Great Forex Resource Blog for successful Curency Trading

Last year I mentioned Henry Liu's program 10k to 1 Million. From my memory it was marketed as a program taking an FX investment from 10,000 US$ to 1 Million within 13 steps of around 46% profit each. The initial marketing suggested, this aim would be appreciated within a time frame of around one year. After 8 months equity is drained down to 3500 US$ from 10k and provider is neither updating account statement nor sending out signals for his subscribers.

Follow up:

Henry Liu is a well known high risk event trader who provides free FX signals on message board communities like Forex Peace Academy. He is respected for his analysis of economic events with his spike and retracement methods for economic releases. That program started 8 months ago and original marketing material suggested participants should have around 206,000 $ in their account by now. So much about the plan. Facts talk a different language. Henry Liu's own account serves as the best evidence: less than 2,500 US$ (as of April 21st, 2011). If you deduct roughly 1k$ for the cost of his subscription fee, this leaves a huge loss for it's members of 8,500 USD for 8 months. A very bad return for any investment, but certainly short of expectation for a high risk Forex program of a so called Forex Guru.

Current statement shows a loss of 7500 US$. Together with fees, members of this program lost over 8500 US$ instead of making a Million Dollar.

A low risk investment in the stock market in a wide moat company like GE would have yielded a much higher reward, the same goes for index funds for the same period. GE went from 14 to 21 USD per item = 50% profit in 8 months. I participate in Henry's program and believe the money in his program was a total waste. On one hand I know it is possible to make high returns with FX, but on the other hand it's even more difficult to not lose significant amounts. At the beginning 10kto1MMN basic DVD package presented a series of educational content explaining market cycles, support and resistance, market dynamics and so on. Personally, I thought the material was very outdated as examples had no proximity to current timeline, but I guess they were still good enough to teach the same basics (as available for free on sites like Babypips.com). The reason, imho, why Henry's program failed: it did not stay true to it's roots and principles. One of the main ideas of this program was to look for trades with a potential of 200 Pips of gains and a stop loss of 100 pips. On many occasions this principle was not followed. At certain times, participants were asked to remove stop losses causing up to 500 pips of losses and draining more than 60% of account equity on last USDCHF trade. In some cases that had to take over 200 pis of losses before they were asked to give up on trades. In other instances, take profit orders were extended to 400 or 600 pips and then went back to break even rather then taking profit at original profit targets. However, the most important reason why this program failed so far: the strategist forgot to keep an open mind. Yes, you can see the same trades over and over again and no lesson learned. The USD is on the backfoot for the most part of the past 10 years and many of the program's trades were based on a theory of a swing in the US currency to the upside. However, this failed to materialize. Another point I would like to ad: 10kto1MMN's initial marketing campaign appraised the system as an exclusive one time entry offer and his mentoring program as closed. Shortly after I joined, I was offered an entry to old program and new members were also allowed into 10kto1MMN later on as widely publicized on sites like Forex Peace Academy. This was not right and I started to think, 'hey, that guy is preaching one thing, but doing another.' As just written, he did the same for the actual trades. After a couple of decent trades henry failed with his long USD strategy that had no good reason behind it. As of now, Henry is no longer sending signals although people are paying a monthly fee for this. His excuse for failing to provide signals: his own account is in negative equity and he can't trade. My request to waive membership fees for non-delivered signals as long as his account stays in negative territory was not answered. I also tried to post a review on Forex Peace Academy's FX signal review section, but it did not get published. Henry is an signal provider for this board, so they appear to be withholding negative reviews as this might affect their own credibility. Unfortunately, this is another bad example of a bad Forex program and conflicting interests between signal providers and FX boards. Conclusion: Don't trust anybody in Forex. Henry Liu's promise to make a million bucks is a prime example of a failed Forex Guru.