Forex 121 Review

This topic contains 2 replies, has 2 voices, and was last updated by  xthrob 4 years, 4 months ago.

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  • #184
    ReviewTeam
    ReviewTeam
    Keymaster

    Forex 121 Review

    Click below to visit the website

    Key Info

    Publisher:  None specified
    Cost:  From £115 – £127 per month (plus an upfront Education cost)
    Review Date:  November 2011

    What It Says On The Website

    The reasons given for using Forex 121 are:

    • Clear, simple signals on 16 markets (recently reduced)
    • Place orders and trade with just 30 minutes a day
    • Daily live room sessions develop your Forex knowledge
    • Email alerts help you spot upcoming trades
    • Mentoring sessions boost your trading confidence
    • Structured daily routine to maximise your trading profits

    The strategies (it is said) are based on Price behaviour and are primarily taught via online videos, Live Trading rooms and a Weekly Trading school. By learning and applying the strategies and observing the Signals the goal of this product is to return 100 PIPs (2.5%) a week – Based on 1% risk per trade.

    The online video training is designed for complete beginners and those with previous experience can potentially negotiate a discount off the £997 price tag by contacting the vendor via the website. There is a monthly membership fee associated with this product and it costs £115 (includes Signals (sent via email and SMS)) or £127 which includes the Signals as well as access to the Live Trading rooms – The additional £12 is paid separately to Hotcomm, who facilitate the Live Trading rooms and the Weekly Trading school.

    On a personal basis, every month half an hour 1 on 1 mentorship (via Skype) is available as is a monthly review of one’s actual trading statement – Both are included as part of the monthly fee.

    The Service

    First off, if it is not already obvious, it is worth pointing out that this is a little more than just a Signal service. It is more like a medium to long term education based on what seem to be reasonably sound Trading strategies, a Signal service and a support infrastructure to complement.

    The 4 Trading strategies learnt via online videos can be quite easily interpreted and applied. They are, in the main, based on the Daily and Four hour charts with Highs/Lows, Price action and Moving averages playing a key role.

    The Signal service acts more like an advisory service so they are more of a “heads up” identifying potential opportunities. They specify Entry/Stop/Target zones rather than being exact. From here the discretionary aspects of the strategies, as interpreted by the individual, are applied prior to placing the actual trades.

    For those paying the monthly fee, the Live Trading rooms run from 6:45 – 7:15 UK time Monday to Friday and also from Monday – Thursday, 21:40 – 22:00 UK time. Most days there are also Q & A sessions at 11:00. Signals are in the main based on the analysis conducted during these sessions in which the presenter speaks and members can “chat”. All sessions are recorded.

    The final part of the service is that members are alerted (around 4 or 5 times a day) when new material is available in the members area; Live room session videos, Weekly Trading school videos, Trade updates, etc.

    Can It Work

    We have had access to this product since the beginning of November and our main intention was to report on the Signal service.

    Trade signals and updates were received between 07:00 and midnight UK time, so potential action is required between these times. Signals are though, typically, quite “generous” meaning that those received later in the evening could usually be actioned in the morning. Action can be simply to create/amend orders as per the signals/updates or to use them in conjunction with ones own analysis and interpretation of the strategies. So as not to include any of our own discretion we may have reported the results based on trading the signals “as is” based on using the mid-points of all zones.

    In November there were 24 Trade signals across Gold, Silver, the DOW and various popular Currency pairs. 13 of these were subsequently cancelled so we took 11 trades, 5 of them were (small) winning trades, 2 were closed at break-even and 4 trades were closed at a loss. Our return for the period was a little better than break-even, +0.14%, based on 1.00% risk per trade. We will report back soon with updated results to include December.

    No official results are produced for us to compare against as the vendor expects each trader to use and apply their own discretion. This is of course fair comment but perhaps the signals could be split between “heads up” opportunities and those where the vendor has applied his discretion. This would allow official results to be published and for the Signal service to be traded blind.

    To take real advantage of this product would, in our opinion, mean one would have to really take the plunge. It would entail treating this, as mentioned previously, as a medium to long term education. First one would need to go through the education process, an upfront £997 spend. This is well put together, over 30 online video’s and can be done at leisure, even whilst taking part in the Live Trading rooms and Weekly Trading schools. After this, one would then have to continue with the service, a £127 monthly outlay. With this approach the product as a whole may well suit some especially those that prefer the sense of security that comes with the support provided via the group/live room/mentorship approach.

    Support

    Very good, usually well within 24 hours.

    Summary

    PRO’s
    • Education is well put together to suit all comers and the strategies seem to have a sound base.
    • Product structure is well thought out.
    • Support is excellent.

    CON’s
    • Signal service should be, at least, split into two – One for Trade alerts with discretion applied, one for general “heads up” opportunities – The former being measurable and tradable without the Education aspect.
    • Product structure means that a sizeable (for most) financial contribution is required to take part.

    Do remember, your comments are important – If you have used or decide to use this service, please contribute to the community by reporting back your findings.

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    #610
    ReviewTeam
    ReviewTeam
    Keymaster

    Systems For Traders had to be rebuilt in 2013

    This is a selection of key posts and comments
    From the original forum

    ReviewTeam

    16-Jan-2012

    To complete this review here are the full results for this service for November and December 2011.

    There were 42 Trade signals in total across Gold, Silver, the DOW and various popular Currency pairs. 18 of these were subsequently cancelled so we took 24 trades, 8 of them were (small) winning trades, 2 were closed at break-even and 14 trades were closed at a loss. Consequently we were down for period leading into Christmas.

    This was a disappointing quarter but over the previous 9 months Forex 121 had 3 successful quarters so the year end was a reasonably healthy 45%+ based on 1% risk per trade.

    forexstudent

    16-Apr-2012

    I can echo the results you report here for the run up to Christmas 2011. Unfortunately things did not improve after this.

    Having been a member of Forex121 for 6 months (October 2011 to March 2012) I’m afraid I cannot report a single winning month. I have to confess to feeling pretty hard done by after handing over £1,016 for the service in this period. This doesn’t include the money I have lost on trades (which is significant).

    Initially I was impressed with the educational side of the service, and my expectations were quite high. It all seemed rather good. However as they struggled to string any sort of results together my opinion began to change. I endured several of their “revamps” in which we were asked to “reset” previous results in order to give them a fair crack.

    However, as the poor results continued I began to suspect more and more members were leaving. They had a good effort at trying to hide this from us with such tactics as hiding the list of members in the live room, deleting unhappy posts from the blog, and even (for a period) stopping the live rooms altogether.

    Uploads of the videos (of which there should be 1-2 a day) are often patchy and the excuses poor (“it won’t upload”). For £115/month (not £95 as posted above) it isn’t a cheap service and this kind of amateur attitude isn’t very acceptable in my book.

    To be honest, there’s more I could add to it, but I don’t think I’ll be doing so. I’ll leave it up as hopefully it will be useful to others when assessing if they want to get involved with this club. I’m feeling pretty foolish for continuing with the service when clearly it wasn’t going to work and all the hallmark warning signs were there. But if this document of my experience can help a few people then I suppose it’s not been in vain.

    Forex 121

    08-Jun-2012

    We wanted to reply to the post by ‘forexstudent’ above.

    As a business we have always positioned ourselves primarily as an education service first, with a few trade ideas to support the education. As forexstudent states, the education is very good, and currently comprises of an 85 page ebook which includes our strategies, educational materials and much more, over 25 online videos, MT4 templates for currencies, indices and commodities, risk calculators and hundreds of blog posts for clients to review.

    Again in response to forexstudent, towards the end of last year we tried to move towards longer-term trading, added other trading sessions, and employed other traders but unfortunately that didn’t work out. We are going back to what we know worked well and profitably – intra-day trades on fewer markets and focusing on the London Open, with a live trading feed via RSS so that clients can get a delivery of our thoughts on the markets in real time.

    With regards to forexstudents comments about the costs, we have decided to go 100% performance related on the monthly fee. Ultimately we only get paid our monthly fee if we perform.

    sailorfx

    11-Jun-2012

    Hi,

    Just like to back up what Forexstudent said, the FX121 service cost me a lot of money, with fees etc, was poorly run, and even the owners could not make their strategies work, and when they did, they were poorly managed. The only decent trader they had left the company.

    With regard to the above post, the owner had the opportunity to show how he could perform on an intraday level via his Automated trading service, but still lost money on this. I could add much more, but I wont. Hope this helps.

    jwhite8359

    12-Jun-2012

    I can only echo what Forex student has already said. Like him I handed over a small fortune in subs just to end up losing money every month.

    Yes there is lots of educational material but what is the point spending time trying to learn it if the people that wrote it are incapable of making a profit using the methods themselves.

    The vendor seems like a really nice guy but I have now followed him in his old guise as the FX 500 club, Forex 121 and his trade copy service and I’m afraid there is no evidence to suggest that he is a profitable trader.

    During my months with Forex 121 he did pick out some good trade entries but his trade management was shocking and he continually lost his bottle and closed out positions too quickly as soon as they went against him rather than sticking to his original trade plan. This more than anything else was where I lost complete confidence in the service. It was really amateurish trading.

    The basis of their trading style is trading break outs but they were more often than not just trading fake outs with there entries being far too obvious and inevitably in places that the market would shake them out.

    I would like to see them succeed but they changed their trading style on a weekly basis so it’s hard to have much faith in them really knowing what they’re doing.

    Kevin Boyd

    13-Jun-2012

    I really wanted to learn the basics of Forex trading and not just receive daily tips with no idea what it all meant. So when I had a chat with the vendor and he explained their focus was on teaching ordinary people how to trade and then supporting them day-to-day to make their own trades, I knew this was the right service for me.

    I really enjoyed learning the basic ideas behind Forex from Forex121’s on-line training videos and when I got a bit stuck I could call the vendor and he would talk it through with me.

    Once I had grasped the basics I was eager to start trading with my own money but the vendor recommended I first traded with a demo account and once I had increased that by 20% then start using my own money. This was good advice as knowing the theory is just not enough, you must have visceral experience of putting a trade in the market and watching it go into profit, then out of profit and testing your base emotions of fear and greed to either stay in the market or get out.

    When I started trading with my own money it was even more intense; trading is mainly about your own psychology and managing your emotions. I experienced many highs and lows but with the vendors help and support I started to get the hang of trading.

    By the end of 2011 the entire Eurozone crises started to severally impact everyone’s ability to trade predictably on the markets, everything was so volatile. I was following a few other services that offered direct tips of trades by then and most of them where making big losses. To the vendors credit he took a cautious line and kept us out of the market most of the time but inevitably this lead to lower returns and some months of small losses. By the end of the year I was up 30% on my bank tax free, which is a very good return in the current marketplace and I am very happy with what I achieved.

    I feel trading Forex and Commodities is one of the most challenging ways I have tried to make money and so I am very glad I had the vendors experience and support to guide me through my first steps into the trading world. So in balance I feel Forex 121 offers a good supportive educational service and will help you navigate the choppy waters of the current financial marketplace. I hear they are going performance related this month and will probably join back up again soon.


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    #1966

    xthrob
    Participant

    Dear all,

    I was about to subscribe to Forex121 however I am shocked by the bad reviews in general of this company in this Forum. However all these comments are from 1 year ago. Would be someone out there that would have more recent views?

    Many thanks

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