Graham has asked me to start a trial of the payback trader the second offering from Jason Alexander, author of Forex Hijacker. Today I will briefly introduce the system and the trial will officially start next week. I actually purchased the system two months ago but havent done too much with it to date but have had the benefit of two months of daily alerts (which you will get foc when you purchase the manual). The system costs £247 and then the daily alerts are £67 per month if you decide you want to keep them after the 60 days is up. As usual there is a 30 day money back guarantee.
So what is the system all about? Essentially Jason describes the money markets is terms of “money makers” who essentially drive the markets to certain levels to take out stop losses and then reverse the trades in the opposite direction making a killing in the process. He is able to ascertain where these levels are so we can profit of the same moves the “money makers” make. I must say on a separate note that I think £67 is far too steep for the daily alerts especially after spending £247 on the system, I think £30 would be better value but each to their own! Please note you can find these levels on your own after a bit of practice but it is helpful to cross check with the daily alerts to check you are acurate.
The system uses lagging indicators to identify the alert levels but they are not necessarily used during the trade although they can be if you wish so don’t be put off by this. The system concentrates on GBPUSD and EURUSD but i see no reason that it couldn’t be applied to other FX pairs.
One thing I don’t like about Jason’s systems is the fact that he then provides analysis the day after which is akin to “here is what you could have won if you had traded it just like this”. This just doesn’t work as there is a certain amount of interpretation of what to do when an a alert level is hit, e.g if the market is hitting the level from below then it should be a sell and when from above a buy but there are enough cases when this just doens’t happen. A recent addition which is very useful is the inclusion of a beta traders results along with her reasoning for taking trades, i found this very helpful and so will you if you buy the system.
Enough of the bad stuff, this is a sound system with good content and a members area, e-mails are always responded to promptly I just don’t like the fact that Jason then says you could have made 100 pips on this move if you had the guts to stay in it when in reality you would have had to forsake many alert levels in between to achieve this result!
Anyway on to the trial which begins Monday, i think this is a fairly acurate introduction but will add to it if I think I have missed anything, fingers crossed….
2 comments
Filed under General by Jonathan Wakefield
Last Week’s Performance:
January ended with a whimper and unfortunately the heaviest loss the system has experienced.
What are my thoughts on this?
Well firstly, my money is in the system so I am equally upset at the current situation and disappointed with the recent experience. However, I do consider this performance in the context of the past couple of years and looking back at the reward it has brought me and many others I cannot come to the conclusion that it no longer works.
USDJPY has been going through unprecedented narrow ranges and consequently when they break the normal structure and habits, the market can’t be relied upon as healthily as before. As we return to normal conditions – QFX will kick back in and I am confident that this process has begun already.
At the moment the narrow ranges are so tight that any break is viewed with alarm and liquidity is withdrawn causing some overshoots.
On another note todays range has triggered and we are at a small profit at the moment
Fingers crossed
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Filed under General by Jonathan Wakefield
No trades since our double max loss of the last few days, the pair seems to have returned to the poor trading range we saw over Christmas and the New Year. After those two losses we are running at a small profit and I still have high hopes for the system, we are just going through a lean patch at the moment. I will continue the trial through Feb and March to give us a better overall view of the product.
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Filed under General by Jonathan Wakefield
Well the ranges are back and sadly the losses continue, think i preferred it when we werent trading! Another full 45 pip loss from Friday’s entry. Range is ok for another trade today so fingers crossed for a better outcome
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Filed under General by Jonathan Wakefield
A nice 20 pip move today hopefully the ranges are back to normal and we can see the true potential of the system going forward
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Filed under General by Jonathan Wakefield
I received an e-mail from the author this morning regarding the recent lack of trades and thought it would be useful to add his comments below:
“No Trades again last week.
After last week’s commentary I also spoke to contacts inside the industry, some with 25+ years of FX experience behind them and they all came back with the same response about our current dilemma;
Firstly, systems should never be judged on one month alone and least of all December!
Secondly, that the ranges in USDJPY are artificially narrow and will not last.
Thirdly, that the system may not be trading but critically it is not LOSING money.
I have been further reassured by these independent observations that it is just a case of being patient and riding out this frustrating period. The important thing is although we are not getting trading opportunities the system is not LOSING money.”
I think this is key while other methods may be getting a lot of trades, are they profitable or are you just throwing money away. My bank is intact and so is all of the other members so still a thumbs up from me
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Filed under General by Jonathan Wakefield
Just a quick update since our 20 pip winner the trade on Tuesday/Wed failed to trigger and the range isnt valid today for a trade so we are sitting this one out again at present. I must note that my winner from last week Aaron has down as a no trade day so I need to check that I didnt jump the gun by rechecking the rules, will revert back one i have.
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Filed under General by Jonathan Wakefield
The trade from Friday just hit its profit target of 20 pips and we have a qualifying range for today although with US Bank Holiday I am not expecting it to trigger, but hopefully this is the start of some good trades.
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Filed under General by Jonathan Wakefield
