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  1. #1
    richard ow is offline Junior Member
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    Oct 2011
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    Default experience with Forex Odyssey Trading system

    has anyone had experience with Forex Odysey Trading system

  2. #2
    Saroq is offline Member
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    Nov 2011
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    Default A little ...

    I've signed up for the trial. So far my impression is that the education is aimed at using their system and not so much about understanding forex and being a self directed investor but then that's not what they are selling and that won't matter if their automated trades make enough profit to justify the hefty price tag. However, if I've read the profits correctly then they don't seem to be that impressive for the last 6 months but I don't know what size account is being traded.

    On their site I'd like it if the trading lessons were more organized, they seem to be "let's take a look at the MT4 platform today and see what we see" approach rather than sequentially organized specific lessons. The trading room sessions are understandably more chat oriented and wait and see what happens.

    So far my impression is that you're buying their FXO strategies and expert advisers plus that education about how to use their system, you're not buying that plus a broad based forex education. At the time of writing this I have no complaints about their conduct or the way they've treated me, they've been very reasonable about every request I've made of them. I'd suggest that you take a look for the 2 week trail but make sure you're prepared to put in the time to commit to evaluating what they offer and how effect it is.

    I'll post again once my 2 week trial is up but at $97 (refundable) + postage it's not a big risk to check them out for yourself.

  3. #3
    Saroq is offline Member
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    Nov 2011
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    Default

    On a related note FXO also have another company that are promoting a scheme where you trade "their money" and you keep 70% of any profits. While this is a simplified version of it here are the problems I have with this and it makes me worry about the parent company.

    They are taking on 50 students but those 50 students have to pay (I think I'm correct) $10,000 for the education they receive to trade "the companies money." If they prove themselves then they'll get to trade an account of up to $1,000,000. Here's my problem with it. Your $10,000 will allow you trade a $1,000,000 account with most brokers and you get to keep 100% of your profits, however you do also get to suffer 100% of your losses. Where's the money coming form for this venture? Well from the 50 students who part with $10,000 each to provide a $500,000 fund. Seems like very expensive education to effectively give your money to them so that they let you trade with what was your cash and they get 30% of the profits. They will eat any losses you suffer but don't forget it's coming out of what was your $10,000 before you gave it to them.

    I believe that I have the basic fact correct but if I'm wrong please correct me.

  4. #4
    Saroq is offline Member
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    Nov 2011
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    Default Update on my experience

    This is an update on my experiences so far with the Forex Odyssey Trading System. I will post again later (in a moth or two) to keep people up to date.

    I have paid for the full membership for the system because after participating in the "trading room" and "classroom" online sessions my impression is that they are genuine and are delivering more than just a set of expert advisers to install on your MT4 platform, they are mentoring the people who join.

    As a foundation they teach the two non-discretionary EAs (Pay Master & Escalator) and how to execute them. This serves as a good introduction to forex trading, the MT4 platform and using their FXO system. In addition to this they also teach the discretionary trades from their system, and this is where you can learn more about trading forex. In the short time that I've been using the FXO system I have found that there is a real benefit to being able to ask questions of the mentors and share the experience with other traders. It removes the sense of isolation that can come from trading alone. I also like the fact that risk management is a foundation principle in their training as it removes a lot of the worry when placing a trade.

    Their trades and returns as listed on their website are genuine. Recently they have suffered a few losing trades and their returns are not as good as the previous year but if the Pay Master & Escalator EAs continue to deliver reasonable returns then the system will pay for itself and it is better than having money earning only bank interest.

    I continue to be pleased with the way that I have been be dealt with by Vertue Trading / FXO. The benefit of the system for me so far has been the support that it offers a new trader to forex. Could I learn the things that FXO teaches without signing up? Yes probably but would I have? I don't know but I do know that for me being able to talk to an experienced trader and being part of a group of like-minded people has made the introduction to trading forex easier.

    In a month or so I will post the returns (or the losses) that I have made using the FXO system. Ultimately that will be the deciding factor for most people.
    Last edited by Saroq; 01-24-2012 at 11:02 PM.

  5. #5
    Saroq is offline Member
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    Nov 2011
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    Default First month using the Forex Odyssey trading system's paymaster & escalator mechanical

    My first trade using the FXO paymaster and escalator EAs was entered 17 January and 4 weeks later (17 February 2012) my $10,000 account is down $926.68. I have logged in to attend all of the morning and eventing trading room sessions during that time and have taken every trade that was indicated except for those that were not taken because the pressure gauged tool indicated not to or because there were 2 previous fails.

    While it has not been a great start to the system I am not too worried at this stage because trading conditions have been atypical and I think that a fair decision about the worth of the FXO system can only be made after 6 to 12 months. I'm prepared to stick with it for that period of time so that I can give it a meaningful assessment.

    There are some problems with the omnovia system they use for their trading room and classroom sessions. It does not provide a seamless transmission of the webcast and there are continuing problems with a delay between the visual and sound as well as the sound cutting out during the broadcasts.

    In another month I will post details of profits or losses again.

  6. #6
    syc27 is offline Junior Member
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    Feb 2012
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    Default

    Hi Saroq,

    How much do they charge for a full membership? They don't seem to advertise the cost of membership.

    Cheers

  7. #7
    Saroq is offline Member
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    Nov 2011
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    Default

    Hello syc27,

    When I joined they charged $2997 if you paid in one lump sum, let's call it $3,000.

    At the time of writing this (24 February, 2012) my account ($10,000) has recovered $434, so it is down about $500. There are still about 12 hours of market time to run this week and I will post an update in 3 weeks time or whenever my account is back into positive territory.

  8. #8
    syc27 is offline Junior Member
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    Feb 2012
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    Default

    Thanks, Saroq. I take it it's AUD3,000, not USD3,000?

  9. #9
    Saroq is offline Member
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    Nov 2011
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    Default

    Yes that's right AU$3,000 that's for the 2 mechanical EAs and the 3 discretionary Eas.
    Last edited by Saroq; 02-25-2012 at 12:22 AM.

  10. #10
    Forturama is offline Junior Member
    Join Date
    Jan 2012
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    7

    Default

    Where can I buy it and does some one here have a REAL account statement using this system?

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