Website : Forex 121 Website
Publisher : Dan Armitage
Cost : From £95 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

Two of Dan’s passions are trading and teaching. His strategies 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 (to £495) by contacting Dan via the website. There is a monthly membership fee associated with this product and it costs from £95.

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. These are useful in that they usually run through the full spectrum of instruments Dan trades and he relates the current Price action to his strategies. 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 Weekly Trading school is also useful, particularly to those new to the strategies and service. Dan addresses whatever subjects have been raised that week and/or focuses on current market activity. Access is only provided to those who pay for the Live Trading rooms. All sessions are, again, 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.

Our return for November was a little better than break-even, +0.14%, based on 1.00% risk per trade. This compares with results from January to October 2011 which showed an average of 4% to 6% profit per month, based on 1% risk per trade. Forex 121 were very upfront about recent results and admit they backed away from the market in this period due to the huge uncertainty in the EURO zone and thus took limited risk.

Forex 121 do not produce any official results for us to compare against as they expect 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 Dan 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 £495 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 £95 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 with Dan and Desiree often available on Skype. Dan also uses the Weekly Trading school to address any queries which may also be of interest to others.

CONCLUSION

PROs

• 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.

CONs

• 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 decide to purchase this service, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

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.