TradeProfits

Profit Mongers – Review

Posted on 30. Dec, 2009 by admin in Random Noise, Review, forex signals

A while ago, I wrote a preview of a new service called Profit Mongers. I got an email about it in the end of September, when the service was launched. Now, I get a bunch of emails daily about new services, products, eBooks, requests of reviews, etc. However, when I learned about Profit Mongers, it caught my interest right away. The reason is that the email I received was from the guy who has been running the Forex Diamond Room for a long period, AKA Sir Pipsalot. I was a member of the Forex Diamond Room for a short period, and I really enjoyed it (see the review here). So with a launch of this new service, which is cheaper than Forex Diamonds, I thought I would check it out. I replied to the email, and they were kind enough to give me a free membership, in return of an honest review of their service. So here goes:

Price:
They offer a trial period of two weeks for $29.95 and afterwards the price is $179.95 per month. This is close to the typical price for similar services, but they certainly offer more than the majority of other forex services on the market.

Service:
Basically you get access to a chat room, and this is where all the action takes place. When you log in on their homepage, you will get access to a calendar which states upcoming activities in the room. It would be wrong to call this a signal service, as they offer so much more than that. This is also what makes up for the price. Many other signal providers charge the same or more per month, but offer nothing more than signals. This is somewhat paradoxical, in that people who need forex signals are not likely to have a large account balance and yet they have to pay a large fee every month to get the signals. As a member of Profit Mongers you get signals in real time, explanations and reasons for the trades they take and all the education you can ask for. Not only do you get a lot of knowledge when they explain certain aspects in the room, but you can always ask questions and get informative answers. Furthermore, they often host webinars on specific topics. I participated in the latest webinar where we first got a link to a video about the importance of exit strategies. Afterwards there was a Q&A session in the chat room. This is a great way to add value to the service, and it makes the price reasonable compared to other services. Furthermore, these webinars are stored in a folder, so when you sign up you will have access to old webinars. If you have a question, there is always someone to answer. There are basically five people who control the room, which means that there is almost always at least one of them in the room, ready to help you out. Another great advantage of the room is that they have teamed up with the guys from FastEconomicNews (SNW), so important fundamental news releases are posted in the chat room, within a second of their actual release. The cheapest service on the market, offering real time news is Trade the News which is priced at $150 per month. With Profit Mongers you get most of the important news simply as an extra service. This alone is almost worth the price a membership with Profit Mongers.

Who:
As mentioned above, the room is controlled by five people. They complement each other in several ways and each of them seems to have certain preferred topics (newstrading, scalping, fundamentals, swing trading, webinar, etc.). These guys are very competent, honest and reliable traders. Surely they take loosing trades like everyone else, but this is just a part of the game, which you might as well get used to. However, they don’t jump in to trades without a solid reason. I am continuously surprised by their ability to measure the market and manage the psychological aspects of trading. They have a strong money management system, and encourage all their members to follow the same rules. If you join Profit Mongers and follow their rules, you are definitely going a step in the right direction. Another great thing is that they share everything; often they get information from reliable sources, which is always shared with their members. Occasionally they send emails with important information, just in case you were not in the room at that particular moment.

Signals:
As mentioned above, there is almost always someone in the room, and trades are called daily. However, they don’t call trades before the right criteria’s are met. Many of the trades are called, shortly after news releases. However, they are not much into spike trading, so you don’t need to worry about large spreads, slipping entries, etc. When they feel there is an upcoming possibility, one of the moderators will be speaking, and call the trade in real time. The times I have had the chance to follow their trades, I have been able to get almost the exact same entry, and exit levels. When they call a day trade, they tend to use a stop loss of 20 pips, and recommend risking 1-2% of you account balance on the trade, and strive for a risk:reward of 1:2. This will differ from trade to trade, but you will always be well informed before trades are called. Every now and then, they call swing trades. Obviously, these tend to have a higher stop loss and take profit levels. In addition to this, they also have scalping sessions and as there is almost always one of the moderators watching the market, trades can be called pretty much anytime (mostly EU and US session though).

Members:
In spite of this service being rather new, they have an impressive number of members. I guess I am not the only one who has tried Forex Diamonds and realized that this was a great chance to get the same service for a lower price. There are several active members in the room, the atmosphere is good and there are always some members who are willing to help you out. Profit Mongers have applied a rather smart element which encourages members to participate with valuable information; that is, they have introduced an incentive system which encourages members to participate, as rankings will be given to members. Over time you will then have the possibility of becoming a trusted member and get a free membership. This helps in removing noise and useless comments. However, there is still a good atmosphere, and when there is low activity on the market, the moderators answer questions, and general chat takes place.

Overall:
Profit Mongers is a great service. The price might seem a bit high at first sight, but when their service is compared to similar ones, I think that the price is very fair. The service is great and includes more than just signals. The people are polite and have a lot of knowledge about the forex market. In general, the trades are profitable and well explained. You will also get insight into the stock market and how to trade options. In my opinion, the best reason for choosing Profit Mongers is because it is more of an educational service than a simple signal service. You can always learn something new, and people in the room are always ready to help you out. They also pay close attention to their members and are open to new suggestions. I am a pleased member of Profit Mongers and they get my highest recommendation. I will be making an interview with Sir Pipsalot from Profit Mongers in one of the upcoming weeks, so if you have any questions you would like me to ask him, feel free to drop a comment below, or send me an email. If you have been a member of Profit Mongers, please rate them in the comment field below. Check out Profit Mongers here.

Related posts:

1. Profit Mongers – The New Forex Diamonds?
2. Profit Mongers – More than a Signal Service
3. Profit Mongers – Another Reason to Join
4. Learn Risk Management with Profit Mongers
5. December and 2009 in Review

Tags: Forex Diamond, Forex Signal Service, Profit Mongers, Sir Pipsalot