It seems like you are visiting me for the first time. Welcome! Check out the Why I Quit Millennium Traders Forex Signals
If you have read the Forex Signals Tutorial and my first impressions about Millennium Traders, you have figured out that I really liked them. I still think that moderator guy JT knows his stuff, although the end of January and beginning of February has been quite poor for my trading with them. There were mostly signals which were hitting the stop loss and the few good ones didn’t make anything more than 10 - 20 pips.
The thing which worried me most and made my decision to stop using them was the stats on their home page. Even in the bads week the forex trading room the stats keep showing positive results.
Don’t get me wrong, I am not saying they fake their results. I believe they are not. There problem is these results are hypothetical based on no-one-can-tell-you-what-exactly. I would expect the results to be based on the positions which the moderators open and close and that’s probably the case. The problem is that when being in the room you get only their open alert. Then the standard 3 targets come and “Consider selling” (if the trade is a success), but you never know when the mod really closes his trade.
I know not to expect exact duplicating of the moderator’s results, but I would like a way to be as close as possible to them. Millennium Traders is not letting this happen. Therefore I am quitting.
Regardless of what I just wrote, I still think Millennium Traders offers one of the most professional services in the signals business. I plan to give them a second try pretty soon. But being a bit disillusioned by forex (because of the most managed accounts failures recently), I think I’ll try some of their stock trading rooms.
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February 18th, 2008 at 4:12 am
I hear yah Mr. Shark Investor. I’m pretty disillusioned with managed forex accounts, but I think I may be able to regain my initial excitement if this bad period of drawdowns comes to and end and I finally begin to see some pips.
Well, I wish you the best of luck with the stock trading signals but I don’t think the stock market is all that much better these days too.
Usually in times of economic troubles and turmoil (before you buy at the bottom) it’s best to be in precious metals or cash.
Take care.
February 18th, 2008 at 11:07 am
Thanks for your comment, Alan. Hopefully you’ll be able to recover MA losses. I am still considering FXCM, just need some more time to jump in
February 18th, 2008 at 1:18 pm
I signed up for their free trial for one week, with the daytrading signals. Things were going fast, but it seems like they know what they are doing. However, if you look at their past performance, you can tell they are better at stock trading the forex trading. I have thought about signing up with the daily swing signals. However, I need a bit more capital before I jump in. And I have to get back from my trip in Asia. But I look forward to hear what you think about the stock signals. Let me know
And good luck.
February 18th, 2008 at 1:35 pm
Ya, Jakob, I have similar thoughts. The swing trades are pretty affordable if the results are really good. I have no much experience with stock trading so far however.
How’s it going in Asia, which countries do you visit?
February 19th, 2008 at 12:00 pm
Exactly. It is cheaper than the other signals, and the results looks good! I will give them a try when I get back home.
Well currently I am in Thailand, at Koh Samui. I am going back this sunday. I have been three weeks in India and three weeks here in Thailand. It sure has been an amazing trip. I will write some posts about it, when I am back home