Sorry for this (very) long post.
Been looking at the reporting format after Roger pointed out that the bank required to trade all 13 instruments would be unrealistic. I concur, as you’d need a bank in excess of £13k to trade everything just to 10p stakes at a sensible 1% risk. Therefore the previous reports, where all the instruments where grouped together, is not a sensible way to report on this service.
Roger does advise, and this is something I did ignore, one or two pairs only. So I have reformatted the report instrument by instrument.
An even longer term service started this week where trades can run for months. I have added this as Set and Forget (managed) service.
One thing I am very concerned about is that I am severely over-complicating what is a very simple service. To make life easier, and reporting a great deal easier, I would like to concentrate on managed Set and Forget only. Unmanaged Set and Forget results are on Roger’s website, and pullback results are likely to be so different between traders that they are probably not a valid guide to the service. So, that is what I will publish but I will continue to collect data on other trading styles and will either include these in the final review or, more likely, only publish them if requested.
A little more detail on the trading styles (with a lot of input from Roger).
SET AND FORGET SIGNALS STRATEGY :
For those that enjoy a high risk gamble.
This is a very high risk strategy that must really be viewed as gambling with so far to date favourable returns (11 months of detailed records). If you’re looking to actively trade, in other words be a hands-on ‘trader’, then this is definitely NOT for you.
Set and forget is as the name implies setting a trades parameters and then walking away. There’s no way you could set and forget all the forex and equity pairs as you’d need a very substantial trading account balance. How most S&F participants get involved is with a couple of forex or equities. You can easily tell via the results PDF which pairs or equities do better than others.
Set and forget trading means that if your chosen trade goes live you ignore everything, news, patterns, session ends, weekends, the works, and no interference of any nature. This is why it is a very high risk strategy and why unless you have a massive trading account only a couple of pairs and/or equities are a feasible option because potentially you could have 13 trades live with others live from previous weeks too.
Many of Roger’s set and forget clients view it a bit of highly calculated fun. Though only a couple of weeks in to the service review there is no reason to doubt the authenticity of the 11 months of results readily available on the site so they’re worth a read through.
Certain pairs fare far better than others but considering you do nothing at all if the trade goes live the deficit on even the worst performing pairs is next to nothing for an 11 month period, that in itself says something about the overall strength of the trading levels that this service calculates.
There is a PDF on the site with every level issued from day 1 that you can scrutinise not only if you’re more of a gambler than a trader but also to gauge an initial view on the proclaimed accuracy and consistency of their trading levels.
The thing to bear in mind when scrutinising the PDF is with set and forget you will go live automatically whereas with the pullback and direction trades you trade them so unless there was a reaction at the reaction level you would not have gone live; it’s worth a few hours of your time perusing the PDF.
WEEKLY PULLBACK REACTION LEVEL STRATEGY :
For those that want to actively trade with low risk.
What you have here appeals to those that actually want to trade, not follow or copy. The levels are exactly the same as the set and forget levels. The difference is you go live when there has been a reaction at the pullback reaction level and not automatically like set and forget.
This is a fairly low risk strategy, you will not have many trades go live per week because if there’s not a pullback that means there will not be a trade and then even if there is a pullback if there’s no reaction at the pullback again there will not be a trade.
Most traders already using this service opt for 2 -4 pairs or equities. Others trade the pullback reactions that meet the criteria so are not bothered about particular markets they just trade all those that show a reaction at a reaction level so it’s pretty much impossible to portray accurate results as the purpose of this strategy is to trade and no two traders are the same.
Some will trade the 1hr some the 4hr, some will put there stops in different positions to others because of where they went live after the reaction at the reaction level so each trader will have different results but it’s pretty obvious overall to determine if a trade was generally successful or not.
There are also the occasional ‘direction’ trades. Few and far between at times but the service claims a healthy 75% strike rate when the crop up. According to their PDF there have been 4 this year so far, they’re generally over in 1-3 days and have produced 246 pips. This is not a service claiming 1000s of pips with lots of trades. A steady 300 – 600 per month is the average for actual ‘traders’ with most trading from £1 per pip upwards.
Best thing to do by far is to take a trial, they offer 28 days, not your typical 7 or 14. 28 days is plenty of time to see if the service is of value to you or not. The audience for this type of service are those that can build trust in the levels he predicts and then use a simple clear chart as can be strategy to trade from them.
This is what Roger says the service is really all about, what he’s ultimately out to attract is long-term consistent traders that know what they’re doing, don’t want or need a system, have had enough of jumping from one service to another and are ready to get down to the business of trading.
This is not a hold your hand service for newbie’s, copiers or followers. You can send in screen-shots, ask questions galore and all will be answered as long as you are committed to becoming a trader, not playing around with systems and come and go copy services.
If that’s you then you should take the 28 day trial. Roger provides levels for intra-day, weekly (the main service) and now longer-term quarterly level traders too. He is constantly adding value to the service and says if you can find a similar service anywhere offering 13 forex and equity pairs with levels for intra-day, weekly and quarterly with helpful Twitter and Client page updates and with the same consistency, accuracy and reliability for what this service charges then let him know, I’ll join too :).
Please note that whilst reformatting the data I spotted some errors. The spreadsheet with the results is very complex, but I will try to be more accurate. The reformatted results are:
|Set & Forget||Set & Forget||Set & Forget||Set & Forget|
|Week 1||Managed||Week 2||Managed||Week 3||Managed||Overall||Managed|
I have two long-term trades open. Long-term trades can take months to complete.
As stated above, Roger suggests one or two pairs. Historically the most profitable Forex pairs are GBPUSD and USDCAD. You’d be 202.6 pips up overall on these 2 pairs. Best two for equity I can’t say because Roger only started it this year on S&F; current best 2 are S&P and DAX though and you’d be 241.8 pips up overall if trading these 2 pairs.
You can try Consistent Forex Trades for just £1 here: