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Detailed Descriptions of Forex Peace Army Review Ratings

Discussion in 'Basic Training' started by AsstModerator, Feb 26, 2008.

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  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    5 Stars: Excellent - Far better performance than expected.

    This is only for products and services where performance is far above and beyond any reasonable expectation. Examples would include something free or very inexpensive that would cost a pile of money elsewhere (thus an exceptional value) or something like a trading system or signals service that has an amazing degree of accuracy with minimal drawdowns.

    If you are reviewing something like a brokerage, signals service, trading system, EA, etc., please don't give it a 5 star review after only using it for a few days. Wait until you've tested it for at least a month, and your review will have much more value.

    Remember, 5 Stars is reserved for things FAR above what you were expecting. If you are just very happy, but not amazed, then give it a 4 star review.


    4 Stars: Good - Better performance than expected. A good value.

    This is for those products and services that are definitely better than expected, but not amazingly so. Use this rating for that brokerage that definitely outperformed your last one, but still has the occasional problem. Use it for the signals service or trading method that is reasonably profitable much of the time. Use it for the education materials that taught you something new and interesting.


    3 Stars: Average - Brokerage/product performs ok.

    So, you've used the product and it did ok. There might have been some problems, but nothing you couldn't get through. Customer service took a few tries, but eventually got it right. The new trading method works ok, but you didn't get rich overnight. All of this describes average.


    2 Stars: Bad - Performance is significantly below expectations. Major problems encountered.

    These sorts of things would definitely qualify as 2 stars:

    Your broker has more than one server freeze per week. Slippage on orders happens more than occasionally. You can't be sure, but your stops seem to get hit far too often. The signals service or trading method doesn't perform nearly as well as expected. Customer service takes a large number of attempts to get results. You had to complain more than once to get that money-back guarantee honored. You paid for info you could have just as easily found for free.


    1 Star: Terrible, extremely bad performance. Possible unethical behavior.

    This is reserved for the absolutely terrible performance. Your broker is definitely hunting stops, freezing the servers constantly, giving large slippage all the time. The outfit that promised unlimited free email support never responded once. Customer service never writes back, seldom answers the phone, and is no help on the rare occasions you can get hold of them. Trades from the signals service lose money consistently over long periods of time. A company that won't honor their 30 day money back guarantee, and you just don't have the proof of your exact purchase date.

    SCAM: Provable unethical and/or illegal behavior.

    This is the worst possible rating. Only Forex Peace Army members who have moved beyond the rank of Recruit are allowed to open new scam tickets. Beyond that, you MUST have proof.

    Examples of scam proof for a broker would be screen shots proving repeated broker misconduct (reversing trades, major stop hunting, deliberately not honoring take-profit numbers, etc.). Of course, the absolutely worst possible broker scam is refusal to return money from a client accounts. Copies of account statements, withdrawal requests, email and chat logs of the broker's responses to questions about delays, etc.

    For other products, failure to honor money back guarantees, failure to provide promised product support, or definitively fake evidence of the success history of the product would all qualify.

    Evidence would include things like receipts, screen shots of info from their website, copies of email and chat logs, etc.


    No Rating: Doesn't alter numeric rating - Used to provide information or answer questions, often by the reviewed company.

    This is frequently used by the reviewed company to address issues brought up in reviews (a company should NEVER give itself a numeric rating). It can also be used by other reviewers for providing information and clarifications that do not warrant a numeric rating.

    No Rating may also be used for adding information to a previous review you have left, but it is preferable to place "UPDATE TO MY REVIEW FROM MM/DD/YY" at the beginning of any followup reviews since that will also let you change the rating if you want to and will also let us combine your reviews.
     
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