240trade claims that they are helping traders beat the dealers in their own game by teach techniques on how to beat the banks when they are in their most vulnerable position. 240trade also recons that trading is a zero sum game and therefore people must lose in order for others to earn. 240 Trade is therefore offering a complete trader education under one roof. They are offering a trading room, free technical analysis and copy trade services. They claim that each one of their traders have 15 years of experience, and are managing various funds. These people are supposed to teach us how to trade properly.
However, the master course and the start dates must be confirmed first before a student can join. 240Trade has assigned a support email address through which potential students can submit their inquiries. On top of this, there is a premium webinar service which costs $15. These webinars are supposed to take 1 to 1.5 hours. 240Trade believes that this is sufficient enough to cover the topic of the day.
240Trade is however interesting to talk about. Everything they offer is for premium customers. There is a tab labeled free signals on the nav bar. When this one is clicked, we are taken to a page where 240Trade is discussing technical analysis and not free signals like the one you expect. Therefore, this is essentially a trading school, and we will do our best in order to analyze the various aspects of this trading school and whether or not it can benefit you in the long run.
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This website is allegedly headed by Dennis Sherman who introduces himself as a proprietary trader with 20 years of experience trading and teaching others how to trade in order to earn consistent income. He also claims that many of his students have been employed by leading investment funds or have chosen to work for themselves. He refers to himself as ”King of Yen”, and so this might insinuate that he has mastered trading the Japanese Yen. Whatever the case, this trading guru needs to prove his words with a proven track record of trading success. A redacted trading statement from his broker could answer all questions and concerns.
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Talking of their trading room, the quality of this trading room cannot be analyzed unless we spend money to gain membership. So we actually don’t know how well they teach and how successful their students are. This would easily be answered by reviews and customer testimonials. We are going to look into that in a short while.
There is also this trade copier service which they are running called 240 Algorithm Trader. According to the description of the 240 Algorithm Trader on the sales page, we learn that this algorithm is a collection of 6 fully automated Forex robots. They also tell us that risks are carefully managed by these robots. The pairs which they trade include AUD/JPY, AUD/NZD, AUD/USD, EUR/AUD, EUR/USD, GBP/CAD, USD/CAD, USD/CHF, USD/RUB, USD/SEK, USD/TRY and USD/ZAR.
The system has a maximum expected draw down of 15% and an annual gain of 40%. This is quite reasonable because hedge funds play around these numbers. But we need to see demonstrated results in order to believe that this trade copier is worth paying special attention to.
This product is described as a powerful personal tutoring for traders of all level. This training is supposed to take 4 months and gives a trader lifetime access to 240Trade trading room in addition to 6 month access to Webinars and signals. They also promise us that this training will guarantee that at least a professional trader will be holding our hands once every week. So far, the package looks attractive, and the decision on whether to subscribe or not can be tough to make.
To get answers, we will look at their past performance (if there is any) and reviews as well. These should confirm the level of service offered by 240Trade.
Throughout the 240Trade website, there is no past performance ever presented for the inquisitive students to look at. This is a great concern among traders who might have tried to visit this website a few times and are not getting convinced that something good can come out of this website.
Since they claim to have 15 years of experience and above, we expected them to be very transparent and pro-active with their past performance. We cannot just buy the claim that they are expecting an annual return of 40% if we have not seen their performance yet. How do we even know that 240Trade is really trading the markets?
This is quite disappointing and the admin of this website should probably think of using a myfxbook account in order to demonstrate what they have done in the past. This has also prompted us to conduct a background search for this website and discovered that it was registered sometime in June 2018. The owner conceals his identity and so we cannot know whether or not he is called Dennis Sherman. A good Forex trading school should be transparent with their customers. Customers should know who they are and who is in charge of what.
This is their greatest undoing. Apart from not being able to demonstrate their results, they are also not convincing us that they have traded for the last 15 years when this site is only 1 year old. This practice is quite common among trading vendors and there needs to be a paradigm shift in the way they present themselves to their customers.
240Trade looks legit and a good place to start your trading career at first. However, when these issues begin to manifest, we simply start asking many questions. 240Trade should answer these questions if they want to win the trust of their audience. For now, we are recommending these Forex trading resources in case you missed the page at the beginning of this 240Trade review.
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