I saw someone asking about FreedomRocks FX trading on a forum today. I went and looked at it and I had to laugh. They flash some really complex stuff like “Moving Average” on screen to highlight how complicated and intimidating trading is. Don’t worry if you don’t understand what they are talking about, though, because according to their promotional video:
You don’t need to know how everything in your car works in order to drive effictively, and the same principle applies here.
What is the system they sell? It appears they put you in a long position, and then place a buy line below your position, and a sell line above it. Whenever your position goes against you as far as the buy line, simply buy more! Eventually, the price will undergo a correction, they say, and you will make money. Here’s the educational graphic:
Here’s the case where the position goes in your favor, and you inexplicably only sell 1 lot, even though you supposedly know a correction is about to happen:
What they don’t say is… what happens if there is no correction? And, if there is always a correction, why bother putting on the initial position? Their examples show the original position always breaking even…
While the video looks pretty slick, it’s amusing to note that during the entire running time, there’s an obvious “Your Name Here” that they forgot to fill in on their template. :-) At FreedomRocks, attention to detail is job #1!
I have not tried their service, so they could be the best thing since sliced bread. If so, then their marketing is doing them a great disservice by offering to do things like “allow you to select virtually any interest rate you desire on your portfolio.” Yeah, because knowing you’ve got that 10% interest rate will make you really happy when half your account has evaporated…
If you watch their movie and do not agree with me, they have a free trial you can try out. I’m opting to pass on this particular offer of a lifetime.
December 4th, 2006 at 5:05 pm
Ah lovely, risk $100 to make $1. But give them credit, in a choppy, sideways trending market, this system will make money.
Until it doesn’t.
And then you’re broke.
But until then, you’re just printing those bills hand over fist! Boo yah!
December 4th, 2006 at 7:20 pm
So, in the end you are broke, but the first and middle parts are amazing. :-)
I can’t believe anyone goes for this stuff, but it garnished enough interest to get mentioned on forums.
July 18th, 2008 at 6:20 am
I think it’s important to be realistic. I have nothing with the author but i think that some of these tips might have worked well with him, so he is genuine in putting them forward :-)
July 18th, 2008 at 8:10 am
Well, like I said, I never signed up… it might be an amazing service.
August 20th, 2008 at 8:20 am
Educating yoursef with books, chatting on related forums, watching forex videos is the best way to improve your forex trading and success. Also these graphs seem to make a little sense but i am a little sceptical about it. I need to check out their free trial, only then i would be able to know how far it is affective.