OzFx.com.au Review

There is an old saying "a fool and his money are easily parted".

Well I'm a FOOL... BIG TIME.

I parted with $249 for a service that doesn't even earn your investment back. I paid for my subscription on the 4th of June. The first signal came through on the 10th of June, and I with all the other fools LOST 100 pips. First signal down 100 pips. (Oz recommends you put the stop loss and take profit exactly where he recommends, sort of set and forget) Off to a GREAT START. (down $249 and down 100 pips) What everyone has to remember is, Oz's system has a 100 pip stop, yet it only has 50 pips profit(thats on a single lot trade, if you have the money, 5 lot trades are Oz's thing, then do the maths when a 5 lot trade goes bad,-500 PIPS!!!!). So if you lose 100 pips in ONE trade, you have to win TWO trades to make up for the one loosing trade. To get your $249 fee back, (with my broker each pip is worth a dollar) you have to win with FIVE trades. So the first trade was a loser, down $100, add the $249 and that comes to the grand total of $349 or 349 pips that you have to make up BEFORE YOU ARE IN PROFIT!!!! Thats after just ONE TRADE...

I do realise that no one can have a perfect track record when it comes to trading forex and signals.

Also, you will not get signals everyday of the trading week. Never on Mondays, Oz does not trade Mondays. Eg. the second week of signals only came on Wednesday and Thursday and again more pips lost than pips gained. Third week, another big loss on Tues the 24th. On Wed. the 25th of June I canceled my paypal subscription to Ozfx signals. ENOUGH is ENOUGH. My account dropped drastically I had to stop throwing money away. I was using the MINIMUM purchase amount possible when taking trades. So my money management was the best that could be done with my broker.

If you have a small account, DON'T do what I did and waste your money on this service. The draw downs will kill you. If you want to give money away, give the money to a charity instead of making this person rich.

I did ask for my money back(after the 7 day refund policy was up), but all I got was questions. I wrote 2 letters complaining about the many loosing trades. I never got a sorry or any form of regret that the signals were not up to scratch. The standard reply is "I see where you are coming from". NO YOU DON'T SEE WHERE I'M COMING FROM!!!

For me, this signal service was a COMPLETE and UTTER DISASTER.

Don't be a fool like me...STAY WELL AWAY...

I give this service a rating of 4 stars because the signals are fairly accurate and, if used with good money management, are highly profitable. I began using this system when it was offered for free, and I am a better trader because of it. I liked how the system's creator wants to give back to the typical amateur traders out there. I also liked his true spirit of helping others by sponsoring needy children through charities.

I will say this though. At the time of this review, the strategy is now a paid service which costs well over $200 per month for the signals and mentorship. The author has every right to charge what he wants. Maybe it is a good price because he provides mentorship. But, if you only want signals, there is no "signals-only" service currently provided. For me, I don't need the mentorship, and to pay over $200 a month is pretty steep for only wanting the signals. There are other services that provide mentorship for less, and also good-signals-only for less. I guess it just depends on your needs. If the creator of Oz Forex were to provide a signals-only service for $50 or less in the future, I would definitely recommend it. I think that would be a fair price to compensate someone who wants to give back to the traders out there. I will not reduce the system rating just because of this opinion. It is a solid strategy. I just think that if a person really wants to give back to the smaller traders, they don't need to charge over $200 a month.

Hello Everyone,
Thanks for providing your feedback via this website and I appreciate you taking time to help others. There has been a lot of questions regarding why the paid service, why such a high fees, why 7 day money back and why a waiting list?

By making it paid service I separated the people who are really committed to learning from those who simply ask questions on the forums which have already been answered several times over. It is hard for me to keep up with people who don

I also have my doubts about this service. The results did go through a very rocky patch earlier this year and there is no clear verified performance record on the OzFx website ( the forex factory records have been tailored to the providers own preferences). This system will incur large drawdowns because it enters trades with 5 lots and 50-100 pip stops, so even with a high win rate losses inevitably occur. I also agree with others that a 7 day refund is very poor practice. I am also very suspicious of any service which limits member numbers, which inevitably creates a panic to subscribe by those who may feel they are missing out on the next big thing. Overall this service requires VERY low leverage to accomodate the high drawdowns and therefore will probably underperform the best of those currently available on collective2 or other system providers over time.

Now that oz is going commercial I think a lot of subscribers will realize that his system without modifications is not nearly as good as the 5 star reviewers want you to believe. I read on forexfactory that his managed account service is still in a drawdown after all this time. Why should his signal service be any better? The way he counts positive and negative pips on his web site is definitely false and misleading. Do give just a 7 day trial period is ridiculous - it just shows you he does not have much confidence in his future performance.

Wow! From free to $250 per month with only a 7 day refund period.

I was just beginning to test this system, but would need more than 7 more days to decide if it's worth anywhere near that much.

I have used OzFx free service since the beginning and absolutely love it. I can't imagine such a kind person who is so committed to help people and expect nothing back in return. Even if he make this service paid one day I will stick with him for his honesty and willingness to help others.

Wish eevryone was like that.

hello my friend,
I really appreciate your effort, and it is a wonderful idea to have a mini-community for forex.
As i am living in the uk , it is just a relief that i do not have to wake up after midnight to check my email and read your recommendation. I would have a good night sleep now. I will be watching your emails. thankyou.

hello all. I have to say that the ozfx trading system is simple, and very profitable.The people who bag this system either are not doing it right(and thats impossible as he sends you the trades for free)or just have the miseries with the world.If i can make this profitable, anybody can. I highly recomed for peoplw new to forex or dont want to spend all day in front of the computer. Even the expierienced traded will find the charts of some use im sure. regards steve australia

I can honestly say that OZS' system is by far the best system to trade other than Felix's news trades.

I am easily 8% on the right side of the trades. I know that others on here are saying that he should be more transparent about his pip loss/ profit. He is only counting the amount of pips that the particular currency moved not how many lots he has open. I think that is being transparent. He also has explained this on other forums.

Anyway I have followed his trading strategy to a T other then MM rules my are little different to suite my style. This is by far the best technical trading system I have used so far and will more then likely be the only one.

Besides that its FREE!!