Review of FTSEDay.com

[Service Reviews]

Over the coming year I will be testing out and reviewing various trading services; all opinions will be based on my own experiences and would like to encourage others to contribute so that we can ensure that fellow traders are not ripped off and instead pay their hard earned cash for the best services out there if they need help trading.

I am starting my reviews off with the FTSEDay.co.uk trading service that I came across through word of mouth. The service is a trading room that is subscribed to mainly by new traders. My overall view is that this is an unprofessional service and that it is a waste of time and money to use.

The owner of the trading service is present in the room at points during the day, but not on a consistent basis and not at the key times for trading. The rest of the time it falls on the moderators to manage the room, and there are no set hours when the room is open, so it is not guaranteed that moderators will be in the room at all times.

The owner has only a very basic knowledge of the market, he does not seem to be aware of how it is derived, and doesn’t seem to know what causes the price action. The setups he describes are very basic and very little thought and analysis seems to have gone into them. He also has no data or back-testing to prove his methods. A simple approach to trading can sometimes be good, but a decent level of knowledge of the market and causes of price movement is clearly needed.

The owner advertises that he calls live trades (for training purposes....), but he always talks of trades placed and points and profit taken in hindsight, when clearly it is false (or he can read the market perfectly taking points just before the market turns). I am worried that subscribers may be following the system through the live sessions, which he has not proven to work.
There are some good principals; the owner has developed a compounding spreadsheet which is available to all subscribers, but in essence, all it does is encourage the new traders to start with a small stake and increase it on a daily basis while gaining confidence.

Overall, the owner is just a typical vendor that promotes that what he is doing is just to help people with their trading, but from the cost of the service and the quality the subscriber gets for it, it is clear that making money is a priority. It seems he is taking advantage of people that are in need of help to sort out their trading methods.

 

[deadbroke]

Over the coming year I will be testing out and reviewing various trading services; all opinions will be based on my own experiences and would like to encourage others to contribute so that we can ensure that fellow traders are not ripped off and instead pay their hard earned cash for the best services out there if they need help trading.

I am starting my reviews off with the FTSEDay.co.uk trading service that I came across through word of mouth. The service is a trading room that is subscribed to mainly by new traders. My overall view is that this is an unprofessional service and that it is a waste of time and money to use.

The owner of the trading service is present in the room at points during the day, but not on a consistent basis and not at the key times for trading. The rest of the time it falls on the moderators to manage the room, and there are no set hours when the room is open, so it is not guaranteed that moderators will be in the room at all times.

The owner has only a very basic knowledge of the market, he does not seem to be aware of how it is derived, and doesn’t seem to know what causes the price action. The setups he describes are very basic and very little thought and analysis seems to have gone into them. He also has no data or back-testing to prove his methods. A simple approach to trading can sometimes be good, but a decent level of knowledge of the market and causes of price movement is clearly needed.

The owner advertises that he calls live trades (for training purposes....), but he always talks of trades placed and points and profit taken in hindsight, when clearly it is false (or he can read the market perfectly taking points just before the market turns). I am worried that subscribers may be following the system through the live sessions, which he has not proven to work.
There are some good principals; the owner has developed a compounding spreadsheet which is available to all subscribers, but in essence, all it does is encourage the new traders to start with a small stake and increase it on a daily basis while gaining confidence.

Overall, the owner is just a typical vendor that promotes that what he is doing is just to help people with their trading, but from the cost of the service and the quality the subscriber gets for it, it is clear that making money is a priority. It seems he is taking advantage of people that are in need of help to sort out their trading methods.

The Serengetti is no different than what you are looking at and figuring out. The only difference is ETIQUETTE in our domain.

Do lions, leopards or cheetahs HELP their PREY live longer?

Forget about signal services and all other types of services - just get a pure data vendor - then find your own way, keep your own counsel and make your own decisions.

Trading services are given by people who cannot and don't trade.

 

[Enzzo]

The owner advertises that he calls live trades (for training purposes....), but he always talks of trades placed and points and profit taken in hindsight, when clearly it is false (or he can read the market perfectly taking points just before the market turns)

Good review....
I think "hindsight" is one of the most "powerful tools" "this kind" of vendors use (I truly think not all "vendors" are the same, or even similar, but that is another topic).... and the "for the sake of education" leitmotive is also very funny way to hide it.....

 

[tpaulbeaumont]

Very good SR.

Of course it goes without saying that almost everyone who sells tips for a meagre living are failed traders/have a flawed understanding.

It should also be noted that almost everyone seeking tips must be failed traders/have a flawed understanding.

Theres a very similar service to the one reviewed called ftse100trading.com, where the chap has wonderful hindsight performance, a dubious live performance and completely unaudited, unaccountable personal statistics. He also lives in Thailand. I cant help but assume if ftseday.com isnt the same guy, its perhaps someone who used ftse100trading.com, and copied it.

 

[redbrix]

I have spent some time in FTSEDAYs trading room earlier this year.

I have to agree with the original posters comments.I couldnt recommend joining the room to anyone for the following reasons:
There is absolutely no structure to the room.
The vendor is only present for the first hour of the day.
There is no control over novice traders being influenced to trade by other novice traders.
The vendor attempts to scalp the FTSE for 10 points a day via a spreadbetting company!
Unconvinced that the vendor had any read of the market.
The vendor annoying ly tweets comments such as "market sold off to 00 and bounced as predicted" but then wouldnt tweet where he had made a call that didnt work out.

Overall: avoid at all costs, very amateurish and not worth £80 per month

 

[D70]

Service Reviews.

What a bloody great job you've done here! Well done. An honest review and from what I've read in his tweets. You're absolutely spot on. The trouble is, newbies just fall for it time and again, and there seems to be a steady stream of gullible newbies happy to pay these kind of ****sters for a few months. How / why they fall for his garbage is beyond me.

Looking forward to your next review. Who's it gonna be?

Alan Rich is getting a royal roasting on another thread...... I guess you have a long list to take to the cleaners!

 

[Service Reviews]

The Serengetti is no different than what you are looking at and figuring out. The only difference is ETIQUETTE in our domain.

Do lions, leopards or cheetahs HELP their PREY live longer?

Forget about signal services and all other types of services - just get a pure data vendor - then find your own way, keep your own counsel and make your own decisions.

Trading services are given by people who cannot and don't trade.

Hi deadbroke,

Great analogy; the aim of my reviews is purely to help people (especially new traders) realise just this.

Thanks for commenting.

Service Reviews.

 

[Service Reviews]

Good review....
I think "hindsight" is one of the most "powerful tools" "this kind" of vendors use (I truly think not all "vendors" are the same, or even similar, but that is another topic).... and the "for the sake of education" leitmotive is also very funny way to hide it.....

Hi Enzzo,

I truly hope that not all vendors are like FTSE Day, and I hope my future reviews will uncover some of the good ones!

Thanks for your comments,

Service Review.

 

[Service Reviews]

Very good SR.

Of course it goes without saying that almost everyone who sells tips for a meagre living are failed traders/have a flawed understanding.

It should also be noted that almost everyone seeking tips must be failed traders/have a flawed understanding.

Theres a very similar service to the one reviewed called ftse100trading.com, where the chap has wonderful hindsight performance, a dubious live performance and completely unaudited, unaccountable personal statistics. He also lives in Thailand. I cant help but assume if ftseday.com isnt the same guy, its perhaps someone who used ftse100trading.com, and copied it.

Hi tpaulbeaumont,

I think flawed understanding is very accurate for the FTSE Day vendor.

I am aware of the ftse100trading.com service, I haven't subscribed yet to review, but it is on my list. The website at least promotes that you can see his trades live through his trading platform, which is more than the FTSEDay service, with charts being posted in hindsight!

I'm also aware of Mark Austin's service through his marketing tweets. Although way less annoying than FTSE Day.

I will start a dedicated thread for the next service I review.

Thanks,

Service Review.

 

[Service Reviews]

I have spent some time in FTSEDAYs trading room earlier this year.

I have to agree with the original posters comments.I couldnt recommend joining the room to anyone for the following reasons:
There is absolutely no structure to the room.
The vendor is only present for the first hour of the day.
There is no control over novice traders being influenced to trade by other novice traders.
The vendor attempts to scalp the FTSE for 10 points a day via a spreadbetting company!
Unconvinced that the vendor had any read of the market.
The vendor annoying ly tweets comments such as "market sold off to 00 and bounced as predicted" but then wouldnt tweet where he had made a call that didnt work out.

Overall: avoid at all costs, very amateurish and not worth £80 per month

Thanks for your comments Redbrix. It's great to get feedback from someone else that has their own experience of the service, especially as it is completely in line with my own thoughts.

Perfect example of the calls in hindsight - these tweets happen on a daily basis, and funny how you never hear of losing trades.

 

[Service Reviews]

Service Reviews.

What a bloody great job you've done here! Well done. An honest review and from what I've read in his tweets. You're absolutely spot on. The trouble is, newbies just fall for it time and again, and there seems to be a steady stream of gullible newbies happy to pay these kind of ****sters for a few months. How / why they fall for his garbage is beyond me.

Looking forward to your next review. Who's it gonna be?

Alan Rich is getting a royal roasting on another thread...... I guess you have a long list to take to the cleaners!

D70, thanks for the appreciation of the review.

This is why I am starting to review these services, as I am sickened at the thought of newbie traders getting sucked in by guys like these.

Thanks for the tip re Alan Rich, I will check out the thread now.

 

[Service Reviews]

Just to keep everyone updated, I am still reviewing the FTSEDay service and will be posting some further comments in the next few days.

Highlights to include analysis of his 'counter-trend' set-ups and an example of a FTSEDay daily email.

Service Review.

 

[rsh01]

SR, very noble of you sir, good effort.

Unfortunately though its not just honest reviews most of the the potential victims (let's face it they do not want to trade for a living) require, its also a changed mindset, and your effors will be wasted on ppl such as these (see members like jungerns et al on here for a classic example).

 

[rsh01]

OP...you have started great thread and great work. Dont be demotivated by negative thoughts expressed by anyone. This is and will be useful. And as they say even one person benefits your effort is worth it.

Thanks again.

There aren't any negative thoughts. But of that's general advice then: look both ways when crossing the road.

 

[still awake]

It's interesting to hear other peoples views on FTSE Day.

I did subscribe to the trading room, and I've got to say I thought it was pretty good. It is one guy's take on mostly very short-term trading (it definitely isn't for everyone!), but it helped me to focus my attention on one market and to get my trading under control.

Incidentally, I do remember that some of the profits go to member's charities. I found at £60 a month (back then) it was perfectly fair and I didn't feel like I'd been taken for a ride, and there was no obligation to stay for any more than just one month.

I would also like to know about other trading room's and which are considered to be best so keep up the thread.

 

[rsh01]

good post "Still Awake"...let's keep bringing balanced views and more relevant info.

much better than irrelevant, cryptic comments.

I concur, awaiting with anticipation for samirs to post relevant info, and a balanced view.

 

[rsh01]

there are enough threads for useless banter ...please leave this clean

samirs - good to see you deleted your posts which added no value before responding - shame they live on in my responses. you did however ruin it all again by posting another inane comment.

for the record, in my first post here after complimenting the efforts of the OP i followed with a constructive comment. i will reiterate it for those members who struggle with basic english - independent reviews are great, but the OPs motives as he stated are to help prevent newbies from falling for the scam vendor trap (not saying ftseday.com are scammers). Yet no matter how much work is done to open newbies eyes a lot of them will still fall for the short cut path to riches, the root causes of which go much deeper than the lack of impartial info on vendors.

i will add, in part to prevent samirs posting more vagueries, that this shouldnt deter the OP from what he is doing, its purely to put the task of what he is doing into perspective.

samirs, take some of your own advice, stop posting nothings.

 

[samirs]

samirs - good to see you deleted your posts which added no value before responding - shame they live on in my responses. you did however ruin it all again by posting another inane comment.

for the record, in my first post here after complimenting the efforts of the OP i followed with a constructive comment. i will reiterate it for those members who struggle with basic english - independent reviews are great, but the OPs motives as he stated are to help prevent newbies from falling for the scam vendor trap (not saying ftseday.com are scammers). Yet no matter how much work is done to open newbies eyes a lot of them will still fall for the short cut path to riches, the root causes of which go much deeper than the lack of impartial info on vendors.

i will add, in part to prevent samirs posting more vagueries, that this shouldnt deter the OP from what he is doing, its purely to put the task of what he is doing into perspective.

samirs, take some of your own advice, stop posting nothings.

another not so useful post...at least I am doing my bit and keeping it clean

 

[homeforex]

I subscribed to FTSEDay for one month. He did not know the difference between a PIP, a Point and a tick. He "trades" using a spreadbet company. He routinely says he is "done for the day" and then places more trades. He often places trades and risks 10-20 points to make 1 point. He gets out of the market when it goes against him by 2 points, despite his "system" saying the complete opposite. He does not understand basic money management. His setups are extremely basic, more basic than the most basic TA book. For example he will just go short at the HOD and long at the LOD just because it is the extreme of the day. Nothing is audited. I know for a fact that some of his trades are complete lies. etc, can't be bothered to type any more.

Just stay away.

 

[still awake]

I subscribed to FTSEDay for one month. He did not know the difference between a PIP, a Point and a tick. He "trades" using a spreadbet company. He routinely says he is "done for the day" and then places more trades. He often places trades and risks 10-20 points to make 1 point. He gets out of the market when it goes against him by 2 points, despite his "system" saying the complete opposite. He does not understand basic money management. His setups are extremely basic, more basic than the most basic TA book. For example he will just go short at the HOD and long at the LOD just because it is the extreme of the day. Nothing is audited. I know for a fact that some of his trades are complete lies. etc, can't be bothered to type any more.

Just stay away.

I've got to say, that is not my experience of FTSEDay at all (which I guess shows how hard it is to produce an unbiased review).

FTSEDay asked everyone to trade small with tiny accounts while they learn the ropes, but it is mostly very short-term trades, and for some can be very, very hard to get head around, even for guys who've been trading some time.

But if someone subscribed to them for a month and the trading style didn't suit them, they'll only have 'lost' just the monthly £60 or £8o subscription which is nothing in this game.

From my own experience, you can learn a lot about the FTSE from them in a month and this alone could possibly be the kick-start some losing traders need to set them on the right path... but you don't have to get married to them or give them your life savings, far from it.