FREEDOMROCKS - conflicting views

[findcount]

have been reading a lot on freedomrocks everywhere and so far :

1) all those that is negative about their trading methods had never tried it before.

2) a lot of forex traders tried it and seem to like it.

3) newbies love it

so i hope if anyone here that has tried it can offer his/her valuable opinions ?

 

[findcount]

i've been reading a lot about forexforsmarties.com which is based on an improved version of freedomrocks andalso cheaper at USD49 as no MLM

 

[options]

Wot! No stop loss?

 

[findcount]

no stop loss so no loss !

their system is to wait till market recovers and you sell for profit.

 

[fxchant]

No stop = eventual wipe out

no stop loss so no loss !

their system is to wait till market recovers and you sell for profit.

That's insane. No stop losses and averaging will eventually kill you in FX.

 

[findcount]

somehow that system is working for over a year. anyway, i'm not involved.

from what i read, it works in a ranging market. when the prices go down the system advise you to buy at lower rate and then sell when it goes back up.

 

[options]

Completly agree with fxchant.
Put a bullet in the chamber and spin it. Hold to head and pull triger. Repeat until sudden loud bang in ear makes you deaf. (And headless).

Something like this came out around 5 years or so ago. These type of things always do in solid ranging markets. Then dissapeared without a trace.

Have you seen the video? What a laugh!

What are you going to feel like when you get a signal to buy or sell and the market suddenly corrects 170 in a day?

Don't go for the hand holding. Learn to do it yourself. I've had a long term buy signal on cable since 17th
April this year from 1.7606. Trade still in place despite a very recent mini correction.

You can make money with this system but not in choppy conditions. So anyone making money using it ,
good luck but don't expect this system to last and keep making you money. The drawdown is just to
great. Especially when it just keeps on going against you.

 

[HornedGod]

That's insane. No stop losses and averaging will eventually kill you in FX.

If you were never to use a stop loss then you're certainly on a road to nowhere.

I use a methodology with no fixed stop losses (i.e. I don't enter any hard stop losses into my trading platform) and average down on a regular basis.

I do know when to cut my losses though, with a detailed approach in my trading plan on how to do so.

There is also nothing stopping me from averaging up either.

So, just wanted to point out that it is possible to use no stop losses (the regular kind that most people are here are probably familiar with) and averaging down in FX, as long as you have the appropriate framework in which to apply them.

My blog can attest to how well trading this way has served me.

 

[clam61]

no stop losses and averaging? it would work if you had unlimited capital...however most of us don't.

if you went short on GBPUSD in june and kept averaging down you'd be dead by now unless you only had .001% of your portfolio in the position!

 

[underthehedge]

As findcount said, the only people who knock freedomrocks are those who have never tried it.

I use both freedomrocks and forexforsmarties and I prefer FFS for my style. Neither one uses averaging. Where did that idea com from?

FFS combines swing, hedge and grid trading and it works like a charm. I am long all the 4 major pairs and when the last NFP came out, my account didn't flinch. That's hedging for you.

But some people will just never believe it and that is their loss. As an experienced trader, I stopped believing in TA and started making money for a change.

 

[fxchant]

no stop losses and averaging? it would work if you had unlimited capital...however most of us don't.

if you went short on GBPUSD in june and kept averaging down you'd be dead by now unless you only had .001% of your portfolio in the position!

Actually, I don't even think that's the case. The real problem with averaging without stops is that you are forced into a direction that by definition isn't working, and COMMITTING to continue to play that direction. Eventually, you'll catch a move that essentially never reverses, and you're wiped out.

 

[clam61]

if the market is oscillating your ok. if its in a trend you are toast.

 

[caventou]

if the market is oscillating your ok. if its in a trend you are toast.

From what I know forexforsmarties is a hedging strategy meant to work with few brokers only.

 

[findcount]

caventou, long time no see at hyipd leh ! fancy meeting you here.......... :cheesy:

so are you in freedomrocks or forexforsmarties ?

from what i read and heard, they're both very similar and their hedging strategy means if one currency go down the other will go up so overall, no loss or very minimal loss and so just wait till the market recover, right ? :idea:

 

[caventou]

lol, finding findcount here... I just took a look at their trial, what they did was try to split the margin of 2 currency pairs (eg cable and yen) equally but not exact (not sure how they arrived at the calculations), taking into account swap rates, and both are long positions. But of course, there will be drawdown and risk can be adjusted, with short and long term strategies in place. Have not looked at freedomrocks though.

 

[findcount]

i'm omnipresent ! :cheesy:

so you think freedomrocks and forexforsmarties crap ?

 

[barn_burner]

i'm omnipresent ! :cheesy:

so you think freedomrocks and forexforsmarties crap ?

I do.

 

[underthehedge]

I do.

And how long have you been using FR and FFS?

 

[forex101]

I use the freedomrocks software...

I'm not sure you have a good grip on what it is all about...

You trade the Eur/USD vs the USD/CHF they are almost exact mirrors of each other. Big moves don't theoretically effect you because when the Eur/USD goes one way almost immediately the USD/CHF goes the other way. they have deviated by something like .96% or .04% over the last few years. So the money is made through the interest you are earning when you own the paris. The 400:1 leverage makes that interest quite significant. Of course if the pairs deviate in your favor you can capture the gains and start again compounding the new amount at that same high interest rate. It is a steady way to earn good money. The system sets limit orders so that you are buying and selling small amounts to balance out your position. It has worked for me so far.

You can try it for as long as you want in a demo account to test it out for yourself http://freedomrocks.com/23223

 

[tradeartist]

Freedomrocks

I'm not doing Freedomrocks but I have discussed it at length with several of their users. The reason there is no stop loss is because it is a hedging strategy. You don't need Freedom rocks to do it but for $100 per month they provide a simple software and system to follow.

It is not trading. It is more of an investment strategy for people who have given up on learning to trade. When one of the hedged currencies moves at a greater velocity than the other and your profit goes positive you do "cash grabbing" which is taking profit. Of course if you were trading instead the cash grabbing would be much bigger. They purpose of the hedging is strictly to get the difference in the carry over interest with profit on trades being a secondary source of income.