TheForexClub.eu Review

I would not expect many people to be following the system by now, as there is little discussion any more on Donna forex or other blogs.

When it went on sale in summer 2011 the vendors did not make unrealistic claims although they could show steady profits for the previous 18 months. Unfortunately in the following 6 or 8 months conditions have not favoured the system and gains have been clawed back.

It trades the euro dollar at 6pm every night, with a 1:2 risk reward ratio and a break even reset. The timing is questionable because of course Europe and London traders have gone home by then and it depends on what happens in NY in their afternoon session. Unsure what the indicators are but it must go on trends rather than pivots and fib lines. Whether it works on other pairs better or at other times needs testing.

I would give it excellent based on 2 years' performance ignoring January to April, but the shine has gone off it. Please note this relies on the vendors' public website and results shown there. Average now at best, and in danger of going bad.
Shame really because it was well presented.

2011-10-26 2Star Don't buy this system unless you enjoy watching your account disappear

It trades euro-usd once a day, with 19 as stop loss and 39 as TP

Whilst that gives a wonderful risk-reward ratio, it just doesn't get enough wins.

Example, no win since 17th October, subsequent to which it has seen 6 losses and one break even of sorts (-1).

Seeing as there is no verified log (as through something like myfxbook) and the developers show only their own results, it is highly probable they have mis-stated their gains even going back to 1st July onwards when they show a daily tally.

The recent experience is terrible, and even at 4% risk per trade which is their recommendation, the account is down well over 20per cent since the start of last week.

Buyer Beware!

Improvements they made in December enhanced productivity by adding pips at a stop loss reset midway to TP. Much of the gain since then has come from these pips. In late January they also added a new trailing stop which kicks in close to TP and offers the potential to get more out of some trades if they carry on before retracing.

These modifications are the best that have been made to the system, so here's one willing to keep it on the charts at the same time as other systems are going into retirement due to losing their edge.

2011-11-04 4StarThe interesting thing is that in spite of a horrible 2 weeks in October which frayed many peoples' temper the EA still finished up on the month. The risk reward ratio makes the system recover quickly but it still likes a reasonable supply of wins in order to keep profitable. 2 wins in a week and it can still be 21 pips up on the week if there were 3 losses (forgetting slippage)

It's one of those to keep an eye on.....

The system continues to perform badly.
Several of the users have worked out that it relies only on one indicator which is momentum and the trouble this makes is that you get lots of days where different price data from various brokers when some people get short signals and others get longs.
Nobody is getting results as good as the vendors put on their website, in fact those prices are manually inputted. However to pacify demands from members they have opened demo accounts which are linked to myfxbook, and these give results which are not usually as good as what they put on their website.
The system had a good month in September but October and November were poor

The guys there are selling membership of a club, but certainly no such club exists

Also they are reluctant to give refunds and this has alienated lots of the customers, now they have withdrawn such warranty on new members, who are encouraged to satisfy themselves with a demo account and do backtests before paying for an access licence.

Whenever people complain about performance they come up with b/s about long term results and that wins are about 40 per cent and losses about 40 per cent and breakevens and no trades are about 20 per cent of the possible trading days. That is all well and good given a low risk reward ratio but they just havent been getting the wins lately. It is loss after loss, with sometimes 7 or 8 consecutive losing days

They have mentioned upgrades to the software but if the system is meant to have an edge it's pretty blunt to say the least.

Waste of time

2011-10-27 1Star This system turned to trash as soon as I installed it - (don't follow me!).
3 Losses of 19 pips, 2 profits, one 39 another 27, 4 more losses of 19 pips, 1 break even (that's what they call it) of -1 and 2 more losses of 19 pips

This system behaves worse than random. Stay clear

The people are nice enough, I wonder if they have other systems under different names, but this one is simply diabolical

I am the vendor of Euro Daily Trader which is the EA system being marketed by The Forex Club.

Having been a trader myself for several years, I have read many posts on this and other forums, although I am not general the type who would write many comments myself.

As a system vendor, I have learnt very quickly that it is usually best not to reply to much yourself but beneficial to read the comments about your product as of course constructive criticism can be useful and make you think again, leading to improvements that you may not have first planned.

However, I think it is important for readers to be aware that sometimes comments can be made, not to necessarily inform others, but for certain reasons, private reasons, by someone who has a hidden agenda or grudge. This is certainly the case with the post made on here by the person calling himself xoden.

Xoden is already well known to us. I cannot possibly here go into every little point he has made, but I can state that his post is made up of exaggerations, half-truths and lies. The most damning of which is his claim that a customer “MUST show that you have traded the robot” which is absolutely untrue. Xoden knows full well it is a lie because he has already asked that specific question and we informed him that was not the case.

This person started trading the EA on 13thOctober. A few days later he sent an email praising the EA (Quote “EDT is kicking ass!!”) and another a day later (Keep up the good work) but then we experienced a run of losses – 4 losses, then 1 BE trade (-1 pip)then another 2 losses (the “8 losing trades in a row ” is another exaggeration). And on the 27th October, slightly over 2 weeks after his purchase, he DEMANDED a refund. The guarantee, which is on the website in large letters and known to all customers before purchasing, reads as follows:

GUARANTEE
Euro Daily Trader is supplied as a download and the accompanying EA and indicators are uploaded onto the customer's hard drive. It can therefore not be returned in the way a physical product can. Unfortunately, there are a minority that are willing to take advantage of this loophole and have purchased systems in the past only to request a refund under a no questions asked guarantee a short time later and then continue to use and profit from the system. THE FOREX CLUB guarantee protects both ourselves and our clients. We guarantee the Euro Daily Trader to be a profitable system and we trade the system live and publish these results. We offer a 60 day guarantee to all purchasers, that should you find Euro Daily Trader fails to return your purchase price within 60 days at just £2 ($3) per pip used on the system, THE FOREX CLUB will be happy to refund your purchase price.
We explained to Xoden that all he had to do was wait. There was no need to make any trades if he didn’t wish to, he could simple follow the results, published on the website daily, and if after his 60 days the terms of the guarantee hadn’t been met, he would receive a refund.

That was not good enough for Xoden. It was at that point that he started to threaten us. Using a Forex forum, he attempted to recruit other customers to his cause, even pretending that it wasn’t actually him that wanted a refund, but he was doing this on behalf of “a friend”. He then took other action to try and get his EA for nothing:

Nov 5th – Xoden made a claim to PayPal. We had to answer the claim and send proof documentation that the claim information was false. The claim was sent to PayPal’s claims department, taken up by a representative, and rejected. (You will note that it was on Nov 6th that he made his post on here, but no mention of the rejected PayPal claim.)

Nov 8th – Appealed against the PayPal decision to their appeals department. Claim was taken up a senior claims manager, who we spoke to by telephone where we were again required to produce proof that the claim was false. Appeal was rejected.
Xoden threatened ourselves and PayPal, saying he would be seeing his attorneys.

You can now also see that after this process, Xoden would know that there is no such thing as a PayPal “45 day exchange” on a product of this kind – another half-truth.

Incidentally, since that run of losses, EDT has recovered nicely and is back in profit. Between Xoden’s starting date and today, EDT is showing a small profit of 14 pips which is about 5.5% gain at 4% risk. Not a fortune! But not a loss either, and surely not deserving of these comments.

As mentioned, I have been a trader for many years myself. I have read many posts on many threads, and have a great respect for forums like Forex Peace Army. Indeed I have made decisions myself to purchase products (or not) based on comments that I have read. In my opinion, these forums are invaluable. They are only invaluable however, if you can trust that the information you are reading has not been put there by someone who has an axe to grind and has an ulterior motive for saying the things he has.

Mike
The Forex Club

Do not purchase this product. Most of sellers results stem from backtesting. There is only a few months of live data. Also they trick you into purchasing a "membership" and claim to have all kind of member benefits such as frequent magazines, trader tips, member contests etc. The company does not even have an online login area nor member forum. Sad fact is they have to use public forums to promote their product. The sadder fact is they have come up with a product warranty such that you cannot request a refund before 60 days and MUST show that you have traded the robot. Its an old trick knowing that no one will keep running a robot that is not profitable. Furthermore, they use this as their safeguard against a return policy saying members can take advantage of the return. In today's modern programming world, especially a mature trading platform such as MT4, everyone knows that all modern robots contain a security such that if a user returns a product, the vendor can remove that key and disable the EA. Well this vendor intentionally so they can pass blame to the purchaser that they may steal the bot and obtain a quick refund. I assure you I have proof of 8 losing trades in a row and after this, I doubt there are many who would want to continue to use a bot with such a poor live performance. You can further tell that the vendor has an inferior product by hanging on to sales of product so tightly when a simply return of funds for a poorly desigend product is all they really need to do and make the customer happy. I have returned non working or poorly designed products and have returned to purchase better designed product through the same vendors in the past, but when a vendor refuses to provide a refund based on poor performance, that is something to be said about the vendor's morals as well as their falsification of their sales claims of delivery.

After several complaints by other "club" (non existing club at that) members on a public forum, the vendor simply ignored their pleas, purposefully carrying on with trading stats as if no losses had occurred. They even had the nerve to compare their results to the likes of a popular and PERFORMING bot like Megadroid. What a joke! BUYER BE WARE! DO NOT PURCHASE from this vendor UNLESS YOu wish to lose your money and Not be able to obtain a refund past Paypal's 45 day exchange!

I have been using the system about 28 days.

The 30th was a win of 37 after a bit of slippage for me, but it is possible different for users, like one who said he got SL that day, to get opposite signals when the indicators are borderline as the system is a little sensitive to the discrepancies between brokers.I would expect those experiences to be rare and to cancel themselves out in the long run.The Risk Reward Ratio is low, so in theory it should be possible still to make overall profits with a win rate under 50%, the developers claim returns for the last 21 months which by my calculations equate to about 15 or 16 per cent per month for 2% risk per trade. It had a bad patch in August, but September was very good. Unfortunately in the 3rd week of October it performed badly, but the same could be said of some other methods. I have heard it said that in spite of the promoters claiming these results from the start of 2010 it would not have performed so well prior to then. Therefore this sugggests there has been a change in market conditions in the last couple of years which favours the system. My concern would be that this change could be reversed again and therefore the gains could disappear. Too many robots do that to us! It trades only with the euro/dollar pair and only at one set time daily. Most trades close out within 2 hours.

This is a new commercial EA. They seems to be honest but there is no FPA review. Anyway since I bought this EA 25.09.2011 I already met I differences between my live account and their live statement. On 30.09.2011 on live statement they touched TP (39 pips) but in reality they touched SL (19 pips). Because of this I have to be more carrefully with them. Anyway, I'm waiting for the FPA live tests.