Thursday April 7th (Day 3)
A nice easy day with one winner:
2% risk amount = £97.36
Stop size = 8 pips
Stake = £12/pip
Proft = +20 pips (+£240)
Bank: £5108
P/L: £108
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Les
April 8, 2011
FX-180
April 7, 2011
FX-180
Wednesday April 6th (Day 2)
3 trades today (lose, win, lose):
Trade #1
2% risk amount = £98.20
Stop size = 18 pips
Stake = £5/pip
Proft = -18 pips (-£90)
Trade #2
2% risk amount = £96.40
Stop size = 13 pips
Stake = £7/pip
Proft = +20 pips (+£140)
Trade #3
2% risk amount = £99.20
Stop size = 23 pips
Stake = £4/pip
Proft = -23 pips (-£92)
Bank: £4868
P/L: -£132
0 commentsApril 5, 2011
FX-180
Tuesday April 5th (Day 1)
Just the one qualifying trade today which was a loser:
2% risk amount = £100
Stop size = 15 pips
Stake = £6/pip
Proft = -15 pips (-£90)
Bank: £4910
P/L: -£90
0 commentsApril 4, 2011
FX-180
An unexpectedly busy week has delayed the start of the trial somewhat, so testing will commence proper tomorrow. In the meantime, now is a good opportunity to explain the “daily target” system that I will be employing.
FX-180 is pretty flexible in terms of when and how you can use it, so I will be utilising an approach that Graham once used during the testing of The Ultimate Forex Predictor:
1. Aim for 1 winning trade of 20 pips. If this is hit on the first trade, quit for the day
2. If the first trade was a loser, aim for 2 further winning trades (maximum of 3 trades per day)
3. If the second trade is a loser, quit for the day.
The manual does give guidelines on the best times of day to trade (and when NOT to trade) so I will be taking that into consideration. The basic philosophy I will be following is to get in and out for the day as quickly as possible with a profit.
0 commentsMarch 24, 2011
FX-180
Over the next few weeks I’m going to be taking a look at another Keith Coterill / Canonbury Publishing trading method called FX-180. Regular readers of the blog will already know that Keith is the face behind The Ultimate Forex Predictor and ATM-FX, both of which have been blogged here previously. FX-180 is a method aimed at primarily day trading the Forex markets, although the author does point out that it can be applied to various markets and timeframes.
For the purposes of this blog I will be applying the method to the GBP/USD pair using a 5-minute chart. This happens to be the same chart setup that is used throughout the manual so at least I won’t be straying from what the author demonstrates. For each trade I will be aiming to scalp 20 pips from the market which is one of the take-profit strategies included in the manual.
Starting with a bank of £5000, my strict money management rules will dictate that each trade risks only 2% of the current bank.
0 commentsFebruary 20, 2011
Financial Fixed Odds Profits Course
This is a one-off review of Canonbury Publishing’s Financial Fixed Odds Profits Course (which I will refer to hereafter as FFOPC).
Unlike the vast majority of financial systems/methods that are concerned with trading the markets (either using spread betting or a traditional broker), FFOPC is all about making money from financial fixed odds bets using the Bet On Markets service. For those readers who are not familiar with Bet On Markets, this service offers a variety of financial bets where the user can specify the criteria and payout behind the bet, and are then quoted the cost of placing the bet. E.g. “I predict EUR/USD will not touch a price of 1.62600 in the next 5 days for a payout of £500″. The platform would then quote the stake that would be required to “buy” the bet (e.g £400). In this case if the bet won the user would make a profit of £100. One of the key differences between betting this way and the traditional trading approach is that the risk and potential reward are fixed at the outset, i.e. if the best cost £10 then it is impossible to lose any more than that.
FFOPC is based around the use of Bet On Markets’ “no touch” bets. With these type of bets, you are effectively betting that the market will NOT touch a particular level between now and some point in the future (e.g. a week). Therefore if you think that the market is going to rise over the next few days you could place a bet which specifies that it won’t touch some level BELOW the current price. If the market does indeed rise (or even stays where it is) without touching the specified level then you are a winner. Obviously a level close to the current price carries more risk and that is reflected by the greater odds in the bet compared to a level that is quite a way off the current price.
Now onto the course itself. The package consists of a 140-page manual with an accompanying set of CDs that covers the material in great deal. The approach to identifying bets is based around 3 main cornerstones:
1. Trend identification
2. Divergence
3. Support & resistance
Some readers are going to shudder when they see point (2) above (myself included!) Correctly identifying divergence on a chart is one of those areas of trading that comes naturally to some and is almost impossible for others. It’s such a fundamental part of this course for picking potential setups that if you’re one of those who struggles with divergence then you’re in for a torrid time with this method. That’s not so say that putting in the spadework won’t help as like most things practice can be very beneficial.
I found the materials in the course to be of very good quality, and there are lots of useful principles that can be used in regular trading as well as the fixed odds counterpart. I would say that the core method contained in the course is certainly at the subjective end of the spectrum, so if you’re a trader who likes to just follow signals then you will be disappointed. The authors do provide a number of very useful flowcharts to help with the decision making process, but ultimately it’s going to come down to your own chart interpretations. There’s also another important point to consider here. At the end of the day after you’ve gone through the detailed analysis procedure you’re only going to make long-term profits if you are able to find siutations where the Bet On Markets service get their odds wrong (i.e. they offer value). For me personally, I’m not confident of being able to beat their computer.
On the whole I would have to award this course a neutral rating. There’s a lot of useful content in their that can be applied to trading in general, but in terms of a “fixed odds cash machine” I have my reservations. Those who are able to put in the work and have a knack for spotting divergence may get some good results from this, but for every person who falls into this category there’s going to be at least one other who won’t be able to succeed with this. Canonbury do offer a money back guarantee with their products so it could be a case of try it and see.
You can try Financial Fixed Odds Profits here:
http://www.cash-master.com/financialfixedodds.php
0 commentsNovember 10, 2010
LS Forex
Interim Review
It’s been well over a month since the start of this trial so an interim review is in order for this service. To recap, LS Forex is a long-term, trend following trading serice for the Forex markets. Subscribers have access to the LS Forex members section of the website where they can access the latest trading worksheets and updates. Emails are sent out whenever an update is available in the members area so it is simply a case of logging in and downloading the latest information when necessary.
The main difficulty with reviewing a service such as this is that it is not possible to simply devote a few weeks of testing in order to build up a fair picture of how well it is performing. This is a long-term approach to trading, and it is possible that the service could have a bad month (or even a bad year on rare occasions) while still producing fantastic returns over the long haul. The LS Forex website results in fact back this up, showing just 2 losing years in the last 28 giving overall impressive growth. 2010 has in fact been an excellent year for the system with 80%+ returns.
In terms of putting the service into practice this is very easy and not at all time consuming. Clear and concise information is presented which gives users exact entry and exit criteria – it is literally a case of placing bets with a spread betting company and then waiting! As one would expect, all trades involve a stop loss and these are adjusted periodically as a trade moves further into positive territory. Trades are only exited when the stop loss figure is hit, rather than aiming for a “take profit” level. Readers who are familiar with the approach of “cutting losses short and letting profits run” will appreciate the style of trading here.
Since starting the trial in September there have been a number of trades opened and just one closed (for a modest loss of £996.84). Risking £4000 per trade, the currently open portfolio is showing a running profit of £19,599.34. Obviously this can change significantly before the trades are eventually closed, but many have already had their stops adjusted to lock in profits.
I have to admit that this service is not going to suit everyone. It is not going to appeal to those who like an “action packed, in and out” approach to trading, and in order to make a significant amount of money a significant bank will be required in order to adhere to the money management rules (which are sound by the way). However, this service certainly has the potential to produce very good percentage gains over time, which in today’s economic climate is very tempting indeed. This service could be just the ticket for building up a long-term nest egg.
To conclude, I would give this service an interim ”thumbs up” based on what I have seen so far. The service itself is professionally run and while past results are no guarantee of future performace, they have consistently delivered over the years. I will continue to monitor the service for the foreseeable future.
You can join LS Forex here:
http://www.cash-master.com/lsforex.php
0 commentsNovember 9, 2010
LS Forex
Last week saw the open of a new long trade on the GBP/USD pair.
Currency: EUR/USD
Contract: Dec
Position: Long
Trade Entry Date: 22/9/10
Current Contract Entry Date: 22/9/10
Current Contract Entry Price: 13337
Exit Stop Level: 13680
Last Close: 14038
Strategy Profit/Loss: £9,442.47
Currency: GBP/USD
Contract: Dec
Position: Long
Trade Entry Date: 3/11/10
Current Contract Entry Date: 3/11/10
Current Contract Entry Price: 16106
Exit Stop Level: 15760
Last Close: 16185
Strategy Profit/Loss: £913.24
Currency: NZD/USD
Contract: Dec
Position: Long
Trade Entry Date: 29/10/10
Current Contract Entry Date: 29/10/10
Current Contract Entry Price: 7615
Exit Stop Level: 7370
Last Close: 7922
Strategy Profit/Loss: £5,013.31
Currency: USD/CAD
Contract: Dec
Position: Short
Trade Entry Date: 6/10/10
Current Contract Entry Date: 6/10/10
Current Contract Entry Price: 10124
Exit Stop Level: 10404
Last Close: 10012
Strategy Profit/Loss: £1,600.48
Currency: USD/JPY
Contract: Dec
Position: Short
Trade Entry Date: 6/10/10
Current Contract Entry Date: 6/10/10
Current Contract Entry Price: 8274
Exit Stop Level: 8210
Last Close: 8132
Strategy Profit/Loss: £2,629.84
Realised P/L: -£996.84
0 commentsNovember 1, 2010
LS Forex
Last week saw the open of a new long trade on the NZD/USD pair.
Currency: EUR/USD
Contract: Dec
Position: Long
Trade Entry Date: 22/9/10
Current Contract Entry Date: 22/9/10
Current Contract Entry Price: 13337
Exit Stop Level: 13680
Last Close: 13888
Strategy Profit/Loss: £7,421.97
Currency: NZD/USD
Contract: Dec
Position: Long
Trade Entry Date: 29/10/10
Current Contract Entry Date: 29/10/10
Current Contract Entry Price: 7615
Exit Stop Level: 7370
Last Close: 7586
Strategy Profit/Loss: -£473.57
Currency: USD/CAD
Contract: Dec
Position: Short
Trade Entry Date: 6/10/10
Current Contract Entry Date: 6/10/10
Current Contract Entry Price: 10124
Exit Stop Level: 10404
Last Close: 10212
Strategy Profit/Loss: -£1,257.52
Currency: USD/JPY
Contract: Dec
Position: Short
Trade Entry Date: 6/10/10
Current Contract Entry Date: 6/10/10
Current Contract Entry Price: 8274
Exit Stop Level: 8210 (NEW STOP LEVEL)
Last Close: 8046
Strategy Profit/Loss: £4,222.56
Realised P/L: -£996.84
0 commentsOctober 26, 2010
LS Forex
Last week saw the close of the GBP/USD trade for a loss of 78 pips (£996.84). To recap, the maximum risk on each trade is £4000 (obviously each user will have their own risk figure depending upon bank size).
Currency: EUR/USD
Contract: Dec
Position: Long
Trade Entry Date: 22/9/10
Current Contract Entry Date: 22/9/10
Current Contract Entry Price: 13337
Exit Stop Level: 13680 (NEW STOP LEVEL)
Last Close: 13920
Strategy Profit/Loss: £7,853.01
Currency: USD/CAD
Contract: Dec
Position: Short
Trade Entry Date: 6/10/10
Current Contract Entry Date: 6/10/10
Current Contract Entry Price: 10124
Exit Stop Level: 10404
Last Close: 10285
Strategy Profit/Loss: -£2,300.69
Currency: USD/JPY
Contract: Dec
Position: Short
Trade Entry Date: 6/10/10
Current Contract Entry Date: 6/10/10
Current Contract Entry Price: 8274
Exit Stop Level: 8310 (NEW STOP LEVEL)
Last Close: 8135
Strategy Profit/Loss: £2,574.28
Realised P/L: -£996.84
0 comments
