FX trading shock for newbies

[Anita V]

Hey guys and gals,

I found something that I thought I’d share with you and which I think might be another good plan. As you must realize from my postings one of the problems I’ve been having since starting this whole forex business is learning to trade profitably without blowing my account in the learning process (something I lose sleep over lol). I’ve tried to find a mentor so I could avoid that, to no avail so far. Well, my best friend, Jane, felt similarly and she suggested I try this site FX Trading - Forex Trading Room (she was too scared to try). I haven’t been able to find reviews about them and as with all things forex I’m a little wary to say the least.Yesterday, feeling a little frustrated(with the BOOM account agreement mentioned above for one) and more spontaneous than usual I bit the bullet and decided to take the 7 day trial.

Although I’ve only just finished one day with them, I’m optimistic that this will help me gain insight much faster than I would have otherwise. It seems like a good opportunity to learn from someone who’s gained true experience. The head trader is an ex Wall. St. trader, not sure how much that accounts for and apparently he actually trades his own funds (which is refreshing to see!).

It’s nice being able to follow the exact trades of a pro trader. I’ll let you guys know how it goes, so far so good Anyone else ever dealt with a trading room?

 

[RahmanSL]

From their site:

"Our 7day, no obligation, trial is just $49. That’s less than the cost of a bagged lunch for a week. If you like what you see you can then choose to stay on, continue to learn, and prosper for a monthly membership of only $179."

Hope it works out for you as it's not free....but then, the fee is not that much either for life learning experiences.

Good luck, and keep us posted on your journey!

 

[MichelAnge21]

Anita

Ok, you want to take some kind of Forex course. It cant be a bad idea.

I am curious...what made you chose that specific course ? You were somewhat impressed/comfortable with the presentation ?

I have no idea about the quality of the course: I dont know that guy. I m only interested by your motivation as a newbie.

For example, there s no address on that site: you dont see an official place of business there.

He speaks of their expert trader who previously worked for a boutique firm on Wall St. What s the name of the trader ? What s the name of the boutique firm ? I dont see those info anywhere.

I see that he claims only positive returns for every week of a rather long list of weeks....a rare feat even for the very best trader...is it believable ?

For an expert trader, he mentions a somewhat bizarre thing on his webpage " Our own hedge fund worth hundreds of thousands " Huh ? Hedge funds are always way way bigger than that. Maybe he meant " our own hedged account " But that mistake is really strange for an expert.

After all, if you re going to take a simple introductory course, why not there ? I suppose the cost is affordable. But be careful with your money if you re going to take some trades. Size your trades conservatively. Or trade on demo. You say something about " losing sleep about blowing your account " If that is the case, you MUST definitely trade on demo for a few months.

If he ever tries to make you believe that, if you complete the course, you ll get a job with him managing accounts for his clients...know that he will be lying to you. That s the one thing I thought I should warn you about. His only goal will be to convince you to not drop out from his course.

Visit the website Investopedia and click " Forex " in the menu. Read those articles in Investopedia. Or visit Informedtrades.com. Compare the info that is available for free with the teaching of your mentor. Is he contributing a really original teaching that you could not get for free or is he just spitting out basic knowledge about technical analysis that is not original at all about Fibonacci numbers, Gartley patterns and the likes ? Basically: are you getting something of real value that will help you make money ?

Is it that they have one guy in UK and one guy in California ? I see the website is hosted in California but they operate for the european session before the New York opening ( kinda early for a guy in the USA ) When he says the euro session 7AM to 9AM, it s 7AM in California ? New York ?

He has a rather rare name. A welsh name. There s one guy by that name aged about 30 in Aberystwyth in Wales. LOL careful...maybe he s looking for " twyths "

 

[Anita V]

Well no, truthfully I wasn't overly impressed with the site/presentation, I was actually underwhelmed, the only reason I even looked at it was because Jane had heard something about it. The reason I actually chose to take the trial is because of a response I received after sending an email to the support email on the site. A man by the name of Gareth(the man with the rare welsh name I'm assuming?) answered my questions extremely well and in under an hour no less.

I got the impression that he really knew what he was talking about and that he wasn't just trying to sell me on his site. I also told myself it really was worth a shot for only 49$ and I think I've been lucky and found a diamond in the rough perhaps? I only plan to follow along on demo, I still haven't gotten myself a live account.

As for the rest of your questions, they're all very good. I think I'll ask them myself and get back to you with their answers. You really have me thinking now... But truly, so far so good, I've been able to watch them trade live a couple of times and I'm able to see the traders thought-process as it unfolds. They explain everything to me and it doesn't seem like it's a hassle to them.

I will let you guys know how it turns out, thanks for your well thought out questions and what's a twyth by the way?

Anita

 

[Anita V]

I also noticed that it's not just positive returns in the list of returns, there were a significant number of negative returns (I just checked) which is more believable (I knew I hadn't just seen positive ones. But that being said I'll still send your list of questions to be answered and hopefully post their response here.

 

[Anita V]

So I asked the questions that were outlined above and here are the answers I received:

Why is there no business address on your website, where is your official place of business?

I don't see why a business address is necessary as most online forex trading rooms don't provide this. We are a one man band profitable trading room, it's as simple as that. It was initially only open to close friends and family but we decided to open it to the public after a few months.

You speak of an expert trader who previously worked for a boutique firm on Wall St. What s the name of the trader ?
The head trader is called Gerard Dumet.

Do trade your own hedge fund or hedged account?(The distinction seems important)
A hedge fund is traded.

Those are the answers that I was given. The trader seemed to understand my concerns and the fact that there are a lot of what he called shysters in this business.

 

[MichelAnge21]

There s no such thing as a hedge fund with only " hundreds of thousands " in it as their webpage says. Hedge funds are ALWAYS multimillion dollars entities.

Check the legal definition of " hedge fund " at www.investopedia.com/terms/h/hedgefund.asp

You ll see that a hedgefund is a privately held fund where the majority of investors are " accredited " . That means the majority of investors have a net worth over 1 million dollars EACH. Each MUST also have an income over 200K per annum.

Hedge funds must also file the necessary documentation with the SEC.

Hedge funds are for the rich and initial investment to participate is ALWAYS substantial. If your " mentor " is so ignorant as to call " a hedge fund " " a hedged account " ( that would try to imitate a hedge fund strategy with only several hundreds thousands dollars ), just drop him now. He knows NOTHING and he is a CHARLATAN.

 

[MichelAnge21]

Their website traderrevealed also offers publicly to trade their own funds.

It is forbidden for hedge funds to make public advertisement on the internet.

A hedge fund with a website must have a built-in screening that allows only accredited investors ( with over 1 million net worth ) to view the hedge fund performance, assets etc

Before viewing the hedge fund, you must be taken to a page where you must state your net worth and annual income. Then you are given a password to view the fund s documentation.

Of course, this is irrelevant since they dont have a hedge fund and they are only looking for suckers.

 

[John P]

Pick the right trades Fxpooch and you won't lose all your money, unless the broker is a right crook and won't let you access your funds!

Bad workers (traders) always blame their tools!

I have this week, lost halve my money in my FXCM account!

Do I blame them?

No I don't, it was 100% due to me getting it wrong - period!

My friend, if you can't stand the heat, get out of the kitchen!

Hi, I agree with you 100%. So many traders want to blame everyone and everything but themselves. The bottom line is that most brokers are just fine. It is the traders that mess things up by not controlling their emotions. It's tough to admit you are wrong when you are fully in control of your own actions. Most people have egos and attitudes that prevent them from owning up to their own trading mistakes. I believe in alcoholics anonymous the first thing they make you do is admit you have a problem. Once you can do this you can then work on identifying when your problem is present and fixing it. Same thing with trading.

 

[Pharaoh]

I googled "Gerard Dumet" and filtered it down to English-only results. I'd hope that someone who worked on Wall Street would have mentions outside this thread, but that doesn't seem to be the case.