Pattern Trader - Another Boiler Room Scam!
This new version of the fake autotrading robot scam follows almost exactly the same premise as the majority of the boiler room scams online. It is an advertising scheme suggesting that some sort of magic software can make you thousands of dollars in a single day from a paltry investment sum. You can see from the video below just how ridiculous their claims are:
Let's have a look at the script to work out what is being promised, and which of those promises has any basis in truth. So, they begin by saying:
It doesn't matter who you are. It doesn't matter how you found this page. Today is your lucky day. You're about to get exclusive access to the best and most reliable AUTOTRADING software out there. You will get free and unconditional access to software that's making a minimum of $2,200 for its users every day.
Phrases that should always make anyone cautious include Today is your lucky day as this is the birdsong of a conman. No one in their right minds would say this phrase to a stranger unless it was some sort of joke. This phrase alone is such a huge red flag that you should assume the website stating it is not worth the light emanating from your screen. Do not send any money to anyone promising it is your lucky day, ever. That is clue number one.
Autotrading Robot AIs
Another word that should strike fraud into the heart of any internet user is autotrading. Autotrading is the concept that you can leave a computer in charge of your money and when you come back it has made you a fortune while you sleep. Now something like AI is a very useful tool for many reasons. Although there has been a lot of scaremongering about AI by many big names such as Hawkins and Musk, they all seem to have jumped on the bandwagon now and are rolling out AI products.
AI is very useful because it uses basic rules to learn by trial and error, until it begins to operate entirely of its own accord. The AI begins making decisions that cannot be understood without disassembling the code completely and working out what has influenced that AI to do what it did. This may be useful in driving a car or lorry, or even operating an aircraft as the decisions being made are under certain conditions, and they can connect together a lot of different processes and use an AI to decide which process is the most appropriate. In a car, for instance, you could operate an emergency brake procedure because a front-mounted radar detector sends a proximity signal to the AI which the AI assumes is a pedestrian.
In the case of trading, this is more complex. An AI has no knowledge of the markets unless it is plugged into the numbers and, although it can watch those numbers, without a financial news-link, it cannot understand what may influence those numbers. In other words, for an AI to make an assumption, it would have to comprehend the markets in some way that we would not, and so we would not know why it made a trade until we disassembled the code. This means that all of your money could be lost and the owner of that AI would not only not be liable, but could not tell you what happened. This is the basis by which the autotrading scam operates. It is a blameless loss of your money. It is impossible to identify the scammer.
An Example of a Pattern 'Trader' Website
Repetition of Lies vs. Contradicting Disclaimers
Another trick of the conman is the repetition of lies. This is what we see, in the following:
Let me repeat that. Everyone who's using this software is raking in a minimum of $2,200 daily.
So they are reiterating that everyone using this Pattern Trader software makes $2200 per day, every day the markets are open, and with cryptocurrency, that is every day. Is this possible? Well in terms of the product they are offering, no it isn't CFDs (Contracts for Differences, a very complex trading security product) can only make you money as long as the broker can pay-up, and if you are making $2200 per day along with thousands of other people, the brokers are very soon going to go out of business. So the question you have to ask is, who would let you use this software? Well let's have a quick look at the profits disclaimer at the bottom of the page:
IMPORTANT: Earnings and Legal Disclaimers
Earnings and income representations made by , (collectively “This Website”) only used as aspirational examples of your earnings potential. The success of those in the testimonials and other examples are exceptional results and therefore are not intended as a guarantee that you or others will achieve the same results. Individual results will vary and are entirely dependent on your use of .
This Website is not responsible for your actions. You bear sole responsibility for your actions and decisions when using products and services and therefore you should always exercise caution and due diligence. You agree that this Website is not liable to you in any way for the results of using our products and services. See our Terms & Conditions for our full disclaimer of liability and other restrictions.
This Website may receive compensation for products and services they recommend to you. If you do not want This Website to be compensated for a recommendation, then we advise that you search online for a similar product through a non-affiliate link.
All characters, information and events depicted on This Website are entirely fictitious. Any similarity to actual events or persons, living or dead, is purely coincidental.
Beware, there is no legal name or entity here! This is a massive red flag and means that you are dealing with criminals, even if they are just affiliates of scammers. These affiliates still know that they are defrauding you, they just have a 'I didn't realise it was a scam' get out of jail free card, as they only take an affiliate fee when you sign up. The affiliates are not where your money goes directly. The website is freely admitting here that it is just an affiliate linking advert, and has no basis in truth. It freely admits that the videos it displays are full of lies, and that you should never trust them. The problem is, that this is the internet, and there no advertising standards to enforce as there are not in any recognisable territory.