FX Pickpocket Review

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  • #370
    ReviewTeam
    ReviewTeam
    Keymaster

    FX Pickpocket Review

    To The Best Of Our Knowledge This Service Is No Longer Available

    Key Info

    Publisher:  Agora
    Cost:  £397 by Direct Debit or £497 by Credit card – For 12 months
    Review Date:  May – June 2012

    What It Says On The Website

    It’s another “retiree”, this time a 62 year “young” trader who has been “forced” to retire from the city “and is no longer allowed to do what he does best”. What this means though is that he “can finally show you the way to pocket £96 a day from Forex without risking more than £4 per trade”.

    The website states that this product has “nothing to do with spread betting …” and “nothing to do with Fixed odds trading …”. We will cut the suspense, it’s Binary trading which is in fact a form of Fixed odds trading. OK, you could say that Fixed odds trading is a form of Binary trading – Potatoes, Patatoes.

    Only 300 will be allowed into this “circle of trust” where you will be “tricking” other traders! – “When you pull-off your first ‘pickpocket trade’ you’ll feel like you’re robbing the Forex markets blind” and you’ll get used to it.

    The guy behind the FX Pickpocket service does this a couple of times a day (picks trades) and will share those opportunities, about 3 or 4 times a week. All you need is a mobile phone and the ability to get on line when you receive an SMS alert.

    Subscription to this service is on an annual basis and costs £397 by Direct Debit or £497 by Credit card for the first year and £497 each year thereafter. There is a 30 day period before any money is taken from your account and during this period you can contact Agora and cancel so that you will not be charged.

    The Service

    We had access to this service for just over 3 weeks, we cancelled well within the 30 day period to ensure we were not charged the annual fee.

    After we signed up we received a copy of the FX Pickpocket User guide (via email). Although still plastered with “risk £4” and “pinch/siphon £75, £43 or even £96” the 20 page manual does its job in providing a “dummies” guide on Binary trading and how to place trades on IG Index. Note: As far as we are aware IG Index is the only broker which covers the range of instruments this service is aimed at.

    Signals are sent out Monday to Friday, delivery is by SMS and we received them at varying times between 08:00 and 15:35.

    The instruments traded were Binary Ladder and One touch EURUSD/EURGBP trades.

    Can It Work

    During the period we had access we received just 5 signals and took all of them. 4 of them lost and 1 of them was a winning trade from which we made just £12, we did not “pinch/siphon £75, £43 or even £96”. Based on an average risk per trade of, let’s say, 5 points (see below) / 5% we were down -8 points / -8% in just over 3 weeks.

    One of the key selling points of this service if that just £3 or £4 (3% or 4% of a £100 account) is risked per trade but this was not the case in our experience. Even though we responded immediately via a smart-phone, on average, we found we were typically off the mark by around 100%, e.g. Buy at 3, we got in at 6 – This is double the risk. For the performance statistics above we have conservatively applied 5 points (5%) per trade.

    As well as the increased risk and poor performance we were also disappointed that there was little action (about 1.5 signals a week) with this service. This is because it was stated that Mr FX Pickpocket does this a couple of times a day, so expect a signal at least 3 or 4 times a week.

    Terms used in association with this product, “much safer”, “low-risk” and “never found an easier way to profit” – Should be taken with much caution. There is absolutely nothing safe or low risk about staking “just £4” when trading a £100 account – It’s still a 4% risk and more importantly the chances of that trade winning are extremely low. Consider this, how much are the guys that do the pricing at IG Index paid to ensure they price their Binary products appropriately? These guys do no not price a Binary bet at 3 because they are stupid. We are willing to go out on a limb here and state that “A Binary bet is priced at 3 or 4 points because the probability of that bet winning is extremely low”.

    One thing does have a ring of truth about it though, “When you pull-off your first ‘pickpocket trade’ you’ll feel like you’re robbing the Forex markets blind” – Whether or not “you’ll get used to it” is another question – How long is a piece of string is perhaps applicable on the basis this service has also been launched with no track record.

    Finally, “a £400 chair” – Please! Words escape us!

    (Note: Anyone ever find out his name? We didn’t – So if it becomes public knowledge – It wasn’t us Guv!)

    Support

    We had no reason to contact support so we cannot comment.

    Summary

    PRO’s
    • Easy to trade.
    • Each trade has the potential for an extremely high return.

    CON’s
    • Difficult to get the price as per the signal with around double being the norm – Meaning double the risk, half the potential reward or avoid the trade.
    • Extremely high returns exist for a reason, these trades are extremely low probability.
    • Less than half the action anticipated.
    • No track record.
    • Annual only payment option.

    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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    #582
    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 prior to the rebuild

    zorba_g

    09-Jul-2012

    Nice Review RT. This one has caused me some pauses for thought recently. I love the idea of Binaries, especially with the limited risk as I’m really awful at sticking to my stops on normal trades – I inch the stop down thinking ‘surely it’s going to turn round’ until I can’t afford it to inch down any further. Also I like (good) signals as I don’t really trust my own judgement a lot.

    What does annoy me is that signals services are an ongoing cost but there’s no guarantee of number of signals received. I find this somewhat galling even though I understand that I wouldn’t want spurious signals fired at me just to keep the tally up. I would much rather see a % based charge based on returns – no likey, no lightey. Tricky to manage I know.

    Also I never even thought about the pricing side of binaries – I always assumed some kind of fair formula was converting the market value to the binary price. How naive is that?

    taarjak

    09-Jul-2012

    Have read the other thread on this and am now at the point where I have cancelled my DD. I emailed agora as the original 30 days were approaching stating that we had not really had the opportunity to review the system (ie; not a single winning trade – I missed the close txt of the one that did go into profit!) They responded with an email saying they had extended it by a further two weeks – maybe that was a coincidence – anyway two weeks later and not a single further trade. I accept that this has been a lean period with the Jubilee (Bank Holiday), July 4th and NFP all contributing but there has just been no activity on which to base a decision. I too, accessed IG within seconds of the txts and still got a price three or four points higher – even then £5 to win £95 is a great ration – so great its unlikey to be met.

    Hey Ho, its back to standard Forex then.

    gfkw47

    09-Jul-2012

    I liked the sound of this. But two problems quickly emerged. Firstly after almost 4 weeks, (at which point I cancelled at stopped DD) I had only received 5 notifications (another message was received to cancel a trade early). I was led to believe there would be around 2 per day. Secondly, when a bet was given it was impossible to get on board at the price quoted even after a delay of only a few seconds. Often it was not possible to be near a PC anyway. The signal to cancel a trade early, to get a £12 return, came while I was driving so had to wait til I had stopped. By that time, only 5 minutes later it had become a small loss.

    Only way to overcome this would be to sit in front of a computer all day waiting for signals! Not a very satisfactory option! Overall loss in nearly 4 weeks was £12 – not good.

    ReviewTeam

    24-Jul-2012

    Out of curiosity did anyone sign up for a year?


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    #4677

    kermit
    Participant

    I’ve just got a flier from Agora: this is back as “Pickpocket Trader”. Same claims but much more expensive.Offers trades 3-4 times per month.

    I won’t be signing up…

    #4734
    ReviewTeam
    ReviewTeam
    Keymaster

    Yes – Most likely it’s the same story as before.


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