Service Reviews
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Over the coming year I will be testing out and reviewing various trading services; all opinions will be based on my own experiences and would like to encourage others to contribute so that we can ensure that fellow traders are not ripped off and instead pay their hard earned cash for the best services out there if they need help trading.
I am starting my reviews off with the FTSEDay.co.uk trading service that I came across through word of mouth. The service is a trading room that is subscribed to mainly by new traders. My overall view is that this is an unprofessional service and that it is a waste of time and money to use.
The owner of the trading service is present in the room at points during the day, but not on a consistent basis and not at the key times for trading. The rest of the time it falls on the moderators to manage the room, and there are no set hours when the room is open, so it is not guaranteed that moderators will be in the room at all times.
The owner has only a very basic knowledge of the market, he does not seem to be aware of how it is derived, and doesn’t seem to know what causes the price action. The setups he describes are very basic and very little thought and analysis seems to have gone into them. He also has no data or back-testing to prove his methods. A simple approach to trading can sometimes be good, but a decent level of knowledge of the market and causes of price movement is clearly needed.
The owner advertises that he calls live trades (for training purposes....), but he always talks of trades placed and points and profit taken in hindsight, when clearly it is false (or he can read the market perfectly taking points just before the market turns). I am worried that subscribers may be following the system through the live sessions, which he has not proven to work.
There are some good principals; the owner has developed a compounding spreadsheet which is available to all subscribers, but in essence, all it does is encourage the new traders to start with a small stake and increase it on a daily basis while gaining confidence.
Overall, the owner is just a typical vendor that promotes that what he is doing is just to help people with their trading, but from the cost of the service and the quality the subscriber gets for it, it is clear that making money is a priority. It seems he is taking advantage of people that are in need of help to sort out their trading methods.
I am starting my reviews off with the FTSEDay.co.uk trading service that I came across through word of mouth. The service is a trading room that is subscribed to mainly by new traders. My overall view is that this is an unprofessional service and that it is a waste of time and money to use.
The owner of the trading service is present in the room at points during the day, but not on a consistent basis and not at the key times for trading. The rest of the time it falls on the moderators to manage the room, and there are no set hours when the room is open, so it is not guaranteed that moderators will be in the room at all times.
The owner has only a very basic knowledge of the market, he does not seem to be aware of how it is derived, and doesn’t seem to know what causes the price action. The setups he describes are very basic and very little thought and analysis seems to have gone into them. He also has no data or back-testing to prove his methods. A simple approach to trading can sometimes be good, but a decent level of knowledge of the market and causes of price movement is clearly needed.
The owner advertises that he calls live trades (for training purposes....), but he always talks of trades placed and points and profit taken in hindsight, when clearly it is false (or he can read the market perfectly taking points just before the market turns). I am worried that subscribers may be following the system through the live sessions, which he has not proven to work.
There are some good principals; the owner has developed a compounding spreadsheet which is available to all subscribers, but in essence, all it does is encourage the new traders to start with a small stake and increase it on a daily basis while gaining confidence.
Overall, the owner is just a typical vendor that promotes that what he is doing is just to help people with their trading, but from the cost of the service and the quality the subscriber gets for it, it is clear that making money is a priority. It seems he is taking advantage of people that are in need of help to sort out their trading methods.