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SolomonFx.com

Discussion in 'Forex Software' started by Administrator, Nov 2, 2009.

  1. Administrator

    Administrator Just Administrator :-)

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  2. fxquantum

    fxquantum Recruit

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  3. empty

    empty Recruit

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    Stay Away

    I learned about SolomonFX at a Las Vegas trade show. I was impressed by some of the statements they were able to produce of very quick gains made using some of their strategies.

    I bought their course, and found that their strategies all have less than 1:1 reward:risk ratios. This bothered me a bit. There was one daily strategy that called for placing a stop 300 pips below the low of a pivot low. This made the stop 500 pips. I was sure I wouldn't get stopped out of a 500 pips stop, especially since I was only going for 100 pips. Of course I got stopped out.

    I thought maybe it was because I need to learn how to use their strategies, so I decided to take them up on their offer to join their trade room for $99 per month. This trade room trades from 8am - 10am eastern time. When I joined this room, the first trade taken was remarkably successful; however, as time went on, the moderator continued to chase trades that had already passed. This of course resulted in multiple stop outs. It was at this point that I decided that I don't need to learn from undisciplined traders. I need to learn how to better implement discipline in my trading, so I need to find a teacher who is disciplined.

    This past week they had an offer for an EA. For some reason, I felt drawn to join this webinar. This EA turned out to use a simple martingale strategy that anyone could do with a little coding, yet they were selling it for like a thousand dollars. At the end they said they would give away a free copy of their EA, and my name was called. I wasn't sure if I should believe them, but I decided to believe it when I saw it. They said they'd call the next day to hook me up. Well it's several days later, and I even sent them an email, yet I still haven't heard anything from them.

    My feeling is that this is a company of unethical, undisciplined traders who can't trade and only make money by selling EAs and trading courses.
     
  4. Ricky Xie

    Ricky Xie Recruit

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    I am glad that I am not the only one who feel that way...

    Hi Empty,

    Thanks for posting your review about SolomonFX. I am glad that I am not the only one who feel that this company is not all that it claims to be. I have also joined the trade room for a few months and I will say that its result is less than impressive.

    I give Robert Sharpe his credit for coming up with the Step Trader EA and I don't blame him for selling it for nearly $1000 US dollars. He can name his price and we decide whether it is worth that much.

    All I can say is that "Buyer Bewares". Like you have mentioned, the strategy is a form of martingale and utilizes hedging as part of the strategy. I actually think that his EA will work like the way he says it will and the EA will give a nice % return over time.

    But, however unlikely, there is always a risk of a currency pair trending one way long enough to open up many unprofitable orders without enough retracement to make back the losses before a margin call happens.

    I have checked out the live account statement from SolomonFX for the Step Trader EA and I learn that the live account has an initial deposit of $500,000. SFX is only using 1 mini-lot for the initial trade size. Even the trade size gets double for each subsequent steps, it will take many steps before that account gets a margin call. But, no one has mentioned that during the sales call and I feel that the omission of that fact is borderline of being dishonest...

    Regards,
    Ricky
     
  5. goldenpipgate

    goldenpipgate Recruit

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    Agree with all of you.

    They are unclear, dont answer emails other than a quick no brainer reply,
    Agree with all postings here, thanks so much to you guys, our group will not pay them now.... Time wasters...
     
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