A While ago we did a review for a forex trading service called Black dog forex from Dave Atkinson.
For those who followed the review, you will remember that it was based on a purely mechanical use of the most basic strategy within the service. This proved very profitable overall and was given an approved rating. The only issue was that it relied heavily on trending markets, and profits went down during flat market periods.
The author Dave Atkinson has always been clear that the initial strategy is there primarily to teach the basics of the system, and that once that has been achieved the logical step is to move onto the slightly more advanced methods. Over the last couple of months I have been using these methods myself and thought I would do an updated review to let people know what I think.
There is a trading forum within black dog where the more advanced methods are explained, and there are journals where various traders who use the strategies upload screenshots and information about their trades which proved extremely helpful with the learning process. The extra methods are called MTF1, 2 and 3. The majority of people within the forum/chat room seem to use 2 or 3. I personally settled on using MTF2 but I can vouch for either as there are plenty of people achieving success with both. Without giving too much away, for people who have purchased black dog and are curious, I’m using the same strategy that is used in the scalpers tale and nitethinkers dreams journals (and very similar to the strategy Dave uses).
Skype sessions are available with Dave where he will explain how he trades in great detail (including using mikogo so you can view his desktop as he shows you things on the chart) which really helps with the learning process. There are also various other full-time traders on hand in the chat room each day who are more than willing to help explain anything your stuck on.
And now onto the all important results. At this point I have moved on from the purely mechanical approach of the initial review, but I can still give some idea based on the results I am personally achieving. Trading on 15minute charts with a target of 20 pips and a maximum stop loss of 15 pips, my strike-rate has been just over 70% so extremely profitable overall. I have also been moving down to the 5minute charts if there is no signal to enter on the 15minute chart and taking similar signals there. My strike-rate on this timeframe is a bit lower at just over 60% however the stop loss is generally smaller as well so has still proven highly profitable over all. Finally, I have just started to paper trade the strategy on the 4hour timeframe as there are people achieving good success on this timeframe within the forum so I thought I would give it a go for testing purposes. So far I have picked out 7 trades of which 5 have hit the profit target (which have varied between 75 and 100 pips), 1 finished at break even and one finished at a loss. Overall these 7 trades have resulted in a 415 pip profit. I haven’t got a big enough sample to make definite conclusions on it yet but it certainly seems to confirm that the strategy should work on any time-frame.
I definitely consider the advanced strategies to be an improvement on the original strategy as they throw up more signals each day and greatly improve the profitability at times when the market isn’t trending strongly by keeping the stops much smaller and relying less on a large market move to hit your profit target.
In conclusion I’m sure you’ve guessed that I think extremely highly of this service. The fact that there is a forum and chat room that runs all day is extremely helpful as there is always somebody available to help you out, and there are hundreds of examples available of trades that people have taken to help with your understanding of the strategy. The forum can be slightly intimidating at first since there is so much information available, and it can be a little tricky to decide exactly which strategy you’re going to focus on, in my opinion the best thing you can do is have a session with Dave and copy him at first as you can’t go far wrong like that. Gradually as you study more and more of the content in the forum you can develop your own style if need be but it certainly gives you a very solid starting point.
All in all, black dog forex is without a doubt the best trading product/service I have ever used, to the point that I have actually ditched my previous trading strategies and now focus solely on this. I can’t see myself ever needing anything else strategy-wise in the future and give this my highest possible recommendation.
You can get Black Dog Forex here:
http://www.cash-master.com/blackdogforex.php
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