Profit Before Work is a trading system for the FTSE 100 market although the method could probably be used on any market and might be worthy of some research.
You get a 70 page manual plus online video tutorials including the author placing live trades so you can see how it’s done.
You use the free charts in IG index to spot the signal.
The selling point of this particular method is that it can be used by those unfortunate souls that have to work for a living during the day. The idea is that you load up the chart just before 8am and then see if you can spot the trade signal just after 8 o’clock. Apparently the trade can qualify anytime after 8am although it looks like it usually happens within a few minutes of the market opening.
Once you spot the trade, you place an order with the usual stop loss in place and go off to get on with your day.
Now, the authors preferred way to trade is to then check the chart at midday and move the stop taking 50% of the profit so far then letting the trade close by itself at 4pm taking whatever profit remains (unless it hit’s the stop in the afternoon). He recommends using a PDA if you don’t have interent access to do this.
However, he suggests that those unable to access the internet during the day might prefer to set a profit target for the day (limit) although he makes no suggestion as to what that might be.
Since this is aimed at people working during the day I am going to test this by setting a limit order and leaving it to run. I fully realise that I will potentially be missing a lot of profit here, looking at past results shows days taking 100+ pips profit, but I would like to see how it actually performs for someone placing a trade in the morning and going to work without having to adjust stops during the day.
So, I’ll set a profit target of 20 pips using the recommended stop of 15 pips and paper trading at £10 a pip (although beginners can trade at as little as 50p a pip which would mean a risk of £7.50 per trade)
As long as half the trades are winners we’ll be in profit.
This is marketed by Agora so the money back guarantee is rock solid.
On to today and disappointingly it was a loser:
Todays Profit: -£150
Total Profit: -£150