Website : No Longer Available
Publisher : Not specified
Cost : From $74.99 a month depending on FX pairs and subscription period
Review Date : March 2009

WHAT IT SAYS ON THE WEBSITE

Big headlines here, "20,000 pips in just 15 months" with signals "based on a strategy developed in early 2007". As opposed to the "services out there that offer small winnings with a big monthly fee", True FX "has a winning record and will continue to make pips in the future all while charging our customers a small fee for our services".

The Performance page does look good with just 2 losing months out of 16, with a maximum drawdown of -626 pips (in July 2008). The best performing month being September 2008 with a +3918 pip return. Also on this page are downloadable text files containing a break down of all trades (day by day) for the past 6 months.

Signals are sent at 0:00 ET (05:00 GMT) and are "completely Set and Forget" with no monitoring required at all. There is a Buy and a Sell order for each currency pair. Stop losses are pre-defined, these range from 50 - 75 points depending on the pair. Targets are open ended and all trades are exited at 12:00 ET (05:00 GMT) the day after entry. Any orders not triggered by 13:00 ET (18:00 GMT) are cancelled.

The service is split into different groups of currency pairs and pricing is dependent on the chosen group(s) and subscription period:

- Majors, EUR/USD, USD/JPY and GBP/USD
- Minors, USD/CAD, AUD/USD and NZD/USD
- Crosses, EUR/JPY, GBP/JPY and GBP/CHF

To sign up for all pairs costs a staggering $199.99 a month so we are not so sure about the "charging our customers a small fee for our services" statement above.

THE SERVICE

We opted for the second cheapest option, the Majors for 1 month at a cost of $99.99.

Signals are received, as promised, around 12:00 ET (05:00 GMT) and we placed all of our trades at around 07:00 GMT. As usual, it was swings and roundabouts with us being 2 hours late - sometimes a worse entry (and exit), sometimes a better one, but acceptable nonetheless.

Trade entry took around 5 minutes and was quite straight forward, no problems as stops are pre-defined and there are no targets involved as trades are simply closed the next morning at whatever level they are at, hopefully for a profit.

Hard to give a judgement on Risk/Reward for each trade as targets are open ended. However, we found that when we were still in a trade the next morning that the targets were a similar distance or better (reward wise) as the risk (distance to Stop from entry).

With up to 3 trades on and an average stop of 60 pips we were at risk of up to 180 or so pips each day.

As mentioned above trades are left open until stops are hit or, until 0:00 ET (05:00 GMT) the next day. We settled with closing out at 07:00 GMT, and, as mentioned above, sometimes we were better off, sometimes not.

CAN IT WORK

Well, its very simple and easy to operate. Orders are entered and forgotten about until the next day, with the exception of having to cancel those not triggered at 13:00 ET (18:00 GMT). Depending on your broker you may actually be able to specify this at the time of order entry, we were with IG Index.

During the period we were subscribed we actually made a profit, on small stakes, enough to cover our subscription fee. We managed to get within about 25% of the advertised pips made during the period. Some of this was due to our exits being later, but generally, we made up on some trades where we lost out on others. The main discrepancies came about where a couple of times we got into a trade and got taken out for a maximum loss but the trade didn't seem to be included in the published results, we know not why. Rollover costs, applicable to every overnight trade (on our spread bet account) also affected results slightly, but not significantly.

A service that, for very little effort, could prove rewarding, one we will possibly come back to at a later date to review further. However, we do not feel it is a "small fee", especially if, for diversity, one chooses all pairs.

SUPPORT

Pretty good here, quite willing to answer questions and usually quite prompt in their responses, typically within 24 hours.

CONCLUSION

PRO's
- Clear signals, easy entry, less than 5 minutes per day.
CON's
- Couldn't quite replicate the advertised results but we came close.
- Quite expensive, relative to other similar services.


Do remember, your comments are important, if you have used this service please share your experiences with us.

ReviewTeam - www.systemsfortraders.com

As I demonstrated this provider is a SCAM

I urge traders not to do business with this company.

This service posted an obvious lie about their relationship with the NFA on their website and repeated that lie in several times. This company had severe ethical lapses.

Oriana

Thanks for the feedback - indeed this is also something we noticed. We did however decide to give them a fair crack of the whip and the results we got were as reported. It did not make it to our Services We Use for 2 reasons, we only got within about 25% of the results they posted and also because of the reasons you pointed out.

It is probably worth noting that since our original review and based on our findings since and your worthy comments it is now highly unlikely that this is "one we will possibly come back to at a later date".

Thanks for the input we are sure it will be useful to others.


ReviewTeam - www.systemsfortraders.com

Making things worse here their today partial results:

all closed trades july 21

gu - 60
uc - 60
nu - 60
ej - 70
ec - 75
gc - 75

today they lost 400 pips
6 trades / 6 losses
100% effectiveness

Oriana

Yes, we too had days like that and can sympathise.


ReviewTeam - www.systemsfortraders.com

Originally Posted by Reviewteam

Yes, we too had days like that and can sympathise.

Another day like that

Closed trades
uj - 50
gu - 60
as - 60
ej - 70
gc - 75

100% effectiveness

total - 315 pips

6 open trades
eu losing
gu losing
uc losing
nu losing
ej losing
ec losing

Oriana

Thanks for the update, its appreciated and we hope you are trading on a very very small size, or even paper trading!


ReviewTeam - www.systemsfortraders.com