Final review
Although I normally like to run ForEx trials for 3 months, I am going to wrap this up after 7 weeks because I don’t believe my opinion is going to change in the next few weeks.
ForEx Hijacker costs £287 with a 30-day money back guarantee. What you get is a pdf and training videos to back the book up. I found the pdf a tad bloated with details on how to open accounts with Brokers, this information could have been put in to a separate book or left as an online resource. However, the video support is welcome and very much worth watching.
There are three systems: basic, fly-past and retrace-to-channel. The first two are very much aimed at noobie traders, and I’ll be focusing on retrace-to-channel.
I looked at the GBP/USD and EUR/USD pairs as this is what Jason, the author, looks at. I also looked at Crude Oil as my personal trading is in the Oil market.
I used the Cash-Master standard £10 per pip.
GBP/USD: A total of 576 pips for £5,760, an average of 82 pips per week. 50% of these trades were made between Noon and 4pm, 23.4% between 8am and 11am.
EUR/USD: A total 645 pips for £6,450, an average of 92 pips per week. 48.5% of these trades were made between Noon and 4pm, 34% between 8am and 11am.
A total 1221 pips for £12,210, an average of 174 pips per week. This is brilliant as 100 pips per week is more than enough for financial freedom. 174 pips per week is nearly £7,000 per month, tax free (if you are using spread betting)!
For information, Crude’s total is 1023 pips for £10,230. 42% of these trades were made between 1pm and 5pm, 42% between 8am and 11am. This nearly doubles the overall profit, but I would only recommend Oil markets to experienced traders as it is a very volatile beast.
So, a combined total of 2,244 pips in 7 weeks (£22,440), why am I not gushing with enthusiasm?
There are few weighty caveats for me I’m afraid.
I had to amend the retrace-to-channel strategy a little bit. Without giving too much away, I wait for a significant break from the channel. I found the strategy as described would provide way too many entry/stops to be profitable.
Exit strategy needs a fair bit of experience. OK, retrace-to-channel is for experienced traders, but you need to know and understand market dynamics to get out for the sort of profits I have recorded.
Drawing the lines appears to be a black art. I have drawn lines on my charts and these have been in significantly different place to where Jason draws his. This might not matter as I had to use my own lines for Crude Oil and it has worked just fine.
One final point; the pips Jason alludes too in the sales material, and in the follow-up videos are simply unachievable. I have done OK, more than OK in fact, but nowhere near the pips advertised.
To summarise then; a simple system certainly capable of providing a good source of income and one I will be incorporating in to my own trading. With a combined 320 pips (£3,200) per week average I’d be foolish not to. This would normally result in an APPROVED rating. However, I doubt that the system described in the manual would be effective, in fact I think, although I don’t have evidence to back this up, the manual might well fail. Further, I believe you need a fair amount of market experience to make this work. For these reasons I will have to categorise this as NEUTRAL.
You can get Forex Hijacker here:
http://www.cash-master.com/forexhijacker.php
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Filed under Forex,Spread Betting,Trading by Arthur
