Misleading performance reporting and lack of transparency
I’m giving one star as it’s the results from trading that are the problem.
The stats they give out don’t seem to match what actually happens with the trades. Quite a lot of the losing trades aren’t in the results people can see. And then, trades get shut down when they’ve only made a few pips, and are put down as a win – though, when you take into account the spread, commission and slippage, it’s really break-even.
I’ve also seen trades put as wins even though the stop-loss had been reached earlier. So, if the price then goes the way it should have gone, the trade still looks like a win on the sheet, but the trade itself would already be finished.
What’s also missing is a full, checkable record of trades. They only show a few figures in a sheet everyone shares, and not a complete list of when trades started, where the stop-losses were, when they ended, and the times. It’s really hard to work out the real win rate, and how well it’s doing overall, because of this.
For a trading service, being open about everything is vital. A good system ought to have:
• a complete record of trades, with the start, stop loss and end
• clear times for each trade
• correct reporting of wins, losses and break-evens
• results which include real costs from trading
Because of what I’ve seen, I’d suggest people thinking of using this look closely at how the results are worked out and shown, before trusting the stats.
This is what I have experienced.