BullPips Final Review

After looking at my data I have to concede that my second rule, where I don’t take a trade where the fast MA is below the slow MA for a buy, and vice versa for a sell, is not only missing some great moves, but appears to be getting me in to a trade near the top/bottoms of the move. This is hurting the overall profitability of this method. Rather than restart the trial I thought it better to wrap up at this point.

BullPips costs $127, so around the £80 mark depending on exchange rates. For this I received two PDF manuals and two indicators for a Metatrader 4 platform.

The support PDF walks you through opening an account and configuring the platform. The Strategy PDF explains the strategy and has some worked examples of trades. To me, it all seems simple and straightforward.

Six currency pairs are mentioned in the strategy guide, so I used these to assess the product. I strongly recommend just EUR/USD pair if you are new to ForEx trading. Get the hang of the strategy on one pair before you go for the more complicated multi-pair implementation. I would also recommend using a demo account to begin with too. My platform will be Alpari for this trial; both Alpari and GKFX offer spread-betting Metatrader platforms, and spread-betting is currently tax free in the UK.

Whilst I will be risking the cash masters standard £10 per pip, I will also use the strategy defined in the manual of three profit targets. When each target is met, I will close £3.33 and move the stops. For any single currency pair, I will only have one trade going at any one time, so once I open a trade I will ignore the re-entry signals until this trade is closed. It is way too complicated to manage multiple trades on the same pair!

During the trial I operated several additional rules:

  1. I simply cannot take a trade where the fast MA is below the slow MA for a buy, and vice versa for a sell. I know it’s not in the rules this way but this personal foible is the way I am operating this.
  2. The manual says the MAs have to have sufficient separation; I have interpreted this as 2 or more pips.
  3. I used a trading window of 8 am to 4-30 pm, London time. I am ignoring signals outside of this window.
  4. To set tops, I am using Bill Williams’ fractals to identify swing high and lows.
  5. I am using a maximum stop loss of 50 pips.
  6. As of week 5, trades are closed at 9 p.m. London time and whatever profit or loss these trades are in is taken.

This produced an excellent profit of over £4K and therefore this product is APPROVED.

I have done some back testing, and removing rule 1 above on EURUSD takes the profit for this pair from £3.5k to £9K for the same period. That’s why I have concluded rule 1 was not a sensible rule afterall! Mind you, that’s assuming I have correctly coded some quite complex formulae in Excel.

Of the other rules I applied to the system, my idea of trading London session only reduced the total pips by 50 for EURUSD. Also reducing the pip total by 50 pips for EURUSD is the rule requiring a gap between the MAs of 2 pips as a 1 pip gap provided better results. Extrapolating across the all 6 pairs, a further £6k may have been available by not implementing these rules.

Using the same back tested data indicates that Bullpips works on commodities and indices too.

The downside is that these totals are derived from 15 minute charts, so you do need to be at your PC for extended periods each day. However, just looking at EURUSD Daily, the figures are not very good at all so I am afraid this wouldn’t appear to work for the 9to5ers out there.

Either which way, good profits where achieved during the trial, and the £4K above is probably on the conservative side, to reiterate, this product is approved.

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