Let other traders know if this service is worth checking or should be avoided.
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Nov 22, 2010,
I had a similar experience to RM of New York. I had a sunscription to their website for several months (just paper trading) and they seemed to have done quite well. Given job commitments, I decided to enroll in their Automated Trading Program (ATP) at the end of October. Here is their trading record since the ATP Started - until November 22nd:
Total # of Trades Placed: 94
Number of Trades Won: 34 (36%)
Percentage of Trades Lost: 60 (64%)
Average Pips Won per Winning Trade: 6.75
Average Pips Lost per Losing Trade: 15.72
Of the 34 Winning Trades, 22 of them generated less then 5 pips per trade. The largest Win was for 66.5 pips on a USDJPY trade. Removing that trade would result in an average gain per trade of 4.9 pips.
While The LFB did record the USDJPY Trade as a win, I in fact lost over 30 pips on it as a result of getting filled weigh above the standing order due to a spike in price.
All in all, I must say that I am extremely disappointed in the The LFB's perormance given their historical track record of providing solid advice. Following the problem I encountered with the USDJPY trade, I closed the account.
forewarned is to forearmed
Nov 13, 2010,
I used the signal service from mid-2009 to mid-2010 and had decent results. I had to stop trading when I moved to a new position but then signed up for their new automated trading service that came out a couple of months ago. Big mistake.
In one and a half months, they went down about 500 pips across all the currency pairs. They would close any winning positions at 2-5 pips and losses would be at 30-50 pips. With all those trades, they and the broker made lots of commissions while I just lost money.
Very disappointed - I think the key person/people must have left because they cannot have suddenly become this bad.
Jul 1, 2010,
Half of myfxbook trades don't match signals sent. Some signals to cancel orders or submit a new trade are forgotten to be sent.
Average win is very small compared to average loss, so margin for error is very small. A couple of pip difference in result of a trade makes 10-15% difference in bottom line.
Pip count on myfxbook is misleading since a trade is composed of several targets. Say a stop is 10 pips and you enter with 4 lots. If stop loss is hit, it is recorded as -10 pips on myfxbook. Let's say 1st target of 3 total target is hit, then 2 of the lots are closed at that 1st target of 30 pips. So myfxbook records this as +30 pips. Next say the second target is hit at +50 pips where 1 more lot is closed ... myfxbook records that as +50 pips ... and so on...
The only number that matters there is the absolute % gained. Unfortunately that is not enough to analyze well the performance of the signal provider.
Apr 24, 2008,
The daily webinars have taught me many things I didn't know about the forex market.The LFB traders have improved my trading results by showing me which fundamentals are driving each currency pair and the best time to trade each pair.
Their technical analysis is based on how institutional traders view the forex market.The daily alerts have a great track record this year and the results are compiled with complete honesty.Some of the trades are set and forget.
Apr 3, 2008,
The LFB are true professionals, not suprising as some of them are ex-city of London traders.
Having worked in the city previously before trading for a living, I can wholeheartedly recommend their service. Their fundamental and technical analysis is spot on!
Feb 5, 2008,
After the usual route of Broker recco's to Forex Factory recco's, to trying it My Way, I thank fully bumped into, by pure chance, TheLFB. It stands for London Financial Broadcast I believe. Run by Pro traders based all over the world. They Broadcast live from the US each day, and have an Alert hit Rate that is unreal. It's education whilst you learn, and I cannot say enough about them. Pure Gold, just read the Testimonials on the Home Page. I have moved to +60% since joining them in January.
Great info, well delivered, good education.
Jan 22, 2008,
I have a subscription with them, it deserves all the money.
Jan 6, 2008,
I stumbled upon this site from reading a post by newstraderfx.com on forex factory. Check it out, I think you will find it very comprehensive. Much of their information is free, but their regular subscription price is quite affordable.
Nov 19, 2007,
Matt gives a concise overview of the correlations of the Equity Indexes and Bond prices to the Yen pairs. Much profit can be made from this connection. Highly recommended.
Nov 19, 2007,
Highly recommended! Best service that I have ever subscribed to. Excellent live chat, breaking forex news and trading signals. Matt is a master at making sense out of the big picture. I used to be a purely technical trader until I found this service...it's been a great education.