Bit of a curate’s egg this one.
I have been looking at Fight Back Trader, a financial trading product from Martin Cater and published by Thames publishing. The product costs £249 with 30-days access to the members website to get the signals. If you keep the product you will get the method used to create the signals, otherwise access to the members’ area is £5.95 per month.
To use, you log in to the members’ area on a website each morning and open a trade as indicated. Whilst I could not see a specified time for this, before 8a.m. would be sensible and preferably just after 7a.m. It only takes a few seconds to put the trade on once you get the hang of things.
At CashMaster we like to test products at £10 per pip where this is sensible; whilst I did this this for this review on the 1st August 2018 new margin rules have came in to force. Martin’s pdf that accompanies this product suggests that £10 per pip requires a bank of £3,500, so that is what I started with.
Margin is a complex beastie, and the pdf explains what this is about, so I won’t repeat it here; but if I was using real money (I used on a demo account) I’d have to ensure that the account stood at a minimum of £3,500 before opening that day’s trade, which means topping the account up and topping up did become necessary!
I used Core Spreads online platform as my broker.
You can see from the equity curve that the first 3 weeks were a disaster. Not only losing 317 points with no wins, but this meant that a further £3,170 would have been required to keep enough funds in the account to allow sufficient margin for £10 per pip trading.
Since then Fightback Trader has lived to its name and fought back. Still not back to break-even, the trial ended 129 points down, but the 188 points profit made means that you could recover £1,880 of the extra funds pumped in to maintain margin.
If the trial had started after the initial 3-week period, I’d have been lauding the 188 points and easily approving this, but I didn’t, and the initial poor performance cannot be ignored. However, I don’t feel like rejecting this either, it has fought back to the point where 1 or 2 decent weeks trading will get things back to break-even. I will go neutral then, with a strong caveat about just how much money you’d need to invest to maintain your margin should a repeat of the initial 3 weeks reoccur.
You can get Fight Back Trader HERE.