If you know little about Forex trading (like I was when I started to write this article) I can recommend the Forexmentor The Coach’s Guide to Building a Successful Trading Plan. Scroll to the heading “Forex Mentor Video Training Review” for the full product review.

Before I get into Forex trading system reviews going to cover my financial trading background, which has been trading shares and traded options not Forex/currency trading (so far anyway, so just starting my research on Forex trading).

If you wish to skip my history (I went on a bit below :)) jump to the heading “Forex Trading System Reviews”

My Financial Trading Background

When I went to University in my early twenties I was a mature student with a wife, one son and another son on the way (the one on the way is 14 years old now and we have three boys now :))

For the first 6 months we lived in family housing on University (University of Sussex) and it was disgusting!!! Before we lived there I didn’t know what a cockroach looked like, afterwards I did unfortunately! We were living on student loans and student grants and so money was very, very tight and because I was a student we couldn’t claim any government benefits other than during the summer holidays: made us worse off than a single parent on Income support!!!, but I couldn’t put my family through the entire three years degree in that terrible living conditions.

I found a few years old 3 bedroom house (apparently worth around £80K at the time which was a lot then) just off campus (5 mins walk, so was perfect) in a very small/nice village called Falmer (can’t have been more than 50 houses around the entire University), but I had to find a months rent and two months rent as a deposit which came to almost £1,500, which we did not have. I had around 10 weeks to find the money since the current tenants planned to move then (I went knocking on doors around the village looking for a place to rent, was lucky).

I had a student loan due for £800 and decided to invest it in penny stocks on the London Stock Exchange. After a LOT of research (mostly via the Financial Times paper, (University library had back issues, didn’t have Internet access back then) I chose a mining stock (I forget the name of the company, something mining) for I think 4p a share as my first share investment, I invested the entire £800 student loan in it’s shares (was confident it would go up).

It was a very risky investment tactic, but I really needed money fast for the rent/deposit. If it worked we’d have money for the rent/deposit, if it failed we’d have lost the £800 student loan that I’d have to pay back eventually (paid those off years ago) and would have no choice but to live on campus for the entire 3 years!

I’d buy the Financial Times every morning to track the share price and about a week later the share price had over doubled (went up over two to three days if I recall correctly). I sold the shares just before the peak (about 1p a share below the peak) and had over £1,700 from the one trade :)

You would not believe how good I felt, back then it was rare for anything good to happen to us and I’d never owned £1,700, so was a lot of money to us.

On a interesting side note: Next good thing to happen to us (less than a year later) was to win £1,000 and a packet of Maynard’s Wine Gums (which took months to arrive!) on a radio phone in to Long Wave Radio Atlantic 252 (used to listen to it all the time, can’t tune it in now!). Had to be the 1,000th caller and I worked out we had to phone up ~3 mins 25 seconds after the phone lines opened, (made basic assumptions based on lines open etc…) 1st day we tried calling I got through and won. You had to say a line to win “I listen to Long Wave Radio Atlantic 252″ and I forgot the line and had to get my wife to say it :) We tried other times and got as close once again to them taking our phone number: which should have been us winning, but since we’d already won once I think they didn’t call us back!

I realise this might sound like BS, but it’s all true and if I ever find the share trade contracts from the HSBC branch on campus (have them somewhere) I’ll scan them in and add the images here as proof.

We rented the house for 18 months, at which point the owner decided to sell the property! Was a good 18 months though, we then had to rent a small flat in Lewes (small town a few miles from the University) which was more expensive and not half as good (was hard to find good places to rent and the 3 bedroom house was a few years old, so was very nice).

Anyway, when my next student loan came through I tried again and made small amounts in profit before I made 2 mistakes: 1st was buying a stock that went bankrupt (was a BIG risk) and lost £500.

And the second was moving into traded options (a very high risk investment) and after getting to around £2,000 in profit I lost it all on one deal on the FTSE 100 traded options (calls) when a UK election was due. I thought the result would be different and stocks would go up, was wrong and they went down and lost all my profits!

At which point I stopped trading in the stock exchange altogether, I’d had to leave University early (near the end of of the third year, just had exams to sit) on medical grounds (couldn’t sit any more due to my back, so no exams) and there was nothing money wise on the horizon, I was disabled with debts from University so couldn’t risk loosing money on trading shares etc…

So I came out of trading stocks about even ~2 years after my first penny share trade, but feeling good that I got my family out of a bad situation when we needed everything to go right for once.

A couple of years later I started a online business and things went from looking really bad to great, (business went well) I’ve toyed with the idea of trading options again since we’ve had spare money for a while now, (paid £36K deposit on a house 2 years ago) but just haven’t committed to it.

Online Forex Trading

And that brings me to today, I have plenty of spare cash and have heard good things about online Forex trading. My plan is to learn a lot about Forex trading and then start trading currencies.

I like the idea of trading currencies since they are generally short term investments, high risk/high rewards and unlike when I was at University I can afford to loose some money. Will probably start with a couple of thousand pounds and see how it goes.

I believe strongly in the saying “you have to speculate to accumulate” so will be buying various Forex trading systems to learn from and will be reviewing them here and maybe posting my trading results.

Forex Trading System Reviews

These are the Forex trading systems I’m thinking about trying or tried. If you have any experience of these would love to hear your comments.

Forex Mentor Video Training Review

Forexmentor The Coach’s Guide to Building a Successful Trading Plan : This is a Forex trading training series of videos (8+ hours) that covers-

SECTION 1: INTRODUCTION
SECTION 2: RISK MANAGEMENT
SECTION 3: STARTING THE TRADING DAY
SECTION 4: TOOLS OF THE TRADE
SECTION 5: PUTTING IT ALL TOGETHER
SECTION 6: TRADING PSYCHOLOGY
SECTION 7: BONUS PATTERN #1 “THE GARTLEY”
SECTION 8: BONUS PATTERN #2 “OVERLAPPING FIBONACCIS”
SECTION 9: THE PLAN OF ACTION

Plus… hours of actual trading examples.

It’s not cheap at $300 for the online version (6 months access) and just under $400 for the CD version (4 CDs) of the Forex course. Going to have to do some research on this course before purchasing.

Update on Forex Mentor Video Training Review

After weeks of research I’d read mostly good stuff about this Forex training product, so bought a copy. I’ve had the Forex training course about a week and am no where near through it all, so far it appears to be a well thought out Forex training course.

I’m not ready to trade currencies yet, the course has so far introduced me to important concepts in Forex trading and I now understand why those automated Forex signal software systems are generally not a good idea, they mainly go on historic data, not what is happening today in the markets/politics etc…

For example, take what has happened with the credit crunch and banks on the verge of going under (some actually going under!). There is no way automated software could predict a practically worldwide interest rate cut of a 1/2 point, this makes the Forex automated signals at best an educated guess!

I can make an educated guess for free :)

Still a lot of training to go, but so far I’m happy with the course. The real test will come when I’ve learnt enough to fell confident enough to trade, eek!!! I’m very busy with my SEO company right now (so many online businesses struggling!), so don’t think I’ll find the time to trade until after Christmas now.

If you know little about Forex trading (like I was when I started to write this article) I can recommend the Forexmentor The Coach’s Guide to Building a Successful Trading Plan.

Forex Automoney 100% Automatic Forex Trading Signals Review

Forex Automoney – 100% Automatic Forex Trading Signals : This Forex trading system sounds great as long as they are good at what they do (I have no idea at this point).

They have a three day cheap trial for $5, so when I’m ready to trade (by November I hope) will definitely Try the Forex Auto Money trial at least, unless I find a problem with the product through research.

They give away a Free PDF Forex Report that gives a brief overview of Forex currency trading with their system. It’s not very detailed/useful to be honest.

Update on Forex Automoney Review

Found a BIG problem with the Forex Auto Money software system.

I signed up for free Forex Automoney email updates, every day I’ve got an email telling me how much money I could have made had I used the automated software system to trade currencies the previous day:

Subject: David: 13/09/2008 – DAILY EARNINGS REPORT
Yesterday you could earn even $2062.16

Subject: David: 14/09/2008 – DAILY EARNINGS REPORT
Yesterday you could earn even $1321.47

Subject: David: 15/09/2008 – DAILY EARNINGS REPORT
Yesterday you could earn even $1335.10

Only one TINY problem with this, 13th was a Saturday, 14th was a Sunday and 15th was a Monday. “So what” I hear some of you say who have never traded shares or traded money on the Forex before :)

Well unless things have changed this month the various money markets are CLOSED over the weekend. Yes, you could maybe get a Saturday report (covering Friday currency deals) if they were tracking different time zones or something, but there’s no way you could have Forex trading Friday, Saturday, Sunday and Monday in the real world, it’s not possible.

If I get 7 reports a week it will confirm a problem (update soon).

Since these emails are obviously BS I have to come to the conclusion the entire marketing of this Forex trading system is BS as well and must be taken with a LARGE pinch of skepticism. Looks like I stumbled on a Forex SCAM or at best a Forex trading company willing to BS on their marketing and reporting information!

Hmm, after a little research on Google I find others have noticed the Forex trading on days the currency exchange was closed! I will no longer be signing up for the Forex Automoney 3 day trial.

Second Update on Forex Automoney Review

As I suspect I’ve been receiving the Forex Automoney “DAILY EARNINGS REPORT” every day (7 days a week). Since there’s no way to trade currencies 7 days a week there’s something not right about this system, so I won’t be using it!

Save your money and stay away from this obvious Forex SCAM!!

David Law