Hard Data
I have traded with the Money Matrix Insider since 11/09. I was also influenced to use the service by the strong endorsements of Christopher Ruddy and Steve Forbes. I have significant investment experience, but I am new to Forex. I was interested in having a professional to suggest trades in an effort to learn Forex trading and further diversify my portfolio. Sean Hyman provides 2-4 trade recommendations per month with precise entry points as well as stop/limit values. Every Wednesday, subscribers receive a video discussing all aspects of the Forex market and the economy in general. Every Friday, subscribers receive a written discusssion of the trades and the general economy. The information provided is very professional.
However, the trade results have been dismal: following his trade recommendations carefully including accurate stops and position sizes, my account has lost nearly 40% of its original value.
Total pips since 11/09: -1,259 pips
Winning trades: 9
Losing trades: 11
Average gain on a winning trade: 119 pips
Average loss on a losing trade: -212 pips
Smallest winning trade: 1 pip
Largest winning trade: 401 pips
Smallest losing trade: -111 pips
Largest losing trade: -395 pips
We also have one active trade that is on life support -- 30 pips from the stop loss with -170 pips to date which would worsen the above results.
Sean seems to be honest and interested in providing a real service. He is a moderator for DailyFx.com. He is also a regular columnist for Newsmax. I have reviewed his record on the internet, and he seems to have a long history in the Forex market.
However, I asked Newsmax to provide me with further trading history for Sean, so that I could evaluate the probability of his being able to recoup my investment by trading his Forex signals. They refused saying that his previous clients were private and would not divulge the results. This is concerning.
At this time, I could not recommend the service.
Martin