Lost your Money in an online investment scam? There's something you can do!!CLICK HERE TO GET YOUR MONEY BACK
Today we’re taking a closer look at a managed Forex account and trading education provider, Forex-day-trading.com.
Investors have requested a review of this peculiar Forex investment provider which promises professional trading tools and training through fast-track trading program.
Forex Day Trading claims that it is offering an investment opportunity to beginners and experienced traders who want to earn a living from Forex trading.
Forex-day-trading.com claims that their managed accounts are professionally handled and maximum safety of funds therein is observed.
In addition to this, they offer a free MP3 to tune the student’s mind for trading success.
The domain Forex-day-trading.com was established in 2002 and according to who.is record, Forex-day-trading.com is owned by Kevin De Silva.
Their physical address is listed as TB 05-08 Crystal Tower, Bukit Indah, Ampang Kuala Lumpur. They can be contacted through email or a UK phone number +44 20 3332 0054.
Forex-day-trading.com has also assigned different support emails for each one of their department.
Clients who want Forex training, technical support or answers related to sales will be able to reach them using different emails.
Forex-day-trading.com maintains this Facebook page where they also provide market overview with no detailed information of whether traders should buy or sell at a specific price.
The question is whether Forex-day-trading.com is a reliable money manager.
Forex Day Trading is an IB to FXPrimus Forex broker. When an investor wants a managed Forex account, they are given a form to fill and afterwards, details are communicated.
On the other hand, Forex traders who want to learn trading are provided with free training tools and also obligated to download a copy of the MT4 trading platform.
Students are invited to try out the company’s 30-day real life demo trading for free. After this period elapses, it’s not clear whether students will be forced to pay for additional trading experience.
They call this program Forex Fast Track FX pro Trader and they claim that it is meant to accelerate the training of the student.
In this Forex training, traders are expected to familiarize themselves with advanced training tools. Forex-day-trading.com also intends to introduce technical analysis and signal generation software.
This is to say that they are planning to start offering trading indicators which pinpoint where to enter and exit trades. Of course a lot of technical analysis is done in the background while the trader’s job is to follow what he sees on the screen.
It’s not clear when Forex-Day-Trading.com will launch these tools. The third step is to listen to the FX Mind Tuner MP3.
Download link is provided only after you have requested to download the company’s MT4 trading platform.
Trader success requirements: Forex-Day-Trader.com qualifications to become a money manager
They’re running a certain program where traders’ skills are tested to qualify them for a managed Forex account.
The requirements of the Trader success program are somehow not realistic as traders are supposed to complete 500 trades in a span of 6 months.
This would mean taking more than 3 trades a day. Over-trading is the main reason why new traders fail and by taking 3 trades a day, you are basically over trading.
Moreover, the pressure of meeting the target in 6 months is something that will make nearly every trader fail to qualify for the Trader success program.
Forex-Day-Trading.com also wants new traders to limit downside or trades floating for a long time.
This is something that professional traders cannot avoid as the market is usually moving at its own pace. Trying to force the market to move in your direction or with the speed you want is the number one factor that contributes to failure.
Therefore, Forex-Day-Trading.com has created impossible to achieve rules.
On the other hand, professional traders with a solid track record are allowed to apply for the FX Pro Trader program which excludes the above steps or requirements.
Managed Forex accounts by Forex-Day-Trading.com: Are they profitable?
The minimum deposit is $5,000. Forex Day Trading is advertising high, risk-adjusted returns. In addition to this, they advertise to investors that their managed accounts provide asset diversification as multiple currency pairs including Cryptocurrencies like Bitcoin are traded.
They advertise professional account management to investors and now the question must be this; where is the track record?
Forex Day Trading does not provide proof of successful trading. There’s no advertised returns and so investors cannot expect any rough figure unless they contact the operators directly.
Performance or incentive fees is 40% of the profits generated.
In addition to this, Forex Day Trading charges 3%.
They claim that their fees are way cheaper than companies like Steven Cohen of SAC Capital Advisors or Jim Simon’s Renaissance Technologies.
Bottom line is that investors need some level of upfront transparency in terms of trading performance.
There’s poor feedback regarding this managed Forex account provider. However, there are two comments on the FPA forum depicting this service in a positive way.
I’m wondering why there are only two comments when this service has been around for a very long time. One of the customers claimed that the company’s managed accounts were profitable while another student claimed the training is profitable.
The authenticity of these reviews are hard to establish as anyone can just create a FPA account to post fake reviews. You just need a different IP address to create multiple accounts and post the fake reviews.
Qualifying for a professional trader position with Forex Day Trading is next to impossible but above everything, their managed Forex accounts are not as transparent.
We need their myfxbook account or at least something that investors can see and come to the conclusion that their managed Forex accounts are reasonably profitable.
I am waiting to see more feedback regarding this service. In the meantime, those of you who have used this service should start commenting.
Thanks for reading the Forex-day-trading.com review.