At the time of this review (April 29th 2013), Fx Primus LIVE ACCOUNT only had a trading history of 15 weeks on ZuluTrade. Hence normally too short for us to consider a review, though there’re some interesting facts on this provider which make it worth to discuss them. The fact that they’re ranked 645 at the moment and have just over $100,000 following them is fairly irrelevant at this early stage. However, based on the limited Fx Primus LIVE ACCOUNT trading history on ZuluTrade, here’s our review:
Fx Primus LIVE ACCOUNT Pros:
- send signal from real money account
- positive results so far (4 profitable months)
- closely managed stops (normally at support & resistance levels)
- trade manually (i.e. no automated robot)
- so far, no overtrading
- professional set-up (own website)
- strategy clearly explained on own website
Fx Primus LIVE ACCOUNT Cons:
- limited trade history
- unknown if trading style will be effected when trading for others
- fairly high slippage
With only 15 weeks of results to work with it’s difficult to properly evaluate the performance of Fx Primus LIVE ACCOUNT on ZuluTrade. So far, results have been positive (see graph below), with a return of almost 1500 pips for an account drawdown of 341 pips and open trade drawdown of 264 pips. Stop levels seem to be carefully managed with maximum stop levels 80 pips away at the moment (though historically the worst trade was -93 pips). With a maximum of 8 open trades this does mean drawdown can be high-ish, though it’s worth nothing that when 8 trades were opened by Fx Primus LIVE ACCOUNT in the past, these were not all in the same currency pair and direction. While most of the time they trade the major pairs (EURUSD, GBPUSD and AUDUSD) they do on occasions trade the more exotic EURAUD and GBPNZD pairs.
What makes Fx Primus LIVE ACCOUNT stand out from the other new-ish ZuluTrade signal providers is that they send signals from their live trading account AND that they have their own promotional website with details about their strategy and approach.
The advantages of following someone who uses a live account are pretty clear. Your loss is their loss. Though in case of Fx Primus LIVE ACCOUNT, they’ve actually gone a step further and they’ve got their live signals from 2013 verified by 4 other independent companies: myfxbook.com, ForexPeaceArmy, Mt4i.com and ForexVerified.com. In fact at myfxbook you can see how much they invest themselves and how much risk they take themselves per trade in relation to their account balance. It’s actually very useful to visit that site (click here) since you’ll notice that at the moment they only risk about 0.13 lots per trade for a balance of $5000 (good example for those ZuluTrade followers who risk too much per trade). Fx Primus LIVE ACCOUNT’s page on myfxbook also shows some additional graphs and stats which are useful.
The advantages of having their own website are slightly less direct. It does offer Fx Primus LIVE ACCOUNT the ability to give more info on their strategy (click here to view their myliveaccount.com website). And yes, they use it to promote their favourite broker and different ways to follow their signals (of which ZuluTrade is one). Obviously as long as they produce positive returns for their followers there’s nothing wrong with them taking some commissions along the way (as long as this doesn’t need to become the key driver). Key here is that they’ve invested time and some money in developing this website and creating their own brand. One has to assume that this means that they’ll be less likely to deplete their account by irrational trading behaviour. While someone sending signals from a demo account can easily set-up another one, for Fx Primus LIVE ACCOUNT it would mean building a new website and getting their new account verified independently again.
Because they send signals from another 3rd party broker (FX Primus) it’s certainly worth comparing your results with theirs in case you follow them with a live account since some significant slippage may occur. We did some tests on 2 different live broker accounts and noticed slippage between 2 and 5 pips (which we consider very high).
So in summary, Fx Primus LIVE ACCOUNT is definitely one to watch over the coming months. Results so far have been good with a well managed risk strategy. A key confirmation point will be when they start getting multiple followers since it’s a different mindset trading with your own money instead of other people’s money (and dealing with their comments). Also the money they make from their own trades will (if they become popular) probably become less than what they make from commissions which has led some other traders change their strategies as well in the past. Again as with many traders with limited trading history on ZuluTrade … time will tell.
Please note that the ZuluTrade trader reviews are included on Social Trading Guru for educational purposes only. They do not constitute advice, and the inclusion of a signal provider shouldn’t be considered as an endorsement of that provider. Never trade with money you cannot afford to lose and always consult an independent financial advisor in case you’re not sure whether this type of investing is right for you.