FTFX - First Touch Forex

[LondonTrader]

This is a word of warning on a company I recently used - called First Touch Forex (FTFX).

http://www.ftfx.co.uk/

FTFX claim to be experienced forex traders who provide "follow me" accounts for retail investors. On their website, they provide a track record through 2013 that shows positive "pip" generation.

They do not charge any fees, but want to get you on board in order to ultimately sell their software package. They also earn money from the broker for introducing new clients.

It appeared too good to be true, but I invested the minimum amount to see what their trading was actually like. I am open to new ideas when it comes to forex strategies and investment, and I checked that the company was legitimate.

After a number of weeks, my account was providing regular negative returns. For every ten small positive trades that were executed, the losing trades were many multiples higher. I have traded forex in the past, and can make regular positive returns, and this is a strategy that was far more risky than any strategy I had applied.

I thought I would post this as a warning, as I dont want others to fall into a trap of smooth talking salespeople. The reviews on their website are obviously positive, so I wanted to provide a different perspective of someone who has recently used their services (with real results).

To be clear: this is company is not a fraud, just a bunch of people who are not very good at what they do.

LT

[Tradesman32]

Hi LT,

Good post. This something i have thought about doing but am conscious of my lack of knowledge and wary of becoming an easy target to unscrupulous people. Since everyone needs to take their first step at everything, In your experience is there a programme what you would recommend to learn from. Happy to learn the hard way at small values but want to be assured I am not being conned.

Thanks,

[lotov]

Hi,

You sound like a sensible fellow.

I found your post helpful and was wondering if there were any sites you find helpful and would recommend.