Right, I have a new trading package that I’ve had sat on my desk for ages now and I thought it about time to put it to the test.
Market Raider Plus is a forex trading system which is very similar to The Ultimate Forex Predictor in that it signals you when to enter and exit trades on the currency markets.
When you buy the package, which comes with the usual 30 day money back guarantee, you get the software disc but also a thick, comprehensive manual which contains the simple intallation instructions and Ian’s own Trading Forex the Easy Way information.
Now, I’ve bought one of Ian Williams packages a few years ago, called the Ian Williams EZTrade System and it was an excellent package for teaching you how to trade the stock markets. This forex manual is much the same, and actually teaches you how to trade forex for yourself. Ian seems dead keen on you actually learning how to do it but if I’m honest, I’d say that the reason you bought the software is so that you don’t have to learn, and indeed the software does make that possible.
Ian’s writing style is excellent and he does indeed make a good teacher. The video updates on the members site are actually interesting to watch and don’t send you to sleep (unlike other forex trading videos I could mention). So first impressions of the package are that this is a comprehensive product that will cater for all types… those interested in knowing the details have everything at hand for them but those who couldn’t give two hoots how it works can simply plug and play.
Which brings me onto the software itself. When I first stuck the disc in it immediately told me it wouldn’t work because I had vista. A quick look on the members site and there was the vista version available for download. It installed without at hitch and the installation section of the manual has a step by step guide with pictures showing you exactly how to open the charts etc. so I was up and running within about 10 minutes.
And that’s pretty much all there is to it. Unlike the Ultimate Forex Predictor, MRP does not have any optional settings. So there isn’t a huge variety of different methods to use, all you do is turn it on and let it work. It will signal you when a trade is lining up and tell you where to put your stop loss. Then, if the trade hit’s then entry point, all you do is move your stop when the stop on the software moves. And that really is it. As it’s a trailing stop, the trade is over when the market hit’s your stop.
You can run the software on loads of currency pairs and the package includes ‘chartbooks’ which are predefined sets of currency pairs all together, so you can monitor more than one at a time if you want. You can also choose your timeframe, be it 5 minute, 15 minutes, hourly, 3 hourly or Daily.
One thing that I think would interest a lot of people is the daily chart. If you use this then you can trade around a day job. All you do is load the chart up once a day, whenever is convenient for you, and if there is a trade signal you place an order to open (or open it live) and let the trade run from day to day. This is the sort of trading that Ian teaches in his Eztrade system. So you have large stops but trade at much smaller amounts per pip. All you do is log into the softwae once a day and if the stop has moved, you move your stop… also pretty similar to the way LS Trader operates. So you could run this on loads of different currency pairs risking a set amount of your bank on each trade and make a decent income (hopefully) in a few minutes a day.
I loaded up the GBPUSD 5 minute chart this morning and saw a winning trade right away:
As you can see it gives the entry point at 1.638 and shows that the trade closed when it hit the stop at 1.637. I have noticed that the figures are in increments of 10 pips. I’m not sure if this can be altered so I’ll look into that but obviously this trade made 10 pips profit this morning.
I do like the way there is no ambiguity about the trades. There’s no choices to make, or settings to experiment with. It tells you when to trade and concentrates on one trade at a time. So when you’re in a trade you don’t get any other signals until the trade has finished, at which point it will begin looking for another trade.
I think, like TUFXP, this software is going to need a pretty decent length of time to test it properly. One month isn’t going to tell us anything, especially as we have August just around the corner which a great many forex traders take off as holidays and therefore makes the markets very unpredictable. We saw this with tufxp last August so I think I’m going to have to do this one as an ongoing blog if I’m going to do it justice.
I think I’ll start off running GBPUSD on the 5 minute chart as I’m on during the day anyway with tufxp. But I’ll also have a look at the daily charts and see how this plays running it as an evening gig, as I know a lot of people that wanted tufxp couldn’t do it as they had to work days.
Market Raider Plus is available here: