subject: Forex Morning Trade Review - Is It A Scam? [print this page] Forex Morning Trade Review - Is It A Scam?
First off, we want to make this clear, we had first hand experience of this system for well over a few months, recorded and reported all our results. Therefore, this review is not the same as others you may encounter. We do not simply re-print marketing nonsense from a sellers website nor do we copy and paste affiliation sales material. Our reviews are carried out by traders with experience who have actually used the strategy, for over a few months in this instance.
THE BASICS
The system is defined in a short introduction video. The method trades once a day, early in the morning, and takes approximately 5 minutes to operate. The timing is 6:30am UK time. The vendor has been using the strategy for over a year "with very good results". A 130% profit from January 2009 to July 2010.
A Set & Forget mechanical process that only trades Cable. Trade direction, Entry, Stop and Target are clearly set out, they are shown on the screen (a Meta Trader 4 (MT4) account is mandatory to use the custom indicator provided). Trades are executed at the current market price if there is a signal and Stops & Targets are added immediately after.
THE STRATEGY
In addition to a 41 page instruction manual, a MT4 template and indicator is provided.
Set up and configuration should take anybody having MT4 experience a few minutes or so.
English is not the author's native language however regardless of this the manual is pretty well presented. It covers the system in detail and gives a number of examples. This actually is as easy as it gets with the indicator carrying out all of the decision making.
CONCLUSION
If you can get yourself out of bed at 6:30 UK time and have a Meta Trader 4 account you can do this. However, just because it's easy to use that doesn't mean it's worth the effort. However our actual results to date have been more than reasonable:
- September - 7 winners and 5 losers, +80 Pips- October - 8 winners, 2 losers and 4 break-even, +240 Pips- Novemeber - 6 winners, 4 losers and 6 break-even, +50 Pips
Thus, an average profit of 6% a month over a period of 3 months. These results are in line with those issued by the vendor and it is unusual we have differences.
We will continue to monitor Forex Morning Trade and we are even considering it for our "Systems We Use" list in our year end review.We welcome everyone to read and comment on all our reviews and join in our free Forex Trading Systems Review Forum.
