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Has anyone tried "The forex funnel " ?

Discussion in 'Has anyone heard of?' started by albert.001, May 12, 2009.

  1. albert.001

    albert.001 Recruit

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    Hi there all,

    I recently went to ForexFunnel.com and had a look at the sales page, of this particular forex product.

    The product appears good.

    Is there anyone out there who has actually tested this product out and can give some realistic feedback ?

    I would appreciate any feedback on this matter !

    Thanks

    Albert
     
  2. Pharaoh

    Pharaoh Colonel

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  3. Mat Ch

    Mat Ch Recruit

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    I subscribed to the EA and ran it for 3 months, the EA was profitable until big events. The developer emailed to users to shut it down a week or so before the big events, but since the EAs was running full strength and in draw down phase, I had no choice but close all positions at a loss. I loss $350+ in my $3K account. The EA slowly rebuild the loss and made it up in 1 month.

    Because of the nature of the grid + Martingale system, most of the time the EA is in draw down phase, adding positions until the market makes a turn and it recoups all the losses plus profit. It is certainly not for the weak minded, plus require deep pocket.

    Then 2 weeks ago due to the Italy issue the developer again emailed us to close positions before the Sunday referendum. The EA was again in its Draw Down phase of -$1500, so I waited, so did the developer. After Italy referendum the DD narrowed to -$400,. then without warning, the developer suddenly cut all losing positions, and the EA started a new cycle. I did not follow, I thought it would go back to "normal". it did not. It continued to grind back to DD of -$1500. I combined my another $5K AC added to top up my account to $8K, hopefully to weather the storm.
    Then came FOMC, the DD jumped to $ 2.5K, then when it reached my thrusthold of -$3K DD, I closed all positions and removed the EA. I ended up losing $2,5K plus the $500 subscription fee.

    What I don't like the EA is that it requires human interpretation, and you must close all positions before big events, most of the time in a loss, in order to avoid bigger losses if you don't. In my case, I loss $3K - $400 profit made in 2.5 months.

    Even if I closed all losing positions (-$400) when the DD narrowed on Monday, it still wiped out all 2.5 month's profit.

    So what you see from the live account is not you get, and you don't know the fact behind it. I watched the live account for 3 months before subscribing, but the developer never told watcher that you need to use your judgement to close all trades (almost always in losses) before the big events.

    I learnt another hard lesson. Although using a different name, I also learnt that the developer is actually the same one as 2 products that have -ve reviews all over the internet.
     
  4. Marcelo Rosa

    Marcelo Rosa Master Sergeant

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    I develop systems for myself and this is a constant fight, no matter how good a system is, at one point, it needs to be replace, because market conditions changes.

    If you really want to make money on Forex, you need to learn how to trade manually and use a system as a back up, not as a main profitable strategy, although some people just trade with automatic system, it needs a constant human interpretation, while if you just trade manually, you'll always know when to get in, when to get out and most important, when to stay out.
     
  5. Pharaoh

    Pharaoh Colonel

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    Mat Ch, how did you subscribe to Forex Funnel? The website of that company closed a long time ago.
     
  6. ALEXANDS

    ALEXANDS Private, 1st Class

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    I haven't come across Forex funnel. Doesn't seem to be great and how could anyone subscribe to a closed company. Waste of time and money.
     

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