I am a relatively new trader using the FFR for exactly one month with no previous experience in Forex. I have only found this series of communication on FFR this morning, and having read the back record, have already learnt a lot of things I wish I had known earlier. I am desperately looking for other FFR traders to chat to about the robot, and was disappointed to see this end in early May. What has happened to David Jellis and others. Are you still actively using FFR? Am I missing some other blogs or discussion forums on the use of FFR. At the moment Gill talks about the 'Family' but I don't feel like a member of one.
I started the original thread to see who was using FFR and how they were getting on. I was especially interested as I lost money on my second day's trading. Since then this thread has been mainly about discussing some of the risks of using FFR or similar systems for trading, rather than being a family discussion group.
However you may be interested in joining an email group that a number of FFR traders have formed over the last few months...after attending a couple of Family Days I have been networking with a number of FFR users and we have grown into a group of about 20 traders, who communicate regularly via email rather than this public forum.
I will drop you a message with my contact details so if you wish to you can join in our group discussions.
Martingale systems are very bad news, and most serious programmers know to stay away from it. You will enjoy some time with 100% win rate, and then your account will get wiped out or you'll get a margin call. This is a terrible way to do money management. Instead of trying to chase a 100% win rate, concentrate on developing a sound trading strategy and manage risk and losses in a reasonable manner.
gatornuke posted: Martingale systems are very bad news, and most serious programmers know to stay away from it. You will enjoy some time with 100% win rate, and then your account will get wiped out or you'll get a margin call. This is a terrible way to do money management. Instead of trying to chase a 100% win rate, concentrate on developing a sound trading strategy and manage risk and losses in a reasonable manner.
I agree, fortunately FFR only has a very small element of this though, as there are many, many factors and teachings that are provided face to face with customers of FFR at their events.
The link you provide relates to 100% per month which FFR do not advocate to its customers, in fact to the contrary, so no chasing 100% return in such a short period of time.
From attending recent FFR family days it becomes apparent more and more customers are realising that once they withdraw their initial investment they are then realising infinite returns. I refer to my recent post where one of the customers posts some great up to date advice that compliment the great results they are achieving.
I thought time I should post again. I was critical of the FFR system, and I still believe Gill is rather irresponsible in not giving proper advice to stop new traders losing large sums of their money when they first start. I followed Gill's guidelines to the letter. Since then I have made a bit, lost a bit, made a bit, and I am getting slowly back to my starting point.
However with David's help, and Ravi, I do believe it's possible to make money with this system. These are great people to be associated with during the sleepless times (thanks guys!). It's one hell of a lot riskier than I would ever have been happy with had I known, and - warning to new users - you should be comfortable with that before you pay up and take it on. But if you use fixed lots and nurse the thing along, if you have enough money to put in the account in the first place (to cover the £240 a month), and if you are prepared to lose that money if it all goes wrong, then go for it.
A number of FFR traders are sharing their learning to help each other understand the risks and how best to set the robot to trade safely. It must be highlighted that the FFR system is not a simple martingale system, and it has a number of safety features that can be used to protect you, for example to restrict the length of strings to protect your margins when charts trend. The real art is finding a way to make decent profits (not 100% stuff...really aimed at 5-15% per month) without putting too much risk on your capital. The FFR team provide assistance as part of your subscription, which is something other EA systems do not have.
I think many new traders have lost money as the Forex market has been over-simplified by Gill in her sales material, and it is more risky than it first appeared...you can play it safe, but returns are not very high, and so many traders have played with the settings to earn higher sums and been caught out by shifts in the markets. Based on our shared learning we are finding ways to increase the returns whilst still protecting your capital from all but the most dramatic shifts in the charts, although it can still be a nervous game, as recent stresses in the markets have shown.
So, I agree that pure Martingale systems are highly dangerous, as is Forex trading generally, but there are ways to use FFR to trade in a way that can produce decent returns in a safer way, managing risk to suit each trader's risk appetite.
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