FX Money Map-avoid like the plague!

[ibp777]

If anyone is thinking of buying FX Money Map at $3,995.00 plus another $199.00 per month for the datafeed and $395.00 per month for the Traderoom Access - I strongly advise you to forget it - you will just be throwing your money away.
The software basically just shows the Fibonnacci bands on a real-time grid for 16 currency pairs and you can also see a more conventional chart with 1,5,15 and 60 minute indicator options - that's it. Does it help you make a 'winning' entry - NO. You are supposed to 'sell' off the red boxes and 'buy' off the green iF there are 'clear roads' to the upside or downside but green boxes often turn red and vice versa and you will still lose!
In the Trade Room the idea is obviously to trade off figures, e.g non-farm payroll etc and sometimes they get it right and sometimes wrong.
Basically, you can still lose your shirt just as easily with or without this software!
Is it of value? Let me just say this - every Forex trading aid, software or system, which is sold by a REPUTABLE vendor always offers a full, 'money back' guarantee if the buyer is not satisfied with the purchase? Right? With this, there is no such guarantee and once you have paid, your money is gone, even if you subsequently make losses 'trading the grid'. Just put the $4000.00+ into your trading account and don't bother with this - it's a rip-off. I know, I lost over $1,600.00 in one week so now I'm $6000.00 down and I could have done that without spending $4,000.00+ on software!

 

[hornblower]

If anyone is thinking of buying FX Money Map at $3,995.00 plus another $199.00 per month for the datafeed and $395.00 per month for the Traderoom Access - I strongly advise you to forget it - you will just be throwing your money away.
The software basically just shows the Fibonnacci bands on a real-time grid for 16 currency pairs and you can also see a more conventional chart with 1,5,15 and 60 minute indicator options - that's it. Does it help you make a 'winning' entry - NO. You are supposed to 'sell' off the red boxes and 'buy' off the green iF there are 'clear roads' to the upside or downside but green boxes often turn red and vice versa and you will still lose!
In the Trade Room the idea is obviously to trade off figures, e.g non-farm payroll etc and sometimes they get it right and sometimes wrong.
Basically, you can still lose your shirt just as easily with or without this software!
Is it of value? Let me just say this - every Forex trading aid, software or system, which is sold by a REPUTABLE vendor always offers a full, 'money back' guarantee if the buyer is not satisfied with the purchase? Right? With this, there is no such guarantee and once you have paid, your money is gone, even if you subsequently make losses 'trading the grid'. Just put the $4000.00+ into your trading account and don't bother with this - it's a rip-off. I know, I lost over $1,600.00 in one week so now I'm $6000.00 down and I could have done that without spending $4,000.00+ on software!

well what can we say
time and time again , we traders keep saying there is no holy grail there is no system that works all the time,
get some books read up about t/a , this is the only way you can make money trading fx

I have to tell that I am fed up with posting the same post over, and over again ,
when are new starters going to learn ?

 

[bbmac]

Sorry to hear of your experiences with this software. Some-one made a simplified custom indicator for MT4 charting a while back based on the theory, I looked at it but couldn't find anything useful about it.

I'm afraid that hornblower is right, there really is no holy grail.

 

[ibp777]

No Holy Grail - you are right of course

Yes - I agree completely. 'Let the trend be your friend' is a good guide and apply good money management principles, it is theonly way and there are no shortcuts!
I am just posted here to save others from making the same mistake that I did and throwing their money away - flipping a coin would be just as effective in the long run and it would not cost $4,000.00+ to do it! Mr Shearman obviously does not need the money he makes from selling his software - after all, he is a 'guru' of Forex trading and must be making a fortune trading Forex,right?

 

[atomm]

If anyone is thinking of buying FX Money Map at $3,995.00 plus another $199.00 per month for the datafeed and $395.00 per month for the Traderoom Access - I strongly advise you to forget it - you will just be throwing your money away.

Many newbies shall heed your advise!

IMO, there is no a system that you can simply apply, without a twist, and consistently be profitable. Like all indicators, it may be right at certain point in time when the all conditions are at the right place; but it may be faulty at other time. This does not means all indicators or system are crap, but you have to learn to know at what conditions it has the higher probability to be right, and at what conditions it may be faulty.

The market is dynamic but a system itself is not. Here comes the issue of success rate of a trading system.

Anyway, with the price tag of the system, I will open another live mini account, and reserve the monthly fee for my loss trade in case I need to refill my account. :cheesy:

 

[trendie]

I fully endorse the views regarding paying too much for a system,
but to play devils advocate...

what proportion was $1,600 of your total account?
(were you risking the recommended 2-3% per trade?)

how many trades did you undertake? (did you overtrade)

were ALL the trades "optimal", or did you take lower probability trades because a $4,000 box told you to? (put another way, did the $4,000 box give you false confidence)

how much paper-trading or back-testing did you do before going live?

how many weeks of actual trading have you done with the MarketMap?

(bear in mind, losses are part of the game, so a 1-week blip does not necessarily mean the systemn is crap, although it may be; next week may result in profits if you have any money left to trade with!)

 

[fibonelli]

if a trading method is (allegedly) so successful, why sell it?

 

[Fantasy Trader]

One annoying aspect of T2W is the 'better than you' attitude that surfaces when someone gets stung by this kind of stuff.

Worst of all when the lectures begin about how certain standard-issue methods of trading are the 'only way'.
It's nonsense. There are many ways to trade and just because the 'holy grail' can't be picked up off a shelf for 4K doesn't mean new traders should be discouraged from looking for radical and creative alternatives to standard techniques.

 

[atomm]

With respect to Fantasy Trader, I don't think the " better than you " attitude exist when a member trying to respond to a topic / issue made by a member at this forum. I believe the purpose of the forex forum is let members give and take opinions and ideas while we venture in this field. I think fibonelli, trendie, bbmac and hornblower also not trying to show off themselves, but give their own thoughts and opinions on the subject matter.

I remembered my first 3 earliest post at this board got no respons, at all. Maybe I asked stupid questions? Maybe I don't know the culture of the forum. :?:
No offense meant, but I learn a lot more from the Forex Factory than from this board. Why? Because a lot of ideas, opinions are flowing in every day, by newbies, seasoned and successful traders alike. Members there are more responsive and dynamic.

My 3 negative impressions of trade2win forex board are :
1). Seasoned and successful traders are reluctant to voice out their opinions.
2). Members are reluctant to post question and give answer.
3). A lot of vendors lurking around!

 

[bbmac]

Fantady Trader: For my own part, I was expessing a degree of empathy with the trader concerned who felt that his purchase of this software was a bad investment. We have all been there, and in the end anything like this is just like a cost/bad debt to a business, in that it has to be written off. As one who trades off a 1min trigger in a way that the more seasoned pro's are always telling new traders can't be done and make money, consistently I certainly won't be giving any lectures about there only being one way to do it.

There are many different edges at work in any market, some are simple some are not, some are understood only by the user, some more widely, some chose to share, some do it, some work for some but not for others.

It seems to me that this Board much like Elitetrader covers a wider spectrum of trading than just forexfactory, and I agree with you that the discussion is wider/more open there about forex.

 

[counter_violent]

The market is dynamic but a system itself is not.
QUOTE]

Print off that quote and nail it to your wall.....in my opinion you will do well to put all your efforts into creating a dynamic methodology...in line with the markets / instruments dynamics

cv

 

[a_gnome]

Hi ibp777,
I'm glad that someone has started up a topic on FX Money Map as I've been looking into their product for a while and getting their daily e-mail updates. I also spent some time playing back their many archived recordings of their daily chat room trading session. The impression that I got from these recordings is that they don't go blindly in trading every signal on their grid. They take into account what the various pairs are doing - if there a bias in a particular direction only trade in that direction, for example. Typically they seem to take only a few trades in a two hour session so a lot of "signals" must be passed up. My impressions were that the grid software was not being presented as a holy grail and was not a substitute for thinking and intelligent trading. They have a running total of their performance which is always a reassurringly large monthly profit figure but they do post losses as well. They also claim that if you are not making money with their software then they will mentor you, helping you until you are making money. I don't know whether you've taken them up on this.

The bottom line is that I agree with other posters in this thread that you need to come up with your own method that you trust and which can adapt to the ever-changing markets. Having said that, if I were in your position and had already paid for their software I would probably spend a bit of time following through with their method by trading alongside them each day in the trading room. This way you can get a better feel for whether there is in fact any merit in their method and whether the real edge is in fact in the discretion that is used to decide which trades actually to trade. You could even just blindly take all the trades that they take and that way you would at least find out whether their reported trading room profits are genuine or not. I for one would be most interested to hear how you got on if you were to do this.

 

[bertie123]

Learn Trading

Hi guys,

As a sucker who has fallen victim to some of the scammers I can identify with this thread. Thankfully my outlay was hundreds and not thousands, unlike some other poor folk. The point is, and it has finally got through to this sucker writing, that if you want to trade successfully then you have to learn to trade. Like any other skill it takes time and effort to master - there is no magical formula, if there was the world economy would collapse! I would advise anyone trying this to learn the basics of trading at a steady pace. I am on my own particular journey on the learning curve and I am picking up little bits and pieces of information each day/week which are increasing my knowledge. This journey will take time but I am determined to succeed, albeit with realistic expectations.

Best wishes to all and good trading guys.

 

[DannyBly]

Thanks for sharing your experience, ibp777 -it's valuable for everyone to have their input....wishing you success in your future trading : )

 

[4x4life]

FxMoneyMap - Not for everyone, only for few

Hello all
I have tried to use this product for almost 2 months but it didn't work for me. I can't say that is easy or difficult to use, as it has its own learning curve which is quite different from any other trading tool. What I did found was that it is not for me.
Important remark: this product is for SCALPERS ONLY!!!
I did quite recently a research about the types of traders and it came out that SCALPERS are supposingly the cream of all traders and considered mostly PROFESSIONAL TRADERS.
Don't go there if you are a beginner or if this trading style doesn't fit you. You will fail miserably!
Most important: The FXMONEYMAP DOES NOT REFUND ANY PURCHASE.
So I do recommend warmly doing your home work before you pay anything!
Scalping is a VERY high intensity trading, with a lot a stress involved and requires an exceptional fast thinking and decision making capabilities. The scalper has to have very strict EXIT rules that should be obeyed with a very high level of discipline. Be aware of these very demanding requirements in order to be successful with this tool.
I hope my comments will help the traders not aware of these aspects of trading.
Radu Gruia

 

[FXMMLive]

I would just like to say that you can follow us for free on Twitter http://twitter.com/fxmmlive

 

[TraderNumber7]

If anyone is thinking of buying FX Money Map at $3,995.00 plus another $199.00 per month for the datafeed and $395.00 per month for the Traderoom Access - I strongly advise you to forget it - you will just be throwing your money away.
The software basically just shows the Fibonnacci bands on a real-time grid for 16 currency pairs and you can also see a more conventional chart with 1,5,15 and 60 minute indicator options - that's it. Does it help you make a 'winning' entry - NO. You are supposed to 'sell' off the red boxes and 'buy' off the green iF there are 'clear roads' to the upside or downside but green boxes often turn red and vice versa and you will still lose!
In the Trade Room the idea is obviously to trade off figures, e.g non-farm payroll etc and sometimes they get it right and sometimes wrong.
Basically, you can still lose your shirt just as easily with or without this software!
Is it of value? Let me just say this - every Forex trading aid, software or system, which is sold by a REPUTABLE vendor always offers a full, 'money back' guarantee if the buyer is not satisfied with the purchase? Right? With this, there is no such guarantee and once you have paid, your money is gone, even if you subsequently make losses 'trading the grid'. Just put the $4000.00+ into your trading account and don't bother with this - it's a rip-off. I know, I lost over $1,600.00 in one week so now I'm $6000.00 down and I could have done that without spending $4,000.00+ on software!

I'm glad you posted your results.

Having a good Visual Presentation of what the Market is doing, or has a high probability for doing "next," can be extremely useful for those that have difficulty reading conventional charts. However, if trading is reduced to the Visual, then that which produces the Visual must have a real Edge.

You are saying that this does nothing more than produce a Visual Graphic for Fibonacci "Bands." Well, that's not saying a whole lot, quite honestly. What aspect of the Fibonacci "Bands" are reproduced Visually? I mean, this could mean several different things and each one of them could produce an entirely different trade "signal" and/or "indicator." So, having some idea of which component of the FibBand is actually being used, would help.

Questions:

Basic Retracements, Arcs, Time Zones, Expansions or Fans? One Bar of data, or overlapping Bars of Data (time-intervals)? Which Fib Levels are "approved" for trading, providing the "all clear" roadmap to the top of the screen or the bottom of the screen? Does an "all clear road" mean that you are cleared for a 38% (for example) retracement in multiple bars or multiple time-intervals - say, 10 minute, 30 minute, 1 hr, 4 hour, 1 Day, 1 Week and 1 Month, simultaneously?

There is no doubt that having a more user friendly graphical presentation is easier to trade. The question is whether or not there is a true Edge behind the GUI. And, I don't see that being discussed, here.

 

[TraderNumber7]

One annoying aspect of T2W is the 'better than you' attitude that surfaces when someone gets stung by this kind of stuff.

Worst of all when the lectures begin about how certain standard-issue methods of trading are the 'only way'.

It's nonsense. There are many ways to trade and just because the 'holy grail' can't be picked up off a shelf for 4K doesn't mean new traders should be discouraged from looking for radical and creative alternatives to standard techniques.

Amen! I 1000% agree with you.

To say that you can't use a Technical system (for example) to trade the markets and be profitable at the same time, is saying that likewise, you can't use a Fundamental system to trade the markets and be profitable at the same time - both statements are false, guaranteed.

There are some fabulous Fundamental traders in the world, and some fabulous Technical traders in the world - both of them having long-term success. I prefer the Technical side, as it reduces stress and yields me exceedingly high profits, consistently. But, my Black Box is no different than the Fundamental traders Black Box. What blows my mind, is the Fundamental trader who does not know enough about his/her own business, to understand that they trade with a "System," too! That's absolutely mind-blowing when you stop to think about it.

What is a Black Box, other than a series of logical decisions yielding a determination of Long, Short, Hold or Stay? People are so confused on this issue of so-called "Black Box" Trading. Every Trader in the entire world, uses a "Box." Some "Boxes" are really Dark. Some are White. Some are Gray. A White Box is purely Fundamental driven and uses no explicit mathematical algorithm for signal and or indicator generation. This is the Trader who reads reports and makes trading decisions. Yet and still, this same Trader is using a set of rules and protocols for determining what he/she will trade. Rules are rules - protocols are protocols and decisions are decisions, regardless how you derive them. You can do them in your head, or run them through a computer - but they are still rules, protocols and decision.

When are people going to learn this lesson.

Just what color is your Box, is the question (Sapphire Blue, Red Topaz, Yellow Emirate, Hot Pink, etc.). We all have one.

Here, pick one or more and trade with them. Heck, you might as well, LOL!

Select a box and hit the markets! Pretending that you don't use a box is funny!

 

[shakespeare515]

FX Money Map-avoid like the plague? Not so sure about that..

Wow, it's truly amazing how when a trader loses his account (usually because of poor money management) he instantly blames the platform, or the broker, or the guru, etc, etc.... And what is more amazing is how there are other posts supporting this main thread (which said nothing substantial, except "I blew my account"), yet not one person has any real experience with the fx moneymap.


It could never be the responsibility of the trader, could it? Of course there is no holy grail, the truth is, your success has very little to do with "the system" you are using. It has to do with YOU, the "trader". A good trader can make almost any system workable. That takes discipline, and discipline takes time. If you do not have a mentor, it takes even longer.

Someone mentioned earlier to "read a book". this is a joke.. there is NO book that will turn you into a good trader.

Ready for this? It takes a good trader to turn you into a good trader. you need a mentor.

As far as the FX MoneyMap goes.. It happens to be a spectacular system, not just because of the highly accurate dynamic fibonacci grid system, but because you are trading with a team of over 200 hundred active professional traders, along with a 26 yr InterBank Chief Dealer.

I have personally been trading with the FX MoneyMap for over 4 years. And there are many successful traders that are my collegues in this group.

oh, you are wondering why successful traders arent flooding the boards with positive reports? because they are out living their lives! They got better things to do than to convince a bunch of wannabe newbies that this is it for them... but you know why there are a lot of negative reviews? because there are a bunch of pissed off newbies who dont understand what a stop loss is that want to blame everyone but themselves, looking for the "system" that is going to make them rich.

Forex trading is hard work people, it doesnt happen overnight, there are too many subtleties to master in a week or a month. So for those who "tried" for a week or a month and are just sure it is a scam. You will continue to find what you believe are scams, because you simply do not know what you are looking for.

FX MoneyMap is not just software it is a community.. and we are strong, anyone can register for a live session.. just do it and stop complaining. All trades are posted in real time for the world to see! There are still scam complaints? Give me a break newbies!!!

Sorry about the tone of this post, but it gets tiring to see all these people slamming systems because they arent successful yet. (I do understand their are a lot of scammers out there, but this is certainly not one of them.)

My name is Sam Shakespeare. I put my rep on the line everyday with my live calls that i make on the fx moneymap traderoom. There is no way anyone can sit with me for even one session and still think FX MoneyMap is a scam. Not only that, but i pride myself in being able to take almost anyone (yes, newbies) and get them successful within 4-6months, and I have the FX Moneymap and Andy Shearman to thank for that.

The one complaint that could be understood is the initial investment.. at $5k for software your first instinct is "that's expensive".. but it is an all inclusive career system, you are basically starting a business, and you are getting live trade calls, trading with a community of hundreds of othe rlive traders, and LIFETIME training. But for those who just cant spend it, there are now other options that are much more reasonable.. you can now join the fx moneymap traderoom without buying the software.

All this being said, I wish the best for all traders, but if you are feeling bad about a "system", first try to see if there is an area in your own trading that needs improvement... In other words.. TAKE RESPONSIBILITY. These are the traders that will be successful.

For those looking for a quality forex trading system, whatever you choose.. do not let some bitter newbie make your decision for you. You can do it all by yourself..

...good trades,
Sam

 

[t2wfx]

Re: FX Money Map-avoid like the plague? Not so sure about that..

Wow, it's truly amazing how when a trader loses his account (usually because of poor money management) he instantly blames the platform, or the broker, or the guru, etc, etc.... And what is more amazing is how there are other posts supporting this main thread (which said nothing substantial, except "I blew my account"), yet not one person has any real experience with the fx moneymap.


It could never be the responsibility of the trader, could it? Of course there is no holy grail, the truth is, your success has very little to do with "the system" you are using. It has to do with YOU, the "trader". A good trader can make almost any system workable. That takes discipline, and discipline takes time. If you do not have a mentor, it takes even longer.

Someone mentioned earlier to "read a book". this is a joke.. there is NO book that will turn you into a good trader.

Ready for this? It takes a good trader to turn you into a good trader. you need a mentor.

As far as the FX MoneyMap goes.. It happens to be a spectacular system, not just because of the highly accurate dynamic fibonacci grid system, but because you are trading with a team of over 200 hundred active professional traders, along with a 26 yr InterBank Chief Dealer.

I have personally been trading with the FX MoneyMap for over 4 years. And there are many successful traders that are my collegues in this group.

oh, you are wondering why successful traders arent flooding the boards with positive reports? because they are out living their lives! They got better things to do than to convince a bunch of wannabe newbies that this is it for them... but you know why there are a lot of negative reviews? because there are a bunch of pissed off newbies who dont understand what a stop loss is that want to blame everyone but themselves, looking for the "system" that is going to make them rich.

Forex trading is hard work people, it doesnt happen overnight, there are too many subtleties to master in a week or a month. So for those who "tried" for a week or a month and are just sure it is a scam. You will continue to find what you believe are scams, because you simply do not know what you are looking for.

FX MoneyMap is not just software it is a community.. and we are strong, anyone can register for a live session.. just do it and stop complaining. All trades are posted in real time for the world to see! There are still scam complaints? Give me a break newbies!!!

Sorry about the tone of this post, but it gets tiring to see all these people slamming systems because they arent successful yet. (I do understand their are a lot of scammers out there, but this is certainly not one of them.)

My name is Sam Shakespeare. I put my rep on the line everyday with my live calls that i make on the fx moneymap traderoom. There is no way anyone can sit with me for even one session and still think FX MoneyMap is a scam. Not only that, but i pride myself in being able to take almost anyone (yes, newbies) and get them successful within 4-6months, and I have the FX Moneymap and Andy Shearman to thank for that.

The one complaint that could be understood is the initial investment.. at $5k for software your first instinct is "that's expensive".. but it is an all inclusive career system, you are basically starting a business, and you are getting live trade calls, trading with a community of hundreds of othe rlive traders, and LIFETIME training. But for those who just cant spend it, there are now other options that are much more reasonable.. you can now join the fx moneymap traderoom without buying the software.

All this being said, I wish the best for all traders, but if you are feeling bad about a "system", first try to see if there is an area in your own trading that needs improvement... In other words.. TAKE RESPONSIBILITY. These are the traders that will be successful.

For those looking for a quality forex trading system, whatever you choose.. do not let some bitter newbie make your decision for you. You can do it all by yourself..

...good trades,
Sam

This is so true. When 1 person came in and tell others that a product is a scam, others will back that person. I was almost gonna agree with him until i read your post. Not pointing to anyone here but what Sam said is true, we need to make our own research also not just by reading others' comments coz we never know if it's true or it's just a competitor spreading bad reviews.