- Report: #1071351
Complaint Review: Christian Financial Radio Network - Internet
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Author Not Confirmed
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Christian Financial Radio Network
Internet, USA
Phone:
6179433298
Web:
CFRN.net
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Christian Financial Radio Network CFRN CFRN lulls it's customers in by showing deceptive performance reports in the trade room. To bad they have "Christian" in their name... Internet
I paid the full amount and finished the recommended three months of training. I'm an educated person with plenty of real world experience that got the trading bug years ago and thought I'd venture into the commidities market. I've never submitted a complaint in a public place before, but I figure I could save some person the time and money I've spent. I declined their offer of the $75/month access for continued access to the trade room.
They'll tell you over and over again that it's only 4 simple rules that are based on their indicators. Yet, not so! Commodity markets run too quickly to take advantage of every win, and of course every seasoned trader knows, you get every loser. You can hand count 10 to 15 winning trades in hindsight on any given previous day, but the markets run entirely to fast to take advantage of all those winners. Using their strategy, you get each of the two to five losers per day at the cost of 8 tics per trade, and my average winning trade has an average range of 1 to 3 tics.
They can't show you any computer generated statistical analysis or performance reports. You're stuck believing the moderator, Micahael Borque, in the live trade room, and his hand charted spreadsheet - it's the cat watching the canary. He will frequently announce they're consistently winning the equivalent of 2 points per day, but don't believe it.
Most important: please notice that he's calling out trades and will conveniently report that he missed out on entering the losing trades AFTER the trade develops into a loser, and will also mysteriously announce he's moving his stop to break even on the winning trades. He can't and won't verbally commit to each trade he enters or avoids as it happens. This is so he can have the luxery of capturing the wins and avoiding the loses for his spreadsheet.
So don't fall for the old lie that you can just mirror the live trades and make money. It really is impossible to do - I know 'cause I spent the last 3 months attempting it and am now embarassed. Even when I petitioned them for further training I was asked If I'm following the moderator. Looking back I should have given them an ear full.
To his credit, Michael, the trader, will show his DOM on occassion, AFTER he's made the trade. It's so very interesting that he won't show it while he's making the trade. Showing it after the trade allows him to silently tuck away the losers and talk about the winners.
CFRN Trade Management Strategy:
On each trade you place, you will be taught to use a manual trailing stop that moves to break even after the price has moved in the correct direction by 50% of the risk - as of this date, they are using an 8 tic risk. Stop loss target is brought to break even after the price moves 4 tics in the correct direction. After that, it's up to you to decide where you're trailing stop goes after that. A vast majority of the time you're winning one to three tics. Take slippage into account and it's almost negligable. My average winning figure, month over month, after three months is -1.89 tics.
A couple times a week price is jumping anwhere from 10 to 30 tics, but near enough times to make up for the slippage of 1 to three tics per trade you've suffered on the average 35 trades I generated every week as per their strategy setup.
As a matter of fact, price so often jumped 4 tics from the entry point, that I was tempted to use that as a strategy and place a profit stop just 4 tics away. But as you may well know, a strategy wherein your stop loss is 8 tics away and your profit target is 4 tics away is a disaster waiting to happen.
If you use their recommended brokerage firm, Daniel's Trading (DT), you will pay $5.80 per round turn - it includes the end of month exchange fees. You can do all of this at Tradestation or Infinity for MUCH cheaper, 50% cheaper. It's a no-brainer. As an aside, the DT Dom is horribly immature as a product.
Bottom line, please don't be lulled into thinking that their rule based trading strategy is sufficient to make 2 points per day. Remember the addage, if it sounds to good to be true...
