This is the fourth and final report on the trial of Forex Useful and covers the period from 1 Jan 17 -15 Feb 17 inclusive.
A quick recap of the three methods utilised by Forex Useful are as follows:-
Pivot Trading-a method using a simple formula to calculate specific levels -”Pivots”from the previous day’s high, low and close.This is for traders who want to set trades in the morning and finish with them by early evening-”intraday trading”.Pivot trading provides “ a mechanical approach” and for paid members signed up to the Pro Membership offered at a one off payment of £295 the indicator for Entries/Stop Loss and Take Profit levels with an alert system for some 40 pairs is provided plus weekly updates looking at possible trades for the following week.Statistically using this system an approximate annual 40% return on investment is claimed.
3 Little Pigs– a method for trades over the longer time frames again “a mechanical approach” and for paid members an indicator for Entries on 8 pairs.The concept here is to enter trades at a suitable point when a currency pair is showing a strong trend in one direction and then ride the trend to maximise profit.This system is not a “set and forget” strategy and does require more from the user than Pivot trading.
PAST– This system for want of a better expression sets out to educate a would be trader in the art of “conventional trading” where the idea is to win big and limit losses to small sums.The manual will take longer to absorb and watching the weekly workshops really will help to understand the Price Action Strategy.
For this trial I have concentrated on Pivot Trading. ,which I believe would be the logical starting place for a newcomer to Forex Trading.
So for the final period I had a very slow start in January with the pairs I had selected to monitor and “sods law” came into play with my first 3 trades of the New Year producing 3 losses.However by the end of the period on 16 Feb I had a decent run of wins.
I have concentrated mostly on only 14 pairs and made my trading decisions based on the video lessons I watched in the Pro Membership area.I also tried out a useful “Risk Manager calculator” offered by the team that automates the calculation of lot size etc when the desired percentage of the trading bank to be risked is entered.
12 Jan Eu/Au -72 pips
17 Jan Nz/US -2 pips
17 Jan US/Jpy -60 pips
19 Jan Au/Jpy +56 pips
31 Jan Eu/US +17 pips
3 Feb Au/Jpy +22 pips
7 Feb Gb/Nz +28 pips
7 Feb Eu/US +40 pips
7 Feb US/CAD +30 pips
7 Feb Eu/Au +28 pips
9 Feb Gb/Nz +69 pips
14 Feb Gb/Au -64 pips
14 Feb Nz/Jpy +19 pips
15 Feb Au/Jpy +20 pips
15 Feb Eu/Au +16 pips
A positive final period for the Pivot Trading and the place I believe should be the logical starting point for a newcomer to Forex Trading due to its “mechanical approach”. I would emphasise that even with the guidance offered by Pro Membership a newcomer should start trading on a demo account for at least a couple of months to ensure that a thorough understanding of the system has been gained.
Support by either email or question and answer in the weekly on line workshops and their free e books is first class.
I have no hesitation at all in recommending Forex Useful to all newcomers or inexperienced traders and after trying the various facilities and trading methods, in particular Pivot Trading, awarding Forex Useful a pass.
You can try Forex Useful here: