This is a sister service to Moneytext, which I trialled earlier this year. Unfortunately, though that got off to a good start, it subsequently fell into a bad patch and I was obliged to fail it after 10 weeks. Despite the results at that time, I felt that it was never far from a profit and suggested trying it again when trading conditions improved in the autumn. It’s arguable just how much trading in general has improved at all, but with the launch of this sister service, it seemed like a good time to try the combined offering. I say combined offering, because Financial Texts not only provides Forex trades to your mobile phone each morning, it also includes the Moneytext service which deals with the FTSE index, so it’s a case of Buy One, Get One Free at this store. Texts are not sent on Mondays as the trading is not felt to be worthwhile then. They are received generally between 8.00 and 10.00am, with follow-up instructions when needed. They are in the form of Orders to buy or sell, with limits and stops advised and a time limit for their expiry, if not filled.
The Orders on Tuesday and today were not filled and lapsed at the cutoff time. Of the two messages received on Wednesday, one was closed at break even, the other made 22 pips. Thursday, a FTSE BUY lost 16 pips so the week ended with just 6 pips in the bank.
Arik, the author of the service, advises a bank of at least £1000 and a policy of risking 2.5% of that figure. Since this may not suit everybody – and is certainly nowhere near the apparently standard Cash-Master £10 stake – I shall avoid staking plan calculations and simply report pips P/L & strike rate.
This week, therefore: 6 pips made, SR 33%.