Editor’s Verdict
Overview
Review
Headquarters | Canada |
|---|---|
Year Established | 2012 |
Services
TheForexRoom is a live trading room run by 4 professional traders. The Live Room is open 4 days a week, from Monday to Thursday. It currently runs during the London Open from 7:30am UK time (2:30am ET) and in the New Year they will trade the New York Open from 12pm UK time (7am ET). In addition, they send out email swing signals with advance entry-orders.
The cost of the live trading room is $149/month and traders can also choose an option to receive signals only if they can’t attend the live trading sessions. The cost for signals only is $99/month.
All trade calls from TheForexRoom come with an entry, stop-loss and take profit target.
Lastly, two of the traders provide a managed accounts service.
The Traders
TheForexRoom is run by a solid team of four professional traders: Colin Jessup, Greg Ward, Tim Musomba and Huzefa Hamid. Huzefa is the original founder of the room and now looks after the admin side of the services as well as the managed accounts. Colin, Greg & Tim call trades in the Live Room.
Each of the traders uses his own strategy in the room – the room is a window for members to follow and develop their own trading styles whilst watching the moderators trade their own systems.
Colin is a longer-term trader compared to the rest of the team. Most of his trades are based on the 1-Hour & 4-hour charts; Colin is also responsible for the swing signals sent by email. (He has been sending swing signals since 2010.) Colin completed the Canadian Securities Institute program in 2007 and provides a managed accounts service. Full disclosure: Colin is also a valued member of the DailyForex.com team, and he provides daily market outlooks, so traders who want to get an idea of his trading style can easily find it here.
Greg is a short-term trader with most of his trades being opened and closed within room hours. He calls the most trades out of the team. Greg also gives most of the chatter for the room with his very friendly and jovial personality. Greg seems to have a way to keep the room’s momentum in what can potentially be a lonely trading experience; he does a great job of coaxing conversation out of the room when it is quiet. Being in the room for hours on end, traders really need a good atmosphere, and Greg goesout of his way to create this pleasant atmosphere.
Tim trades a very unique method using tick-bars rather than time based bars. Most of his trades are executed within room hours but he also tweets updates when they’re still running and tweets out new trades too. While the other two traders have 2 profit targets for most of their trades, Tim always operates with 1 profit target. His risk/reward is a healthy 1:2 or greater. From January 2013, Tim will be taking on managed accounts as well.
Overall, the traders seem to really feel comfortable with their own strategies and they are able to apply the strategies consistently without the psychological barriers many other traders face. The traders were also willing to explain their positions to any interested traders, and to answer any questions that arose, which was a vital part of the educational experience.
The Live Room
The room uses GoToWebinar to share the traders’ screens and hear their commentary. They call their trades both verbally and by typing the entry & exits into the chat window.
The traders are all very clear about where they are taking their positions, when they are exiting and how much of the trade they are exiting if there is more than one profit target. If all you want to do is blindly follow their trades, they make that easy enough. Still, as mentioned above, they also make it possible for traders to learn the systems as well.
Education
The education is provided within the Live Room itself. The traders explain the reason for each trade, though it may take traders a few weeks to truly understand the thought processes behind each trading style. It is important to know that traders who want to know more information than that which has been discussed may need to speak up and ask for more detail. However, the traders are willing to open the Live Room on Fridays or weekends to cover questions particular members have. In that sense, the team is very service oriented. It is also helpful to remember that the team is trading their own live accounts during the live room sessions, and they do their best to cover each trade while the market is moving; nothing that goes on is hypothetical, so traders will have a solid understanding of what to do.
Performance
TheForexRoom publishes their results on a Blog, Facebook page and Twitter feed. The results are published weekly, broken down by each trader and their number of wins & losses and net pips. One downside is that the publishing of the results is sometimes delayed. More importantly, however, is that in the 3 or so months since the room was launched, the team has had only one losing week. In the week that we tested the room out, the performance was accurate compared to their published figures. One thing to keep in mind is that they count net pips –in practice, you’d adjust your position size depending on the stop-loss size.
From our time in the room, it seemed that nearly all the room’s members traded the calls in their own live accounts, which is a good sign and speaks to the serious nature of the room.
