Website : Make Money On FX Website
Publisher : Dave Turner
Cost : £97/month, first month is Free - Includes Daily Live room (more on this below)
Review Date : September/October 2010

WHAT IT SAYS ON THE WEBSITE

Make Money On FX is "not a training course", "not a cheap eBook promising to 'unlock the secrets' of Forex" nor is it "an automated, computer generated signals service". But, Make Money On FX does promise to "seriously increase your wealth, give you more money, more time and more happiness".

The service is run by "experienced professional traders" who have "the knowledge to generate huge amounts of Pips week in, week out". Signals, when identified are sent out by email, this email also includes guidance on managing open positions. Up to 25 pairs are traded and signals include the usual Buy/Sell decision, Entry, Stop and Target.

A 1% risk per trade approach is applied and is recommended. A minimum starting balance of £1,000 suggested although £2,500 is considered more appropriate. The first 5 months of 2009 seen a return of 14,000 Pips with an average of 300 Pips a week. This is based on a 57.5% win rate with an average win of 200 Pips, an average loss of 77 Pips and an average of 2 trades a day.

The service takes "as little as 15 minutes a day" to operate and does not trade during the months of July, August or December. Numbers are limited to 200 and as well as the Signal service Make Money On FX now includes access to a Live Trading Room.

The Trading room operates from 06:15 to 9:00 UK time every weekday morning. It offers "See my screens live", "Hear me talk through the set ups", "Discover how I trade" and copy my trades as they happen. The return from the Trading room is advertised as 80% over a 12 week period, which equates to 5% per week based on a 1% risk per trade.

There are about half a dozen testimonials and the same number of live videos from the Trading room.

The Trading Room access is currently included as part of the 1 month Free Signal service trial. So, no money back guarantee here but the chance to try for a month without any risk, except of course your trading capital should you choose to deploy it.

The final claim on the website is "Open and Honest Reporting".

THE SERVICE

Well, not what we expected really. The Signal service seems to be a secondary service with the main emphasis (and excitement) being the Live Trading room, so we will cover off both, starting with the former.

The Signal Service

Signals are delivered on a daily basis, Sunday - Monday usually between 22:00 and 23:00 UK time. New trades are clearly defined as is any trade management of open positions. Takes around 5 minutes or so to enter new trades and manage existing positions.

Live Trading Room

Operated 5 days a week from 06:15 - 09:00 UK time, the currency pairs traded are GBPUSD and EURUSD.

Login is easy and visuals and audio work very well with the two currency charts, usually the 5 minute timeframe, being displayed next to each other. Only the host's voice can be heard and interaction with him is via text only. No other members can be seen or interacted with.

Each morning around 06:30 Dave provides an introduction to the morning's session. This is useful in that he describes the recent Price action and also what set ups he will be looking for across both currency pairs.

Actual trading kicks off just after 06:30 when it's a case of waiting until a potential trade lines up, as per the introduction. Dave does not talk continuously, only when there is some potential action he is interested in. When a set up is about to happen Dave then starts to describe the potential Entry and reasons for it. He also identifies potential Stop and Target levels, again, with accompanying reason.

The session ends at 09:00 and during that time there can be anything from 0 to 4 trades (at least there was during the time we had exposure). Trades are usually taken with a Risk : Reward ratio of 1 : 1.5-3.

CAN IT WORK

The Signal Service

The way the results of this service are reported was changed in May 2010 and it is from that period we will comment. In September and October we got exactly the same results as those published so we are inclined to believe the other results on the website. With no trades in July and August for the Signal service here is our analysis of the published results to date:

May - +909 Pips, +14%
June - +106 Pips, +2%
September - -236 Pips, -4%
October - -232 Pips, -5%

That's a return of 7% over 4 months based on 2% risk per trade.

Recent performance does mean that anyone joining on or after the end of June (like us) would still be waiting to see a return on their outlay based on the Signal service alone.

Live Trading Room

Works well. Visuals and audio flawless and the 06:30 briefing/introduction is most useful in terms of what set-ups Dave will be on the look-out for. The host is not over-bearing and only talks when necessary, sometimes it even gets a little boring if the markets are quiet. One good thing here is that you know that you only really need to pay attention if Dave starts talking. We found it easy to do other things whilst keeping a keen ear out for the commentary kicking in.

We also found there was a reasonable amount of time to get in on the trades that were called out and to also calculate our trade sizing accurately. This is due, as mentioned above, to the host specifying potential Entry, Stops and Targets when identifying a potential trade set-up.

During September and October, our results were in line with those reported:

- w/c 30th August - Breakeven
- w/c 6th September - +2%
- w/c 13th September - +2%
- w/c 20th September - -2%
- w/c 27th September - Holiday - No trades
- w/c 4th October - -3%
- w/c 11th October - -1%
- w/c 18th October - +3%
- w/c 25th October - +2%

That's a return of 3% over a 9 week period based on 1% risk per trade.

Reported returns for July and August, which we were not party to, were +9% and +12% respectively.

Overall

The Trading room is time consuming for, during our exposure to it, little reward. The Signal service, although requiring little effort, also disappointed during our exposure. Needs improvement to live up to the headline "seriously increase your wealth, give you more money, more time and more happiness".

This said, reporting does seem to be honest and if Dave can get both services back to their previous levels (prior to us coming along!) this may be one that appeals to those interested in Live (audio and visual) Trading rooms and simple Set & Forget Signal services.

SUPPORT

Support is very good, usually well within 24 hours.

CONCLUSION

PRO's
• Signal service is easy to operate, Set & Forget, 5 minutes each evening.
• Live Trading room works very well, in terms of audio/visual and interaction.
• Reporting appears to be open and honest, based on our two months exposure.
• Try before you buy.
CON's
• Recent performance (last 2 months - yes not the basis for a long term view, simply pointing it out for review purposes) for both services is disappointing.
• Expensive (for some) at £100 a month.


Do remember, your comments are important, if you decide to purchase this system, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

Please note: To mark our 2,000 membership milestone at Systems For Traders we invited selected vendors to provide an offer for our members, the Make Money On FX offer can be found here.

Our thanks to Dave at Make Money On FX for putting this offer together.

Dave has now withdrawn this service from the market, thanks for informing us and we wish you all the best.