Flag Trader Final Review
It was never the intention to run this as a long-term review as the method here is very close to the previously reviewed and approved Trade The Banks. As I currently have no open trades, and have been running this for seven weeks, now seems like a good point to warp this up.
Flag Trader is a stock trading method from the Guy Cohen stable. Whilst the method works for US and UK stocks I did find that the Trend Finder only really worked on US stocks. I therefore have concentrated on just US stocks tradeable on IG Index.
Flag Trader comes with online training material to watch which introduce the techniques you need to operate the system. These are quite involved, but can be followed by people new to this type of trading. If you are new to candlestick charts, stick to looking for one type of pattern until you are comfortable with the strategy and slowly expand from there.
I used the £10 per pip cash-master baseline, but split in to two profit targets as required by this method.
Each day I used the “Trade Finder” provided on the website to locate Bull Flags, Bear Flags and I excluded anything with imminent Earnings Reports.
The review period has coincided with the end of the tax year and many companies have had to issue reports. The review period also included Easter and several Bank Holidays. I believe that this has severely limited the number of possible trades.
The profit of £2,711 in 7 weeks of trading far outweighs the subscription. Once you have the hang of the system it is easy to use, and takes between 30 and 60 minutes per day but does not operate at weekends. It can be done in the evening after work, so is perfect for 9to5ers.
However, to operate at £10 per point you are going to need tens of thousands in your trading account. Just how much depends on your attitude to risk. Somewhere about three to five thousand will allow you to play around the £1 per point (assuming IGIndex allows you to place the trade at those stakes, sometimes they don’t for obscure stocks), but this is still a very healthy profit.
So apart from the operating capital required, it is hard to see any negatives to this at all, and this is APPROVED!
There is a 30-day money back guarantee, so it is well worth a look, and hopefully worth keeping too!
The system is VERY similar to Trade The Banks though, and I do not think you need both systems. Which one you use is up to you; my take is Flag Trader is easier for people new to trading to get in to whilst Trade The Banks is a little more complicated. From the results of the trails, TTB has better profit potential (TTB made £20k in 9 weeks as opposed to £2.7K in 7 weeks). Once caveat though, TTB and Flag Trader where trialled at different times of the year so a direct comparison is not possible.