I have been looking at Turnaround Trader, a new product from the Guy Cohen stable (Trade The Banks and Flag Trader).
In my personal trading method I look for breakouts (similar to ForEx Hijacker) and for three candlestick patterns. One of the patterns I look for and perhaps the main patter I look for is the pattern that Turnaround Trader uses. Therefore I already know that this system will work and there is no need for a lengthy trial.
The product costs £197, and for that you get the usual support and supporting videos that Guy always produces. You also get access to a TradeFinder, an online resource that identifies potential setups for further investigation.
This product is perfect for folks who work or have other constraints on their time as trades are taken from the daily charts. Using the TradeFinder tool you can quickly find potential setups, so it should only take few minutes each morning to operate the system (probably 30 to 45 minutes or so to begin with but reducing over time to 10 to 20 minutes as you get the hang of the system).
Entry, exit, stoploss and trade management are clearly explained with video support so you can see worked examples.
Unlike Flag Trader or Trade The Banks where I did feel that there were steepish learning curves, this product does feel suited to absolute ForEx beginners and experienced traders alike (although the later probably uses this technique anyway, but access to the TradeFinder would still be of benefit).
So, the usual well-crafted product from Guy, good support, a simple system with a proven track record (from my own trading style), and perfect for people who can’t or don’t want to spend 10 to 12 hours stuck to a computer. I am happy to give this an approved rating without the benefit of a trial.
Without a trial however I cannot answer some important questions. I address these now before someone emails to ask them anyway!
- How many trades will I get?
Given this is trading off daily charts I would not expect many qualifying setups; 2 or 3 per week on average is probably achievable. - What is the average size of the stoploss?
As this is daily trading the stops could be quite large, although Guy does discuss a strategy to keep these manageable in one of the example trade videos. I would still expect the stops to be around 500 or more pips. - What size bank do I need?
Size of bank is always a “how long is a piece of sting?” type question as it depends on your attitude to risk and the size of the stoplosses. Guy’s FAQ suggests around £2.500 although you could use as little as £250 and build from there. - What is the Strike Rate?
Guy’s previous systems have had a high strike rate, and my trading experience suggests that this will to. - What is the earnings potential?
I don’t know as I cannot foretell the future. I would be disappointed if it was less than 500 pips per month on average though.
You can get Turnaround Trader here:
https://www.cash-master.com/turnaround-trader.php
Saw this in the newsletter and pardon my pessimism but I’m not convinced. The sales pitch rings alarm bells:
“These days I’m not that bothered about something that makes £2k-£3k a month. It’s a bit yawn-worthy.”
He says you can make £3000 a month although I’m pretty sure that to do that you need a very sizable bank yet this system is sold to the modest average joe market.
Why £3000 a month? Surely they shouldn’t be a limit and it all depends on your bank and your stakes?
A full and proper review should be made before this is approved, It doesn’t matter if we know he uses a sound trading strategy. It boils down to more than just that. We have to know whether the turnaround indicators Cohen flags turn out to make money or not.
Hi Greg,
thank you for your comments, but I think we’ll have to agree to differ.
You ask “why £3000 per month”. I have to speculate here but ForEx earnings are potentially unlimited (I think you acknowledge this). Guy could state £3000 per day and I am certain someone somewhere could make that. So you have to put a figure down that the “modest average joe market” will find believable. This, in my opinion, is just marketing.
I am not sure that I have successfully communicated what you purchase here. The indicators do not flag up trades you should make, but potential trades you could take. The Trade Finder throws up “suggestions” many of which you have to dismiss. The trading strategy I alluded to is very sound as I use it daily, but in different markets and lower timeframes. You need to weed out the duff suggestions using this strategy. I was going to say that you can’t fail with this strategy, but actually you can; you may be unlucky enough to hit a run where the strategy just finds losers. So I will say that I doubt this strategy will fail long-term; I hope so anyway as my income is based upon this! The strategy has been around for decades though, so I feel it has survived in the crucible of ForEx trading.
So why use The Trade Finder? There are hundreds of trade-able stocks out there, and you need some way to filter them and concentrate on the ones with earnings potential. I feel that this is the main benefit of Turnaround Trader. That and the entry point for folks new to trading.
“A full and proper review should be made”, just let Graham know if you want to volunteer ;). For me though, I have one more week of trading this year. I go on holiday soon, and I don’t trade December; it’s a weird month due to Christmas and the run-up thereto.
Hope that helps, a bit anyway.
Art