Trade Room Plus Review: Is Simon a Scam?
Trade Room Plus at traderoomplus was registered in November 2013 to provide live trading room and education support.
The service has existed for quite some time now, and I expect them to be different from the competition if they want to take the top spot in our recommended list of trading education providers and resources.
Trade Room Plus focuses on Forex and Indices, and they also claim that no credit cards, contact or obligation will be required.
Traderoomplus also proclaims that their website is a platform where people can learn, trade and grow together.
In the meantime, the trading school is also providing a 14 day free trial in addition to 6 months free chatroom membership if you subscribe via their affiliate broker, global.markets.com.
Who runs Trade Room Plus?
The service is run by someone who introduces himself as Simon.
He runs a YouTube channel whose videos are made up of continuous talking and no real, actionable trade ideas or samples of trades he executed.
On the website, he proclaims that Trade Room Plus is the UK’s Premier Professional live trade room.
Is there any truths to these proclamations, or is this some sort of cheap entertainment?
TradeRoomPLus.com collection of services
Other than the trading room and education, these folks also offer a copy trading service.
The trading room is allegedly where Simon will post his live trades everyday.
He will also use this opportunity to teach his strategies, how he enters and exits trades, and so on.
Simon also claims that his chatroom accommodates as many questions as students would like, and of course he reassures that there will be no hindsight trading.
The members area consists of course materials for beginners who want to learn while the chatroom is said to be ideal for people who have a job.
The copy trading service is allegedly profitable because traders will be copying Simon’s strategies.
In fact, in August of 2019, he claims to have gained 39.49%.
What I don’t understand is why there’s no myfxbook link to these results, despite Simon providing a screenshot of his supposed myfxbook account.
At the same time, the sales page proclaims that trading and teaching is done by “proven profitable traders”.
The community is definitely interested in knowing who these traders are and what their trading background looks like.
It’s easier said than done.
The Cost of Joining Trade Room Plus
There are 3 subscription plans which give access to the live trading room and members only live chat.
These membership plans also provide some sort of psychology masterclass training in addition to signal alerts via Telegram.
To sign up, students will pay £39.99/monthly, £106.99/quarterly or £339.99 yearly.
Trade Room Plus is also offering free access to the trading room, provided students have signed up using their affiliated broker.
This will mean signing up with the broker and funding your account, regardless of whether or not you like this broker.
They post unverified testimonials
The homepage of this trading school contains “testimonials” of alleged students who subscribed to enjoy Simon’s chatroom.
The reason I say unverified testimonials is because this trading school is actually not popular.
There are no reviews from actual customers anywhere on the internet.
I am unable to verify the testimonials which appear on their website due to this reason.
Does Simon trade for a living?
In one of the YouTube videos, he claims that he is trading for a living.
I doubt if this is true because anybody who trades for a living and would like to sell their service will definitely have their traded documented properly.
Why do we document trades when selling any kind of trading or invetsment service?
Because investors and clients out there are skeptic. They want to see what a trading educator has done so far.
Investors no longer want to commit funds if they’re not sure.
Simon only posts a screenshot of his Myfxbook account. But where is this account?
It seems it has been deleted because my search didn’t bear any fruit.
I actually want to commit funds when I am sure that the trading performance is real and consistent.
This is something that Simon of Trade Room Plus is failing at.
Should you sign up for Trade Room Plus?
Although there’s a 14 day trial and a 6 months free chatroom access, the quality of the chatroom trades is still not clear.
Simon provides no insights of his strategies upfront.
The 6 months free access wouldn’t be so helpful because we’re still committing real funds (through copy trading ) while trusting in his abilities to help us make money.
Many traders would never take this risk.
In my opinion, I would say this service isn’t really worth it.
Conclusion
Majority of traders out there need a trading school where operators are fully transpatent.
If they claim to trade for a living and would like to sell their services, they should provide proof of performance.
How about Trade Room Plus’ blog post education?
The lessons are good but they are no different from what is already available on the internet.
At this point, we would like to see their trading results, strategy insights and real customer feedback.
I’ll therefore keep vigil on Trade Room Plus to see whether changes that make it more transparent will be made in the near future.
Richard
I traded with these guys for a couple of years and on the surface they looked as though they were one of the few legit services out there.
Eventually it came clear that didn’t really have a big enough trading account which suited their style of trading so I gave up.
I was lured back in a couple of years later by their copy trading system as I didn’t have much time in the day to trade and fancied making a bit of a passive income from this.
My account again was huge, but I was tempted by the 39% ROI claim so I gave it a go.
After a few days I noticed that my account hadn’t moved and no trades had been made so I decided to watch the live room the next day to see if it was just a quite few days.
After watching for an hour or and noticing a least two trades taken the flowing day I got home that night to see no trades had been made again? I emailed Simon and asked what had happened and he asked me to check with the trading platform if it was live ( which it was ) and if there was any issues.
Anyway a few more days went by and still no trades were being made. I emailed Simon again and he claimed that it was a slow period and it’ll soon pick up.
Again a few more days went by with no trades so I again emailed and Simon replied stating that trading had been patchy due to him being in hospital ?? Things didn’t seem to pick even after this and after my next email the excuse was that he had made trades but he wasn’t very confident in them so he didn’t bother activating the copy trade account until this case ??!!
Eventually it transpired that the copy trades only happen if he remembers to actually activate them once a trade is opened which it seems that he didn’t remember very often. The same goes for the telegram group. This was also very sporadic. You wouldn’t hear anything int them for weeks then every so often you would get a message about a trade that was about to happen of some info on trades that were took that day.
And to top it all off even when trades did copy of over the returns we’re minuscule, grated I didn’t have a big account ( around 3k) but 600 point moves where returning just a few pounds so after a month or so of trading my account was actually down.
This is when I deceived to cut my losses and pull out of it, communication was sporadic and eventually they stopped replying to my queries about the account even though Simon was very eager to sign me up in the first place ( this even included a phone call to get me set up) after that I was directed back to the broker for most of my enquiries.
Overall a very poor experience in which I completely lost faith in any trading courses.
Regards
Richard