Let other traders know if this service is worth checking or should be avoided.
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May 4, 2011,
Firstly a short piece about myself.
I have been trading Forex for around a year and in that time have learnt one major lesson. I am nearly 60 years old and have been a construction worker all my life. So if i can trade most people who are willing to learn can also.
The vast majority of people involved in Forex signal etc are scammers and will tell you anything to part you from your money.
Make no mistake they are experts all right but not at trading.
Be very carefull before you part with hard earned money, check sites like FPA and ask others what they think.
We all make mistakes, but dont let it break your bank.
The guys at Profitmongers are the best i have come across in my short forex career.
They are honest, hard working and tell you how it is.
They all work amazingly long hours.
The videos on the site are pretty good for getting an idea how they trade, study them you will be rewarded.
Before i joined Profitmongers i was struggling with forex, taking tips and info from sites like daily fx as if they were gospel , there not.
If you dont tell lies you will believe that others dont tell them either they do.
I am now making profits daily, and my confidence is growing also.
i learn something everyday from these chaps, thats worth the fee alone.
Apart from the fantastically accurate key levels given daily by Cactus Jack you will get terrific advice and insight from Majestor Pips. Arbitrader takes the time to make sure the key levels are available on time always. Doug Ragan supplies futures trading tips and on a good day the humour (again worth the fee alone) for free.
Sir Pips i have not met.
If i have one criticism, it is this. When you first start trading with profit mongers the lanquage is a touch hard to understand and relate it to trading after a couple of weeks as if by magic it clicks and suddenly you understand. If like me you find this dont give up give Profitmongers at least one month of you time. You will make the fee and a lot more besides.
I would like to take this opportunity to thank all the above for producing something worthwhile, in this world taht is rare and so are they.
Thanks lads and good luck.
Dec 1, 2010,
I think these are good guys running ProfitMongers, but I really couldn't get to first base with them, so I have to give a 2 star rating. I encountered several problems.
1) They only offer a 2 week trial. 2 weeks is, IMO, not long enough to get a feel for their service. In my parting note I urged them to up that to at least 1 month. I suppose IF you were already familiar with how they work and how to use the info they offer, 2 weeks would be enough to know how they do. But what they don't seem to realize is that new signups have to get used to their schedule and way of doing things which takes at least one week and more like 2 all by itself.
2) They do not have any flagship strategy that newcomers can be directed to that both inspires confidence and is something that newbies can latch on to as a base strategy. As mentioned as a credit by other reviewers I call a detraction: Several different experienced traders, each with separate approaches & strategies. That's great if you can figure out which one you want to emulate, but bad if you're new at forex when what you need is focus on a single method that has a confidence building track record. In fact they have no track record for any strategy that I am aware of. I can understand not wanting to sales pitch a strategy, especially with forex where people can complain about a losing streak, but still, they ought to have something, a first base, that new signups can gain confidence from and focus on, and from which they can then move on to other more advanced methods. Unfortunately, they don't have anything like that.
I kinda felt like membership gave me access to an auto shop where I had access to all kinds of tools but little direction on how to use these tools. Okay, there are the daily support and resistance levels but they give them for about a dozen pairs, and frankly placing one or two dozen pending orders is for me just trying to do too much. Especially when they come out at somewhat irregular hours.
I'm sure these guys know their stuff. Of course they do, and I'm sure they are profitable. Problem is, that they are so advanced in their ways, I think they have lost site of what new traders need and therefore have largely lost any ability to help newer traders. I think PM is good for you **IF** you are already a seasoned trader with at least moderate success, and are looking for like-minded people to associate with and further embellish your skills. However, if you are a new trader, I cannot recommend PM for you, particularly if you have a trading account under about $5K due to the $179 monthly fee.
Sure, maybe I could have worked harder than I did to try to make this work for me, but something about it I found discouraging and I've found other places that address the points above.
Also, they are somehow related to SNW (Secret News Weapon) aka Fast Economic News, which doesn't seem to have a review section on FPA as of this writing so I'll mention it here. SNW is working software and works well. But in my 1 month trial, I was only able to get a single 20 pip fill on a news spike, which was not even enough for me to recover my $69 trial fee for the $225/$299 monthly charge for the service. (I was only trading single mini-lots until I had a first successful trade, and that's all I got).
If you want to do/try news spike trading, I think SNW is far better than Oracle Trader which is priced by the year and thereby engages in unethical marketing practices, (see their review for more info) but in my opinion, news spike trading is largely dead for us mere mortals who aren't major finance institutions with 1 ms trade execution.
I wish PM well. Good trading to all.
Sep 13, 2010,
Profit Mongers is a Trading Room led by several excellent traders. I have been a member for over a year and very happy with the way they call their trades, handle questions and explain certain key elements of the markets.
Moreover they offer great training videos on how they perform their trades and what one should look for.
The trading room is led by a different trader at different time and open almost 24 hours a day during the week. Each trader that leads the room has its own 'speciality'.
I am reluctant to give good reviews, as the quality of good rooms or profitable trading signals is hard to find these days...Profit Mongers is the exception to this rule. Personally, I find this a good "best kept secret". Check it out.
Sep 9, 2010,
I've used the daily signals from these guys for years with success.. However for the past 2 months I've paid for their service and have not looked back. Actually making good pips while learning the ropes. Well worth the money and time. These traders have a wealth of knowledge.
Jun 8, 2010,
Trading with Sir pips and so many other seasoned, nice traders at Profit Mongers have been a wonderful experience for me.
I have made so many pips in the last 4 months of trading and learnt alot of strategies.
I strongly recommend this room for any trader who wants to be profitable and professional.
Profit Mongers, close with profits daily!
Keep up the the good work guys.