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TheWizard.com Review

Overall Rating: (3.000)
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Total Reviews: 13
Last Updated: 2014-12-15
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FPA Review Moderation Team, USA

Rating: No Rating
Date of Post:2008-05-22
Review: We don't have any experience using the forex trading signals from TheWizard.com. If you have used their signals to trade forex, please leave a review.

YMLeong, Singapore, Singapore

Rating:
Date of Post:2012-10-08
Review: I have been with The Wizard for abt 5-6mths. Throughout this, I find that it had a success rate of abt 80%. If you set up a portfolio, you can copy the pre-sell and pre-buy into the portfolio and watch what is happening and see the profit and loss amt as tracked by The Wizard price based on Daily Open/Close. It is usually more accurate with the Daily setup, than hourly or other timings. I tried hourly and was too stressed up after just 3 days. The signals can change rapidly and you may have gotten into the trade, so u had to closed at a loss when there is a new signal.

Since The Wizard based on Daily open and close prices, (for daily prices), sometimes (usually abt 1-2x per 3 months period), there may be a call for sell/buy. I had gotten into the trade at Entry Price(EP), but after 3 days, The Wizard may call for sell and this entry was not valid (based on Daily open/close price), so I will quickly closed for a small lost, usually less than 100pips and this DOES NOT happen often, so far out of the 5 mths, it happen ONCE to me and on ONE currency pair.

Those pre-buy and pre-sell signals are usually abt 80-300+pips (I had history of a transaction doing 263pips over 8days!). In fact I started with USD10,000 on a standard account and after 5 mths was able to make abt usd8K. DO NOTE that The Wizard does not make u a millionaire or had 100% success rate, it is more likely that given the amt of capital u can afford to invest, you may gain USD2-4K per mth. It is not based on percentage gain, coz this is crazy if u had a good trading plan and trade with fixed lot sizes everytime. It may be easier to control your risk appetite. Coz if u trade with percentage of ur acct, it may be that at that point, u had a larger lot size based on your then equity, but that was a losing trade! Whilst trading with fixed lot size, it is easier to track the profit or loss by pips, and given that The Wizard trades all pairs, (with some pairs, being more than USD10, esp the GBP ones), you may still come out with a small profit, like me!

I loved The Wizard services, and when I started with commodities and futues like cotton, corn etc, I am still happy with them. The commodities and futures have less success. Unfortunately you need a bigger capital to trade equities even CFD offer through your brokerage. It is wise to check on the charges for platform, spreads, ECN commission if any, leverage etc and compare these to ensure u had the best of breed brokerage.

On this note there is NO one brokerage that has all those attributes, it is always one factor that is short of another. It is best to stick to a brokerage with fast execution, easy deposit/withdrawal procedures, friendly, responsible customer service, fair price spreads/quotes, than to worry abt getting all the ticks marked. The brokerage may boast lowest spread, but I can BET you, you can find even LOWER spread at different execution times, coz the forex market is very highly fast moving.

For those who don't know how to use a trading platform, or find it too hands on, try a managed account or signal provider that also provides trade copier. Remember to check these out here by reading reviews and ALWAYS buy the trial package if there is any, or try the 1mth package.

PS: I have been trading for 4 years and am an introducing broker for AAAfx

Bill, USA, USA

Rating:
Date of Post:2012-06-05
Review: They lied to me and scammed me. They don't have a clue how to trade the Forex market. Don't waist your money or your time on this one.

geo, anaaheimn, USA

Rating:
Date of Post:2012-03-06
Review: i agree, that the win statistics are bogus. the losers quickly disappear, yet winners remain. Also he has been promising for years that th wizard would show all the buys and sells for any one underlying, but then never provides such. AVOID!

Ray, , USA

Rating: No Rating
Date of Post:2012-01-27
Review: I reinforce the lack of losses which magicly disappear, therefore the Win ratio is very wrong! The support staff's answer is that they have nothing to do with the programming.

I believe the Wizard does give some interesting trend leads, but hanging onto them for days or weeks can lead to a very deep draw down. I still belong to the wizard and I'm trying to find the right WINNING system between their info and my own!

the following is an excerp of my discussion with the support staff who were very quick to respond and very helpful but avoided the loss questions with things "I WAS probably doing wrong".
Bottom email first.

W-The signals at 400AM and 759AM would be the same signals because they update every 4 hours on the 240 minute chart.
Me-Yes, your stating the obvious. I sent it to reinforce the position and show the change.

W-The trade was stopped out during those 240 minutes
Me-No it had not hit its stop loss. If
it had you should have showed it as such!

W-and we entered a new trade only because we identified a new trend.
Me-Yes I understand that, thats true but where does the LOSS get refected in the squeme of things?

W-We follow trends, so if we got the trend wrong, then we reanalyze the trend and if a new trend presents itself we will continue to make trades no matter how soon or not.
Me-Well don't look now but the trend is short but you just went long at 0800AM. News flash the daily trends show now and earlier SHORT. Now because of your changing to Long I sold at a $53 loss which if I stayed in its 1.0077 -1.0135 I would be up $5. Again my daily chart shows short now and for the last 6 days.

W-After a winning trade, it is very common that we meet a line of resistance that the pair hovers around. We must wait until a new trend presents itself before we recommend a new trade. That is why the turnaround is different for winning and losing trades. If you would like any more information please let me know.

I'm trying to under stand the Wizard. Did I react to fast to sell based on your new trend??

What should I have done Different??? Ray

Thanks,
Wizard Support


On Jan 25, 2012, at 10:59 AM, I wrote:

Hi support
I have a situation that I would an answer Too!

3days ago Wizard 240m showed USDCAD trend “Short” double bright red. I entered.
At 0400 this morning it showed the same entry with a loss of 50pips
At 0759 this morning it showed the same entry with a loss of 52pips
At 0801 this morning it showed double bright green “Long” I sold my old position at a loss of 53pips.
What happen to “closed” with “loss”, no wonder the win rate is so good, you just drop the losers and start over again, if you win you mark it as “closed” with a nice profit!!!!!
Do I have this correct??? Any suggestions??????

Zoltan, , Hungary

Rating:
Date of Post:2011-11-14
Review: Some days ago i received a promotion letter from my broker, and in that i received a free trial for a service, thewizard.
I checked the service and first sight it looked nice, you know just too good to be true.
I have also a nice video in the promotion letter, narrated by the company founder, and developer of the system.
He explained the forex part of the service, and i was really interested, because taking a look at the service terminal, i have found in every asset class, every time frame trades that were showing an allover winning status.
The strange thing for me was, that i had found a lot of trades in winning status(not closed), and also a lot closed in profit.
So i wanted to see any trades closed in a loss.
But did not found any...
I had several letters with support of the service, where finally i observed, that support personnel do not understand their service, or do not want me to understand.
Finally i started to watch some time frames on the terminal.
So i found that the average duration of the positions are on the page, let's say 4 days(4hr time frame), and you find trades from 13 days, to 1 day.Of course the average is around 4, but the reason is that during this period some trades will continuosly stay in profit, before reaching the exit, and a lot of trades are coming, going and close with a loss.
Of course at a certain moments the picture looks much better, since the looser trades are frequently disappearing, but the ones in winning status will remain for a while.
Well, this service is not the best, but anyway what i told sofar it is not enough to call it a scam.
The thing why i call it a scam is the following:
During the promotion video the founder and developer more times told, referring to the nice status of the winning percentage, that if someone takes exactly the same trades like the system, he will have the same gain.
This is a lie, and a clear misleading of the potential clients by the founder, who knows the system the best.
Be aware, that from 2008 they tell to the customers(see eralier reviews), that they are going to implement a backtest to the shorter time frames, and i was just told the same.
The obvious reason why they are hesitant to have this feature(that should very simple to do by them) is that performance of the system would be just the oppostite told by them.
Again, the reason why i call this a scam, is the misleading of the potential customers, and also they just started a promotion, probably a lot of persons received this letter, and if someony consider to join, he should better think twice.
He can save some time, and also save his money.
Br,
Zoltán
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Edwin Echols, Richmond, Texas

Rating:
Date of Post:2011-07-23
Review: I'm still in the trial phase with the Wizard and have been quite pleased with the results so far. Any injuries to my account have been self inflicted when I tried to second guess the system. They are quick to respond to emails and easy to reach by phone. The training videos are informative and have helped greatly.
It's thumbs-up for me.

Rick Nelson, Alabama

Rating:
Date of Post:2010-04-06
Review: I have used TheWizardPro for about 13 months now and could not be more pleased. I tested extensively using the portfolios and watch lists and had a very high confidence in performance before I went on to live trades. I have traded stocks, commodities, and FOREX since 1993 and relied heavily upon hours of technical analysis and news in the past. I was already a good trader but now using the Wizard I am doing remarkable better. It is important to utilize all the functionality the Wizard offers. Use the hot sectors and best momentum trades with both long and short term trend signals in your favor. Spread out your capital to several stocks so that your risk is distributted and one or two misses will not significantly affect you profits. Using the rules of the Wizard over 80 percent of my trades are winners and I could never do that before. I also stay in trades longer now with at least partial positions after I lock in profits.

Customer service has been great to me. They have also been very good at implementing suggestions from experienced users and are constantly upgrading things to make it more useful.

Another great point is that I no longer have to sit and watch every tick like I did before. I enter the order as a stop limit plus a TTO which sets my profit target, stop loss, and trigger level to put in a trailing stop. MBtrading has a wide choice of order types that fit wonderfully with the trading parameters of theWizard. Now I have fee time and more money to enjoy life.

Futures Trader, North Carolina

Rating:
Date of Post:2009-10-15
Review: I've used the wizard trading futures for approx. 1 year. I'm some what impressed but some of it's features are not realistic. Such as the wizard's stop loss doesn't trigger a stop unless a market closes past the stop. In reality if you set a stop loss then it triggers when realized. Other than that it works very well. It seems to be better at picking long term trades than short term though.

Mr Forex, Arizona

Rating:
Date of Post:2008-10-30
Review: Pros: Simplicity of Use and Good Idea
Cosmetically appealing

Cons: "Fully functional" Demo offered uses a small set of archived data and is nearly worthless in showing operation of the scans and scan results.
There is no Live trial or money back period so one must pay for the considerable monthly fee to actually see the product work.
Tech support responses were disappointing and exhibited unprofessional defensiveness. Not a pleasant bunch.
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