Just before Christmas Graham invited us to join the Trading Elite Club run by Paul (aka PappaC) for a monthly subscription of £100. The Trading Elite is a signal service where you buy and sell Foreign Exchange (Forex). You need a broker or a spread betting account which allows you to make the trades, Betfair is not a suitable vehicle for this. However, you can start with funds as low as £100, but don’t expect to cover the subscription fees for a month or two. One caveat: profits made with brokers will incur tax, but are tax-free with spread betting companies, but spreads may be better with brokers. There are some tutorial videos on the Trading Elite Club website and a welcome pack you must read/watch if you are new to Forex trading.
The service started in mid-December and has a few (to put it mildly) teething issues. Hopefully these are behind us now, so, with that in mind I have no intention of recording or discussing recent history; I will start with a £10,000 bank to allow for £10 per pip trading from Monday 10th Jan.
Paul’s intention is to offer signals from 6 a.m. to 5 p.m. each trading day. Therefore I won’t be able to follow every trade Paul makes. What I can do is record the trades I do make. This will more closely follow how most people will use Paul’s service as with work and family commitments not many people will follow Paul’s trades 11 hours per day either.
Please note that this is an independent review, I do not make any money from this blog. I feel that given comments made elsewhere that this statement needs to be made.
Happy New Year to all readers.