If you have read the Forex Signals Tutorial and my first impressions about Millennium Traders, you have figured out that I really liked them. I still think that moderator guy JT knows his stuff, although the end of January and beginning of February has been quite poor for my trading with them. There were mostly signals which were hitting the stop loss and the few good ones didn’t make anything more than 10 – 20 pips.
The thing which worried me most and made my decision to stop using them was the stats on their home page. Even in the bads week the forex trading room the stats keep showing positive results.
Don’t get me wrong, I am not saying they fake their results. I believe they are not. There problem is these results are hypothetical based on no-one-can-tell-you-what-exactly. I would expect the results to be based on the positions which the moderators open and close and that’s probably the case. The problem is that when being in the room you get only their open alert. Then the standard 3 targets come and “Consider selling” (if the trade is a success), but you never know when the mod really closes his trade.
I know not to expect exact duplicating of the moderator’s results, but I would like a way to be as close as possible to them. Millennium Traders is not letting this happen. Therefore I am quitting.
Regardless of what I just wrote, I still think Millennium Traders offers one of the most professional services in the signals business. I plan to give them a second try pretty soon. But being a bit disillusioned by forex (because of the most managed accounts failures recently), I think I’ll try some of their stock trading rooms.
I hear yah Mr. Shark Investor. I’m pretty disillusioned with managed forex accounts, but I think I may be able to regain my initial excitement if this bad period of drawdowns comes to and end and I finally begin to see some pips.
Well, I wish you the best of luck with the stock trading signals but I don’t think the stock market is all that much better these days too.
Usually in times of economic troubles and turmoil (before you buy at the bottom) it’s best to be in precious metals or cash.
Take care.
Thanks for your comment, Alan. Hopefully you’ll be able to recover MA losses. I am still considering FXCM, just need some more time to jump in
I signed up for their free trial for one week, with the daytrading signals. Things were going fast, but it seems like they know what they are doing. However, if you look at their past performance, you can tell they are better at stock trading the forex trading. I have thought about signing up with the daily swing signals. However, I need a bit more capital before I jump in. And I have to get back from my trip in Asia. But I look forward to hear what you think about the stock signals. Let me know 🙂 And good luck.
Ya, Jakob, I have similar thoughts. The swing trades are pretty affordable if the results are really good. I have no much experience with stock trading so far however.
How’s it going in Asia, which countries do you visit?
Exactly. It is cheaper than the other signals, and the results looks good! I will give them a try when I get back home.
Well currently I am in Thailand, at Koh Samui. I am going back this sunday. I have been three weeks in India and three weeks here in Thailand. It sure has been an amazing trip. I will write some posts about it, when I am back home 🙂
Why in the world would anyone waste their money on Millenium-Traders trade rooms? I know, because they post FALSE performance records. They make a call then post the MAXIMUM points one COULD HAVE made if they followed the call. Thats like flipping a coin and saying LONG OR SHORT then saying well, if you would have taken my call you could have made X points before the next market turn. I have also seen a guest be verbally abused by JT because he was stopped out. Yet JT posted a win in their performance record. Total crock of @%*^. Do not be fooled by their performance records. They are 100% fantasy and do not reflect actual exits made by the traders. Some trades that ended up as losers based on ACTUAL exits are reported as wins. An extremely unethical business method on their part to attract newbie traders to pay their outrageous monthly fees. That is all.
I have had tyhe same experience with Millenyum and I am suspicious of their trade results. I followed pretty closely all the calls and after 5 weeks with a virtual platform most of the time, have determined I did better on my own.
I would like to defend Millennium here. Especially based upon Jonathan’s comments. I will admit when I first got to Millennium and saw the performance I was wowed by it. It looked amazing simply put. I joined on the one week free trial. As a warning they DO NOT provide exits (as jonathan said they did). And if you read their site it clearly stats that. At first I was like WTF? No exits. Then the guy JT made a good point, each trader needs different exits. Someone trading one mini should have a different exit point then someone trading 10 standard lots. After talking to him and taking the one on one training (which I found to be quite cheap, $750, compared to some of the several thousand $$$$ training packages I have bought at other places).
Anyway the signals are great and I make good money off it. It takes time to adjust your strategy overtime but nonetheless you can make very good money. The service is professional and cheap (only $125/mo if you go annual like me).
I myself have also seen JT flip on a newbie trader. I think they could handle the situation better but it gets annoying to myself as well when a newbie trader starts coming in there asking all sorts of questions when the information is on the site. That happens all the time with traders, not just at Millennium.
Overall I would rate them 4/5. They could improve things with their interface to make it more signals and less chat. I would recommend you give them a shot.
Charley,
That “someone trading one mini should have a different exit point then someone trading 10 standard lots.” is just more bull****. A trade is a trade.
Either it’s a win or it’s a loser. You log it as a win or you log it as a loser. You don’t say “well this” and “well that” when you a trading service. You give the entry and you give the exit. “Those who can, do. Those who can’t, teach.”
Charley, are you still with Millennium? How are your actual results? I just participated in day one of the free Trial and noticed the theoritical maximum profits are posted on the website. Therefore, I pulled all the trades for January, 2009 to yesterday and the service is profitable if one assumes 100% of the losing trade pips are realized (the 30 pip stop) and 50-70% of the winning trade pips are realized depending on the size of the move (the shorter the move the less percentage of the move you will be able to lock in before it turns). Looking for you to confirm your actual experience. Best regards,