FX Protrade

Hi,

As a relatively newbie to Forex trading (but many years as equities trading), I just wondered if anyone else is trialling the FX Protrade system at this time? I "signed up" at the Investor IX show late last year with their ""8 weeks of nightly recommendations /info for a quid" scheme. I have not followed every one of their recommended trades (fortunately at this stage as I have not lost as many pips as they have!) but wondered if anyone else has used their system (which I believe was launched early last year) for longer timescales, as their cheap offer is due to end shortly and I am somewhat loathe to pay £230 every quarter for a system that fails to even beat my efforts!

I've read a lot of other threads re other systems others have used (eg Concept FX / Ultimate FX etc.) so would be grateful if people (some of whom have /have not tried it)could try to simply avoid telling me the probable truth, namely that mechanical systems do not work!

cheers and happy trading!

regards
Mark

Have you been using FX Trader since you posted this blog? They seemed to have performed well last year, did you win all those pips?

MalcolmBradford said:

Have you been using FX Trader since you posted this blog? They seemed to have performed well last year, did you win all those pips?

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Hi,

Not sure if we are talking about the same system - the one I am using is called FX ProTrade (not FX Trader), and no I have not won all the pips they claim on their website but I have only started trialling it since mid December. Have decided to give it a go but also to use my own intuition re some of the trades they pick eg recently one of them involving AUS $ was recommended despite the fact that the AUS interest rate was due to drop the next day (as most financial papers knew!), so I am unsure whether they recommend trades bearing in mind the actual news or whether they just use technical analysis.

regards
mdhships

I tried FX PROTRADE for 8 weeks (for £1)+ 3 months (paying £230)from dec 2008 to may 15th.I lost £700.00 instead in trading being a beginner.Sorry friend , be careful about these guys.

Guys its been said many times,there is very little worth paying for.The only way to succeed is to learn from sites like this and watch the markets.There is no short cut or holy grail so dont expect to buy one.If it worked wed all pay for it.:smart:

julian said:

Guys its been said many times,there is very little worth paying for.The only way to succeed is to learn from sites like this and watch the markets.There is no short cut or holy grail so dont expect to buy one.If it worked wed all pay for it.:smart:

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Short Update to my earlier post - yep have now cancelled it - and decided not to follow most of their signals anyway as they just plain looked wrong. Their system supposedly works on an end of day basis, sending out sgnals at 10:30 at night - quite often recently they have no trades to recommend, meaning hanging around waiting in the off-chance something is "tipped" - they have also started an intraday signal service (for which you pay extra) but at present they dont seem to show how this has done results-wise and the signals always arrived in my email inbox late anyway so of no use to me!. Whilst their records shown on their website seem to paint a picture of more winners than losers, in over 6 months of trialling this system, I don't think they have even hit their £4k starting pot figure, having suffered a number of losses fairly early on. Have decided to do what I knew I should have done anyway, and that is work on my own system and demo until it works before blowing further accounts - anyone reading this please do likewise to save yourself a potentially expensive mistake.

I beg to differ. Having used the system for over 12 months I have made money. What people forget is that these signals should be used as a GUIDE and all trades should be watched and managed as if they were your own ideas. People seem to think they can open an account, trade the signals, walk away and come back to an account that has doubled in value. Its not that easy. Trades still need care and attention but when used correctlytehse signals can and have been very profitable.