Here are the 25 things I observed after taking the Anil Mangal Scam Course
- It was also shocking to find that Anil himself is not a trader but just a preacher. He cannot trade. The proof is on record for everyone to see when he did live trading for a week in January on Youtube as marketing gimmick to get more victims and to show the world how to get the next big move (but was opening and closing trades because of supposedly 15 min candle movements – the whole weekly live trading thing was a disaster and a headache – and after 1 week Anil ended up losing more money than making ) Later on the his silver trades to came to his rescue to save his face – I will go in details why he trades only silver later on.) But I am not declaring him “not a trader” not because of his live trading disaster but this is a unspoken truth in our group which everyone knows but no-one talks about.
- The course itself is poorly structured where most of the information you can find for free online on youtube or internet. The only think which is unique to his trading is how he does wave counting via MACD but seriously; you are not going to be making any money by wave counting on macd. (UPDATE: even the MACD wavecounting is not unique to him; he plagiarized the MACD wave counting and started pitching it as his own; more details here )
- He will just teach you $ 2500 course in poorly made haphazard manner live videos (with no structure to the course). And after taking the course you will think what an idiot you were.
- He will breeze through the course in a jiffy in the video and thats it; you are on your own – trying to count waves 12345 abc wxyxz and more confused than ever. Any blame on your losses will be on you as its YOU who is dumb not to have learned his theory enough and not his ill baked theory; which doesnt give u any edge in the market.
- The patterns he is teaching can easily be found on internet or youtube. His patterns like expanding flats and contracting flats are biggest scam like himself – I will do a separate post on them. The only pattern which works in our group is impulse correction impulse and that you can learn for free on youtube ; hence no need to pay US$ 2500 for the scummy course.
- He has invented patterns like expanding flat (which can expands as much as it wants) and contracting flats ( which can contract as much it wants) his a trader will lose the trade but the forecast will still hold true ( I call this biggest expanding scam and hence I am writing this blog to contract it). I bet Anil is now feeling the pain of expanding flat (that gbpcad short) what real traders his students used to feel because of his wrong predictions – now gbpcad will / may / can go up and up to almost top – he will be margin called but ofcourse his prediction will be right ( we all know that 😉
- He trades only silver (because it cannot go to zero and is already bottoming – so its almost risk free buying it) ( he never shorts it)
- The moment he tries to take any non-silver trade it goes bad for him. ( Hello GBPCAD 50 lots short 😀 from bottom)
- He is focused on selling his course only which has made him more than 2 million dollars – much more than he will ever make trading. So basically he is in business on selling courses on trading.
- His focus is not to have successful traders – and anything which might give even an iota of edge to his students (but could harm his course selling business) will incur a wrath from him. Hence you are not allowed to use RSI or pivots or any other indicator which may help the traders. But I know all us use rsi and stoch secretly etc; but we are so afraid to open rsi in the trading room because we dont want to hurt our baby and his course selling business. So instead of discussing together what might give us an edge over market – we are under martial law of not to discuss anything other than his half baked methods which may give us an edge but which may prevent any future customer from taking his course.
- So if you are joining this course to learn any secret trick or to learn an edge; you are in for a big big disappointment.
- All of us in the group by now know he is not a trader – he wakes up in the morning to do webinar and then baby sits his baby all day. He is sometimes so shockingly ill-prepared that he says look for buy in EURUSD in morning and after 3 hours he comes in room and say look for sell ( when candles had hardly even moved) this is just an example – but I am sure you get the idea. You will often listen to him referring in weekly outlook on youtube (which are actually his sales pitch for more customers) saying “my traders took this trade; my traders took that; we did this; we did that”.. There is absolutely no such thing like combined effort going on in this group – he just does 1 hour non-professional webinar which is badly ill-prepared (typical sign of non-trader) he randomly draws waves up or down ; confuses the hell out of his traders and leaves for the whole day. THERE IS NO SUCH THING AS MY TRADERS TOOK THIS ; OR MY TRADERS TOOK THAT!!!!
- He pushes his students to artificially share his youtube weekly outlook on social media etc – so as to give him artificial boost for SEO; so that he grabs more of his victims.
- Many new breakaway trading instructors have sprung up recently (his former students, inspired from the fact that they can make much more money selling trading courses than actually trading) and you can smell his insecurity everyday.
- A senior trader who has been in the room for 3-4 years told me once that Anil hardly ever traded real account ever previously – one time he traded USD 50000 account and he almost blew it – so he just bought silver and let it go to recover the loss and focused back on selling courses. There is also another story of when he blew half a million of someone else’s money – he had said he would share the results – but later on excused himself by saying that investor had some tax issues or something – yea right Anil.
- Recently he boasted on youtube that he will trade LIVE half a million dollar forex account from january and will show his progress regularly every week. But since his bad shorts of 50 lots of GBPCAD from bottom – he has skipped weekly outlook for 2 weeks straight and today he announced that he was going on trip (meaning he wont be able to do weekly outlook – we all know what the real story is anil ) you almost blew the 500k account and you dont want to show the account on weekly outlook.
- He today took silver buy and USDJPY buy together today and USDJPY ofcourse fell (i think he is about to be margin called by Saxo) – I am sure next time you wont say there is nothing like correlation or reverse correlation. How can anyone do this when everyone knows they move together!! I know you dont care because you are trading someone else’s money but we do care; and the mere fact that you dont look at obvious relations which holds 90% of the time while doesnt work only 10% is really funny – my only conclusion is that you must be realizing this now since you are first time trading live account. And you saw what happens when you buy silver/gold with USDJPY. together.. these kinds of steps confuse the traders – and hence we have 95% losing traders in our group with many who have left.
- He has got the gift of gab; he will hypnotize you – so a tip which I use to save myself from his bad advise is to mute his webinars – may be new traders can follow this tip to save their money.
- He will insult anyone who dares to threaten or question his authority – hence almost all the senior traders from previous years have either left or dont bother.
- He historically doesn’t have a live account to show – this is first time he is trading live and has almost blown 500k.
- Many of his students blew his account in his recent GBP bad calls – where we all shorted C wave at the bottom which raced to the top wtf (instead of riding the trend up from bottom). The trading room is filled with old secret anecdotes which no-one talks about of how everyone blew big accounts after joining his course and being brainwashed that his wave theory worked. A lot of old students have left to try better methods; or more filtered rewarding approaches.
- Sometimes I think we are counter-trend traders – we wait weeks to wait for perfect setups and when they arrive they go against us. Anil himself has acknowledged sheepishly that whenever he takes trades – they almost immediately go into draw-downs – and he makes money in the long run – so unless or until if you don’t have USD 500k of someone else’s money to risk – its better to avoid his “wave theory”
- What he teaches works on paper; but lacks fundamental basic element which is required while trading – its analogous to a professor who has been an employee all his life teaching entrepreneurship course in the university; sure he can teach the course but he is not an entrepreneur and he will never be one also. So teaching (in his case I call it preaching) is easy but real trading is totally different ball game.
- There is a lot of dissent in the room; most of the people are losing money but are afraid to voice their concerns fearing backlash or shame. Furthermore he has started a new gimmick; saying we have paid for his course and not for the trading room; so he can kick us out anytime – which is another reason why most of us are silent and are not coming forward to fight for the betterment.
- Someone told me that Anil cannot make anymore trades with Saxo because of his margin (which has exceeded because of his huge draw-downs); so I urge Anil to trade with 0.01 lot and enjoy till he learns to trade.
Anil Mangal always says on weekly outlook (his sales pitch avenue) that he is doing this training/ course thing because he wants to help others. Should have known better that he was just another snake oil salesman. How convenient for him this is to help others and charge USD 2500 for his help. No wonder his other breakaway students also decided to “help others”
That’s all I have to say – I will document other incidents also and if some other trader wants to share his experience they are free to contact me at [email protected] I will post their stories or experiences as well.
Good luck to all – and new potential customers, avoid him like plague
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