In the U. Terry claims the company is far from being a pyramid scheme. In , Both numbers have fallen since Since then, however, a raft of much smaller MLM companies have proliferated. It may have been only a matter of time before the worlds of high finance and MLM connected like this. After all, for years hedge funds, private equity firms, and moguls like Carl Icahn and Warren Buffett have been taking stakes in the bigger MLM companies, like Herbalife and Pampered Chef, a Berkshire Hathaway company whose products are pots and pans.
So why not flip it around and let MLM participants try their hand at investing or trading? It appears only two other MLM companies are focusing on this market. One of them, Wealth Generators, sued iMarketsLive in in a Utah federal court, alleging it had stolen confidential information and intellectual property. Wealth Generators also alleged that its rival bribed its leaders to join iMarketsLive. Another potential rival — Copy Profit Success Global, which plans to offer its own trading tools — was sued by iMarketsLive in June in a Nevada federal court.
His pitch in the YouTube interview is that any other working-class guy can make it too — probably on his lunch hour, from his iPhone. You can also access live trading rooms and watch experienced staff members place trades and talk about the secrets of their success in 8 different languages. But I will say that iMarketsLive seems to provide a ton of help for their members, which is always a big plus. Even CEO Chris Terry himself gets in on the action, holding Sunday night webinar presentations that you can sit in on. As mentioned earlier, their Harmonic Scanner searches the market for harmonic patterns to exploit and profit from.
Their Web Analyzer does the same with cryptocurrency, for an additional fee.
And even though their trade-mirroring service is gone, iMarketsLive still provides other ways for you to copy what their experts are doing. While that may seem pricey, keep in mind that it allows you to get solid trade ideas sent right to your phone without having to do any of the legwork.
I should know — years ago, I was heavily into Forex trading and learned everything I could about it.
I kept daily trading journals, learned how to read candlesticks, recognize trends, and was a particular fan of using 2ATR for a trailing stop loss. Along the way, I traded almost every currency pair, chart timeframe, and read every trading strategy book I could find. Not to mention I also got sick of the highs and lows of trading — feeling like a God one week, damn near suicidal the next. Out of desperation, I finally resorted to following a mirror-trading service which ultimately blew up and reduced my trading account to almost nothing.
The only ones who seemed to be making any consistent money in Forex besides the banks and hedge funds , were the guys selling me the tools and systems. Hint: Most lose.
As a general rule, if you enter a gambling game against a lotta peeps who are more experienced and skilled than you are…. Almost every MLM in existence requires you to recruit and grow a huge downline if you wanna make the big money.
If you see this happening, keep your money. A highly produced video, depicting Morton exiting a Rolls-Royce and stepping onto a private jet, encourages viewers to believe that the only thing stopping them from similar wealth is their own mindset. Forex trading has the potential to make you a lot of money, even if you don't recruit anyone else. Some MLMs are illegal pyramid schemes. These days Morton even has his own website, alexmortonmindset. MLM companies sell their products or services through person-to-person sales. Robots: who will win?
Forex trading is different in the sense that you could gain or lose a lot of money all by yourself, without ever having to recruit anyone. While most MLMs involve you dragging around a box of products to various houses, iMarketsLive is something you do from your desk or smartphone.
Between all the videos, online training software , tutorials, and live help sessions, iMarketsLive probably offers more actual product support than most other MLMs. But they generally lose money from not being able to recoup their minimum purchase requirements and monthly fees.
In fact, thanks to the way that leveraged trades work, you can actually lose even MORE than the full amount of your Forex trading account. Well, sometimes the best way to predict the future is to look at the past or just Google the present :.
You should check out this revealing article on Morton that shows the reality of being a professional MLMer when he was with his last company. Ask yourself: If it was just about forex trading, why teach people how to recruit at all? Why not just trade forex and make a ton of money? Most retail traders lose money in the long run, so the real money is made by getting other people to join.
Everyone starts out as a Customer in iMarketsLive by first signing up for a monthly membership package. This allows you to share the iMarketsLive platform with people you know and get paid commissions if they decide to sign up. But after doing some digging, I eventually found it here. But there are a few folks banking some ridiculous amounts of passive income in this company. Warning: The podcast host below spits explicit and offensive language…. That said, there are definitely skilled traders who make BIG money in the Forex market.
Then again, if making money in the foreign exchange market was easy, everyone would do it. Research what distributors are saying. Individual distributors often post their own training videos online to promote the MLM. Search for these materials. Consider the products. MLM companies may sell quality items at competitive prices. But some offer goods that are overpriced, have questionable benefits, or are downright unsafe to use.
Those claims are generally false or at least unproven and, at worst, the products could be dangerous. Understand the costs. Many MLMs make you buy training or marketing materials, or pay for seminars on building your business. You may need to book travel and pay for hotels and meals.
Make sure you know what you must pay for, and how much it will cost over time. Ask about refunds. In many MLMs, before you can start selling the products, you have to buy them from the company. Make sure it includes information about returning any unused products, including restrictions and penalties. Read the paperwork and have a friend or advisor review it. Ask them to look at your possible earnings and whether the company can back up its claims about how much money you can make.
Ask for their honest opinion about whether they think the MLM is legitimate and a good fit for you. Talk with current and past distributors about their experience in the MLM: Ask tough questions and dig for details. Here are some questions to ask: How long have you been in the MLM? How much money did you make last year, after expenses? What were your expenses last year? Have you borrowed money or used your credit card to fund your business? How much did you borrow? How much do you owe?
Do you need to have recruits to make money? How many people have you recruited? How many did you recruit last year? How many of your recruits have left the business?