Forex Useful has been around since 2013 -it is a two stage site for people who want to understand Fx trading and ways to profit from trading the Fx markets. Two stage in as much that there are 3 trading methods complete with e-manuals that are free to download and a second option to become paid members with access to an area where training videos, custom indicators for the 3 methods, weekly interactive workshops and enhanced advice on trading the 3 methods are available. The price of the membership is a one off payment of £295.
The three methods 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 the indicator for Entries/Stop Loss and Take Profit levels with an alert system for some 40 pairs. 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.
So for the trial I have decided to start with the intraday system and will be using PIVOT on the basis that it is the most simple and “immediate” of the 3 systems. I have watched the training videos which really are excellent and logged in to the weekly workshops available to those who have taken the Pro membership option.
My results may not reflect others using the system for the simple reason that I may have chosen to trade differing pairs from the 40 something available and that are discussed in the workshops, to others using the system.
1st-11 Nov Pivot Trades
1st November I found using the Indicator Alert and then observing recent behaviour of the relevant pairs/All of the trades were allowed to either run their course or stopped if the target profit had not been met by 17:00 on the day in question :-
NZ/USD Short +42pips GU/AU Long +86 pips EU/USD Short -36 pips
With the election in the US looming I waited until the 8th Nov and took the following trades again using the Alerts to sort through the many potential trades popping up on that morning :-
GB/AUD Short +140 US/CAD Short+67 EU/JPY Short +54 EU/NZ Short +86
So a very solid start to the trial although the first two weeks of November may not be really representative of the average monthly activity.We may have to wait another 4 years for a couple of weeks like those we have just lived through.
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