Level Trader FX Review – Lee Scholfield

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  • #846
    ReviewTeam
    ReviewTeam
    Keymaster

    Level Trader FX Review – Lee Scholfield

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

    Key Info

    Publisher:  Clickbank
    Cost:  £97 a month + VAT
    Review Date:  January/February 2013

    What It Says On The Website

    Lee Scholfield is a fulltime trader who has been teaching Forex for the past 3 years and is the guy behind the Boss Trading Method, here is our original Boss Trading Method Review – The sign up box on his new website – Level Trader FX – (click the image above) now provides free access to the Boss Trading Method.

    This time Lee is not so much selling a “method” he is selling a service, “a live signal service”. His ambition here is to make a consistent 100 – 200 PIPs a week trading EURUSD only, using Stops of 5 – 14 PIPs (we translate this as a very ambitious 50%+ – 100% a month based on 2% risk per trade assuming the larger stop of 14 PIPs is used for each trade). Later 1% risk, a 10 PIP Stop and 20-40 PIPs (2% – 4%) a week is mentioned – It roughly translates to similar ambitious returns.

    The live room is open 2 – 4 hours a day (07:00 – 11:00 UK time) where users login and watch Lee’s screen and hear his voice. In the live room he marks up every trade he takes (exact Entry, Stop & Target), which users then place on their own accounts.

    Lee has funded an IG Index Trading account with £5,000 which is specifically devoted to this service to be used as proof of performance.

    This product comes with a “Cast iron double tier guarantee”, you can ask for a no questions asked refund during the first month and if a profit is not made in any month then you will be refunded that months subscription.

    The Service

    An email is sent out at the weekend with links to all the live room sessions for the week ahead. It’s then a simple process each morning to login and watch the session.

    We had access since the beginning, from the 7th January, to the end of February and to be honest we found it a little like most live rooms – Quite boring watching someone else’s screen waiting for them to trade. This is not a criticism, just our personal view on the general experience of all live rooms.

    However, when Lee does place his trades, it’s relatively easy for users to place those same trades on their own accounts as he clearly states the Entry, Stop and Target. Then it’s a case of observing and responding to subsequent trade management, dictated by Lee as and when he sees fit.

    Typically we spent around 4 hours each morning in the room, occasionally less, occasionally more – But 4 hours is a fair medium in our experience.

    Lee also recently opened afternoon sessions (included in the price) to, we are led to believe, try and improve on performance. We managed to attend a couple of these, the format is the same as the morning session.

    Can It Work

    While we were observing this service we emulated Lee’s trades and performance. We also believe that others in the room would have been able to emulate his trades and performance, give or take a PIP or two.

    This performance though, as can be seen from these official results (based on Lee’s £5,000 IG Index account), has not been in line with expectations:

    Since the beginning of this year (to the end of February) the service is just slightly under water (£4,854 from a opening balance of £5,000) which means it is some way off the 100 – 200 PIPs Weekly target – We assume everyone got a refund in January.

    For the time commitment and price ($1,000+ per year) we feel results must improve from here (even 5% – 10% instead of the ambitious 50% – 100% a month would suffice) for this service to be of further interest.

    On this basis we will no longer be monitoring this service but we will try and remember to check the official results (on the basis we can place some trust in them now) every couple of months and provide updates on this thread – We assume they will be updated because at the time of posting this review we notice they have not been updated since 11th March.

    Support

    Typically useful and within 24 hours.

    Summary

    PRO’s
    • Well organised and easy to join.
    • Easy to “copy” the trades.
    • Good support.

    CON’s
    • Expensive for many at $1,000+ per year.
    • Some way off the Weekly target performance wise – Probably due in part to the…
    • Extremely ambitious Weekly targets.
    • Some will find it an early start, some, a long time commitment and others, perhaps boring – On the other hand some will find it suitable and intriguing (we guess!), but only if results improve.

    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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    #998

    Forexample
    Participant

    Having experienced Lee Schofields live Skype trading room when he was peddling the Boss method, it soon became obvious that this guy had no idea how to trade. He called losing trade after losing trade.

    He can’t make money by trading so he sells a service.

    When subscribing to his Boss system, he also promised that an EA would follow based on the boss system. That EA never materialised. That doesn’t bother me too much, but it was just another promise that he failed to keep.

    Avoid anything to do with this guy like the Plague

    #1001
    ReviewTeam
    ReviewTeam
    Keymaster

    Thanks for the update – We will as mentioned try and remember to check the results in a month or two and post an update.

    ( Sorry you don’t like the new layout 🙁 we tried really hard! )


    Members can post and subscribe to threads like this one

    And also receive an email every time we post a new review

    Click HERE to register for FREE

    #1002

    Tripper
    Participant

    Embarrassed to admit I subscribed to this service even after being stung once already with his previous Skype room.

    Can only echo the previous comments, he clearly has no idea what he’s doing and has completely changed his trading method from the method he claimed was making him a 100 points a week in a couple of hours a day.

    Three months down the road he’s losing money and refusing to update his results as it will act as proof for people looking to claim their refund.

    I have emailed him with concerns and most recently with a refund request but emails are ignored. When I was enquiring about joining he couldn’t respond quick enough.

    If he doesn’t respond shortly with a refund I will be issuing a county court summons against him which I will take great pleasure in enforcing until paid in full.

    Complete chancer, do not touch with a bargepole.

    #1893
    orange
    orange
    Participant

    Seems Level Trader FX is no longer available as I just checked after receiving an email this morning about “500 to 1k a week”, same spiel as Level Trader FX just a different website!

    What’s going on?

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