Discussion in 'Forex Trading' started by forexcranium, Dec 22, 2006.
Ok, I have to ask this...anyone used the SNW service? And is it a "true" auto trading program?
That felix guy is a genius .... charging 1k a month for smthing that he got some poor developer to knock up. It's the perfect scam, he recommends a whole list of brokers for his subscribers to use knowing that during each news event, a few of them will get good fills, encouraging potential subscribers to think that they could be one of those who are successful. I must admit I took a quick look at the site and it's evident that all the ppl who get their fills are with market makers such as oanda, interbankfx, fxsol etc. trading in small size.
Furthemore, whilst he is certainly not in breach of his contract with bloomberg/reuters in that he sends out derived data rather than the actual figures, the way it is set up means his applciation is very restrictive in that it is only capable of trading off one piece of data, hardly ideal for when you get more than one piece of important information released. He also claims to be getting his data from a variety of sources when it is obvious that he is not.
It must be said .... he's set up a money maker, novice traders are lured by the propsect of easy money and it's quite possible that they do quite well at the start ... but once they start trading larger size they have problems getting fills and their accounts get frozen at which point they most likely cancel their subscription. But for every person who leaves, there's always another person who is willing to take his place.
I actually emailed the support guy for this program, and he says that they are working on implementing a feature that will allow the SNW to take in multiple revisions at once.
I've been asking around the other forums, and I'm getting mixed reviews. I wonder what the big time brokers are saying about this?
While I'm on the same subject, what do you think of this Rob guy from kingforexsignals ? I've heard he is an ex-banker type, trading from the main feed.....?
His results have just been crazy! The guy made over a 1000pips last month. Shows you how much trading from the main feed can do for you
The real question you may want to ask yourself is -- given his scalping-like trading methods (high frequency, short duration, small TPs, even smaller per-trade expectancy of a few pips), can you replicate anywhere near his reported performance in your own retail account?
Obviously, don't forget to deduct your direct and indirect costs, such as those subscription fees, commissions and/or spreads, any slippage, and others. Further, it had better be the case that trading is your full-time job; that you are able to commit yourself to robotically executing each and every one of his dozens of daily signals (both entry and exit), without delay, from 2 am to 12 noon ET; and that such trading style and regimen fit your personality, among other conditions. Are you still with me?...
Finally, what's your plan B when he decides to pull the plug for whatever reason, and you haven't, well, learned how to fish yet?
hey Apex, his method is easily replicable, he waits for spurts in price, then hops on, GBP/USD is the only pair you can do this with. Place two trades, a longer term (minutes) and shorter term (seconds) trade, with like 10-15 pips stops or less.
With your system knowledge u can easily create a robot to do this.
Doesnt work well when the market backs n fills.
Incorrect, his method takes advantage of the crazy latency in prices that the shoddy platforms that most retail fx brokers have. Most of these brokers widen their spread and will continue to further widen until it's no longer profitable for these ppl.
I appreciate all the comments regarding this Rob guy. That is one thing that has worried me, the spreads. Apparently Felix is working on a deal with MB trading - to come up with a fixed spread. I suppose Rob's trading hours are not for everyone, would have to be on the computer for hours But then again...money is money.
What was that saying...Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime
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