming 200:1, things get interesting. This ain't your local supermarket, this is a living and breathing market and you might not be able to simply buy/sell a R 1 million of anything on a whim, there needs to be an actual party on the other end, willing to sell/buy it at that price.

Then, if things go even 1% against you, a 200:1 leverage can wipe you out, and then some. My back of the napkin calculations puts a 200:1 transaction, with a minor 1% loss, as you losing double what you put in? Someone please check me...
 
Rum Zacapa said:
By that reasoning as above the bot would be doing around 25% profit per month. What say the experts - is that a common kind of return when forex trading?
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Agreed I can easily make 4-8% in one day with crypto but its not consistent. But the issue I have is that the bots only loss was on a normal day by all accounts and didnt make a loss through covid, strange hey?
 
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