King Forex Signals Robert Grespinet Program

[News Pipper]

Originally Posted by spudbox

I've thought about using a limit order with Rob's trades. Like most KFS members I am not going to get in at the exact price he gives, so use a limit order with it. If the price retraces enough and gets me in, great, if not, cancel and wait for the next trade.

Originally Posted by News Pipper

So far, trading GBP/USD with Oanda's normal 2.8-3.3 pip spread, I've noticed my fills have been very close to Rob's - always 1 pip worse, but not often more.

Personnally, I don't think missing Rob's entrances by 1 pip (using Oanda) is that big of a deal, but then again I've only been trading with him for 7 days at this point so who knows.

My feeling is that it will always be the biggest gainers that you will miss out on by using a limit order and waiting for the price to come back. Take the last 2 days of this past week for example where the GBP/USD made sudden, quick huge moves. On each of those days Rob made the call to short GBP/USD just as the price was making a new swing low. From that point on the price just took off and didn't look back.

spudbox, how long have you been trading with KFS and through which broker? Can you give us any other insights on trading with KFS?


News Pipper

[spudbox]

I've been a member of KFS since this past summer (August 2006).

I've yet to make any real profit with it, mailnly because to be profitable with KFS you need to be in the room 8 hours a day and take every trade IMHO.

I am a subsriber though because I find Rob's insights of value especially his pre-news trades, which I use in conjuction with SNW.

[News Pipper]

Originally Posted by spudbox

I am a subsriber though because I find Rob's insights of value especially his pre-news trades, which I use in conjuction with SNW.

I use SNW also, but I haven't been in on any of Rob's pre-news trades since I joined KFS. I've been too busy trying to get setup for the trade with SNW at the last minute instead of paying attention to Rob at that time.

spudbox, how do you trade news using Rob and SNW together?


News Pipper

[FX Master Jedi]

Originally Posted by News Pipper

Personnally, I don't think missing Rob's entrances by 1 pip (using Oanda) is that big of a deal, but then again I've only been trading with him for 7 days at this point so who knows.

My feeling is that it will always be the biggest gainers that you will miss out on by using a limit order and waiting for the price to come back. Take the last 2 days of this past week for example where the GBP/USD made sudden, quick huge moves. On each of those days Rob made the call to short GBP/USD just as the price was making a new swing low. From that point on the price just took off and didn't look back.

spudbox, how long have you been trading with KFS and through which broker? Can you give us any other insights on trading with KFS?


News Pipper

Rob double counts pips, so keep this in mind with respect to his performance. Also, he takes trades that he does not call in the room. From my experience with Rob, he's not that good a trader. I was an original member back in June and through Sept, it was a nightmare. I used to get sms messages on my phone after I quit his group and some trades still blew my mind.

Our private group was formed from Rob's room. We all thought he sucked and PM'd each other and started our own group, and it quite successful, and made good friends and resources from it. So it wasn't a total waste as this was the best return I could have asked for by being in his room.

I traded with Rob when Felix started with him last June, I quit early August. I tried him again after great performance in December and quit again with a month.

In December he made 1600 pips, that is on two positions most of the time. He had 314 trades.
I cant find my stats for Jan but the trade count was around 342 or so.

I traded mostly with FXDD with 3 and 4 pips spreads. Rob has either 1 or 2 pips spread.
Rarely could I get Rob's entry or exit price. Rob pays small monthly commission after trades are summed and his performance does not reflect that.

Often Rob will exit half his position with 5 pips. And move his stop to BE. usually I would be in 1 or 2 pips behind, sometimes more becuase mkt moved betweent he time I see his trade and when I get my hand to mouse and click the right buttons and get filled. So usually I could not place my stop at BE when he exits first position since I would be under and would need a minimum 4 pips to my stop.

There were way to many trades where he only makes a few pips, those I would make nothing or lose a few. Sometimes I would try to wait to get small profit and it would go further. The best trades were when the mkt was totally flat and he jumps in 30 seconds before a run takes off.

He would be right sometimes before news. But the winners did not make up for all the little losers.
Becuase he got in and out fast and his tighter spreads his trading method is to take lots of little trades and the larger ones makes up for the little losers. However I could not trade that way to have lots of little losers and small winners.

Assume I am always 5 pips behind him, two pips on spread, 3 pips between lag in entry and exit. 340 trades x 5 pips = 1520 pips. If he made 1800 I might make 280. If he drops to 1000 pips I lose big time. So payout not worth the risk.

Dave

[FrankTheTank]

I wonder if Rob would consider opening up a managed account? I would be the first in line to be a part of that. It seems its just not possible to duplicate his results trading on your own with a retail broker

[News Pipper]

One thing I really don't get about Rob's trades is how he closes shorts at the bid and longs at the ask.

When he calls a short entry, for example, he will immediately tell you to set the SL to where the bid hits a certain price. For me, trading with Oanda's 3 pip GBP/USD spread, that means I will stop out at the bid + 3 pips (the ask). But when the trade is stopped out Rob says that his exit was at the bid price he specified earlier.

How does he cover a short at the bid price

I know he has a commission deal with his broker, but what... he also gets a zero spread?

I've tried to get the answer to this question while in the KFS room, but Rob has never answered and other members have not given a satisfactory expaination.


News Pipper

Ok, my opinion on this (not much different from what others have already said): In one line, the service is useless in making you any real money.

I also was one of the original members (joined in Jun06) and stayed for 5 months (till beginning of November). I have rejoined the room for the month of Jan07 after the extraordinary claims of immense wealth that was generated by Rob Grespinet. I then cancelled again. Rob's initial performance (first 4-5 months) was just absolutely horrible. He would buy at tops and sell at bottoms with amazing accuracy! He seems to have improved since but, it's true he is a mediocre trader (even if he makes money for himself which I cannot verify and I do not really care). Noone in the room was (or is) able to get the fills he claimed he has, and the math is simple: Approximately we have : 1000 pips / month divided by 2 (since Felix double counts them) is 500. Assuming 150 trades with a spread of 3 (for most people), makes for a monthly profit of 50. Obviously a larger number of trades coupled with delay in execution by which time the market has moved results in a loss or break-even situation at best. Even if he claims 10000 pips next month these will probably result from 1500 or more trades so net result is just as bad or even worse

Myself, I have yet to meet someone that has made money in the kingforexsignals room but I sure know several that have lost a bunch.

David

[News Pipper]

Originally Posted by David S.

Myself, I have yet to meet someone that has made money in the kingforexsignals room but I sure know several that have lost a bunch.

Well you can add me to the list!

I've kept quiet about it up until now, but seeing that I'm not the only victim, has given me the courage to speak-out against this scam.

I started out trading with Rob Grespinet when Felix first brought him onboard and, for the month of June at least, I can verify everything that has been said by David S.:

Originally Posted by David S.

Rob's initial performance (first 4-5 months) was just absolutely horrible. He would buy at tops and sell at bottoms with amazing accuracy!

I thought I would never touch KingForexSignals again after that brutal performance, but like David S., I too fell for the hype and rejoined at the end of January.

I have to admit, I just cancelled my KingForexSignals subscription a few weeks ago. Unfortunately, this second time go around didn't go any better than the first. Once again I consistantly lost money trading with Rob.

I'm not saying I lost money every day, but when your losing days outnumber the winning days 2 to 1 and the average pip P&L on the losing days is double that of the winning days, I'd say that's pretty much a consistant losing track record.

To "add insult to injury" they have the nerve to refer to anyone that leaves the room as "unloyal" and "a low quality trader". This just goes to show that there are some major problems at KFS. Rob has even written a letter to the subscribers threatening to disallow them from comming back for 6 months if they leave, in order to stop the "revolving door". I think Rob will be the one out the door soon. I can't believe Felix has this bum around ruining his good reputation. They must be VERY good friends.

I'm not going to blame Rob for the fact that I lost money again. That I take full responsibility for. I can't believe I was stupid enough to go ahead and trade real money with Rob without even testing-out his service on demo first. That's why I was too embarrassed to talk about it until now.

Like they say "Fool me once, shame on you. Fool me twice, shame on me".


News Pipper

[FrankTheTank]

But I thought he made 1,000+ pips this month