Concept FX

[LookUpLeg]

Hi Arek,

I think anddy26 has pretty much said it all. You do spend 20 mins or so each night using the software and placing the trades on whatever platform you use. As I work on a computer all day, I tend to check every now and then, but I am trying to educate myself not to.

Good luck if you decide to take the plunge.

 

[stevespray]

Hi Arek,

I think anddy26 has pretty much said it all. You do spend 20 mins or so each night using the software and placing the trades on whatever platform you use. As I work on a computer all day, I tend to check every now and then, but I am trying to educate myself not to.

Good luck if you decide to take the plunge.

LUL - Nothing wrong with checking positions intra day. You'll be taking more steps forward (as a trader) if you check your positions and then learn not to react to your emotion. Sure I see that emotion can be 'bypassed' by not looking but, imho, that is a lesser step than learning to trust a robust mechanical trading system which is doing its thing without messing about with the positions.

Also, when you have real cash riding you take far more interest in what the market is doing that you would if you were to just glance at a chart etc and therefore your speed of learning can be much quicker.

Steve.

 

[IANLEE]

Interesting thread !

What would happen if Concept FX were unable or unwilling to provide further signals and someone had just shelled out £5000 for the software ?

Does their contract envisage a refund in such circumstances ?

 

[jason0181]

From the questions I asked of them, they would not give any refunds based on the number of triggers. It is all automated by their servers, so if they could not find any trends, then there would be nothing. Looking at the history of their triggers, and the liquidity of the forex market, I did not see that as a risk. My main concern was if the company suddenly crashed. They have been trading in this industry for a while with Tradewin, and now concept FX.

Their business model should allow for sustained growth based on new members purchsing the software, and the ongoing subscription. If their claims are that they now have 300+ members, each paying £500 a year for the triggers.

They do offset everything with risks, and that you enter into the agreement only if you are able to lose your initial stake. I have read this to be the software purchase price, and initial bank. It could be a costly experiment, but even if it lasts for 6 months on current success rate, that should be enough to get the initial purchase price back.

 

[stevespray]

I’ve studied the Concept FX methodology in some detail and I have to say that it does seem fairly robust. Having said that trading in general is, for the most part, a fairly high risk business especially if you approach it from an angle where you want to realise an aggressive increase in capital. This all has to be considered.

In my opinion anyone looking to purchase the system should approach the matter in a very businesslike manner. Failure to apply the correct structure to your approach will just lead to you giving up when a few losing trades come along. You will also miss trades and sods law dictates that they are the big winning one!

Personally I would recommend dedicating a minimum of around £10,000 - £12,000 to the project. Several figures have already been bounded around as to its purchase cost – anywhere between £2,000 and £5,000. Let us assume that you can get it at the ‘show price’ of £4,000. If you started with £12,000 then that would leave you with £8,000 as your starting bank. The next thing to decide would be your initial business goals. A few people have already mentioned some important points. Some people would clearly look to recover the initial purchase price and this might represent the first level of comfort once the system has been performing for a period of time. Personally I’d be aiming to double the initial £12,000 before taking anything out of the business. The results show that this should be possible in well under a year based on the 5% staking plan. The next thing to decide would be weather you wanted to take your entire start up investment off the table. Needless to say that if you turned £8,000 into say £24,000 in a year then you confidence in the system would be pretty high and one imagines that there would be a strong temptation to ‘let it all ride’ so to speak. Another method might be to draw off money month on month in an effort to pay back the original outlay.

Once you’ve established a healthy bank you really are in control and you should feel a whole lot safer. But, as I said, it’s like a business and like any business the most tricky / risky part is generally at the start up.

Steve.

 

[ofurbaldur]

Trading is not easy and you are not going to be able to run a software that will just print money.

The developer of such systems will bank on the doors of hedge funds who will gladly pay top cash for top systems.

A good signal service that makes profit is going to cost a fair position of the profit you could make using it.

Why would a signal service give these out for a fraction of the profit they can make?

Baldur

 

[stevespray]

Trading is not easy and you are not going to be able to run a software that will just print money.

The developer of such systems will bank on the doors of hedge funds who will gladly pay top cash for top systems.

A good signal service that makes profit is going to cost a fair position of the profit you could make using it.

Why would a signal service give these out for a fraction of the profit they can make?

Baldur

It's not a 'signal service' as such. It's a mechanical 'black box' type system.

 

[griffb23]

hi guys still watching with intrest
andy concept have just mailed me claiming to have made close on 6 grand last week alone,
does this add up

 

[Arek Okrasa]

Thank you Jason

Have you finaly bought the software?

Regards,
Arek

Arek
I was with them for about an hour having a demo on the system. Unfortunatley they do not have any way of using the system at home before commiting to a purchase.

There is not much at all to the system, apart from one screen that show the 6 pairs, and what you need to do with them if there is a trigger to bet.

It almost seems too simple, but it does look as it the figures are correct.

 

[Arek Okrasa]

Hello Anddy26

How is it going? How is the software work for you?

Regards,
Arek

The stop loss distance is set out by them..they are the figures below
eg 6k bank with a 5% risk is £300 risk per trade so EURJPY has a 100 pip stop loss i would put on £3 per pip

GBPUSD 150
EURCHF 85
EURJPY 100
EURUSD 75
USDCHF 120
EURGBP 40

 

[Arek Okrasa]

Hello LookUpLeg

Could you help me with something, please?I am thinking about buying the software. If I want to do it...do I realy have to go to they office and see the presentation?Is it woth
of doing it? Also how is the final price for the concept - is it £4k per year or we need to add £ 500 for software updating? When the software comes to us how does it looks like? Is it a DVD with study instractions? or there ar 6 CD`s...?And one more... How long does it takes to understood how the software works...?

Can you help please...
Arek

Yes the first success will definitely be paying off the initial outlay. I'm only trading small also, 4k deposit, so it will certainly be 6 months at the very least unti its paid off. However I'm hoping it keeps going the way it is for a couple of years, and then the pot will have grown sufficiently to be getting very nice returns.

 

[Arek Okrasa]

Hello Anndy,

Could you help me with something, please?I am thinking about buying the software. If I want to do it...do I realy have to go to they office and see the presentation?Is it woth
of doing it? Also how is the final price for the concept - is it £4k per year or we need to add £ 500 for software updating? When the software comes to us how does it looks like? Is it a DVD with study instractions? or there ar 6 CD`s...?And one more... How long does it takes to understood how the software works...?

Can you help please...
Arek

Ok im thinking of upping my bank trades due to these recent results,

the figures i have should be the same as concepts when they update theirs..Notice the amount of trades in a month..thats why we shouldnt be glued to our screens with this system

 

[IANLEE]

Just thinking alod about Concept FX upping sticks and leaving recent purchasers in the lurch - I regard it as unlikely so long as their signals are producing postive returns. But should the signals turn negative, or the source that Concept itself relies on for its signals disappear, they would certaily have an incentive to disappear. I don't have to see the contract to imagine there would be no recompense for purchasers. So the risk here is twofold : 1. that the signals produce negative results ; 2. that for some reason the signals dry up.

 

[jason0181]

Arek

I will try and answer all your questions.

I have just bought the software, and am now using to, so hopefully will s a return soon.
I doubt whether you would need to go to the office to purchase, and the demo does not really show you much. For me it was just peace of mind to make sure that there was someone in an office.

The software comes on on CD, and is a very simple install. The only problem that I encountered was that it required .net framework 1.1,and the link it sends you to is for 3.5. It would be easier if they added it to the CD, or a download from their site. The pack also comes with some background info on the forex market, and why it is a good way of making profits.

The £4k initial fee is for the 'membership', and the software to get the triggers. This is a one off fee. The £10 per week is for the the alerts, and is paid 6 months in advance. Try and see if you can haggle to see if you can get a free period.

I have just placed my first bet, so hopefully will be able to report in some good news very soon.

 

[jason0181]

Griffb23

I would not look at the claims of £6k per week, and focus on the pips they have made on the trades. They are using a large bank to make these profits.

From what andy has produced over the past month trading, and what I have seen watcing their results on paper for a while, I would say that it is accurate.

If you have a £25k opening bank, then you could expect these returns. For the rest of us, I would be happy to make £1k a week, and watch it grow for now.

Hope that helps

 

[Arek Okrasa]

Thank you so much! Indeed !!!!!!!!!!!!!!!!!!!!!!!!!!!

Best regards,
Arek

Arek

I will try and answer all your questions.

I have just bought the software, and am now using to, so hopefully will s a return soon.
I doubt whether you would need to go to the office to purchase, and the demo does not really show you much. For me it was just peace of mind to make sure that there was someone in an office.

The software comes on on CD, and is a very simple install. The only problem that I encountered was that it required .net framework 1.1,and the link it sends you to is for 3.5. It would be easier if they added it to the CD, or a download from their site. The pack also comes with some background info on the forex market, and why it is a good way of making profits.

The £4k initial fee is for the 'membership', and the software to get the triggers. This is a one off fee. The £10 per week is for the the alerts, and is paid 6 months in advance. Try and see if you can haggle to see if you can get a free period.

I have just placed my first bet, so hopefully will be able to report in some good news very soon.

 

[jason0181]

If Concept had on their website some testimonials from customers, I am sure that would have halved the length of this thread. Even their own forum for people to chat and compare tactics.

 

[Arek Okrasa]

Thank you for your help! Could you only tell how long does it takes to understand how to use the software....set up and be ready to invest... How long does it takes...,please..

Thank you
Arek

Arek

I will try and answer all your questions.

I have just bought the software, and am now using to, so hopefully will s a return soon.
I doubt whether you would need to go to the office to purchase, and the demo does not really show you much. For me it was just peace of mind to make sure that there was someone in an office.

The software comes on on CD, and is a very simple install. The only problem that I encountered was that it required .net framework 1.1,and the link it sends you to is for 3.5. It would be easier if they added it to the CD, or a download from their site. The pack also comes with some background info on the forex market, and why it is a good way of making profits.

The £4k initial fee is for the 'membership', and the software to get the triggers. This is a one off fee. The £10 per week is for the the alerts, and is paid 6 months in advance. Try and see if you can haggle to see if you can get a free period.

I have just placed my first bet, so hopefully will be able to report in some good news very soon.

 

[anddy26]

Sorry Guys was away for a day!..i will try and reply to most of the points...6k in a week is possible . I will look up the trades and work out their stake and tell u which pair it was later.
The software is nothing special i think its an elaborate gimmick at giving us a bit of control and feeling part of the 'family' because they could have sent us the same as the tradewin set up which was the alert screen ans sms texts..so please dont look to much to the software as a platform, it is more of a word document with the pairs on them.
As the q what if they up sticks and leave..i dont think that will happen and it hasnt as far as tradewin goes either!..the Volatility filter is stopping alerts coming thru which i think is a great idea.and they have given us 6 months free because of the lack of alerts..but they say it will settle down and its business as usual when the market(ftse 100) doesnt fluctuate 1000 pips in 3weeks!!..but 2 two markets are not the same in IMO..

Steve may i reply to yours too...As a business man i did not enter this 'game' or hobby as a business...I had 4k to spend and afford to loose! so i bought the system and started my bank with it. Im having fun and trying to learn a little bit about the trading game.....and i think ur remarks are off putting to newbies 12k!!..2k is the min id suggest...but its not a business for us........they are many welders with a welding plant in their shed making gates .. the enjoy it and make a few pounds but will NEVER ever run their own business and have no desire too..As a business man i looked at what i could afford to lose..and will never ever contemplate at taking this up as a business..its every man to his trade..this is not mine..thats why i bought concept!

 

[LookUpLeg]

Hi Arek,

Yes as Jason says the software comes on 1 CD. You also get a couple of booklets...one explaining how to use the system, and the other explains the FX markets in general.
It really is extremely simple to use, so you'll get the hang of it in no time.
If you don't already have a FX account with a broker, you'll also have to set one of these up, as you don't actually trade using Concept. It just provides trading signals. There are loads of brokers out there. I think Concept recommends CMC, I personally use GFT, but its probably worth you opening a demo account with a few brokers to see what platform you prefer.