FXClub's image problem

[dcalvin]

Hi all, I'm a demo member thinking of signing up, and I can't help but notice the low scores and bad reviews on most of the forex rating sites. Since unhappy customers are about 30 times more likely to speak up than happy ones, (shocking but true!), I can understand it. Still, I would like to hear from some of you quiet members.

I should add that the reason I did not believe the bad reviews is because of the quality of the training materials, the awesome Rumus platform (a potential TradeStation rival with some work, I think) and the general feel I get from the site contents.

What has your experience been with fxclub? What are their good points? What needs improvement? Would you choose them again? And most important, would you recommend them to a beginner like me?

Thank you in advance for any and all comments. You might consider posting on the review sites too. Unless you're too busy making money :)

Deane

[Fsimpson82]

Hey Deane,

I'm a green trader as well so I don't think I could recommend anything to you really. That'd be the blind guiding the blind lol.

What I can tell you so far is that my experiences with FX Club have been very good. Good points: Commission refund. I read about it, but it wasn't until I was making losses that I could really appreciate it. Learning materials. I got a good sense of how to trade in literally just a few days. Autochartist. It helped make confusing decisions a little less confusing. As a demo account user you probably knew all that already though.

Honestly haven't had any bad points.

As far as image problems are concerned- its mostly just a lot of mud slinging. People who make losses or other firms, that kind of thing. That's how I see it anyway because they haven't done me any wrong.

All you can do is keep trading and learn from your own experience.

Hope your experience is a good one-Frank

[dcalvin]

Even another beginner's opinion counts. Thanks for taking the time.

Dean

[digitalrascals]

i have tons of mt4 platform brokerages, but fxclub is different which makes them unique and byfar the classicfx is basically the one i use the most. It's customizable, and low deposit startup. Fxclub offer such a low startup that they allow even the ghetto folks like myself to trade forex.

i'm so glad fxclub went with their own platform. :)

[slombardi]

i have tons of mt4 platform brokerages, but fxclub is different which makes them unique and byfar the classicfx is basically the one i use the most. It's customizable, and low deposit startup. Fxclub offer such a low startup that they allow even the ghetto folks like myself to trade forex.

i'm so glad fxclub went with their own platform. :)

Hey digitalrascals, welcome to the forum! Glad to meet other traders who enjoy their platforms as much as I do. Cheers!

[mayday]

Hi all, I'm a demo member thinking of signing up, and I can't help but notice the low scores and bad reviews on most of the forex rating sites. Since unhappy customers are about 30 times more likely to speak up than happy ones, (shocking but true!), I can understand it. Still, I would like to hear from some of you quiet members.

I should add that the reason I did not believe the bad reviews is because of the quality of the training materials, the awesome Rumus platform (a potential TradeStation rival with some work, I think) and the general feel I get from the site contents.

What has your experience been with fxclub? What are their good points? What needs improvement? Would you choose them again? And most important, would you recommend them to a beginner like me?

Thank you in advance for any and all comments. You might consider posting on the review sites too. Unless you're too busy making money :)

Deane

Dear Deane:

We are proud to say that Fxclub is the BEST forex trading company in town.
We offer the world EASIEST trading platform-Our EXPRESS platform, we even REFUND commission on unprofitable trades.
As a beginner, we are your BEST choice. We offer the most comprehensive education materials about forex, live webinar, and market signals etc.
We recommend you to sign up for a demo account and try out currency trading for yourself.
And if you need help, we have a team of experience client representive that are ready to assist you at all times, just call us at toll-free 1-800-881-3809.

Best Regards

[dpurcell84]

Hi all, I'm a demo member thinking of signing up, and I can't help but notice the low scores and bad reviews on most of the forex rating sites. Since unhappy customers are about 30 times more likely to speak up than happy ones, (shocking but true!), I can understand it. Still, I would like to hear from some of you quiet members.

I should add that the reason I did not believe the bad reviews is because of the quality of the training materials, the awesome Rumus platform (a potential TradeStation rival with some work, I think) and the general feel I get from the site contents.

What has your experience been with fxclub? What are their good points? What needs improvement? Would you choose them again? And most important, would you recommend them to a beginner like me?

Thank you in advance for any and all comments. You might consider posting on the review sites too. Unless you're too busy making money :)

Deane

Sorry for the long post, but I hope this helps.


dcalvin, I have only been trading on their live account for a few weeks, but I have been involved in the stock market for close to 10 years now. (I have been to busy to give currency trading the attention it deserves, even though I enjoyed studying it in school)

Just to give you my background, I am an Economics Major, so I have a some knowledge of the fundamentals of currency (long term) price movements, as well as a descent idea as to why markets react the way they do to certain news articles, announcements etc. However, that was not enough for my first few days, and I lost a bit of money on a couple trades. (got that commission back, so that was nice)

However, I have began to put together a descent trading plan (different from my stock trading one), and by sticking to it, (and analyzing it + adjusting it when it does not work) I have been able to start clawing my way back up. All in all Forex club has been fair to me so far. I am still green though, so take it for what it's worth.

My advise? See if you can find some basic lectures on micro and macro economics. They go a long way in giving you a basic understanding about what money is, and why it does what it does. As well as understanding supply and demand curves and what types of actions constitute shifts in the curve, or movements along a curve. For an entertaining and enlightening documentary by Niall Ferguson (Harvard professor ) on the Ascent of money see
http://video.google.com/videosearch?q=ascent+of+money&emb=0#q=ascent+of+money&emb=0&start=20

There are several parts so you will have to dig around on google video to find them all. (you tube does not carry them in their entirety)

It may be long, but I think you will find yourself unable to turn it off, and at the end you will have a good understanding of the different aspects of the financial world. You also get to take a peak at the spectacular failure experienced by those who relied completely on technical analysis, and forgot to turn on the news.

Second. (or maybe first) Make cnbc your home page. possibly the best source of free market data with concise news stories updated very quickly. You don't want to be stuck in a trade when some market shifting news comes out only to be caught unaware. Also make sure you know the dates and times of any major officials giving a speech or testimony before congress. For example Geithner, or Bernanke, or CEO's of large corporations (i.e. Bank of America etc.) What they say can cause some major shifts and you don't want to be caught off guard. Also any natural disaster, war breaking out, etc. can have massive effects on the financial market so be careful.

Third. Make sure you have a calendar of EVERY major economic announcement and check it daily. For example Fridays non-farming payroll saw some people making a lot of money, and some people loosing a lot of money. Any economist worth his salt, should have been able to turn a large profit on the EUR/USD and it took about 5 minutes of checking the news and a few clicks before the 8:30 announcement.

Fourth: work on the technical aspects of trading. It is good to be able to confirm your suspicions with technical trading (for example, on Friday auto chart correctly predicted the EURO rise and the Yen rise) The Yen being a prime example, many (including myself) believed that the yen would fall against the dollar upon good news from the Job report, (the yen has been a safe haven and with the economy starting to hit bottom, people are selling the yen into more risky assets) However, a quick glance at auto chart showed all indicators leading for the yen rise. It's times like that when you need to be extra careful. In addition when economic times are fuzzy (like now) it is good to be able to fall back on technical trading.

Any way I hope that helped. sorry its a bit more then you asked for.

[TXFX]

Sorry for the long post, but I hope this helps.


dcalvin, I have only been trading on their live account for a few weeks, but I have been involved in the stock market for close to 10 years now. (I have been to busy to give currency trading the attention it deserves, even though I enjoyed studying it in school)

Just to give you my background, I am an Economics Major, so I have a some knowledge of the fundamentals of currency (long term) price movements, as well as a descent idea as to why markets react the way they do to certain news articles, announcements etc. However, that was not enough for my first few days, and I lost a bit of money on a couple trades. (got that commission back, so that was nice)

However, I have began to put together a descent trading plan (different from my stock trading one), and by sticking to it, (and analyzing it + adjusting it when it does not work) I have been able to start clawing my way back up. All in all Forex club has been fair to me so far. I am still green though, so take it for what it's worth.

My advise? See if you can find some basic lectures on micro and macro economics. They go a long way in giving you a basic understanding about what money is, and why it does what it does. As well as understanding supply and demand curves and what types of actions constitute shifts in the curve, or movements along a curve. For an entertaining and enlightening documentary by Niall Ferguson (Harvard professor ) on the Ascent of money see
http://video.google.com/videosearch?q=ascent+of+money&emb=0#q=ascent+of+money&emb=0&start=20

There are several parts so you will have to dig around on google video to find them all. (you tube does not carry them in their entirety)

It may be long, but I think you will find yourself unable to turn it off, and at the end you will have a good understanding of the different aspects of the financial world. You also get to take a peak at the spectacular failure experienced by those who relied completely on technical analysis, and forgot to turn on the news.

Second. (or maybe first) Make cnbc your home page. possibly the best source of free market data with concise news stories updated very quickly. You don't want to be stuck in a trade when some market shifting news comes out only to be caught unaware. Also make sure you know the dates and times of any major officials giving a speech or testimony before congress. For example Geithner, or Bernanke, or CEO's of large corporations (i.e. Bank of America etc.) What they say can cause some major shifts and you don't want to be caught off guard. Also any natural disaster, war breaking out, etc. can have massive effects on the financial market so be careful.

Third. Make sure you have a calendar of EVERY major economic announcement and check it daily. For example Fridays non-farming payroll saw some people making a lot of money, and some people loosing a lot of money. Any economist worth his salt, should have been able to turn a large profit on the EUR/USD and it took about 5 minutes of checking the news and a few clicks before the 8:30 announcement.

Fourth: work on the technical aspects of trading. It is good to be able to confirm your suspicions with technical trading (for example, on Friday auto chart correctly predicted the EURO rise and the Yen rise) The Yen being a prime example, many (including myself) believed that the yen would fall against the dollar upon good news from the Job report, (the yen has been a safe haven and with the economy starting to hit bottom, people are selling the yen into more risky assets) However, a quick glance at auto chart showed all indicators leading for the yen rise. It's times like that when you need to be extra careful. In addition when economic times are fuzzy (like now) it is good to be able to fall back on technical trading.

Any way I hope that helped. sorry its a bit more then you asked for.


Hello dpurcell84,

Thank you for spend some time here.
Your post is very helpful!
I'm looking forward to hear something else from you!!

Thank you

[lzh007]

You know what. As I read something about Forex broker or bank, the problem is that the broker is also "gambling" with every account" except charging commission. This can be problem but it is legal. In fact we trade between us first, then the broker use the balance to trade on the market. The broker may gamble with us in opposite way, if they lose, there will be problem with network server........
In fact, we have nothing to complain, even big banks play this game. I do concern a little about the security of my "profit" if it will exist in the future.

Any other idea?

[slombardi]

You know what. As I read something about Forex broker or bank, the problem is that the broker is also "gambling" with every account" except charging commission. This can be problem but it is legal. In fact we trade between us first, then the broker use the balance to trade on the market. The broker may gamble with us in opposite way, if they lose, there will be problem with network server........
In fact, we have nothing to complain, even big banks play this game. I do concern a little about the security of my "profit" if it will exist in the future.

Any other idea?

Hey lzh007! From what I gathered, you're afraid that the broker will make a trade that opposes yours, lose and not pay you the profits you made on the market. It's an issue of trust and whether or not you can trust your bank/broker.

I feel that you shouldn't worry too much about any regulated brokers. Brokers who are regulated by the NFA have to pay a large sum of money every year to the NFA in order to be regulated by them. They do this so that their customers' accounts are safe and so the customer feels at ease while trading with them.

You can visit http://www.nfa.futures.org to read up on their rules. You can also check Forex Club's record on the site (http://www.nfa.futures.org/basicnet/SearchResults.aspx?type=firm&firm=FOREX+CLUB)

If you see, Forex Club has yet to have any complaints or fines from the NFA.

Also, as of May 16th 2009, all NFA regulated brokers needed to have a minimum net capital of $20 million dollars to insure customer accounts/profits, so you won't have to worry about "network server problems".

[fm2034]

Hello Trader,
The trading rule of the express fx platform is set each time the half of our margin as default to be exposed in the market, consequently we are in a high risk especially for new traders.
I think this policy is express done to eat our balance by the broker forex club in view the presence of the dealing desk.
On the other side, impossible to trail our profit and this is BAD !!!
I do not advice no one to use it.
So take care...
P.Eng. FMM

[mayday]

Hello Trader,
The trading rule of the express fx platform is set each time the half of our margin as default to be exposed in the market, consequently we are in a high risk especially for new traders.
I think this policy is express done to eat our balance by the broker forex club in view the presence of the dealing desk.
On the other side, impossible to trail our profit and this is BAD !!!
I do not advice no one to use it.
So take care...
P.Eng. FMM

Dear fm2034,

We are sorry that you didn't like our ExpressFX platform. The reason why we have 50% of your margin as default for each trade is to allow each trader an unbiased idea of how much money he or she would wish to trade. We hope that all of our customers learn the proper amount of funds to put into each trade while practicing on a demo account. We will take what you said into consideration and perhaps have the power of each trade start at 0 in the future.

I also take it from the tone of your post that you may be bitter from your experience, and for this we also apologize. Forex Club does not want to "eat away" any of its customers' accounts, which is why we provide you with a simplistic platform, learning materials, charting software and News feeds. Our goal is to have many successful traders who will grow with us and continue to trade with us.

Trailing stop orders are very complex orders, which is why we omitted them from our platform. As a trader who is just beginning to trade, the orders we provide will be more than sufficient to make a profit. While trailing stops are a good exit strategy, they are not the only way to successfully exit a trade.

In the time that you did use our platform, we hope you learned much about the forex market. We wish you the best in the future of your trades and hope that someday you return to trade with us.

[lzh007]

Hello Trader,
The trading rule of the express fx platform is set each time the half of our margin as default to be exposed in the market, consequently we are in a high risk especially for new traders.
I think this policy is express done to eat our balance by the broker forex club in view the presence of the dealing desk.
On the other side, impossible to trail our profit and this is BAD !!!
I do not advice no one to use it.
So take care...
P.Eng. FMM

I have no idea about the point of express platform, the traditional one is good enough. I think express platform can only cause more frequent trades which will lead to quick death.

FMM, I am a P.Eng too.......

[mayday]

I have no idea about the point of express platform, the traditional one is good enough.

The point of ExpressFX is to give traders a simplistic platform so they can learn how to trade with ease. Once traders get an idea of how to use the platform, where to place orders, how the news affects price, etc, they should upgrade to the more advanced ClassicFX platform.

If you are one of the people who now understands how to trade, we recommend you upgrade to our more powerful platform.

I think express platform can only cause more frequent trades which will lead to quick death.

This statement alludes me, as the ExpressFX platform allows traders to make the same amount of trades as any other platform would.

[fm2034]

Hello,
What differ a platform is by the trading style like a car.
So tell me the trading style of this one.

[slombardi]

"fm2034: Hello,
What differ a platform is by the trading style like a car.
So tell me the trading style of this one."


Hey FM, I like your analogy but I don't think I can give you a good answer using cars. You should think of FX Club's platforms as bicycles.

ExpressFX is a bicycle with training wheels. ExpressFX is most traders' first bike. Learning how to ride this training bike properly will make riding bikes much easier for traders in the future.

When the trader outgrows his training wheels (it's eventual), s/he should start riding the bigger bicycle, ClassicFX.

ClassicFX can be any sort of bike you'd like, because it's customizable.

[fm2034]

Hello
Surely, we can take a bike made in china take us to the death and a bike made in sweden take us to the safety.
Which you choose?
Indeed, the trading style of the express fx set the trading size each time 50 times the margin and the lack to trail the profit conduct us to the death...
Sincerely

[slombardi]

Hello
Surely, we can take a bike made in china take us to the death and a bike made in sweden take us to the safety.
Which you choose?
Indeed, the trading style of the express fx set the trading size each time 50 times the margin and the lack to trail the profit conduct us to the death...
Sincerely

Hey FM, In the grand scheme of things, your trading system will affect your overall outcome on the forex market more than which platform you use.

When I traded with ExpressFX, I never traded 50% of my margin. You don't have to trade that much. Just logging into my ExpressFX platform, I see that the minimum amount to trade is 1000 (or $10 of your margin) after factoring in the leverage.

I can see you're very devoted to your trailing stops. If you get creative, you can mimic trailing stops on a platform that doesn't have them by using other advanced orders.

[fm2034]

Understand then enough the default is 50xtimes the margin and by error we keep it. and this is the trading style ! or do it express to conduct the balance to the death....

[slombardi]

Understand then enough the default is 50xtimes the margin and by error we keep it. and this is the trading style ! or do it express to conduct the balance to the death....

Hey FM, I see what you're saying but I have to disagree. You're saying that trading 50% of your margin is ExpressFX's trading style, but I don't feel like this is true. As I stated above, I never traded 50% of my margin. There's too much risk involved.

Did you start off with a demo account? Get yourself a system to figure out how much money you wish to invest into each trade, when to take your profit and how to minimize your losses.

[mayday]

Understand then enough the default is 50xtimes the margin and by error we keep it. and this is the trading style ! or do it express to conduct the balance to the death....

Dear fm2034,

Please understand that our policy to leave the initial trade size at 50% of your balance was not decided with the intent that traders will trade 50% of their balance on each trade. We apologize if we mislead you to believe that all trades must be made at a default setting of 50%. The choice to set your trade size with the language "Choose Your Trade Size- How much you can make (or lose) depends on how much you trade with" is prominent on the ExpressFX platform. We hope customers who use the platform will read this and understand that different trade sizes can be set and that the more more money you put into your trade, the more you can potentially make or lose.

[LJSTAX1Y]

hey i have probably a couple stupid questions, right now not much time to practice trading during week so when i logged in, it let me into this game on the fxexpress, first i was wondering where the values are coming from, cuz values fluctuate a lot, that's just the game, right? not becuse i'm using the fxexpress, secondly all the platforms trade on the same forex, like when i make a trade on fxexpress it goes into the same place as the other platform, so no loss from illiquid market or am i only trading against others in the fxexpress platform,
thanks for any info,
sorry kinda new

[mayday]

hey i have probably a couple stupid questions, right now not much time to practice trading during week so when i logged in, it let me into this game on the fxexpress, first i was wondering where the values are coming from, cuz values fluctuate a lot, that's just the game, right? not becuse i'm using the fxexpress, secondly all the platforms trade on the same forex, like when i make a trade on fxexpress it goes into the same place as the other platform, so no loss from illiquid market or am i only trading against others in the fxexpress platform,
thanks for any info,
sorry kinda new

Hello LJSTAX1Y,

ExpressFX switches to the Game Mode automatically on weekends. We use pre-recorded market data, so you can keep practicing even when market is closed. When system is switched to the Game Mode it’s absolutely risk free demo trading and nothing can happened on your real trading account.

We wish you Happy Holidays and best of luck in 2010!