Well, I did it. I went to see the 4x Made Easy seminar, or rather very pushy sales pitch.
It started on rather funny note. As I walked into the hotel, there was a large sign set up in the area of exhibit halls, saying “Psychic fair- palm and tarot reading”. It was right next to 4XME people table, as these events were in adjacent rooms. I started to laugh out loud drawing furtive looks from people.
Turnout was small, less than 20 people, while the competing “Psychic fair” was packed.
Speaker said he doesn't work for the company but is a user of the software and is getting compensated for doing these presentations. Fair enough. Since the audience was so small, he encouraged questions. He was stressing how much money can be made using the software, always using maximum leverage of either 100:1 or 200:1 or even 400:1 with some brokers. For example, a 300 pips move a day (always using High-Low figures), would have produced a return of as much as 1200% ! Impressive. I pointed out that using 400:1 leverage and a move going only 25 pips against you wipes out your account. “Do you recommend using maximum margin ?” I asked. “Well, not really” was the answer and proceeded to a function in the software which calculated the stop/ loss and target for each trade. “A billion dollars worth of technology is behind this function alone”, was his statement. Later on from some screen shots he presented it became apparent, that it was some fixed percentage of ATR. Nothing new there.
He continued to use extreme examples, like the move in GBP-USD on Wednesday, I think, a week ago, with a range of about 350 pips. Since the software gives signals by crossing lines,AND you have to wait for LARGE line separation, there was no way to catch the top and then get out at the bottom. One probably could pull out some nice profits there but nowhere near the extremes he was stating. I mentioned it, at which point he became irritated and suggested to keep the questions till after the presentation, because “we were running out of time”.
He finished his speech saying that this was an “opportunity of a lifetime” and we would be making “a great mistake by walking away without software”. His tone was really condescending and rather unpleasant.
If you bought the software on the spot, you would get a 2 day live course for free. Otherwise those classes are about 3000 dollars. To farther your education you can also attend “advanced workshop” for additional 6000 dollars. I wonder why? Supposedly the software comes with full tutorial, what do you need the classes for?
This whole “seminar” was an ultra high pressure sales pitch, quite distasteful. I didn't stick around for the speakers personal tips “To the first 5 buyers”.
At any rate, my personal feeling is, that the software itself, if used with great deal of discipline and diligence, can be profitable. The same can be said about any other trading tool. There is, however, one serious weakness there. You can only view about 20 periods of data back. That means a month on daily setting. In other words, you can only see signals and potential trades for that extremely limited time. I don't understand why they don't extend the look back time to say 500 bars. That should be easy to do, for an outfit which employs “A billion dollar worth of technology”. It also would make the software more convincing to people, if indeed it works as advertised. One of their representative called me during the week, asking why I hadn't bought it? I told him that if I see records of 100 consecutive trades, and the results are good, I'll buy it. He told me that was not currently possible. End of story.
We updated our website and you can see it here
My own trading was O.K. but nothing spectacular. CHF continued it's weakness, which I think will continue for another week or two. Personal highlight was a a nice trade in GBP-CHF.
We also had a decent trade in USD-CHF. After Friday's large moves it's hard to say if some kind of correction is in order. We will have to wait and see, but wherever we don't look, dollar looks bullish here. Some opportunities may lay in non USD crosses. Here is one that doesn't look too bad.
This might be good for about 80 pips.
Time to do the dreaded dead- go to the mall. I shiver at the very thought, but must do it.