A little while back I had an e-mail from one of my customers about the Ultimate Forex Predictor. He had purchased the course and was letting me know what he thought of it. I shall include his comments below but suffice to say it certainly motivated me to get it and give it a bash.
In case you don’t already know, The Ultimate Forex Predictor is the follow up product to the highly successful Don’t Tell the Professionals trading course that was marketed by all the big publishing houses. I didn’t try the course myself but heard some good things about it. Anyway, TUFXP has been developed by the same team and focuses this time on the Foreign Exchange markets.
At the core of the system is a very clever bit of charting software which takes the live feed of the market prices and analyses the data in such a way that it can predict to a certain degree of accuracy which way the market is going to move. It signals you with a visual and audio alert when a possible trade is about to happen, and then signals you again when to enter the trade. It also tells you exactly where to scalp for profit if you wish to trade that way, or it tells you when to move your stop loss to lock in profits as the trade progresses.
This is what our reader had to say about it:
Just a note to let you know how this system is going.
Keith Cotterill has produced a high quality product in every sense; from the clear, concise and ‘idiot proof’ set up instructions to the daily video analysis of the preceding day.
So far the results have been amazing, however I’m still using a demo account and know full well it will be a different story with real money!
I have used the system with the default settings and traded most trades recommended by the system, however in real life would aim to take perhaps 20 pips a day and then leave it until the next day.
Results so far, after 2 weeks trading the GBP/USD, from 0700 to 1000 hours and again 1300 to 1500 hours each day are as follows:-
21/4/08 +30 pips
25/4/08 +50 Total of +80 pips
2/5/08 +40 Total of +131 pips
Using trailing stops could have produced almost double that amount of pips, so quite impressive I would say…
P.S. Other people will be getting quite different results I’m sure, because of the many different ways you can set it up and trade. I forgot to mention that you certainly do not need any knowledge of FOREX trading to operate this system, as it is a completely self contained programme, however you still need an account with a broker and place your own trades. Whilst Keith does not actually suggest you use stop loss and ‘scalping’ features, I have been, based on the information instantly available on the screen the moment a trade is detected by the software. Scalping to 10 pip profit has worked well with just the occasional time when I started to panic and closed the trade early! A trailing stop is probably a better idea and more profitable.”
Then two weeks later I got this from him:
This week I finally jumped in with real money and boy does that concentrate the mind!!
Monday 12th. +20 pips, which is my target at the moment @ £5 a pip
Tuesday 13th. +10
Wednesday 14th. +30
Thursday 15th. -4
Friday 16th. -9
A cautious start to ‘real’ trading and it did not entirely pay off, as there was a +77 and a +25 opportunity today had I been smarter and used a trailing stop.
That said, a 47 pip profit for the week was great and my trial period ends on Monday, so have definitely decided to keep the course and treat it like a business.”
So I have decided to try this out myself. The course is not cheap which will no doubt put some people off, or indeed encourage others, but since it is sold by the big boys we know that the refund guarantees are solid and so I am free to try the system for a month and return it for a full refund if I decide not to keep it.
When the package came through it was naturally very professionally produced and I was pleased to see that they had a team of five support staff who actually give you their personal telephone numbers (mobiles even!) so that you can call them up if you struggle with anything. You get a box set of 5 cd-roms with video tutorials that you watch on your computer. You can watch them all in an afternoon and be set up and trading the next day. The software installs easily although I managed to duff it up on the first day by being a fool and a quick e-mail to support was answered within the hour with the fix.
You also get access to the members only website where you can download the daily video updates where Kieth goes over the days trades etc. Actually I found these daily updates invaluable when first starting out as there is a lot in there that isn’t covered in the cds (I’ll come onto that later).
So how did I get on? Well I have paper traded for the last three weeks and these are my results. For the sake of simplicity I have assumed a starting bank of £2000 and a stake of 0.5% per pip:
19/5 +72 £720
20/5 +52 £676
21/5 +17 £289
22/5 +3 £54
23/5 +22 £396
27/5 +43 £903
28/5 +60 £1500
29/5 No trades as I had software issue with Windows update.
30/5 +25 £825
2/6 -20 -£720
3/6 +15 £495
4/6 -16 -£560
5/6 +51 £1683
6/6 -6 -£246
Total profit: £6015
So in three weeks I quadrupled the betting bank. I’ve been pretty impressed with this bit of kit so far but there are still some parts of it that niggled me and, having read comments by other users of this system, I can see I’m not the only one.
The system is marketed as though it was almost idiot proof and all you have to do it wait for it to go beep and away you go. This is perhaps not entirely accurate. Since the software is an adaptation of the software originally created for DTTP, there are a lot of functions on it that you possibly don’t need (although extremely useful for people that have some trading experience). There are also a lot of different settings you can use. The default settings, I found, were not as effective as my own, and it was only by watching all the backdated daily video updates that I came to suspect that Kieth may be assuming that most people buying this course will already have had, and learned from the DTTP course and therefore would automatically be using certain trading techniques like local highs and lows, fib retracements, trailing stop distances, local trends etc. I have actually done a bit of trading in the past after doing the Insider Signal course a few years ago, and the Earlybird system recently, so this was not new to me but I think that if you were a total novice you would be wise to watch all the daily videos and paper trade for a while until you get the hang of it. Having said that, my settings seemed to work well so for the benefit of anyone that is already using this, or indeed would like to take the four week trial, I use a PTP strength of 10, and a trailing stop of 4 bars. I picked up a tip from one of the daily updates about trading when the indicator signals are on both the 5 minute and the 10 minute charts. Finally, another thing I picked up from the updates, is to have the daily chart open and draw in the 0% extensions from the recent daily highs and lows just to make sure I’m not trading around potential resistance levels. (Don’t worry if this means nothing to you.. the videos are very good).
These are not necessarily criticisms of the course itself, because to be fair, once you have settled into it and you are happy with your settings, it really is pretty much a one (or two) click system. You check in the morning for news releases that day that might affect the markets (so as not to trade at that time), then load up the software and let it run in the background whilst you get on with whatever you want to do (reading the Racing Post and betting on horses in my case). When it alerts you to a trade, in you go. The advantage of Forex too is that it runs 24 hours a day from Sunday night through to Friday night so in theory you could run this in the middle of the night if that takes your fancy, although apparently the best trading times are during the day.
Would I recommend this system? If this system didn’t come with an unconditional money back guarantee I would be in two minds whether to recommend this simply because of it’s price, however, since it does have a rock solid guarantee (I have returned products to these publishers before without incident), I would say that you should definitely give it a go and make up your own mind as to whether this sort of thing is for you or not. Four weeks is plenty of time to get a good feel for it. I have personally decided that I’m going to add this one to my portfolio already and can see that it has the potential to actually be a full time income if you want it to be. I like the way I can switch it on at any time day or night and potentially make a few quid, but more importantly, I’ve been very impressed with being able to make huge gains on the big price movements using the trailing stop. And everything is already worked out for you… all you have to do is enter and exit the trade when it tells you. I shall do a blog post in another month to let you know how I’ve been getting on with this and I would welcome any comments from anyone else that has this.
You can get The Ultimate Forex Predictor here: