Should I Invest in “FireYourBossV2” Via FXTM Invest or FXPrimus PAMM?
In response to various questions in my page and personal inboxes regarding whether to join FireYourBossV2 via FXTM Invest or FXPrimus PAMM in view of each of the broker’s pros and cons as outlined in a previous post. Particularly, that FXTM carries a higher spread cost, and that FXPrimus has a PAMM leverage half that of FXTM.
In a recent video, I decided to do a side-by-side comparison of the FireYourBossV2 system running on FXTM broker, as well as on FXPrimus, a.k.a. Primus Markets.
A quick note for those of you in Australia and New Zealand – apparently you’re not able to register for FXPrimus. So, your choice is basically limited to FXTM. Get started HERE
In this video you’ll be able to see how each stacks up against the other.
Quick Summary of FireYourBossV2 Running on FXTM Invest vs FXPrimus PAMM
FireYourBossV2 on FXTM Invest
No doubt, there is a higher spread on FXTM Broker. However, there is also a higher 1:1000 leverage. This allows me to place larger starting trades with the lower margin requirements of placing each trade.
FXTM Invest runs like a copy-trade, or “trade-copy” – whichever way you call it. Basically, the trades on my master account are cloned onto your accounts at the server level. (I personally believe trades should ONLY be cloned at the server level, rather than via a 3rd party program, i.e. Myfxbook Autotrade, Signal Start, or Zulutrade.) The downside to this setup is that while the bigger lot sizes generate more profit during ranging markets, I need to manually intervene during strongly-trending markets to exit baskets of trades for a small loss, small profit, or break even.
FireYourBossV2 on FXPrimus PAMM
Spreads are lower here. Typically, a good 30-40% less! However, even though FXPrimus supports up to 1:1000 on personal accounts (by request via live chat or account manager), the PAMM leverage is only up to 1:500. Because of this, I have to downside starting trade sizes accordingly so that the martingales will not consume too much margin.
As opposed to being a trade-copy, with FXPrimus PAMM, client funds are traded as though they have all been pooled into 1 account. I, the PAMM master signal provider, see the consolidated balance of all those who have invested in my strategy – which also includes my personal stake. The downside to this is that if big deposits happen overnight, the investment return for all investors may be diluted for a day or two until following trades are taken according to the new account balance. The upside to this is that the market suddenly breaks into a strong trend, the larger balance will allow the EAs I run to automatically exit the trade setups with bigger profit without my interventions, which actually affect the calculation of the “Take Profit” point.
Summary: Which Platform is Better for FireYourBossV2 Forex Managed Account Strategy
While FXPrimus may have lower spreads, if you use their PAMM there are also other fees to be aware of, such as early revocation fee, manager fee – which FXTM doesn’t charge. You also have the flexibility of withdrawing at anytime – details on this on my FXTM Invest Review.
While FireYourBossV2 running on FXPrimus will deal with strong trends better due to the constantly growing funds pool, the FXTM Invest version will make more profit during ranging market conditions due to the proportionately higher starting lot size.
The FXTM FireYourBossV2 will tend to have higher floating loss than the FXPrimus PAMM FireYourBossV2.
In the video above, you will see that the FXTM system is currently more profitable. Over time, over a mix of market situations, I expect them to be nearly on par due to the factors I’ve mentioned in this review.
Remember that if you’re in Australia or New Zealand, you’re only able to go with FXTM.