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: