The system has made over 1000 pips in the last week. Almost double that for this month. That's worth a lousy $100 to me. Look, I know how this looks. I used to read the posts with idiots claiming their massive gains for this week or whatever. I was pretty sure thay were all full of crap. All I can say is to go read the forum at MoneyTec. You'll read from many users of the system just like me who are quite happy with it. As for the gains: 1) it's been a really good month for this system. 2) This month also included two drawdowns of near 400 pips before the trends were caught. There's really nothing mystical about it. It's a simple trend following system. Instead of spending time crunching numbers to get my target entry prices every night, I pay $100 to have them e-mailed to me. I literally don't spend more than 5 minutes each night placing my entry orders for the day. That's it. Very boring, but profitable.
1000 divide 5 pairs = 200 pips per market. Not bad actually, and for the price compared to other vendors it's a small risk in comparison. Even if a signal service is profitable, I think there is a big price to pay. You become dependant rather than independent. Not good for longevity in this business. btw, you do sound like an informercial
I do hope to be independent one day. It's the American Dream. But for now, I lack the experience or discipline to do so. Applying myself to a mechanical system is teaching me patience and discipline. It gives me an opportunity to trade objectively and work the emotions out of my system. For a noob like me, it is still very difficult to take losses and let profits run. Even with a mechanical system, the pschological barriers are quite strong. Strong enough that if I were trading on my own, I would not have realized any profit. FYI, this week was on three pairs: EUR/USD - 250 pips USD/CHF - 250 pips GBP/USD - 1/2 position closed for 200 pips. The other open positions are currently at +1039 pips So I guess you could say the current trades are at +1739 pips as of tonight. But I only count realized profits that are locked in by a stop loss when calculating equity, hence the 1000. Sorry about sounding like an infomercial, but it's hard not to when you believe in your system.
250 pips per pair.... how long is your holding period? I assume should be days for these gains to occur.. but then the systems say 5 minutes forex.. so are you entering on 5 minutes chart and holding onto it for days...?
Not bad at all. It's better than the system I built. As far as not being afraid of losing money. It just takes time.
I'm also interested to know: How long are your holding periods for these gains? By any chance, anyone want to email me the e-manual to this course?
It's called 5Minute Forex because that is supposedly the amount of time spent each evening placing entry orders. I spend significantly longer, but that is by choice. As far as charts, there really aren't any needed. Much like one would place entry orders based upon pivot points or Fib retracements, this system has daily signals sent by e-mail. Based upon the rules of the system and a few very simple calculations, you simply place entry orders for the appropriate prices. If they are hit, you enter the trade, if not, then you wait. Open order stops are modified daily depending on price movement. I prefer to refer to 15 minute and daily charts just to keep an eye on things. The EUR and GBP trades were open about a week. I'd say a typical duration is a few days to no longer than two weeks.
Average open trades last from a few days to two weeks. Maybe longer in unusual circumstances. Sharing the manual is definitely not allowed per the author's request. Each purchaser is given a unique password to the protected PDF. I will tell you that the owner of the system is extremely fast at answering questions. I barraged him for a week before purchasing it. I'm not going to advertize the e-mail or website link here. It's pretty easy to find it through conventional searches.
RANGERDOC........... thanks for the good info .... and no it doesnt sound like an infomercial to me .. quick question though.... is your long term goal of independence to be obtained by eventually developing your own system or is the plan to "learn" how to generate the missing info emailed to you each evening.??????