I have tried this platform and this is the second account I set up.
Although I picked up the best ones, I still had losses. I think you need to try it longer, in order to have positive results, but they only allow 14 days (FXCM) or 21 days (FXDD)
Did any of you have successful results on this platform?
I have been testing Tradency for the last month with 4 demo broker accounts. Each broker account has performed differently. FXCM has worked the best. I am waiting to go live to see if the results are consistent. Its a balance between the right strategy and the right currency pair. There are 300 different strategies available which makes it interesting. This is also my second time, testing it. The first time was one year ago also.
I've had a few demo accounts on Tradency in the past but have only been using Zulutrade for live signals trading. I opened a new demo account yesterday and was surprised by how good the platform looked. Many of the functions are much better than Zulutrade. Also the Tradency rankings actually appear to select the best providers (as opposed to the Zulutrade rankings).
So far I have not heard any feedback from live users. Does anyone know whether it is possible to trade microlots on this platform?
One thing I've noticed on an FXCM demo account is that the spreads are pretty wide. EUR/USD is over 3 pips, cable is almost 4. Maybe its just FXCM but that's not going to make it any easier to make profits in the long run. When this demo expires I'll try a different broker and see if the spreads are any better.
I used Tradency for several months both on demo’s and a live account. I made suggestions to them how to improve their platform which is very good. The problem is not with Tradency but the strategies they offer.
There are other signal provider that offer the same signals but then they have much better alternatives available. Check the ratings of the ones you are using on other signal sites and see if they are anywhere near the top best.
After I gave back most all I’ve made, I decided to try something else. After months of dilligent effort, I concluded you can’t make money consistently on Tradency.
I have been using Tradency demos on FXCM, and after many failures I have figured out a system that has gone from $4,000 to $28,000 in a lttle less tha 4 months.
That is an increase of 695%. One of the big problems is starting with too low a starting amount. What happens is you might have 6 trades open, with 5 of them with substantial losses. 4 of them will eventually become winners, but these temporary losses and the too small initial balance, combine to make the account go to 100% margin. SEC rules say the broker MUST CLOSE ALL trades, and you get a big loss. I started with $4,000. With a larger balance you don't get closed out and probably go on to a gain. The second thing I learned was not to go where Tradency leads you, but rather take this huge database and twist it and churn it to extract the most relevant and successful information.
By that I mean you want as much diversity in your strategies as possible, so only allow 1 trade at a time for each strategy. This allows you to pick several diverse strategies. also as I pick them I do not use 2 stratergies with the same currency pair. The next problem is choosing the amount of K for each one and Tradency leads you in the wrong direction for this, because thay show you P/L for the strategy using all trades allowed, and we are interested in the P/L if the used only one trade at a time. I get that information by downloading an Excel spreadsheet of the 30 day record, renaming it and adding a column for one trade at a time, and by eye I see the P/L if the strategy traded one trade at a time. I then rerank the choices and use that info for determing K size.
I repeat this whole procedure every weekend. It takes me about one hour per week. Not too bad for these profits. Some of the cons I have seen about tradency are about the spread. It is no big deal with this amount of profit!!