The Day Trading Authority Podcast Episode 4: Trade While You Travel Transcript Part 4
To listen to The Day Trading Authority Podcast and learn how you can transform from
an average trader to a day trading authority, visit us at http://thedaytradingauthoritypodcast.comSo Brian, this is kind of a portion of the podcast. Were moving to our interview and over the last several podcast, weve been interviewing some authors, bestselling authors of various trading books which has been great, but we want to bring on a little different guest this time, and we have Chris from fxtradingreviews.com which is, fxtradingreviews.com, which is FX, trading, reviews with an s on the end, dot com. Uh, and Chris is really the publisher, the writer, the person behind this website. We have so many people who are interested in trading forex, maybe day trading or swing trading forex. You hear about all this robots. A lot of people maybe have used robots. We really want to bring Chris on and talk to him about what a lot of us have been, you know, hearing about talking about, et cetera, and kind of talking to us about, you know, the pros and the cons of this whole side of the business. So with that, Chris, are you with us?
Chris: I am here. Thanks for having me.
Mark Soberman: Great. So Chris, what I wanted to do is sort of just ask you a few questions and, you know, what maybe the first thing is tell us a little bit about what FX Trading Reviews does and whats the whole purpose of your website.
Chris: Great. Yeah, thank you. As you said, FX Trading Reviews is the site and really what were geared for is providing a platform to give an unbiased insight to various forex trading systems. As, you know, forex is a great product to trade, and you know, whenever theres a great product and a great way to make money, unfortunately that also can lead to a variety of different scams and fake products out there. So what I try to do with this site is really provide an unbiased view where customers, our readers can get this feedback. Both my feedback as well as even users commenting on, you know, what are the legitimate systems? What are the platforms that are gonna provide results for them and if theyre gonna make an investment not only in buying the product but also their own money, then they really want to do that research and thats really the platform were trying to provide.
Mark Soberman: Yeah. I think for me, one of the coolest thing about the website is who you run these live demo counts, and it even goes further, and you actually put your money into accounts and run these systems then you report back in real-time the trade results. I mean, for me thats really cool. Its not something that you guys try to do as much as you can.
Chris: Yeah, it really is and, you know, its really been something. It has been as you said, very popular with our customers because rather than, you know, just having somebody write and write and write about a product, and again you never know, you know, where their bias may be by actually running through live demos or even putting our own money into products the client is able to see for themselves exactly how those different platforms are performing. So we do have both, you know, packages that are running in demo and, you know, that just means, you know, its not our real money but its executing those trades. And then what we do is we really try to look closely at, you know, which of those robots from demo are worthy of putting our own money into. And thats when we move it to our live money, and you can see weve got a variety that are trading our live money, and you know, the results are right there. You know, its pulling those in real time -- so no fudging the results. Theyre definitely real.
Mark Soberman: Yeah, Im curious. You know, what do you as far as like when you test all these systems. I have a feeling that a lot of them dont play out for the marketing. I mean, maybe just as a guest. Do you have any idea like how many -- what percentage tend to have a chance to be successful which versus like how many tend to fail?
Chris: I would say your hunch is absolutely right. Unfortunately, as I alluded to my opening comments, this industry is ripe with scams, and you know, everyday, you know, Im on a lot of mailing lists, and you know, targeted by a lot of these different new robots and forex products, and everyday well see a new one come across our desk, and, you know, we do our best to investigate some and do our research, run them in demo. But the claims definitely outweigh the actual results, and, you know, thats really something that we try to provide for our customers is, you know, really help steer them through the clutter and point them to the ones that are legitimate.
On a percentage basis, you know, I would have to say even if you were to just go to our site and look at our results, you know, less than half of the robots that were given been running in demo are seeing positive results, and thats after weve already gone through and wiped away some other ones that arent even worthy of being in demo.
Mark Soberman: Yeah, thats what I figured. So give to the people listening, maybe some tips on, you know, how they can on their own -- I mean, obviously I kind of always think of FX Trading Reviews, its like the consumer reports of this business, but what are some things they can do? Red flags at UC, lets say and the marketing, the hype, the fluff to look out for, or vice versa, you know, what are the things that legitimize and make youre more of a believer at least upfront before you start testing?
Chris: I would say, you know, nowadays with great sites like Myfxbook that really allow you to track and see real-time results publicly, you know, that has definitely become a separator for me, the legitimate versus the not so legitimate robots. The guys that are actually able to, you know, stand behind their work, feel comfortable in showing you their results, you know -- all of us know theyre gonna be draw downs and theres gonna be periods where its not performing in a peak. And the guys that are really, you know, have that confidence to stand behind their work, theyre gonna put right on their sales page a link to something like Myfxbook where you yourself can track and see the results, and, you know, the ones that dont show any results immediately, Im gonna, you know, have a leery eye towards. But even the ones that may try to trick you, and, by that I mean it may look like its real account, but really theyre screenshots, and so you cant drill in, and go actually view those reports. Theyre just showing you a screenshot. You have no idea what that screenshot is really showing you.
So the ones that show us real-time results are definitely the ones that Im most in favor of and really have a lot of credibility to the products.
Mark Soberman: Yeah. You were showing me some of those sites where it was shocking almost where theyll go ahead and take like Myfxbooks screenshots and its dummied up and its static, and it looks amazing. I mean, these people put so much time and effort, but its just time and effort into the fraud.
So I mean its a great point. Make sure youre linking into a real live, youre going off to a third party site that you can verify, and you know, that thats really like -- I guess another thing would be, you know, if youre going and you do buy something, Im sure you would typically recommend what they start in demo mode or, you know, jump right into live money or, you know, hush somebody, you know, start up a robot if they think that they, you know, at least check your site out, and want to start with something.
Chris: Yeah, any time frankly that, you know, youre buying a new system, I would highly recommend running it in a demo period where you can really, you know, get used to the system, see the results, see the products that are being traded and get comfortable with those results, and weve even recommended, you know, as a conservative player to run it for 30 days. You know, its gonna be real money once you flip that switch, so make sure it gets those result that you wanna see, and that really points back to when youre looking at the various robots. You know, make sure these guys have their money back guarantee because, yeah, the last thing you want is to buy something that you may have gotten lured in by a sleek sales page like you said with, you know, theyre putting a lot time and money into this because they want to take your money. But the last thing you want is, you know, you make that investment and you turn around, and the product doesnt work and youre stuck with that investment.
Mark Soberman: Yeah thats a good point. I think the good news is always going to your site. I see that some do work most time, but at least, you know, its reassuring to know that there are some that work and at your site, I just want people to know since we kind of wrap up this interview here. You have a giveaway, right, if they go to FX Trading Reviews?
Chris: We do. Yeah, we put together a guideline last year, the end of last year that really we wanted to do a couple of things, accomplish a lot of things. One was publish a guide thats really going to give you end-to-end tips. And this is for the basic, the beginner I would say forex trader that may not have a lot of experience in this market, and offer tips on how to get started, you know, ways, good ways to make money, but also even the experienced trader. Theres some great tips in here, and, you know, real deep insights. So the guy includes that, but one thing that we included and this is, well, is we did a real deep analysis across many other sites -- of course, Im biased. I believe FX Trading Reviews offers the best quality reviews, but there are also a number of different sites out there and we really wanted to see how are robots running at some of these other sites, so what we did is we did a deep analysis across a variety of different sites and try to see what robots were running at these sites to kind of measure popularity and then what results they were getting And that allowed us to create our own proprietary score to really rate these robots not on just our own demo but also looking across a multitude of sites. And that is included as part of that guide as well. So when you go to fxtradingreviews.com, youll immediately be offered a chance to receive and its free. You know, we dont charge for this as well as any other content on the site.
Mark Soberman: Yeah, its really cool, it just costs us an email and its certainly well worth like you also said theres so much great information on the site. So people should definitely do that if you have interests in forex or the whole robot EA world, FX Trading Reviews will be a great place to go. So Chris, I appreciate you joining us today and you had given us all this great information.
Chris: Very good. It was great to be here. Thank you.
Mark Soberman: Okay, great. That was an awesome interview with Chris at FX Trading Reviews. Take advantage of his offer there as well if youre interested in forex. Its been a really good podcast. I think weve covered a lot of cool information. If youre interested in our next author interview, you can also go to netpicks.com/interview, all lower case, and you can sign up for that where we usually have one every month, every other month, and also you can just go to netpicks.com, N-E-T-P-I-C-K-S.com, and theres always some great information there like we mentioned before. A lot of it is available too and free as well. Just put in your email and weve got some great tips for you. So Brian, I really appreciate it. Thanks for joining me in this podcast and well shortly report to the next one.
If you cannot wait, or if you would like to listen to the actual podcast, please visit: http://thedaytradingauthoritypodcast.com.
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