Fast Track to Forex Success Review

4 comments

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  Justin

  12 years ago Reply

  I signed up for this when it first came out. You have to sign the Direct Debit form in order to get the first “free” edition, so that they can automatically bill you £20 for each fortnightly edition afterwards. I read & re-read the blurb, but was unable to find any information as to how much it would cost in total, so I emailed the Agora Lifestyles Customer Service Team. When they finally got back to me, they said:

  “In relation to your query, I can confirm that, over the course of a 12 month period, there are 26 guides sent to you by email every fortnight. ”

  OK, that means that the total cost for the “Fast Track to Forex Success” programme is £520 for a 25-30 page pdf that is emailed to you once every 2 weeks, over the course of a year – which to me seems like rather a lot of money.

  Lesson 2, the 25 page pdf which arrived yesterday (& which has now started to cost me £20 a shot), tells me to keep a trading log & gives me 2 trading plans. The first is a variation on Bollinger Bands & the second is based on Engulfing Candles. Strangely, in the “Free Trading Systems” link at the top of this very page you can find very, very similar information for free, & Mark has also given us a free Trading Journal Spreadsheet which we can download right here too. I’m just not getting big value for money signals on this one. I’m going to think about the cost/benefit of the “Fast Track to Forex Success” course for the next couple of days, but for under the cost of 3 of Max Munroe’s pdfs, I could buy the updated edition of Murphy’s “Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications” from Amazon, which is one of the great industry bibles & which has been a best seller for years. It’s one of the most expensive books I have ever thought of buying, & yet it would still cost me less that 10% of the total cost of this course. Hmmm

  Is anyone else trying the “Fast Track to Forex Success”, or have you had a chance to have a look at it properly yet Mark? I’m currently not convinced that it is the best way to spend £520, but I’m interested in what the rest of you have to say before I pull the plug.

  • 

    Terry

    12 years ago Reply

    hi Justin, I am a complete novice just looking at possibility of trading to make extra cash. I bought into Fast Track and find it informative reading but too slow in developing. If he would include some things that help us new traders to actually make some profits then it may be worth continuing but really it is too slow to develop and this makes it a very costly venture and one that I am quickly losing patience with. As you said, there are other publications covering the same material for a fraction of the cost.
    Has anyone found a relatively successful and easy to use system for a new trader like me. I would appreciate suggestions of a top 5 list of proven successful trading methods for new traders from yourself or Mark or anyone else who reads Traders Bulletin.

    • 

      Justin

      12 years ago Reply

      My advice – as one novice to another – is to read everything that you can get your hands on & spend as little money as possible. In fact, spend none. Download a copy of Metatrader & set up a (free) demo account. They start off with a fund of ten grand (of Mickey Mouse money), which will give you more than enough to play with on their live systems. Strangely enough, you cry just the same tears when you lose a big trade in a demo account (with fake money) as you do in the real world, it’s just that your wife or bank manager isn’t crying with you when you use a demo account. Mark’s articles are really good here & I recommend a site called BabyPips, which is also chock full of excellent free resources, & which has a huge, free, teach yourself Forex area.

      Forex has a vertical learning curve & you have only two choices.

      Choice One: You can lose real money, hand over fist, & buy several “Strategies” which cost hundreds or thousands of pounds each – which only speed up the rate at which you lose the real money. You can buy more advice & lose more real money – then after a couple of years your knowledge builds up, the losses decrease (hopefully) and (providing that your wife/husband/bank manager hasn’t throttled you) it all slowly starts to make sense. Then, and only then, you might start to make the extra cash that you want to. This approach also involves blood, sweat & lots of tears – & more research than you can shake a stick at. It will also cost you a big pile of real, hard-earned cash.

      Choice Two: Spend a couple of days finding out how to set up a free demo account with a broker. Then set up a couple more free demo accounts with other brokers. Don’t buy any systems at all. I mean it, just don’t. Also, do your level best to avoid adding any real money to any broker account. Try to follow this rule for at least a year (honest, I’m not kidding on this one either). Then read until you have forgotten what a real novel looks like. There is a vast amount of totally free Forex learning material out there (& on this very web site too) which will keep you going, and you can find hundreds of ways of “how not to trade” in your free, demo accounts (whilst losing Mickey Mouse money hand over fist – yet still crying real tears, because you should have known better, because you weren’t quite 100% sure what that indicator was actually indicating). Pretty much all the variations of the various “systems” are available for free, somewhere out on the net. Or something that is basically the same is anyway. Take them to pieces, put them back together again, & all the time, run them through your free, Mickey Mouse money, demo accounts. By the time that you work out that they are all worth exactly what you paid for them (ie nothing), you will have started to get your head around Forex. Oddly enough, this approach too also involves blood, sweat & lots of tears – & more research than you can shake a stick at, but it only incurs the cost of a handful of books at most. It will get you to the place that you want to be – think of it as a get rich slow scheme (as opposed to the get poor quick schemes that so many Forex “traders” want us to buy from them, at great cost).

      Terry, the successful trading method that you are searching for is actually “Choice Two” above. If you really want to, you can pay one or more people several thousand pounds first, & then still come back to “Choice Two” at around Christmas time, when it finally sinks in that the snake oil that you paid out all that money for “just don’t work” (& that the money is all gone too). Save all of your cash so that you can invest it in a trading account sometime next year (at the absolute earliest) – when you should stand a realistic chance of actually growing it, as opposed to instantly burning it.

      In terms of “Fast Track to Forex Success”, I’m going to take my own advice. With hindsight, I should have axed it last week & saved myself 20 quid (& realistically, I should never have signed up for it, as I should have known better). I could have bought Bollinger’s book for that 20 quid too. However, as I said at the beginning, Forex is a vertical learning curve. There is no “quick” way to do this. Anyone who tells you differently already has you pegged, & is just working out how much money they can take off you before you realise you’ve been had…

  • 

    A

    Mark Rose

    12 years ago Reply

    Thanks for your feedback Justin. Hopefully Max will get more in-depth info as the weeks go on, and you’ll find something to get your teeth into. Do keep us updated on how you progress with this. It would be great to hear from others who are using this service. (And I’m glad to hear that you find the resources on Trader’s Bulletin useful – maybe I should start charging for it!!)