As I stated in my previous post I am taking a few days off reporting on Black Dog forex. However, this provides an opportunity for an interim report.
Black Dog forex costs $297, so about £200 at the current exchange rate. This provides access to a forum which contains the systems, advice and access to the support community (which I found rather good). You also get access to a Chat Room where you can ask for help and discuss your trades in real-time with other traders.
There are several strategies available from the authors. To get going I choose the vanilla Black Dog strategy and have not used “Mini Trend Finder” (MTF), etc. This is interesting as the author states “The programme is doing very well and the way to approach it is to start with the Black Dog original system. No-one trades it these days but all the info contained therein applies to the other systems – then move on to the MTF1, the MTF2, and finally the MTF3. Most people seem to trade a hybrid of the 2 and the 3 but I personally stick to the 3”.
Anyone following the blog will have seen really excellent results using the cash-masters standard stake of £10 per pip; £8, 500 profit in 19 trading days (about 1 month). Even at a more modest £1 per pip this is £850 in a month!
The charts are very easy to set up, and the rules are easy to follow. However, I found myself concentrating on two particular entry signals. These are discussed on the forum under the “Journals” thread so no need to explain them here.
This is “proper” forex trading, so you are glued to the computer, and the charts, during the London trading day. I traded the 15 minute charts, however there are audio alerts for possible set ups so I could do other things whilst waiting for these alerts to trigger. It is possible to trade longer timeframes, such as the hourly charts, so that your umbilical is longer. In no way is this a fire and forget, and must be treated as work-from-home self-employment.
That said, the reason I have stepped aside for a few days is the strategies I am using only really work when the markets are trending (making moves either up or down). This week I have given nearly 500 pips back to the market (close to £5,000!) because the trends are just not forming. This is something that needs to be kept an eye on, but is also something to be expected during the summer holidays in August. For those who understand forex the following chart indicates what I mean:
In summary then, excellent support and an excellent system capable of making significant money. The interim indication is a resounding approved.
You can get Black Dog Forex here:
http://www.cash-master.com/blackdogforex.php
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