Welcome to BossTraders review. BossTraders.com is a trading education service that offers managed accounts and signal alerts too.
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The owner, Trevor James, is primarily trading Forex, Futures and Equities while also claiming to be a professional trader.
He also runs T. James and Co which is a proprietary trading firm based in Atlanta proclaiming to trade Equities, Futures, Options, Commodities, and Foreign Exchange with their own funds.
Note: For one to be considered a professional trader, they must trade on a full time basis and for a living. They must have reliable and proven tools for trading such as these recommendations here.
According to the website of Boss Traders, students will be helped to become sophisticated and contently profitable traders.
For that reason, BossTraders is offering two signal packs at a monthly subscription cost of $49 or $100.
Additionally, Trevor Jame’s managed account is allegedly generating profits of between $1500 and $5,000 respectively.
I don’t know under what assumptions or parameters these figures are based on.
Therefore, in this BossTraders review, I will let you know whether or not this investing service is viable.
Boss Traders is located in Atlanta Georgia.
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Apart from trading signals and managed accounts, Mr Trevor James of Boss Trader also charges for trading education.
A Forex trading course on the BossTraders website goes for $249. What exactly does this course consist of?
It consists of the following:
- Candlestick patterns
- Technical analysis
- Fibonacci Trading
- Capital management
- Using Trading orders and MT4 installation basics
That’s all that this Forex course is offering. However, many people still don’t know that these things can be found free of charge on the internet.
A simple Google search will reveal a lot of trading resources from where all the content of this Forex trading course was curated.
The second course offered by BossTraders is a stock investing course.
It consists of the following:
- How to build a portfolio
- How to find great companies
- Technical and fundamental analysis
- Setting up a brokerage account
- How to analyze stocks like a professional
Basically, that’s it. The cost of this stock investing course is $249. What Boss Traders does not tell you is that all of this content is offered for free online.
Finally, BossTrader is offering an options trading course. Content include:
- 3 uses of options in a portfolio
- Risks that should be avoided
- How to place an option order
- Advanced options trading strategy
- Mistakes that beginners make.
This course goes for $249.
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Boss Traders Review: the signals and strategy
Marketing materials on the BossTraders website claims that their traders are continuously scanning the markets for high probability trade setups.
They focus on higher timeframes like 4 hours, daily and weekly.
This indicates that they are swing traders. Boss Traders believes that they have an edge.
The edge is in their technical analysis and pattern recognition.
They tell the community that trades are based on favorite risk reward ratios and that they trade 10 most stable currency pairs.
They use stops and signals are sent via Telegram and email.
Based on the explanation, we can’t find key details of BossTraders’ strategy or trading methodology.
Obviously their explanation is general in nature. We observed a similar trend when reviewing Trading Academy, TradeSight, iTradeAims and Apex Investing.
BossTraders Review: trading results
There are no trading results. The entire sales page is all about providing education and trading services like signals and managed accounts.
Verifiable trading performance is the only indicator that students and investors use when looking for the viability of a service.
Mr. Trevor James does not have a track record of successful trading,
Not even a myfxbook account has been opened in his name. Even if he opens one now, it will take at least 6 months of trading to gauge his level of prowess.
While BossTraders comes across as a professional website and trading education service, their lack of providing trading results is their latest undoing.
This creates the impression that Trevor James is actually not a full time professional trader.
It makes us believe that he is actually an internet marketer with a knack in trading and marketing.
That does not necessarily make him a consistently profitable trader that he wants to turn you into.
Thanks for reading our BossTraders review.
3 Responses to “Bosstraders Review: is it Legit?”
This seller also sold his service at Fiverr, where he had one rating on his service (proof: http://www.youtube.com/watch?v=uScH7xktWKM&t=5m33s , video uploaded April 24, 2020), however his profile seems to have been removed there in the meantime.
He is constantly emphasizing that he is not using Stop Loss, only Take Profit, because (citing his web site) “you don’t lose in Forex unless you close your trades”.
Number of currency pairs traded according to the web site is 10 (for the $49 package; was 7 for the $50 Fiverr deal). Seller claims to be a swing trader; signals are open 1 to 3 days (web site claim) or up to 7 days (Fiverr gig). He promises a minimum of 500 pips per month for the $49 package and claims an average of 2,000 pips, with an average of 50 pips per trade (see the private message sent from the seller in the video linked above at 5:53).
I purchased his $49 package for one month and was invited into two Telegram groups, one for distribution of the signals only (48 subscribers at the time of writing) and one for general Forex discussions, probably for all subscribers of all his services (147 members), plus I keep receiving five emails per week (daily Monday to Friday) with zero to two new signals (plus a reminder to keep the already opened trades open, because “we do not use Stop Loss”, and everything is down to proper risk management).
No indication is given about his analysis or strategy or where he derives his signals from at all, plus my question as to which leverage to use in accordance with his risk management strategy still remains unanswered.
Performance of the signals I received so far (Only listing the newly opened trades after my sign-up and reconstructing the performance on my historical data, as I soon stopped opening live trades with these signals):
– May 26: Sell EURCAD, Entry 1.5208, TP 1.5168: closed after 5 days; profit 40 pips, drawdown over 170 pips (crossed 1.53805 May 29).
– May 27: Buy GBPAUD, Entry 1.8520, TP1 1.8625, TP2 1.8700: TP1 was hit within one hour (gain 95 pips), TP2 never. Pair went below 1.8060 on June 3, 4 and 5; max. drawdown so far >460 pips. Currently at 1.81248; “still a buy” according to this morning’s trade update.
– May 27: Sell AUDCAD, Entry 0.9100, TP 0.9025: Trade still open; currently at 0.9377; drawdown 277 pips, planned profit 75 pips.
– May 28: Buy EURAUD, Entry 1.6629, TP 1.6704: TP hit within ten hours, gain 75 pips.
– May 29: Buy GBPAUD, Entry 1.8479, TP1 1.8565, TP2 1.8700: TP1 hit within three hours, TP2 never. See above.
– June 1: Buy USDCHF, Entry 0.9608, TP1 0.9638, TP2 0.9660. TP1 hit on June 2 (profit 30 pips), TP2 never. Max. drawdown 66 pips.
– June 4: Sell EURJPY, Entry 121.98, TP1 121.55, SL 122.30. SL would have been reached within 30 minutes (despite seller claiming to never use SL), loss 32 pips; TP not reached yet.
– June 5: Sell CHFJPY, Entry 114.00, TP1 113.70, TP2 112.70. TP1 hit June 7, TP2 never.
– June 8: Sell CHFJPY, Entry 113.55, TP1 112.70. TP1 hit, TP2 never.
– June 8: Buy USDCHF, Entry 0.9629, TP1 0.9649, TP2 0.9665. Open.
It is not difficult at all to close Forex trades in the lower two-digit pips range; it is however less easy if one tries to maintain a sensible risk-reward ratio within the trades – which the seller conveniently circumvents by shifting all responsibility towards the signal buyer/user and his risk management (through requiring him to use proper lot sizes) by simply declaring his trading style as “swing trading” and ruling out any potential losses from the start by just not using SL and simply waiting until each chart reverts by themselves (Which is not exactly hard to predict also; it is similar to predicting that after the next night the sun will rise again), making the duration of the open trades the only actual variable(which is highly fluctual and so far ranges from 30 minutes to almost two weeks).
The seller is sometimes right about a chart’s direction, but often the market turns around just after the publication of his signals, or refuses to turn around and remains the current trend when he predicts a reversal.
Therefore, overall I would describe the seller’s strategy as “gambling” at best. In combination with him experimenting with Stop Loss (despite his constant claims to not use) and a combination of “lucky” trades closing within a few hours and “trades gone wrong” open for over a week with huge drawdowns I would highly doubt the seller’s self-proclaimed 12-year experience trading Forex and other products (according to his web site). The profits realized in the single trades must be weighed critically against one’s incurring over-night fees per trade, and, given that similar profits can easily be realized also by rather inexperienced scalpers during intraday trading, the quality of the provided signals must be considered definitely not worth the money for the monthly subscription. Of course one can also find positive reviews, e. g. in the seller’s own Telegram group, of people proudly claiming to have generated a 40% profit during the last month by strictly following the signals given, but keep in mind that these come with a huge risk (no SL, drawdown 500% of profit) which other (at least as profitable) sellers avoid by providing you a Stop Loss.
I have been receiving his signals since the beginning of May. Though he doesn’t use SL, i’m using it on all his trades with 1:1 R/R. I think not using SL i stupid. But… During those 3 months those signals have provided me (2% per trade, -4% max drawdown) 50.6% of total gain (37 wins and 16 losses). Though 53 trades is not conclusive by any means i think those signals at least so far are worth the money. And no, i’m not paid to promote him 🙂
I have been using him since May and have steadily increased my account. However, he enters trades very patriotically and favours the USD without considering world events. This resulted in a huge drawdown going against the AUD at the height of the pandemic. Those pairs were in the red for a food 5 months and he eventually stopped providing updates on them (with each signal, he lists open trades, but the worst AUD pair mysteriously disappeared off that list several months in b4 hitting TP). Still, I learned to not panic sell very early and it eventually took profit. Though I made more profit than the subscription fee, I am making way more money with my own picks now and am cancelling today because his USD trades are costing me $3-$4k drawdown on a $65k account. That doesn’t seem like a lot, but I have 20 open trades and $1000 is the next closest. Most of them are in the low $100s. In addition, the USD is (actually was upon entry) close to an all time high, so investing in it now seems doubly illogical.
Conclusion: 3 out of 5 stars, if you can afford to hold positions for 6+ months!