Kimmy
Hi Winny,
I added you to my friend's list. I also left you a message!
Blog Detail
Futures Trading
http://futurestrading.emall99.com/
Futures trading secrets, trading plans, methods and systems for futures traders, swing traders and day traders.
- Added on: Sep 29th, 2008
- Country: United States
- Language: English
- Author: winnny
- Listed in: Small Business Investing
- Tags: stock market Currency Day Trading stock options futures trading investment systems
Recent Posts
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Comments & Reviews
This blog is currently rated a 3.33 out of a possible 5 based on 3 comments.
James A Nichols
Looks like a good blog about Forex trading. I have only skimmed through it, but I am planning on going back and reading some of the articles, looks like some very informative work here on the subject!
http://www.acetradesreview.com/
Ace Trades Review
Let me begin by telling you that I am writing this review so that others do not suffer the same fate that I have. Many have been through different signal providers, trading gurus, trading educational services. I've also been through several myself. It finally occurred to me that, after donating thousands of hard earned dollars to these many shysters, that it was time to write a review of them. I'll begin with the most recent, Ace Trades. I find this fellow to be the most reprehensible of all the many I have tried. It's my hope to make this page a much visited site that will allow others who have observations, and insight to leave a comment, suggestion, or even an idea of where traders can go to make money, which is what we all sign up for in the first place. Let me begin.
So this Ace fellow will offer you a three day free trial. You should know though that you will not be allowed in for the first hour of trading, and you will not be able to enter class time either. Seem reasonable. Well, in effect you have to make a four thousand U.S. Dollar decision in about 6 hours. Approximately 2 hours per day, for 3 days. Some of the observations I made while not only being in the trial, but also as a member for the last month or so. Ace will make a trade call, that I assume most take in the room. He will then, on most occasions call an area to place a stop, or even right on a number to place your stop. But I observed that on at least 8 or 10 different occasions, he forgot all about the stop level, and continued to manage the trade as if everyone was still in the trade, even though it had hit our stop level. He loves to hit a siren that makes a Submarine Dive sound. So when he was celebrating his 'great' victory on one trade call, I quizzed him, saying, look, we hit the stop, and we should all be out of the trade. This seemed to fall on deaf ears though, he just continued to celebrate, and make it look like many of the members had also got in on the action. Funny thing is, nobody else was celebrating, they like me, were all stopped out. This happened on 'several occasions', and I believe he does it for the sake of those in the room on a trial, to make himself look good. Nothing is ever mentioned by Ace about the stop level that was hit, he just moves on like everything is great.
Be assured though, this was not the worst thing I encountered. There was a one week period whereby my trading account was literally cut in half. The calls were out of this world bad. I counted 7 calls in a row ALL stopping out. I know it's hard to imagine, how could anybody be that bad. You really should have close to a 50/50 chance of being successful on each call, BAD! I lost over 2 grand that day, and losses kept coming. But as part of his desire to educate traders under his tutelage, he did say after that brutal day that we should all have a maximum drawdown that we allow per day. Thanks for that. He does provide a short stint of class time after he has finished trading for the day. That day he just didn't feel up to it I guess, nor did he respond to any attempts to correspond with him. Just what a new trader needs after a bloodbath day. Thanks for the support.
I happen to know that many other trading groups out there will provide at least one week, if not two weeks to a month of assessing their trading skills and the methodology they employ. It would seem that most outfits out there want you to be able to make a fair appraisal of their service, and two weeks to a month is sufficient to do so. But in three days, impossible. But I'm sure that it's not by chance that he only allows three days, if you had a chance to observe him for a month, there's no damn way you would give him a cent.
I should also mention that the 'class time' is nothing more than the same gibberish day after day. Economics 101 he calls it. He talks about the price of a loaf of bread, and how if it's on sale one day for this amount, buyers are bound to buy it up, if it returns to that level. My hard earned dollars paid for THIS! He also sends you out 100-125 chart snapshots, and all this for only $4000 U.S.D. But if you get duped into spending the money, the losses won't stop there, be assured, that will only be the beginning.
If you do, despite this warning, decide to join, then please be careful not to say anything that may malign Ace in the room. He will be quick to patronize you in front of all the other traders, or Private Message you and threaten to throw you out of the room if you say anything contrary. In fact I observed one fellow on a trial that asked a few questions about indicators that they employ, and he was ridiculed so badly, that he left the room shortly after, and never returned. You see, Ace has no need of indicators; he can throw your money away just fine without them.
There are no results posted on the Ace Trades website, for obvious reasons. But in truth, I don't believe that he trades at all himself. I've heard his Ninja Platform say order filled before, but that could easily be in Sim mode, and what’s more, I don't here the Order filled command often. Hmmm, wonder why. Could it be that the great Ace doesn't put his money where his mouth is. Why bother risking it, when you could sign just two people a week up, and make a very comfortable living. $8000 U.S.D per week, why risk it. It makes it very easy for him to say, "Ok short here, uhh, no reverse. Darn, Ok, let’s go short again, hit it again. Darn, let's pause for a minute here. Ok lets go long now, long now. Shoot, reverse, reverse position, darn, darn. Markets sure tight today. Sure tight."
For you people who decide to give him a look on the three day trial. Be sure to ask lots of questions, quiz him mercilessly. But be advised, be forewarned, some guys can get on a three day roll. But they can also get on a two or three week roll the other way, and that’s enough to hammer even a well funded account. So you'll deal with the 4 g's U.S. plus your losses. BE AWARE!!! Of ACE TRADES.
One other thing of note. When I asked Ace in a kind manner if he would give me a refund, I was hit with a resounding NO DAMN WAY! He made all kinds of analogies to Gambling and Casino's, and how if I lost my money at a Casino, would I try to get it back from them. Well that should tell you all you need to know, but I'll say it anyways. You are supposed to be a 'Professional Trader', you charge a handsome fee, and yet you liken it to gambling, need I say more. He did give me some parting advice though. Even though he knew my family's situation he felt the urge to tell me that I could always pick bottles if times were that tough. Thanks for the Great Advise Ace, it's about the best idea you've had yet.
If any of you have had an experience with Ace Trades, I would love to hear from you. Please write a detailed account of your experience, and I will be glad to post it here. I will be posting this same experience in many other areas also, because I don't want to have happen to others what I have had to deal with. It's tough enough out there without having to donate our hard earned dollars to shysters like this one. I have a wife and four children at home depending on my income. Many of you out there also have responsibilities, and that is the reason for this page, to save you the same aggravation, time, and money that it has cost me. Hope this helps all who read it.
Posted: September 28th, 2009 | Report This Comment