Review of FTSEDay.com

[Service Reviews]

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.

I understand that part of the problem can be a newbies attitude and their quest to get rich quick, but the review is aimed to educate those that truly are just looking for guidance with their trading. If my review can save one person from wasting their money on a sub-par trading service then my job is done.

 

[Service Reviews]

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.

Thanks for adding your thoughts homeforex. I agree with the lack of understanding of trading terminology - this was a definite bug bear for me too. You are spot on with the setups - they wouldn't just be in the most basic TA book, they would be on the first few pages!

 

[still awake]

I understand that part of the problem can be a newbies attitude and their quest to get rich quick, but the review is aimed to educate those that truly are just looking for guidance with their trading. If my review can save one person from wasting their money on a sub-par trading service then my job is done.

That's interesting, and your aims are admirable but I have to say, FTSEDay went out of its way time and time again to emphasise that it is not possible to 'get rich quick' in this game and that it takes a lot of time in the markets, either on you own or in a trading room like theirs. Also they continually said that you have to start very, very small with preferably tiny accounts and build thing up slowly while minimising risk.

Nontheless, I would be extremely interested to hear what posters think are the good 'trading services', as well as the ones that have not worked out for them.

 

[Service Reviews]

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.

Still awake - thanks for your thoughts and sharing your experience of FTSEDay.com. I agree that it is good practice encouraging newbies to start trading small while they learn the ropes, but I would also hope that this is general common sense?

I will be sure to let you know when I come across a good trading service

 

[still awake]

Still awake - thanks for your thoughts and sharing your experience of FTSEDay.com. I agree that it is good practice encouraging newbies to start trading small while they learn the ropes, but I would also hope that this is general common sense?

I will be sure to let you know when I come across a good trading service

You know what they say about 'common sense' don't you?, Oh, and 'hope' in the markets?

 

[Service Reviews]

That's interesting, and your aims are admirable but I have to say, FTSEDay went out of its way time and time again to emphasise that it is not possible to 'get rich quick' in this game and that it takes a lot of time in the markets, either on you own or in a trading room like theirs. Also they continually said that you have to start very, very small with preferably tiny accounts and build thing up slowly while minimising risk.

Nontheless, I would be extremely interested to hear what posters think are the good 'trading services', as well as the ones that have not worked out for them.

Lol we must have been typing at the same time - I think I addressed some of your points in my post.

FTSEDay.com provides a compounding spreadsheet that encourages newbies to risk 5% of their account on each trade, and he personally risks 10% on each trade. I'm sure that we will all have our own opinions on taking this amount of risk; personally I don't think this is completely responsible promoting this to newbies.

Thanks again still awake - I do appreciate your views. Some other members of FTSEDay have let me know that they want to add their comments here, so keep an eye out for them too.

 

[pboyles]

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.

Could we please have a day without a new trading scam? We all know how this is going to work out.

 

[still awake]

Lol we must have been typing at the same time - I think I addressed some of your points in my post.

FTSEDay.com provides a compounding spreadsheet that encourages newbies to risk 5% of their account on each trade, and he personally risks 10% on each trade. I'm sure that we will all have our own opinions on taking this amount of risk; personally I don't think this is completely responsible promoting this to newbies.

Thanks again still awake - I do appreciate your views. Some other members of FTSEDay have let me know that they want to add their comments here, so keep an eye out for them too.

Sure, but 5% of a tiddly £100 account is £5, so where exactly is the risk?

FTSEDay also preached taking the profit from your account every month, leaving a small balance to start trading the new month. It's fine and IMO more responsible than sticking 5 or 10k in an account and trading 2% a time (which for most newbies is the fast way to Trading Armageddon).

 

[redbrix]

Sure, but 5% of a tiddly £100 account is £5, so where exactly is the risk?

FTSEDay also preached taking the profit from your account every month, leaving a small balance to start trading the new month. It's fine and IMO more responsible than sticking 5 or 10k in an account and trading 2% a time (which for most newbies is the fast way to Trading Armageddon).

I dont think your comments are helping his cause to be honest.

If you are trading with no edge, which most of the people in the room were as they were no controls in place, then the risk is that they lose their whole account eventually, whether thats 2% , 5% or 10%.

FTSE Day may have some knowledge of trading but he should not be in "trading education" business - and thats from having seen him trade live - like a rank amateur to be honest. Thats my main problem with him.

 

[still awake]

I dont think your comments are helping his cause to be honest.

If you are trading with no edge, which most of the people in the room were as they were no controls in place, then the risk is that they lose their whole account eventually, whether thats 2% , 5% or 10%.

FTSE Day may have some knowledge of trading but he should not be in "trading education" business - and thats from having seen him trade live - like a rank amateur to be honest. Thats my main problem with him.

Genuinely interested to know what type of controls should/could be in place in a trading room, I only really have experience of FTSEDay and one other room, plus quite a few of the free webinars/live trading from various brokers etc. I have found it beats trading by myself which gets pretty solitary as you may know.

 

[D70]

Genuinely interested to know what type of controls should/could be in place in a trading room, I only really have experience of FTSEDay and one other room, plus quite a few of the free webinars/live trading from various brokers etc. I have found it beats trading by myself which gets pretty solitary as you may know.

Still Awake.

Anything you have to say is completely irrelevant. You have 6 posts on this forum and all in defence of Ftseday...... posters like you have tried this trick many many times before.

You're as bad as he is.

You are either ftseday himself or one of his crew.

Go away.

 

[redbrix]

Genuinely interested to know what type of controls should/could be in place in a trading room, I only really have experience of FTSEDay and one other room, plus quite a few of the free webinars/live trading from various brokers etc. I have found it beats trading by myself which gets pretty solitary as you may know.

If you run a room for trading education purposes, you have a responsibility to at least control the damage that novice traders can to do to each other by limiting their ability to influence each other.
One way to do this is to remove the ability to chat, another is to continually reinforce the point that new traders should not listen to other new traders. Neither of these controls were in place.
In addition I think its the wrong approach to charge for a day trading service when you are not in the room for the majority of the day.(sometimes less than an hour)

The new traders couldn't help themselves from trying to jump on every perceivable opportunity. With no controls in place it turned out to be quite a profitable method to simply fade every trade that the majority of the room took.

One final point on this as I dont want to waste any more time on this thread -
using a spreadbet vehicle to teach intra day trading to new traders is beyond reckless. I would guess that there will be more than one blown account along the way so its not just a case of losing £80 per month in this room, you are actually in mortal danger of losing a whole lot more and learning nothing in the process.

I am done.(jumps off high horse)

 

[still awake]

If you run a room for trading education purposes, you have a responsibility to at least control the damage that novice traders can to do to each other by limiting their ability to influence each other.
One way to do this is to remove the ability to chat, another is to continually reinforce the point that new traders should not listen to other new traders. Neither of these controls were in place.
In addition I think its the wrong approach to charge for a day trading service when you are not in the room for the majority of the day.(sometimes less than an hour)

The new traders couldn't help themselves from trying to jump on every perceivable opportunity. With no controls in place it turned out to be quite a profitable method to simply fade every trade that the majority of the room took.

One final point on this as I dont want to waste any more time on this thread -
using a spreadbet vehicle to teach intra day trading to new traders is beyond reckless. I would guess that there will be more than one blown account along the way so its not just a case of losing £80 per month in this room, you are actually in mortal danger of losing a whole lot more and learning nothing in the process.

I am done.(jumps off high horse)

Yes, you are quite right about room members calling out trades at FTSEDay (I may have been one of them!). It was a long way from perfect. Problem is short-term trading is just like that in my experience - a bit crazy, but no maybe it isn't good for new traders - but who do you trust to hold your hand when learning to trade and what would you pay them for it? I don't honestly think you can rely on anyone really but just take what information you can from where you find it, and what feels right to you.

The one thing I'd say about FTSEDay is that it specialises in just one market (the FTSE, obviously) and that alone can help a trader like me, who had read just about all the books, and was trading everything under the sun (indices, gold, silver, Fx, stocks etc etc), to calm down a bit and develop a focus. I also quite enjoyed the banter that went on.

 

[redbrix]

For the record I am a solitary trader with experience of subscribing to FTSEDay, I don't have any vested interest and I haven't been asked to post here. You don't have to believe me, but if you allow me the courtesy to post then I will give you the same.

You might want to aim that at the person who said it, t'wasnt me - you are entitled to say what you like as far as I am concerned no matter what your views.are,

 

[still awake]

You might want to aim that at the person who said it, t'wasnt me - you are entitled to say what you like as far as I am concerned no matter what your views.are,

Sorry!

 

[still awake]

For the record I am a solitary trader with experience of subscribing to FTSEDay, I don't have any vested interest and I haven't been asked to write here. No-one has to believe me, but I do appreciate being allowed the courtesy to post.

 

[zsquared]

So, I've been in the FTSEDay room as well and I have since left the service despite persevering for many months the excuses the vendor gives on a daily basis why he won't be taking any trades.

Service Review - your assessment is spot on.

The vendor himself DOES NOT TRADE FULL TIME and holds a day job - that in itself is sacrilegious!

He has little knowledge about trading and quite often appears to be scared of the market jumping out of trades for break-even or 1-2 point losses. He does not have control over what he is doing and his understanding of the market is extremely poor. More often than not, he will call trades retrospectively and his market review videos are all in retrospect and is effectively useless in a live trading situation.

In the room, one does not even know if the vendor is taking trades himself as you do not see any evidence of trades taken - not even a trade history page is shared. When he is live in the room, most of the time is spent with him having a go at people who he says "does not get what he does!"

Although he encourages starting small and risking more with a small account - it just feels like death by a thousand cuts as your account leaks 1 to 10 point losses and the wins feel like I just been lucky that time.

What did it for me was really how unprofessional he is in running a paid service. Persistently not being live on the mic (i.e. not showing up to work), countless of excuses why he is not trading, and basically really poor trading performance should have everyone asking for a refund.

He claims to know how to trade like a pro declaring how he knows what the pro traders do in the City - but that is far from the truth. At no point is the vendor was a pro trader and I doubt he knows any pro traders at all. That, to me, is misleading and misrepresentation.

Why would anyone pay £80 a month for this insanity??!

 

[SuddenDeath]

does FTSEday.com provide a free trial period?

 

[homeforex]

does FTSEday.com provide a free trial period?

No

 

[SuddenDeath]

No

enough said,