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Freedom Rocks/ Forex For Smarties. A Boon or a Foe?
MiscellaneousTags: Forex For Smarties, Freedom Rocks.
There’s so much hype about these two forex “hedging” programs namely, Freedom Rocks and Forex For Smarties.
I’m guilty not touching this two systems that guarantees people to make money in a very simple way (partly because a new blog is in development as well, touching on the forex subject as a whole).
What happens:
1. You sign up for a forex trading account with one of the recommended broker.
2. Sign up with Freedom Rocks/ Forex For Smarties
3. Follow simple instructions, and buy at least 2 pairs of currencies and fix your stop/loss and take/profit prices
4. Just wait and earn interest at the same time whilst you’re holding onto the pairs (or 4 pairs)
Tested out Freedom Rock’s demo for 1 week + or so before they disabled it, and it did make a little money for me on FX Solution (one of the forex broker’s). $100, per month.
I’ve signed up and paid for ForexForSmarties as well to try. Pretty similar, apart from dropping the MLM model which Freedom Rocks is working on. $50, per month.
In words, I couldn’t really tell any differences between them. If anyone wants to share his/her experiences with both the systems, you can leave a comment to tell me how fantastic/ crappy are they.
Popularity: 4% [?]
Interesting that you chose this particular topic!
For the record, as of today, I’m a Representative for Freedom Rocks! so I can really only speak to that organization. Just like everyone else here that has been investing in programs that trade ForEx, the record is not stellar with a number of ‘legit’ programs showing massive losses. That’s one of the reasons I began looking for other options. With respect to Freedom Rocks, I’ve checked the system out, talked with some other reps, been to a couple online conferences and I can say that results are good across the board and support is excellent. As another form of diversification, I can trade my own account AND setup a residual income with the Network Marketing side of the business. It seemed like a no-brainer to me that if you’re making money, you’ll want to tell other ppl about it and, if you can make money that way too, so much the better! If it’s ok with Jude, anyone that wants additional info or to ask questions, they can email me: Propellertop@nerdshack.com
PT, a question, have you tested out Forex For Smarties as well?
Sorry Jude, Nope. With income streams from both the trading system and the Network Marketing side of things it fit what I was looking for. Also, the trading results have been much better than the ‘average’ legit program so it seemed to be Win/Win.
You might wanna explain how this whole system works in your words since you’ve better experience with it than I am. Is there like records to show?
I tried Freedom Rocks about 2 months ago and was very disappointed. Though there was a good explaination how it works, at this point every calculation done on their website caused a huge loss - it didnt mind which pairs selected
As I contacted support they were not able to help so i forgot about them the next day.
Maybe I should give them a shot again. I dont know yet.
I would recommend FFS anytime because its cheaper. Not that there isn’t any down side to FFS/ FR kind of hedging in forex. As far as I understand, any breaking events or economic news might just wipe your account dry.
Sorry Jude, working and all that. As for Hecht2k’s experience, I can’t find anyone that has had a real ‘negative’ month while working the system. Like any trading account, your results are based on how much you have in, the margin your trading and the leverage you chose to use. Depending on ANY of these variables I’m sure you CAN produce negatives. As for possible breaking events or economic news, yes, there can be negative and positives but I can’t see how it would ‘wipe your account dry’ when you’re trading reciprocal pairs. I freely admit my personal demo account is really just starting but I know 1 person that has been in for several months (that I trust) that has had very positive returns over that time. It’s just taken me this long to take a serious look at things.
Jude: Oh, I forgot to speak to your comment regarding ‘cheaper’. Because FR has a secondary income stream on the Network side of things, the net cost per month quickly will become ZERO. Actually, with the residual income, they’ll be PAYING you to use their system. Kinda kewl huh?
Hi everyone,
I have had a very positive experience using the FR system. I am a full time trader though, maybe that is the difference or leverage. Understanding what you do would greatly improve the results I guess.
I started to demo trade FR almost a week ago on a 2 X $10.000 demo account 2 startegies. I am up $13.902 in one with the EUR, GBP, CHF pairs, and $14.286 with the same startegy as the other one including JPY. I will email the results and screen shots to Jude for confirmation.
Ross.
Jude, you mentioned $100 profit from your demo account, how much cash in that demo account you had available for trading? Can you please provide some more details?
A few hundred Eno. I got your results Ross, will get back to this comment box or to a new article
My own 2 cents… I only have personal experience with FR, not with FFS.. and I can say that if you don’t go crazy with too much margin/leverage, the system does work in the long run, generally speaking. As far as people wiping out their accounts, yes I do know of two people who have wiped their accounts. Not down to zero, but close to it. However they were using 400:1 and like 20 or 30% margin, and they were trading risky pairs (USD/JPY vs GBP/USD), which don’t correlate very well. A movement of a few hundred pips will kill you if the other pair doesn’t counter-move.
However I concur with what PT said, the system does generally work, however I think the people who are making 30% or more a month are just gambling. You can easily wipe out your account if you’re making those kinds of returns because it means your leverage and margin are too high. If you’re happy with just seeing 5-10% a month, then FR can work for you in the long run.
As far as FFS I’ve heard good things about them, I’m not sure of the differences though with FR since I never tried it.
Ross, thanks for sharing your screenshots, but I can’t seem to see anything on the shots except blanks. On a flip side, I’ve heard of people doing back tests with FR and gets their funds wiped out.
Guess this works when you’re more proactive on your account and know how to close your positions from time to time.
Hey Jude, That is new technology for you. Sorry about the screen shots. wrong format I guess. I just send them again, this time JPG format. Hope you find it useful.
Ross
Hey Ross!
Sorry, but it’s not in yet, could you send it again?
Just sent them again..
Ross
Sorry Jude, My emails are returned to me, it says;
“:
Sorry, I couldn’t find any host by that name. (#4.1.2)
I’m not going to try again; this message has been in the queue too
long.”
Please provide an alternative email address for me send you the screen shots.
Ross.
You can ‘wipe out’ your account easily.
1. You overleverage your positions (Greed, greed, greed, greed, and basically how people are being drawn in, greed)
2. Your cross pair goes on a downward trend. (People have been lucky so far since most CHF crosses are on an upward trend for the past few months)
They may be reciprocal pairs, but corellation is only 0.97 at best, if it was 1:1 then you will only be earning from the carry / overnight interest (I think one of the biggest overnight interest rates is GBP/JPY so far with around $20 per day on a standard 100K lot unhedged) and those micro trades that seem to happen a lot.
If by any chance you get hit by a downward trend, lets just hope you can hold on to a floating loss for a few months, since what I hear from marketting people is “DONT WORRY, YOUR POSITION WILL ALWAYS CORRECT ITSELF” which is true for institutional traders and banks, but rarely true for retail traders with limited reserves.
Chris, I can understand your concern on a general level but 1) is the individual’s problem not the system’s. As for 2) I’m not a ForEx trader so all I can go by is actual results for the last several months and not that specific hypothetical possibility.
With respect to reciprocal corollations, EUR/USD and USD/CHF average .98 I believe and that’s not the end all, be all of the system as other pairs are traded as well. Interest is also a piece of the puzzle and proper structure will give you a significant return on interest alone regardless of how the market moves.
Lastly, there’s been any number of downtrends in the last year and a half and, again, I’m not a trader so I can’t respond to that specifically but I can say there’s only been 1 month that wasn’t a clear profit. I can only cite what I’ve seen but it’s been pretty good across the board.
Well goodluck then
Anyone here actually use the system with real money? Not demo, not backtesting? And not from a friend of a friend of a friend’s account.
I do. Just started on a small account. the technique is solid. but you need to know what you r doing. It doesn’t need years of experience though.
Ross, send the shots to nobshy1p@yahoo.com, thanks
Alright, I’ll give you guys a few pokes and info on this from a forex point of view.
These systems use what’s called “Correlator trading” - Any forex newbie can do it.
Is it worth 100$ a month? or even 50$? - No. There’s enough information out there that any idiot who can write a web script can rewrite these programs.
Can you make money off them? Sure, if you know the right ways to go. Almost all traders use a bit of correlator trading, especially if it’s vacation season. would I pay for freedom rocks? *laugh* Only for the mlm part. Sure. Because there’s lots of dummies out there who will buy it
Thanks Xaviar. Apparently, 95% of the Dummies out there that supposedly KNOW how to trade can’t make a consistent profit or fail entirely so I guess they should have just taken Newbie ForEx trading 101 (Ya, get NSFG, FX-E, etc on the phone right away!). Personally, I’ll just stick with the system and see if my results are in the same ballpark as others and let you know how things go. Especially the ‘Dummies’ in the MLM part that will also be looking for the same thing.
My apologies if that came off harsh - I’m tired, and grumpy. It’s definitely past my bedtime.
And yes, I suppose that’s very true 90% people supposedly fail out and lose all their cash in forex. Personally I’ve never done the surveys myself - just heard that a million times over from sites claiming to have the “Fix” for it.
And the reality of it is - ForEx is pretty “new” to most traders - it’s something that has only been open to the public for a small number of years. Compared to stocks and such. It’s a new ball park - hell, you walk down the street and try and tell someone what you do “I’m a ForEx trader” - You’re a what? “I’m an investor” - Oh! ok!
Otherwise, you hurt their head trying to explain it, or the laugh and think it’s a joke. Little do they know how much money you’re making that they aren’t.
Oh well - FreedomRocks is a nice idea actually. I’ve met the guy who founded it, and actually discussed correlator trading techniques a few months ago when someone brought the site up.
Would I join it still? No. But I suppose if you want a simple quick fix - it’s there, and it really will do the trick. But there’s definitely other things you can do, if you take the time to sit down and learn forex (yes, a lot of big words, math equations, and graphing)
Otherwise? Join Freedom Rocks - You’re safer, but don’t get too greedy, as this system will definitely eat your money alive if you don’t know what you’re doing.
I\’m glad you responded Xavier. I\’ve no doubt that there\’s ForEx traders out there making money, It\’s just super-difficult to navigate the minefield of HYIPs and MAs to find one that really DOES do it. We\’re all been burn\’t in various programs so a system you can work yourself that has multiple benefits (including making good trading returns) seems to me worth the effort!
Well, I’ll be quite honest - I totally understand. I’ve been dabbling in these hyip’s and such to see what they’re about. Especially seeing other “traders” claiming they’re making 2-5x’s as much as I do a month (Which, I definitely believe my trading system is one of the most stable, at least that I know of)
So my curiousity had gotten the better of me for quite a while. And it’s come down to the fact that - after many hours of talking with my partner, we’re going to give it a whirl on running our own. Somewhat hyip-esque, I guess.
I think our biggest selling point though is that - we’ll be posting our daily results. People will actually see every day when the percent is set, how much money we made, where it was made, etc.
Absolutely welcome to get a sneak peek next week and give us some input if you’d like to email me and I’ll send ya the site address when the testing has been fully finished
admin@truequickcash.com (and if you’re bored you’re welcome to poke around my old site, it wasn’t finished when I quit tinkering with it)
Cheers.
I look forward to checking out what you have to offer XaviAr. However, if ppl want something that they can do for themselves and help others to do the same and make a good income, I’d say FR is the way to go. That being said, it’s still my philosophy to diversify and, although I’ll be putting a goodly sum into my own trading account, I still intend to keep my investments in the ’solid’ progams I’m in now. Perhaps yours’ll be one.
I just finished the two weeks trail trading FR system. If you are interested in the 60% results I manged to generate using this system please go to the following link. http://goldentalk.com/showthread.html?p=107201#post107201
I also manage to trade this system on my live micro account and in 2days gained $100 . “Simple and promising system” is my verdict.
Good luck if you decide to demo trade or go live with this system. I certainly will.
Ross.
I am being testing forex for Smarties system as well. I must admit that the results are stunning. Please let me know if you need more data on this.
Jude, I wonder if you had finally seen the results I sent you on FR trading?
Ross.
I would like to start off by saying I have been with FreedomRocks since march 06 and I do trade live with them. I’m beyond satisfied with the returns-sure beats the so called guru’s out there. Yes, I too was one those day-traders and thankfully now reformed to the FreedomRocks system. I find that it is very easy for some to bash what they haven’t fully checked in to but instead of selling yourself short give it a try. There is a 15 day free trial no credit card required. So why not give it an honest try…
If anyone would like more info about FreedomRocks please contact me at amn4me@hotmail.com
the market is now on the down trend and loss is in thousand’s. It does come up though but not enough yet to close the trades with reasonable loss. Be very careful using this system live trading when there is a down trend. reduce your risk percentage and only use one of the more riskier strategies with GBP or JPY . use buy and sell signals as much as you can in order to compensate for the losses. don’t let the buy and sell signals go against you for more than 30 pips. close the losing trades quickly.
I hope this would help some of you trading this signals in the current market conditions.
Ross
Ross, that’s what we’re talking about. You are proactive and you know how the market will go and on stop loss strategies. For people who are new and believe it’s so easy to earn money through forex follows step by step on FFS/ FR’s system, they’ll just be wipe out when the market goes volatile.
Ross and Jude…
EVERY time Mark is on a confrence call he ALWAYS says JPY doesn’t play well with others and doesn’t recommend it. If you’re willing to deal with the possible volatility, that’s up to the individual. He also says to keep your margin LOW and that FR is an INVESTMENT STRATEGY; you DON’T use buy/sell signals, it’s not part of the system. Closing the ‘losing trades’ is exactly the wrong thing to do if you’re using ‘reasonable’ margin and straddling the hedge. The system makes money going up and down and when ppl say that they’ve ‘lost money this week’, Mark is pretty clear that this isn’t ’smash and grab’ and things may move MONTHS in either direction. Unless you’re doing something wrong, you’ll make money on the interest regardless of which way the market goes and you’ll be buying and selling as you go along.
Then you should exclude the Cable as well from your list. It’s too volatile.
Not necessarily. Again, as long as you’re on both sides of the hedge and using reasonable margin, you should be ok. Using GBP AND JPY in any portfolio is just asking to have your account bust out in no time. Technically speaking there’s NO real correlation between the two currencies.
*Laughs* Correlation trading has been around forever. And Alan is correct - a real trader knows how to close out the trades at certain points to make cash on top of the interest gain. (if you look at the owner of Freedom Rocks statements, you’ll see that he does this quite often)
But Propellertop is also correct - Freedom Rocks is NOT designed for you to do this - If you don’t know what you’re doing you’ll ruin yourself inside a couple of months.
This system appeals to people who don’t know what they’re doing - that’s one of the big problems. Good money for them, bad for you if you jump in and play around with no direct clue what you’re doing.
Correlation trading is a nice way to up your cash though if you have a nice chunk to do it with. - But I would never do it with a higher then 100:1 ratio. That’s just me though. I’ve seen plenty who do it with 200:1. Freedom rocks as I recall allows you to go clear up to 400:1 - Bad idea, if you ask me.
Anyhow for those of you waiting on our site, we’re switching programmers this weekend after we ran the site through some “testing” and found numerous security vulnerablities that were unacceptable for us - and you.
Will keep you posted as to if the new guy can live up to his promises.
Hey Xaviar,
The 400:1 is a key part of the system. Low Margin, high leverage. Stick with the program and you’re on your own if you start trying to get greedy or creative. As for ‘Real Traders’ the VAST majority lose alot more than they win so I suggest they re-evaluate what they’re doing. Please, if there’s ppl with specific questions that think they know how things are working, come on one of the corporate calls and ask. There’s more than enough ForEx vets with FR that the math has been disected and discussed.
REMEMBER. The goal of the system is to make a good income over time with reasonable risk for the AVERAGE person. I’ve been scammed more than a few times and I like the idea of controlling my own destiny. FR is just one more income stream for my diversification!
I must say that I agree with Propellertop. It is all about what kind of a trader you are. I am a day Trader Myself and like to have all my trades closed at the end of the day. But this is also one of the ways to go for position traders and/or swap junkies. the key word is “possible months of negatives and margin lucks”.
Hello Folks,
My girl and I learned of FredomRocks in the spring of 2006. Prior to that I had done trading in stocks and options and have had a strong interest in the Forex.
Deb - my girl - and I decided on a two prong attack for approaching the Forex. She would trade using the FreedomRocks strategy and I would learn to trade the Forex the ‘traditional’ way. She demo traded for about 5 weeks and then went into the market with real money. I went out and spent easily $8,000.00 on software, data feeds, coaching, etc.
I also started getting up at 3 AM EST regularly and spending 10-12 hopurs a day either watching the market, paper trading, learning/reviewing trading stratigies. It’s been over 8 moths now and I have yet to get my winning percentage up high enough to enter the market consistantly with live money.
Meanwhile Debbie has invested less than 5 minutes daily on average to maintain her 2 money accounts and has earned more money in 6 months than she was earning with the money in a previous investment over a 5 year period.
FreedomRocks imho is NOT a trading program. It is a LONG term Wealth Building Strategy. We have met the developer in person and honestly feel this guy (Mark Vincelette) is absolutely genuine. We are so impressed with what FR has done for our financial furture we are now actively sharing it with others -and PROUD to do so.
As far as the ‘forex for smarties’ - I have not tried them - and frankly I’m under the impression that they are attempting to be a knock off of the FreedomRocks program - and I’ll take intregrity over what I hear is a sub-quality program.
The Network marketing element of FreedomRocks is actually a great thing because up to 90% of the money that comes in thru the monthly subscriptions is PAID BACK OUT to the representatives that are helping to spead the word about FR.
I’m willing to bet that the guy running forex for smarties is keeping all the money for himself…
We are happy to answer questions from people who are sincerely interested in learning the truth about FreedomRocks. John & Deb
info@leveragecreateswealth.com
I am starting out on my FreedomRocks journey and have just funded my trading account.
I will be updating My Blog on a regular basis to give a warts and all view of what is actually happening to my endeavour.
I have watched the opportunity and been in contact with many participants over several months. My gut feeling at the moment?….FreedomRocks seems to be the most genuine opportunity I have ever found.
The best thing for me is that I am in control of my money….No thief or scamster is going to steal it …period
Okay, there is risk to my funds…there is bound to be in the pursuit of high returns but if I overheat my account and lose…that’s my fault!
I am not the brightest penny so it took a couple of days for me to grasp the process but now I can’t see what the problem was!
If you are sat on the fence, there is always the free trial.
If one to one info is required please email… turbobiz@winning.com
Best wishes
Mike
I have to say the opinions from this blog are quite interesting to continue to hear. I suppose the reasoning with the way I trade versus the way freedom rocks trades isn’t as easy to put anything up against without explaining a bit of what I do.
First off - I don’t sit and watch my PC 24/7. Most successful traders have no need for that either. We develop methods (which can be babied of course and up the daily percentage if need be). I can make, pretty easily a 25% monthly profit (more if I want to want to put more effort into it, etc) But that’s as well sitting there watching charts and such for maybe half an hour a day. Granted, I do usually sit here and watch it much more then that - I like what I do. It’s fun to watch your money build. Maybe it’s just me
I will admit though, I do some of the same stuff freedom rocks does, with a more pliable approach to it. And taking earnings and such at times.
But as several here have pointed out - I’ve watched plenty of people go belly up with freedom rocks as well.
So maybe that’s why I keep my 10 feet away from it.
Fellas,
I have just spent the last 20 minutes reading most of the comments on FR and FFS. I am not a member of either one of those groups, although I am really considering joining FR as I have really never heard any sort of bad news on them. I have a 6 friends in 3 states all into Freedom Rocks, and all with moderate to amazing success. The 7 of us all do come from a investing background from anything from Real Estate to stocks, commodities, futures and last few months Forex. My reason for commenting onyour blogs is more for validation of the Forex market rather then anything towards FR or FFS, although FR does seem to have a solid foundation. A very overlooked component of the Forex market and one that FR has justly focused on is the carrying of lots in order to accrue interest. An investor can profit from the interest of the pairs whether the trade goes as planned or not. I know that skepticism is valid reason for one to look carefully into an opportunity that may seem to good to be true, but dont let skeptisism turn into blinders and miss what many feel is the most valid investing opportunity that we will ever come to us. The Forex market has only been opened to individual investors since 1999, so it really is in it’s infancy period.
As far as strategies go for investing in Forex, the most important skill that one needs to make top priority is account management. Watching margins is by far the only real threat to loosing ones account. I do believe with proper account management that any trend can be weathered, be it Long or Short. Hedging is a great tool that not all brokers allow. Alot of brokers consider Hedging of any two opposite positions within 15 pips. Some or more, some are less. A few brokers will alow you hedge unlimited positions at any pip range. Then there are other brokers that will combine all open positions into one. Investing in Forex will rarely work for people that only consider it a hobby. It has to be respected and has to be taken serious enough as to do ones homework with charting and analasys. I fear that I am getting off topic here and if I am forgive me. Let me leave you with these few tips regarding Forex. If your an investor in any sort of other investments like stocks or futures, your cheating your portfolio if your not into Forex as well.. If your not an investor, stay as far away from stocks and futures as you can and focus on Forex. There is more money in Forex with much less (calculated) risk……Thanx For reading…Adams35@gmail.com
hi folks,
i just want to warn everyone to be v.v.v.careful. i started out demo trading FR - loved it - market was on the upside - eventually i decided to go in real money.
invested $31,000.- and guess what - it kept going upwards.
the real horror story started last week - from 37,000.- USD the total equity of my account went down to $880.-!!!! Yes folks $780.-. More than 95% wiped out !! And i’m a newbie so i was trading exactly what i told to trade - 10% margin - 400:1 - all 4 currency pairs. I was told the JPY had more volatility - but never told that if it went down 400 to 500 pips, it could WIPE OUT my account.
I’ve exited my JPY orders - badly bruised.
Please be careful with F.R - if the market starts going down - all that lovely music about buying low and selling high and collecting interest will feel like a piece of crap.
And the best part is when i write to FR they write back to me …..at the end of their email they give u a full A4 size page full of legal terms and conditions (obviously safeguarding their legal ground which i fully understand) and that lovely email ends with “Have a great day” !!!
The system works fine if everything is flat or moving up / down in small cycles. The moment there is big downward wave, THE LAST THING YOU WANT TO DO IS BE hooked to Mr.Mark’s music.
Any type of fiat trading bears risks. Trading Forex without adequate knowledge is no exception. Therefor I trade it only as a diversification tier in my portfolio. Unless one has multiple years of experience in the Forex market, I would advise others to do the same.
Harry: I’m sorry to hear about your loss but I’m not quite sure I understand what you’re saying. I’ve been on quite a few of the Corporate Update calls and ForEx QAs for FR but have never heard Mark endorse 4 pair trading. On the contrary. He’s said time and time again that the Japanesse Yen doesnt’ play well with others and has a high volitility so he doesn’t have it in his portfolio. The GBP/USD is also poorly correlated with the EUR/USD so if you’re looking for some extra interest but use a conservative margin, then it’s Ok to include as part of your hedge.
In any event, as far as ‘Mark’s Music’, I’m trading 5 accounts right now and am down 12%-50% but have not ‘busted out’ after one of the most drastic market ‘corrections’ in recent history. In my book, that speaks to the resilience of the system durring a time that’s entirely out of the ordinary.
Again, I’m sorry that your account was wiped out but I think that things will bounce back and if nothing else, the interest component will continue to paid regardless of the where the market moves as long as people stay in the market.
We all know I’m not the biggest fan of FR. As it’s definitely something you can go out and learn to do yourself. And right here is part of the reasons - people that have missed part of the point and think they’re doing it by the books.
FR Specifically states to only use two of the pairs. This is the reason. Now granted, you can definitely go to 4 pair trading if you know how to correct the margins for such a feat.
As Propeller pointed out this has been a *giant* downside for the market recently. One of the worst drops since 9/11 in the states. The japanese are having similar issues. While the European market was going for the stars again.
The fact that these systems *can* work if you know what you’re doing is absolutely fine. They will get you somewhere, all be it slower, and you’re going to have horrible downtimes. But this is *normal* for forex.
A major difference between stocks, commodities and forex is that you *expect* to have bad days in forex. You’re going to lose money sometimes, you just have to know if it’s worth holding out or if it’s going to continue to go down.
/end rant/
Propellertop : thank u for your kind wishes - and thank u for posting a detailed reply.
1. As i said earlier, i was new to forex. The rep who was guiding me all the time indicating that the yen was volatile. But in his words … it was a generally accepted thing that trading all 4 currencies provided a “good mix of volatility and interest”. I dont think Mark has ever said that in his calls.
My foolishness was that i did’nt really have any high fancy goals - all i wanted was steady increament in capital LONG TERM and i thought i had the stomach to take 30 - 40% up / down in volatility. At least that’s what i thought volatility meant. Has anyone been given a definition of volatility??
Maybe i was wrong there ..
2. Another stupidity on my part - the system seemed so easy that i actually went out and asked my rep…. “so if its so simple, what’s really the point of listening to Q & A calls??” When my equity started falling, that’s when i started to listen to the audio recordings and realised what i had done.
My earlier comments about “Mr.Mark’s music” are uncalled for - i’m sorry in a fit of anguish and pain i wrote those. If i had to live my life again, i would not write such a thing for someone … anyone.. I’m sorry for that.
I still stand by my belief that newbies should find out more ..as much as possible … before playing with real money. Risk capital or no risk capital - we’re not mafia…its hard earned money for everyone.
Agent 725 - My portfolio too was a part of “diversification”. But to watch your money blown away in 3 days… you save all those dimes and nickels …watch it grow and KABOOOM!! And what about newbies who JUST ENTERED THE MARKET before the crash. I wonder if they even have thought of posting their experience.
Sorry to get longwinded…whoever is reading this - PLEASE BE CAREFUL and study before you step into this. NO MATTER WHAT THE PERSON ON THE OTHER END IS TELLING YOU. Its YOUR hard earned money.
Ummm, kinda new to this forum thing, but I’m new to FR. Been trading the stock market for 6 years.just interested in learning more about forex for smarties. I want to be able to tell my friends about different options. Being from Hawaii, we tend to move a little slower. I really am interested in learning FFS system though. I do get bored with FR though, but that’s because I like being more active in my trading. Anyways, nice to meet you guys.
Nainoa
I would like to add that the main cause of all the problems being vented about FR are probabaly caused by bad sponsoring, greed, or plain daftness.
Nobody who traded within the recommended advice got anywhere near a margin call.
Repeated warnings were given about the Yen and GBP on every conference call.
I have received emails from people in other lines of sponsorship who plainly haven’t got a clue and I think Mark V should tighten up on rogue/irresponsible promoters very soon.
Rgds
Mike
“Nobody who traded within the recommended advice got anywhere near a margin call.”
Absolutely false. I can tell you of many, many people who were trading the same pairs as Mark V. (GBP/USD, EUR/USD, and USD/CHF) with only 10% margin or less, who hit margin call. Why? Because of timing. Mark V. didn’t hit margin call because his account equity had been building up for a while (since he rarely compounds). However tell that to the poor souls who joined FR in early February, who followed the instructions, and the market tanked on them - I can assure you there are many.
The only people who *didn’t* hit margin were the ones trading EUR/USD vs USD/CHF and/or people who had their equity was past their balance, in other words people who had gotten in at the “right time” such as earlier in January or even earlier.
CashKing: Interesting post but ‘I can assure you’ that I have several accounts going (started end of January and after), one of which was started the 2nd of February including the GBP and I didn’t margin out on any of them. I was trading at 12% and had the EUR/USD and the USD/CHF in the mix as well but had already been in negative equity a fair amount before the present crash. Those that used the GBP/USD AND USD/JPY at just about ANY margin got a call yes, but I’d say it’s a stretch to say that ‘many, many people’ hit a margin call, especially if they were under 10%. It’s just not the case. Those that DID get margin’d out, I certainly feel for as well but don’t be too hard on FR as a result of something that is WAY outta the ordinary in the last 10 years.
Propellertop,
I’m not hard on FR, I’m just speaking the truth.. and by the way I don’t care about demo accounts, I’m talking about many people with LIVE accounts.. people who don’t use forums or blogs to talk about their experiences, people who use telephones only, people I know. You don’t have to believe me, but I’m telling you that a lot of people were wiped out.. I have some sources inside the two main brokerages that they (FR users) were using that told me as well. I’m not hard on anyone, I’m just telling you what happened, that’s all. Make what you want of it. Yes I agree it’s rare that these things happen, but that doesn’t get people their 40,000 dollars lost (that’s one example of one guy who joined in February, and he wasn’t overleveraged)
Again, CashKing, I’m not sure why the distinction between a Demo and a Live account, it’s the same market. Depending on execution, there may be a VERY minute pip difference but certainly not enough to bust one person out over another. As for your sources and FR members blowing out an account, I’m sure many did. I’m also sure that those that were within recommended limits and with the appropriate pairs did alot better than those that didn’t. But that was true for the whole market.
Actually, it’s NOT the same market between a demo and a live account. There’s a little thing hidden in all that legal jumble that says something to the likes of “Real accounts will have the spread widened during news events” (actually it says something about volatile markets, but that’s what they *really* mean)
I’ve never *ever* seen a broker that actually updates their demo accounts in this matter - it takes up a lot of processor and man power to do it. And since your money isn’t any good to them, and it makes it more likely you’ll get a real account - Demo and Live trading are almost *never* the same
Unless you happen to find a 30 day period that has absolutely no *decent* news - Which, lately, that doesn’t happen.
Hi. Been demo trading Fr for quiet some time. FX trading for 5yrs. This is quiet an interesting method of trading forex but I have to say if you have little experience in forex tread very carefully. Most times you show a good profit but can get quiet a serious drawdown. If you look at the monthly charts on the various pairs you will get the bigger picture of the risks involved.
The Euro/Usd and the Usd/Chf are almost mirror images of each other and therefore are the best long term options for trading whereas the Yen and Gbp at times follow the euro for hundreds of pips and could wipe you out on a down trend.
Hello Again,
After reviewing most of the posts again I’d like to reinerate several points. Please do not mistake my passion
here as lecturing - it is not.
First - nobody should be trading money in the Forex - or anywhere else - that they can’t afford to lose.
Next - FR is much better seen as a long term ‘Investment Strategy’ vs a ‘Trading’ system.
Third - I believe greed and or lack of respect for the occasional worldwide market meltdowns caused the bulk of the problems back in Febuary. We were guilty of this (by trading the JPY)and admittedly got spanked soundly. We also learned our lesson and have once again entered (and are profiting from) the market using the FR system.
NO ’system’ is perfect. Yes - some people using FR did get margin calls in Feb due to the finacial market meltdown triggered in China - but we also need to remember that that 90% of the people who enter the finacial markets as ‘traditional traders’ (ie -NOT using FR system) also go bust in about 3 months - even without having to contend with a crisis like occured in Feb.
Forth - I have been studying trading the Forex in the traditional/directional manner for close to a year - and I’m STILL not successful at it. Anyone entering the markets -imho - would do FAR better putting their time and money into the FR system than in thinking they are going to succeed as a normal trader.
If you insist on learning to trade - like I stubbornly do -I would still use the FR system while studying the art/craft/science of trading. That’s because it’s going to easily take hundreds if not thousands of hours of study and ’screen time’ to even begin to be a decent trader - not to mention the money most people spend on their trading education and your trading losses while overcoming the ‘traditional trading’ learning curve etc.
Lastly - I would never trust ‘forexforsmarties’ for a number of reasons. Aside from likely being a wanna-be copycat of the FR system; their website doesn’t even tell you where they are located, and I see only one person’s name on the entire website(first name ONLY).
Even their domain registration has been made private on purpose and gives no clue as to who they really are. What are they hiding?
Also, I do NOT see any opportunity to ask the ‘president’ of ‘forexforsmarties’ questions via conference calls.
In contrast - FreedomRocks isn’t hiding - and has calls twice a week that allow ANYONE to ask Mark questions directly.
As I said in my earlier post - Deb and I are proud to be ‘reps’ for FreedomRocks - and are more than happy to help others get up and running - so feel free to contact us. JK
Just thought that I would pass along that there is another program that uses the hedging system as the two mentioned but goes a little further,cost less, is not multi level and has better forex hedging training. I at least understand what I am doing now. If you want to see what they have to say, the web site is www.forex-assistant.com. The training is free and you don’t have to get the program to learn about hedge trading.