I am looking at Flag Trader from Guy Cohen as I trailed Trade The Banks towards the end of last year. The two systems are very similar; however there are also some significant differences from first glance.
Flag Trader comes with eight online videos plus two “bonus seminar” videos 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, stick to looking for one type of pattern until you are comfortable with the strategy and slowly expand from there.
I will be using the £10 per pip cash-master baseline, but split in to two profit targets as required by this method.
I will be scanning Guy’s 20 recommended stocks, Large Liquid stocks and S&P 500 and using the Trade Finder to locate Bull Flags, Bear Flags, “End Of Moves” both up and down, and Doji Yesterday. I will exclude anything with imminent Earnings Reports. My final filter is to only trade instruments available on IG Index. Don’t worry if this paragraph is all greek to you, if you follow the course it won’t be, and I need to outline my trading parameters.
My only quibbles so far are is that this review is going to be quite subjective. I may see, or fail to see, a qualifying pattern that you don’t and we could argue as to whether it is a valid signal or not. That is the nature of this type of trading, but I hope, in the end, it will all even out.
There is a 30-day money back guarantee, so it is well worth a look, and hopefully worth keeping too!