The Official FOREX Thread

[MacAvoy]

bump, I've gotten into it only a little bit but my friend is doing this full time. He uses a software program called 4x made easy and 4x tracker. What they do is they use a live feed and then they use red & green lights to show the trends (over minutes, hours, days or weeks) and you trade based on that.

He started off doing paper trades, made a killing, put on about 5k, slowly lost it being stupid and not following his original method, he slowly deposited probably another 5k and lost that as well. The software was 4k and he has to pay for the monthly feed as well.

However he got professional coaching from the company and is now trading in the positive. Any one else use software similar to this, what were your results?

 

[Bible_Belt]

$4,000 software with red and green lights? I think I remember that company when they were selling that crap for the stock market.

Any software that is designed to tell you when to hit buy and sell is garbage. The giant price tag is another red flag. If the software could make money, then no one would sell it.


they use red & green lights to show the trends (over minutes, hours, days or weeks) and you trade based on that.

All you need top follow trends is a basic chart, and charts don't cost $4,000:

http://www.forextrendline.com/

Trend following is the most basic kind of technical analysis and chart-reading. It has been around for hundreds of years.

 

[MacAvoy]

I never did a google search before on the company but its reported as a bit of a scam, kinda interesting. However my friend does seem to be making money now, we'll see how it goes long term. I'll keep you posted.

I've seen it and it does seem to have some merit but I'm not totally convinced either.

 

[Bible_Belt]

its reported as a bit of a scam

This thread started out as a bit of a scam. Newcomers should read page 12. The OP is a self-admitted troll.

All of Forex is at least a bit of a scam as well. Brokers often trade against their clients, meaning when your friend buys, his good friends at his brokerage are probably the ones selling to him. Even better for them, is that the brokerage is the one who gets to give quotes, too, the current bid and ask prices. Unfortunately, unlike the US equity markets, Forex has no regulation of its quote suppliers. They can quote you whatever price they want. They can also refuse to trade with you when they think you might make money. They won't sell when it is going up fast, and they won't buy when it is dropping. If they do trade you, they can fill you at whatever price they feel like.

Forex is like the Wild West compared to the stock market, but even in the stock market, there is no SEC or NASD regulation of software vendors. If I want a license to sell you stock as a broker, there is an extensive background check, a licensing exam, and 1001 reporting requirements for the transaction. If I want to sell you software that picks a stock, there is no government regulation involved whatsoever. That's why selling worthless black-box software for thousands of dollars is such a great business. You can tell people anything.

btw, your friend's software reminds me of Wizetrade.

http://www.elitetrader.com/so/?action=view&SR_ProductID=55

Some user reviews:

quite probably the most ridiculously expensive POS scam out there. Are there really that many people out there gullible enough to buy their red light/green light presentation??


Garbage not worth of money. I feel sorry for pepale who already bought this crap.


I bought this expensive software a year ago. Basically, if you just pull up any chart on eSignal, you get the same information Wizetrade provides you.


The surprise is that people are still paying money for this program.

 

[wayword]

bump, I've gotten into it only a little bit but my friend is doing this full time. He uses a software program called 4x made easy and 4x tracker. What they do is they use a live feed and then they use red & green lights to show the trends (over minutes, hours, days or weeks) and you trade based on that.

He started off doing paper trades, made a killing, put on about 5k, slowly lost it being stupid and not following his original method, he slowly deposited probably another 5k and lost that as well. The software was 4k and he has to pay for the monthly feed as well.

However he got professional coaching from the company and is now trading in the positive. Any one else use software similar to this, what were your results?

Yea, I actually went to one of their seminars a few years ago...

They made it sound like the Next Big Thing.

But, I didn't spring for it due to the huge pricetag for their software.

I'm still interested, but would like to do it without dropping $4k on some software upfront. Is anyone euccessfully forexing on their own without some pricey software? If so, please tell us how!

 

[Bible_Belt]

http://www.elitetrader.com/so/index.cfm?action=view&SR_ProductID=121

Ratings for 4X Made Easy

 

[MacAvoy]

This thread started out as a bit of a scam. Newcomers should read page 12. The OP is a self-admitted troll.

Haha my old buddy Black Italian, I remember him from a few years back.

I actually found and bumped this thread cuz I was searching for through a posters post and found that we had similar interests and he made a post in here and I was like Hey, I almost got into this and my buddy is doing it.

I've actually got the software installed on my computer.

 

[MacAvoy]

Three more scam reviews, however I still stand by that there MAY be some merit, however I think scalping is the way to go. But I'm not completely convinced and won't put my money on it, my buddy will share the profits with me, I love my friends.

http://www.infomercialscams.com/scams/4x_made_easy

http://www.corporate-review.com/wizetradescam.php

http://www.ripoffreport.com/reports/0/139/RipOff0139712.htm

 

[Bible_Belt]

Is anyone successfully forexing on their own without some pricey software? If so, please tell us how!

Yeah, I second that. I'm not.

But I do know that it is not software that makes a trader. Black boxes don't work. Lots of trading is done with computers and mechanical systems, but every trade is understood by the creator of the program and the system is constantly being tweaked and adjusted to adapt to changing markets. If you are buying software that is supposed to trade for you, then you're just another fool being parted with his money - an AFC of the financial world. Don't be that guy.

I tried trading from home, and did not like it at all. I find it stressful and isolating, too much time in my own little world. I had always traded on a floor before, even though it was over a computer, it was still a very social environment. Every day at "work" was like a frat party at a fancy office with money to burn. I "worked" a six hour day with a two-hour lunch and at least another two hours playing foosball in the game room at "work." Then at 4:00 it was time for beer. I miss "work."

 

[OzyBoy]

After about a year of demo practice and lots of learning i have just started live trading. I start with $50 in a micro account and almost triple that in two weeks, i add a deposit to make it up to $1000 yesterday and i am already at $1200 today. I use use no software at all.

 

[WORKEROUTER]

After about a year of demo practice and lots of learning i have just started live trading. I start with $50 in a micro account and almost triple that in two weeks, i add a deposit to make it up to $1000 yesterday and i am already at $1200 today. I use use no software at all.

That's awesome. What platform are you using? And what leverage? What kind of trader are you? How much time do you usually allocate per day to trading? I've been studying forex for a little bit now and plan to open a demo account with oanda. I've been studying the babypips tutorial and also have a couple books on the subject. Just now beginning to study technical analysis a little more deeply.

That's great to hear that you are making money with forex. It shows that taking your time studying with a demo account for a solid time period is the key to success. So many people seem to want to jump into the game without spending quality time learning about trading.

The sheer numbers in the currency market is amazing. Def. seems to be a good tool for making money if you know what you're doing and are willing to put the risk and time in it that it involves.

Any tips you could pass along?

 

[randell]

I'm way too selfish, violent and paranoid to invest in anything that I can't put my hands on (and kick the crap out of anyone for effing with). You guys can have all this paper garbage.

 

[G Money]

No one here still trades ???