Goldlinesystems review

Goldline or Goldmine? - the recipe to turn gold into LEAD

I have received an invite from 'Goldline'; they are doing a UK tour (catching Mugs and Fools on their own ground! ). It's nice of them to give me the opportunity to part with 5 grand locally for an extremely overpriced highly dubious system!

The Goldlinesystems email below - ENJOY


Just to let you know that we are coming to an area near you quite soon!

We thought it an ideal opportunity for you to have a no obligation demonstration of the Goldline System, and to help you find out more about spread betting, and if making money trading the markets with Goldline might be for you.

We have all made over £4,000 profit over the last couple of months, to see how, and to refresh your memory of Goldline, go to: (the link is not active on purpose!).

I would be delighted to show you the program working and how all our existing members are now enjoying an exciting tax free profit, trading the markets at home in just 5 minutes a day.

You are very welcome to come along to one of the following 9 locations:

Glasgow, Belfast, Dublin, The North East, Manchester, West Midlands, Bristol, Sussex, Devon

If you would like to take advantage of a one-on-one no obligation demo, simply hit reply, but in the subject line, put in the area above that would be most convenient to you. Places are very limited and do need to be pre-arranged.

You may prefer to come along to our office in Stevenage in the week (30 miles north of London on the A1 or the kings cross line by train) call us on 01438 353355 and we can arrange it for you.

As we are in the process of booking the venues, it would also help if us if you let us know which major town in the area is best for you and if there is a Saturday or Sunday you wouldn't be able to come along.

MY LOCAL TOWN: ________________________________



I WOULD NOT BE ABLE TO MAKE any of the following Saturdays or Sundays in October: Sat 2, Sun 3, Sat 9, Sun 10, Sat 16, Sun 17, Sat 23, Sun 24, Sat 30 Sun 31

If you can spare an hour one weekend in October, you may just find it was the most fruitful hour you ever spent!

Best regards,

Mark Harniman

Dear oh dear,

Goldlinesystems (financial spread betting system), is connected to Mark Harniman...he started with selecta7 ( for horseracing but when that couldn't select winners to save itself (literally) he claimed it was oversubscribed with happy punters so he closed it down and went on to golf betting predictions ( or then onto stock market prediction/analysis software ; Goldline.........but none seem to make money for the subscribers just for surprise there.

And Selecta wasn't Mr Harniman first attempt at horseracing either - Selecta7 is the end product from previous iterations that were called:

The Dorchester Plan
The Prime Plan
Selecta 7

So now Mark Harniman has left horseracing alone after failing and tried stocks (the famous Goldline Trading System)....beware big time I would say!! Mr Mark Harniman is now selling ...... options on blocks of land (; it was only a matter of time before he went into property though wasnt it?!). You apparently pay him £5k and get an option on 1 acre of land. 7 years later you can either buy it for £15k or lose your cash. Sounds like a winner to me ...................... I can't wait to get my 'once in a lifetime opportunity'.

The key to success for this guy is the marketing and not the product and Goldline is no different. He has just upgraded to a Rolls or DB8 I would suggest is from the profits earned by marketing the software and not from profits based on trading.

The Goldline system even follows the same old marketing tricks of all the others...
  • Spend just a few mins a day
  • Get rich sitting at home
  • Beat the pros at their own game
  • You don't have to know anything about trading or the markets to make almost guaranteed money etc

Hmmm. So not only have they made millions from their horse racing system but are now experts in the field of financial spread betting, they're even adopting the same 5% risk strategy.

The Goldline trading system ( is purely a mathematical black box type of system used to trade indices and you will need around £50 grand just to use it effectively.

I've just been checking their historical results and they had a 74% DRAWDOWN in equity at one stage....And people are paying money for this kind of torture.

Do you realize what a 74% drawdown means? Look at it like this you started trading it with £10,000 and the proceeded to lose £7,400, but that's not the scary fact, this is;

You now have to make a return of 284% just to get back to BREAK EVEN! And that before you can bank a single profit.

These kinds of swings I'd say are IMPOSSIBLE to trade because you'd either lose your nerve or dump the stupid system in the bin.

But these system sellers know that 90% of their buyers won't look at the facts like this, they'll only look at the profits, i.e. how much money you started with and how much money you ended up with.

Goldmine? More like they've found the recipe to turn gold into LEAD!

I also believe Goldline's launch back in June 2003 was no accident, the market was at a low and we were due a considerable ride on the bull. Goldline seems to give you the confidence that it will come good eventually, the thing is that if you throw enough s..t at the wall and use trailing stops at 105 points a go, eventually it will come good - BUT ONLY IF we are in a trending market. At this point we are in no mans land, obviously a potentially lethal place to be if you are using a system "designed" to follow trends and constantly looking for entry points.

A broker friend of mine told me his most successful traders were those that just let their diversified bets run, the only set criteria was that trailing stops were applied once the trade/bet came into profit. This is obviously fine if you are sitting on a 500k pot and only betting £30-50 per point, but not if you are just 30 bets shy of failure right from the start. There has always been guys going to casinos with the notion that every time they lost a hand at blackjack (for example,) their next bet they would double - The chances that a dealer will win 8-10 times in a row are very slim. Slim yes, but not impossible and so such gamblers would wallow in their continued success until the dealer won 11 times and then again - Ultimate outcome: The Bank wins!

Just try this...plot a 20-day Exponential Moving Avg and buy when the Dow or whatever when it crosses above the line and sell when it goes below the line...there are a couple of other criteria that need to be met by the looks of it and the stop/loss strategy takes a bit of working out but that is all it basically is which is a lot to ask for £5k !

Now they are offering the Goldline Trading Sytem in 3 installments. If you make money after the first installment, then you pay the rest out of your profits. If you don't, then you stop using Goldlinesystems. There is no refund of the first £1995 however..(keep in mind that no refunds of any kind are possible with Goldline).

Also, they are marketing Version 2 of GoldLine which will cover only trend trades ( range trades now excluded ) and will cover the Dow, Nikkei, Nasdaq100 and DAX. Why am I not surprised to hear this ? Why are range trades now being excluded? Was it because they were losing money, I wonder ? Just wait until this stops and then they'll no doubt bring back the range bound one. Pandering to the market so to speak.

I put quite a bit of time into devising can't lose systems. Over the years I've come up with 3 or 4 that I'd put in that category. The interesting thing is that when you start following them, guess what happens..... What the groundwork does do, if you are cautious, is generally to ensure that any losses are small and controllable, but I suspect people like Goldline who are pushing can't lose systems (the so called Goldline Trading System) are probably not the cautious type (and it's not their money they are risking anyway.

Remember anything that looks too good to be true - very likely is. The natural law of things is that risk is proportional to reward. If you don't mind a very high risk, then there's a very low chance of a very high reward. The Goldline trading system offers you: big loss, big gain or massive gain, based on a secret formula hidden inside their black box. Simply by going to you can apply a similar system, except you can exercise greater wealth control: small loss, big gain or massive gain. The goldlinesystems method should NOT cost £5K.

however simple the concept/strat/method, call it what you will, it still requires YOU to pull the trigger!....we're all blessed with very differing 'grey matter' capabilities, and no two individuals will trade a strat in the same context......I guess it must be an absolute nightmare to offer ongoing support to a client bank, having purchased material sold in good faith?!

One of the problems with Goldline and similar trading systems is they will tell you when to enter a trade, but the market is not always listening to the program, and the program does not factor in the human emotion. When you are £600 the wrong way; waiting for the program to come good you will know what I mean.

Some additional comments
  • They quote: The Goldline trading system: The most successful home trading software system currently available. This is claimed by every trading system currently available and that goes into thousands of systems.
  • On the results page it doesnt say when a trade is closed whether the spread is taken into consideration or not.
  • The comment that spread betting companies want you to win because they always hedge your bet is simply not true. We have seen in the annual reports that one of the companies profits were down last year essentially saying that customers were more lucky than was expected causing a reduction in profits but we do not expect this to continue. Should have hedged then?

Nothing in this system will ever teach you how to trade and the whole structure and setup is remarkably similar to a whole host of offerings for success at horse racing and I know of several people who were less than impressed with the LSP of all of those.

Just as a side note the people behind Goldline seem to be opening and closing offices all around the Hitchin/Stevenage area.

They have moved to:

Floor 2
Southgate House
St Georges Way
Tel: 01438 - 353355

The man behind Goldline is Mark Haraman, sales guy is Gerry Lannen. Matt Cheverton, ex Fins is also involved with Goldline and is the front man.

On the goldlinesystems website (small print) it says that the 'Goldline System' is supplied under licence by Mayfair Investment services Ltd, and they have offices in Waterloo Place London and Hitchin Herts.

The Goldline trading system is likely to still be around in a few years. Every customer they have will pay them £500 a year for support etc so if they have 1000 customers@ £500 a year that's a total of £500k a year for them sitting in the office and keeping the system running. If the trend with the horseracing continues with the venture into their stock market activity then expect that when Goldline loses a lot of money they will abandon it and then bring out an entirely new package under a new name.

Systems operated by Mark Haraman: ( - golf betting system. They have been advertising these two systems (goldline and the golf one) via ADVFN e-mail advertising. - horse racing system. - property [keep in mind that the cost of farmland per acre (as opposed to a much smaller building plot) is very low].

I still get letters through my door from people who claim to have 'inside knowledge' regarding horse racing. These people all claim one thing....'The bookies wont take our bets anymore' and 'The bookies dont like us and we cant place bets' etc etc etc.......They need to be able to ply the would be 'punter' with a suitable excuse as to why they dont simply use the info themselves and hence turn a huge profit. Of course there are still people about who are unaware of a) How the scam works, and b) that betting exchanges exist which means that anyone can bet regardless and hence there excues of "No one will take our bets" is total nonsense.

I have been digging a bit further and it turns out that the membership manager, Gerry Lannen of the Goldline system is also the membership manager of the "Selecta7" horse betting system. Interesting!!

Expensive systems such as Goldline are rip offs and it's as simple as that. The more expensive a system, the more a person will be inclined to buy because it must be good if its expensive. So where have all the Selecta7's et al gone in the last few years?

My conclusion is to stay well clear of the Goldline trading system!

What happened to Goldline

This was the message posted on the Goldline members area in February 2009:

Please be aware as of Monday 2nd February, Southgate publishing Ltd, the company responsible for the Goldline system and commodity Trader is no longer trading.

Because of the massive volatility in the markets this last 12 months, members have found that they required increasing capital to place the signalled trades on both programs. We understand that for most users, this became impracticable and as result they stopped using the program. This, coupled with the uncertainties of the current economic climate has seen a further and significant reduction in our member user base.

As a result, we have found the numbers of members choosing to renew their subscription dramatically reduced over the last 12 months to only now a small handful. We made a conscious decision to stop taking on new members last year in response to the significant effect of volatility.

As a result of this, Gerry Lannen left the company last year, while Sarah provided support to our members. We were happy to maintain things hoping for an improvement, however the number of active members has fallen to such a low level now, as to no longer make it viable to continue with her wages or office costs and Southgate Publishing Ltd was running at a loss, being supported by it's directors.

Sadly, we see no imminent change to this situation, with the business no longer viable so have had to let Sarah go and to cease trading. I have no joy in writing this as anyone who had dealings with Sarah and Gerry will appreciate how committed to the business and to our members they were. alternatives to closing have been explored, but harsh economic realities have dictated this unfortunate but necessary action. Mark Harniman the Director of Southgate publishing is now concentrating on his personal trading activities and will be happy to receive communication from anyone who wishes to follow this up. He can be reached at

Thoughts: Basically their system took a tanking when the volatility kicked in, taking a few customer accounts with it, imo - can't say I didn't warn you.

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Please note: this is my own personal opinion reflected here, and does not necessarily represent the view of the general public. All information posted on this article was culled from my own research and my own personal opinion, which anyone is entitled to disagree with.. know the stuff

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