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I just came across a manual trading system - Forex Morning Trading System and to be honest with you I am in love with such systems. Why? Let me tell you why.
Large moves happen in the morning - Europe
This is a well know fact that when Europe is waking up, large moves happen nearly every morning in the market namely in the GBP currency. Why? London is the largest trading exchange in Europe, but apart from London, there are also other strong economic countries like Germany and Switzerland. These start their working day in just around the same time (1 hour difference) so large financial institutions like banks, government, fund managers and large corporations effect their required transactions during this time. A lot more happens but this is just to give you an idea.
Furthermore, just before Europe wakes up the market is pretty slow since only Tokyo and Sydney are trading. During this time, volume is low since Europe is sleeping while the US market is about to close when Sydney opens its market. When Tokyo opens, the US is preparing to sleep and Europe is fast asleep.
So what happens is when Europe wakes up, it is like there is a spike in the market. Look at some of the following charts and see what I mean. You may also open your trading platform and see for yourself.
Forex-Market-Move
Forex-Market-MoveNotice how the price was slow during the night and then started to move strongly. The candles marked with the Purple Line is the 9.00AM Alpari UK Broker Time
How about we try and capture some profits during this time? In fact there are a number of trading strategies based on what I have just described. In fact I use one myself every single day, or when I manage to wake up so to speak.
False Moves
So we know the idea but the question is – in which direction will the market go? Up or Down or Sideways? Yes we make money if the market moves up or down. If it is going to stay sideways we will not make any money and we need to stay away, hence no trade.
Fake-MoveAnd this is why there are a lot of trading systems based on this fundamental idea – the London Market. All try to find an accurate way of predicting where the market will go.
I have read a number of strategies and most of them are successful in the long run, and they will remain successful because we know why the markets behave this way. As long as Tokyo / Sydney do not change their trading time, these systems will remain profitable no doubt. Will Sydney / Tokyo change their trading time? No way if they don’t decide to trade during the night!
So, the key is to predict the direction of the market for at least the next few hours. There will be many false moves, you think that the market will go that way, it will go that way for 20 pips and then it changes direction in no time. This is where most systems fail.
Notice how the price goes down and then moves up strongly for the rest of the day. The candle marked with the Purple Line is the 9.00AM Alpari UK Broker Time
Forex Morning Trade System
Yes I purchased the system as soon as it went out for sale, just a few hours ago. I am always intrigued about the way how the system triggers the entry signal to take the trade – that is how the system predicts to buy, sell or just stay away for today. Sometimes I ask for a refund just few minutes later. If the system is based on channels, trend lines or anything similar, these system gives you a lot of false moves.
By Forex Morning Trade I got impressed – honestly. It is a totally different approach. Where most systems are based on the 7.00AM – 9.00AM time period, this one is slightly different and it also used two indicators which I never thought of using.
Back Testing the System
I read through the manual, understood the system (it is quite easy to understand) and what’s next? Simply do some back testing! I opened my trading platform and tested the system through August 2010 which it wasn’t a good month to trade anyway.
The system came out with 160 pips profit as of today.
I didn’t try July because the results are in the book from 12th July to 23rd July, illustrated with chart proofs so you can confirm with your trading platform. I never saw this in any book that I have purchased. But in this book that comes with the system which is well written and well explained with ample examples and screen shots, you can compare and hence back test the system yourself.
The book explains why the trade was taken or not taken by explaining the system rules accordingly.
In this period (12th July to 23rd July) the system earned 200 pips from 10 trades. In fact it lost only one trade. 200 pips in 11 days is quite good indeed!
The system also survived the difficult month of August with a profit so far of 160 pips.
An indicator which tells you what to do!
The system is easy to implement, however that’s not all. The system also comes with an indicator that simply tells you when to Buy, Sell or Stay Out. So all you need to do is simply be on your computer at the right time explained in the system, see what the indicator is telling you and enter the trade.
Then set the recommended Stop losses and Profit Targets and you may as well go back to sleep or go to work.
It is that simple – trust me
Risk to Reward Ratio
Unlike many trading systems with large stop loss and small profit targets, the system comes in with 1 : 1 reward ratio. From the few testing which I have carried out, it proved to have a strike rate of over 75%. so it is definitely a winning system.
What’s in the System
The system comes with
• A free indicator which tells you Buy / Sell or Stay Out. Then you just enter the trade!
• MetaTrader 4 Template, just load into your platform and your indicators are set up.
If you use any other platform, just use the other two indicators listed in the manual and plug them into your trading platform.
• The manual well laid out and well written explains clearly the trading system with clear cut examples with dates so you can compare them to your trading platform charts.
• There is also a 60 days money back guarantee, so do not worry on refunds.
Highly Recommended
From my observation which is not mentioned in the book, I would highly recommend to stay away from the market when there are major trading news on the GBP. In fact in August two trades went bad because there where major news releases happening in the morning. If I was trading live, it would have been a no trade day for me.
Having said all this, I would highly recommend you buy the system and test it yourself.
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Author: Fap Turbo Scam
Tags: Forex Morning Trade, Forex Morning Trade Results, Forex Morning Trade Review, Forex Morning Trade Scam
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