Fastmoneytraders.com is a day and swing trading school which is owned and operated by someone called Luke Murray. Mr. Murray claims on his website that he used to work in the US marine and is now bringing those skills to the Forex trading market. This is a ridiculous sales pitch. We don’t think that traders who stumble upon Fast Money Traders website would be interested in hearing these stories. Instead, they would be interested in seeing proof of what Luke Murray has done for his supposed students whom he mentors.
The reason we are reviewing Fast Money Traders website is because the owner is making certain absurd claims which traders must be very careful not to fall for. For example, there are several instances on the site where Murray says his aim is to help traders make $500 a day every day. On the other hand, he claims to be a swing trader. The act of swing trading involves placing trades which can run for many days before take profit levels can be reached. So to say that you are aiming at $500 a day is definitely a misleading statement.
The operator of Fast Money Traders also claims that his training is affordable because he is not involving affiliates in the business process. That means the cost incurred in paying those affiliates is not passed to you and is instead turned into savings for the consumer.
While that may be true, this does not necessarily make this day trading school a better place for students. As a student trader, you want the assurance that this Luke Murray guy is giving you the real thing and is not just another trading guru with fake track record. Unfortunately, we are afraid that this is the case. But before we can launch these accusations (of course with proof) on him, we will require you to continue reading this review to the end.
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Mr. Murray is basically offering intraday trading ideas and strategies. He is offering two products in total – lifestyle trading and swing trading. Lifestyle trading is for making quick profits. Swing trading, on the other hand, is for holding positions overnight until they make a profit.
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However, he seems to be confusing these two trading methods because he claims in the first case that take profits will be closed in 90 minutes, which is far misleading than you can imagine. You see, nobody can tell what duration a trade can take in order to hit the take profit. It can take a few hours or even days. But there is no telling when the take profit will be hit. So this is quite a misleading statement aimed at selling this service to naive traders who are just getting into trading for the first time. This kind of mindset will always lead to losing money.
The things he offers at Fast Money Traders include giving access to a live trading room so that he can mentor traders, providing swing trading watch list by email, and a question and answer session. He also claims to be a normal guy who does not use luxury to promote his service. Well, as you can see, this is quite a simple website. However, the promises can be far misleading. You cannot also tell whether you will make $500, less or more. There is no telling anything in trading. Trading is a game of looking at how you can increase your odds of taking profits while others lose money. Someone with a fat account, say $30,000 will not feel any better making $500 a day. But of course someone with a $1000 account will feel a lot better realizing those returns.
So the issue here is that returns should be expressed in terms of trading account balance and not as a specific figure. Either Mr. Murray intentionally wanted to mislead beginners or is not aware of what he is saying. There is certainly a big problem in how he is making his presentation on this site.
They’ve been broken down into two categories to allow traders go for what they can afford to pay for. Fast Money Traders is charging $109 in monthly subscription fees and $274 quarterly subscription. Either plans will give access to live videos, chart room, trade commentary, screen share and access to a community of like minded individuals.
There is no difference in the two plans other than the duration that of subscription. Although we have not gained access to this trading room to see how things work, we generally feel that there is no need to because the content of this site is enough to give us some insights on how this trading educator operates.
We are more concerned with trading performance than with any other thing. So in this case, we wanted to see if Fast Money Traders had any track record or was teaching something that they were not putting into practical. By they way, trading educators are divided into two categories. Those who practice what they preach and those who teach but have no track record in trading.
As you can see on the website, Mr. Murray does not have any verifiable track record of successful trading. That is why he is only making use of figures on his website which cannot be verified. We needed some honesty because these figures can be so misleading. They can be manipulated by Murray himself to sync well with the message he is preaching. In short, you cannot trust trading results when presented in form of numbers that cannot be authenticated.
You should think twice before joining any trading school that has no real track record. We have always been telling our readers to beware of supposed trading gurus who know how to market but do nothing to prove that they are good at the game of trading. So we want to ask you to visit this page to pick the best trading resources.
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14 Replies to “Fast Money Traders Review – Scam or Legit Live Trading Room?”
He is mostly short biased trader, winning accuracy perhaps 95%. So real Pro. Not good for Longs. Also often pre-market trades. Chat is good, frequently commenting. All trades timely displayed in a separate chat window.
Luke trades what the market provides and in 2019, the market was conductive to shorting. Luke also trades longs. Luke is the only day trade moderator posting his daily wins and losses on a spreadsheet for everyone to see. There are no smoke and mirrors here and we do not charge ten thousand dollars or more a year and have people blow up their accounts. Luke shares his screen and is live on the mic 30 minutes prior to the bell ringing and mentors throughout the day.
Have had some questions before joining the paid chat because I had the difficulty to choose a stock broker with short selling because I’m an European and had a question about CFD trading – they don’t bother to answer my questions properly and the last time they told me to join their somewhat expensive chat if I have questions. So, I don’t care if their gambling strategy works or not (they frequently withdraw money if they win to avoid big losses and I think they deposit money if they burn the account, so no compound returns there). Luke Murray is active on twitter and some of chat members called him a l**r because they burned their account from his chat service… Not interested at all about this service.
I was a member of FastMoneyTrader, and agree with you. It cannot be justified for his averaging up, and averaging down. Small account traders will burn out his/her accounts quickly. Basically, news related explosive up for shorts, down for longs. These are high risk high return types of trade and not real trend trades. My trading styles cannot stand these his trades at all. I do not recommend like you said.
It is http://www.fastmoneytraders.com and we recommend our clients have at least $25,000 in their account before they start day trading so that they are not subject to the patterned-day-trading rules which basically ties a day traders hands (and money) at times.
International Brokers is good to use if you are a European. We answer all questions that are emailed to us, so I am sorry if you do not feel your answers were questioned. We know of no clients unlike other services where a client burned their account while following us on chat. We strongly disagree with our clients taking options unless it is one that can be taken in the same day due to the risks associated with options. However, our clients control their own accounts and it is their decision when they decide to trade options against our better judgement. Also, for tax purposes it is a nightmare to carry over options into the next year. Luke posts his trades on Twitter after they are completed, so if someone is trying to trade off of his Twitter account posts and burned their account then obviously they should not be day trading. Only paid members in chat get Luke’s entry and exit day trades.
Our website also has a complete article on the best stock broker to use depending on your situation at http://www.fastmoneytraders.com If you have any other questions please feel to contact me directly.
I would stay away from this guy. He offered a 7 day free trial on Twitter but charged my card immediately when I signed up. Now there is no way to contact Luke Murray. I’ll go through the rigorous process of disputing the charge on my credit card and having a new account number assigned in order to stop future charges to my card. This guy’s trading style may work for some; but it does not work for me. I should have done more research on this group before providing my card number. In this case Buyer Beware!
Hello first of all we have never offered a 7 day free trial. We charged for the 7 days of service and then if you did not cancel your credit card was billed for the next month’s service. The agreement you signed clearly stated this and you put your credit card information in to pay for the 7 days of service you received. Next time be sure you tell the truth when you post about a company. We would personally go after you for liable as we can prove our case if you would be so kind as to email us and let us know where our attorney can send the letter. Thank you, http://www.fastmoneytraders.com
I was a member there last year for one quarter. The owner is very narcissistic and self righteous, immature and condescending. This is not a school, it basically shows you what the owner trades as he announces each as he does it. You can decide whether to join along and just keep an eye on the stock he trades. I will say I highly doubt he has any friends in real life. It may be worth a look, but I found the atmosphere intolerable.
I was in Luke’s group for six months , brand new to trading at the time. I actually liked his style. He would talk through all his trades live as they happened, show what set-ups he was looking at, was online about 30 minutes before open to get some pre-market opportunities. And the other folks in the group were, for the most part, helpful and supportive too. I only stopped trading because I started working for a company based on the east coast and didn’t have time in the early morning to participate. Also, compared to some of the really expensive services out there, Luke’s is incredibly cheap.
I signed up for a month, and was very disappointed. Most of Luke’s stock picks have a very low float, and are “hard to borrow.” Most times, while you were simply trying to enter the trade, which was very difficult because there were very few shares or no shares left to buy, Luke would update that he had exited the trade. Many trades last under ONLY 1-minute. For the most part, Luke picks stock trades, gets himself in and positioned, then announces it to the room. There is a mad rush by the traders in the room to get in, causing the low float stock to drop quickly. Luke profits and gets out, and you are left holding the bag; if you were even able to get in.
I am not happy with forum as most of time i hear politics- there were few red heads ( luke, gary, andrew) in this chatroom keep bantering about conservative views and just outwright obnoxious. Need to make a rule like no swearing rule – no politics rule.
Replying to Matthew and his comment on March 25, 2021. I have black hair with some starters of gray, not sure where you got the red head idea. Additionally, if I said something in the chat that was incorrect, no matter if it was what you would call political, about a trade or how to properly complete a three count rhythm in attempt to entice a steelhead to rise; I would hope you had the stones to stand up like a man and say that is just not correct. I prefer that over posting in some online site that has no bearing or idea what happens in chat or why. With that said, my sincere hope is you can come to terms to revealing yourself like an adult and put me in my place when I speak untruths, but if I were a bettin man…and I am; I would wager you will throw stones from afar when it suits you which is your right but certainly reveals more about you and how you were raised than i care to know. Best regards and health to you and your family. -Gus
I am definitely not a red head. Black with some gray starting to show. I have to apologize to you Matthew, if I have said something not true, please do call me out in chat for it.