I been with iMarketsLive for about a week. I signed up April 10, 2016. I immediately got setup with the mirror trading service using a FXCM demo account because that’s what attracted me to it. I just chose a random master trader to copy trades from. That is Smooth Sterling. I don’t know if I have bad luck or what, but once I joined, Smooth Sterling started to take unusual trades. He opens trades but he doesn’t close them. Also some trades gets copied and some doesn’t.
Smooth Sterling Open Trades
I marked down 1, 2, 3, and 4 in the screenshots, which are trades that my account successfully copied. The red rectangles are trades that my account was not able to copied. You can compare it to my account below:
So I have a bunch of AUD/USD trades open, which are way out of the money right now. I’m not so sure it would even reverse for awhile. I’m not too worried about losing trades, but the accuracy of copying trades are 50% is worrisome. I’m currently going back and forth with their support to figure out what is going on. Their support takes one whole day to respond.
I also came across another issue with the mirror trader. There was one trade that my account copied, but I notice Smooth Sterling closed the trade. I took a look at my account and notice that same trade is still running and didn’t closed until the next day.
I don’t think I’m going to put in real money with the mirror trading service until they get this sorted out.
TradeUp2TheTop is a service that trades your MarketsWorld binary options account. They use a third party service called SignalPush that connects the trader with the client (you). The trader is Doug Demartini, you can find him on facebook and other social networks. The monthly subscription for him to trade your account is $350 per month.
Winning Percentage Review
The 1st question that everyone wants to know first. What is the winning percentage. He claims to have a 89% winning ratio in December 2015 to the end of January 2016. The winning percentage for my one month with him was around 60%. The month ended in profit, but it doesn’t justify the monthly cost to keep having him trade for you if your trade size is less than $200.
I deposited $200 in MarketsWorld and connected to him. I set my trade size to $2 per trade. He ended the month with $4 in profit. Remember it cost $350/month to have him trade for you. So if you scale that up to $200 trade size, which is 100x of what I’m set to, you would have ended the month with $400 in profit minus that $350 fee, you have ended the month with $50 profit. As long as he never dips below 60% winning percentage it should be fine to trade $200, but make sure you have at least $2000 in your account to buffer the losses.
Before I joined, Doug DeMartini was very responsive answering all my questions. Once I signed up, the hiccups started happening. The 1st one is it took a week to get me connected. Turns out he forgot to connect me until I asked him what the status was. Once I got connected, he has been taking 1 to 3 trades per day for a few days and my account was down. Its good that he’s using risk management so your account won’t go down too much. Then he stopped trading for a week. So my account was doing nothing, but subscription is still counting down. I sent him email about what’s going on. He didn’t respond till a week later. Turns out he was having some personal issues, but he said he’ll extend everyone’s subscription by the missed time. Sounds good, but two weeks SignalPush disconnected me. So he never extended my subscription. To summarize this part, it is a pain in the ass. The subscription is not automatic, so you must remember each month to pay Doug in order to not get disconnected. On top of that, he needs to remember to keep you connected. I sent him an email about getting reconnected and extending my account for the missed time. It’s been four days with no response for him. SignalPush reviews the trader before letting people using their service to trade for people. The require the trader to send them documents of their trade history. They do this to protect the clients from fake traders that can’t trade.
Until he reaches back out to me, I’m going to consider this service something to avoid. I want to be able to slowly build up the account taking $5 trades, then move to $10, then $20, and so on. I don’t think I can begin with $200 trades. I’m most likely not going to use TradeUp2TheTop again. $350 per month is very hefty for mediocre results.
I thought I post about this pretty cool service that enables you to gain an easy and extra income from Forex Trading. There has been a lot of fuss going on about iMarketsLive passing around facebook. Some of you may have heard about it already. It’s a company with an establish trading system that allows you make profits from copying traders while at the same time you can learn to trade yourself using their harmonic scanner. Most of you may not have time to trade yourself, you can just use the mirror trading or auto trading part of the service and let the profits row in month after month without lifting a finger. Disclaimer: I’m not going to guarantee you’ll always profit, but there will be times when the trader that you’re copying from may lose.
A couple people that I known for a few years have joined the system so I decided to take the plunge and pay the $200 to join to see what its about. There’s a 7 day return policy so within 7 days if you decide you don’t want it you can email support and ask for a refund.
They’re having a promotion right now where any new customer can join for $1. Yes a freaking dollar! So that $1 gives you full access as that of a regular customer who paid $200 to join earlier. That $1 lets you use their site until May 4, 2016. If you decide you want to continue using the service, then you pay $145 per month.
Here’s the gist of what you get:
- Access to Live Trading Room that is open from 8AM to 12PM EST.
- Access to Mirror Trading, where you can add a Demo or Live forex broker account.
- I’m current using this with the demo for a week or two to see how it does before I put in real money in the Live account.
- There are some master traders and you can look at their complete win loss history going back as far as when they joined. I see one trade with a history that goes back as much as 2-3 years. I’m currently mirroring Smooth Sterlings trades at the moment.
- Access to the Harmonic Scanner, which is use in MetaTrader 4.
- Access to training material where you learn to trade.
You don’t even need to pay $1 to see how this works. Every Tuesday, Wednesday, and Thursday you can trade with iMarketsLive CEO Chris Terry trade for free. Disclaimer: Trading is a risk and you must understand that. You must use proper risk management when trading.
You can sign up with anyone. I don’t really plan to refer people with this, but if you sign up with me I will help you get going. They’re doing this thing similar to LivingSocial where if you refer three people to sign up, your subscription will be free. I’m also in an established team with a facebook group willing to help whoever is in our team. If you want to stay on the side lines for awhile or trade demo with the free session that’s perfectly fine. You can also check out my website weekly for my iMarketsLive progress. I’m going to be posting weekly reports of profits/losses. Hopefully I don’t post any losses. =)
By the way here’s a simple guide on what to do once sign up, the IML Train.