July 16, 2011

Moneytext

This a Forex trading advice service with a 30-Day free trial, which is fair, followed, if you like the results, by a monthly subscription more or less in line with the average horse tipping service.

As promised on the sales page, this is very simple, requires no work at all with your own crystal ball and takes but a few moments of your time each day. You receive a text to your mobile phone each morning when there is a trade opportunity, you enter the trades in a suitable spread-betting program and leave it to activate when conditions are met.

Or maybe not. The first morning, I received a message at 9.35am, advising me to place two trades on the FTSE index, one a buy, one a sell. Price and stops were advised, also a cancellation time. Within the two hour window allowed, neither was activated.

With the targets and stops advised, a success rate of around two thirds would break even, so if the claimed strike of 82% is realised, this would be a profitable service.

After testing for ten weeks the strike rate was down to 40% and the bank to £852.65, this being a loss of 97 pips overall.

This isn’t actually a big loss, taken over 10 weeks, but the strike rate has steadily declined in that time from the claimed 82%. Indeed, since the 23rd May there have been only 5 winning trades from 23. When you consider the cost of the service, it will obviously take a long time to get into profit while keeping pace with the subs.

Whether the Author can modify his selection criteria in a beneficial way I don’t know, but clearly, in its present form it can’t be considered to be a profit centre. Consequently, I have to judge it as Failed.

You can try Moneytext for free here:

http://www.cash-master.com/moneytext.php

Filed under Forex,FTSE 100,Spread Betting by Terry Shepherd

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