Want To Buy a Forex Trading System?
by Trader Rich
Why would you want to do something like that! I’ve been sent many forex trading systems for free in exchange for the possibility that I’ll review it favorable. I have yet to receive one that resembles a trading system. Having rules for entry, exit, stop-loss and targets do not make it a trading system.
I’m warning beginners and others after the latest trading system was sent to me. I opened the attachment and it contained the same filler that all the others had, a brief overview of the currency market, simple rules that comprise the trading system, an attached Metatrader expert advisor and bad advice. This particular system I had seen before though; on the Forex Factory trading system forum. The system being sold for over $80 USD was a split image of the Sidus Method that you can get for free at the forum. The website that promotes the system is also a split image of many other forex scam websites complete with fancy cars, boats, a friendly picture of the person selling the trading system (this isn’t really him/her) and promises of wealth. DO NOT BUY TRADING SYSTEMS! You will get burned everytime. Most are stolen off websites and forums. They’re also packaged with a lot of extras (indicators, expert advisors, e-books, etc) and marketed as the next greatest thing. You can find thousands of free forex trading systems, indicators, expert advisors, and e-books anywhere on the internet for free.
I have zero tolerance for scammers so I caution you because they’re everywhere and forex is a breeding ground for them. Do you want to learn how to trade? Then be prepared to dedicate yourself to doing so without the thoughts of instant wealth being sold everywhere on the internet. It’s not going to happen. If it were happening, "traders" wouldn’t be selling you an $80 trading system.
Just ask yourself this question before clicking “buy now” : if you had a system that was working and pulling in hundreds or even thousands of dollars (considering most system sellers claim that they have quit their dayjobs and promise that you can too), would you sell it on the internet for $79 bucks? I know I wouldn’t, I’d guard my system like the crown jewels.
Secondly you can compare the “ease” of these systems to the hard slog and trials put in by the bloggers. Either they are idiots or else the promises of easy profits are lies.
I think many of the newer forex trading books fall into the same category as well. A quick scan of amazon you see heaps of new forex titles appearing on a regular basis.
These books are often as expensive as their e-book counter part and about the only advantage they have over their electronic counterpart is they are a ready source of fuel to burn on a cold winters night when you cant afford to pay your heating bill after you blew your last cent on another forex book.
Most are a scam but not all!
I run a trading system that is unique and profitable. It has clear, uncomplicated entry and exit rules which can be traded intra-day or for longer periods. The trading system indicates exactly which bar to trade either long or short, with all of the calculations performed by the code in MQL.
Whilst I wouldn’t ordinarily be offering it up for sale I would listen to offers circa £50K. Such a figure would seem unreasonable to most but when measured against potential gains, it’s far from it.
Pick a trading day, any day, and I would be happy to provide the trading entry and exit points indicated by my trading system and shown as a screen-shot.
OK Forex Trader.
Post your screen shot before Friday\’s trading day for entry and exit of USDCAD.
I see what you mean. Of course it’s past price action that I can demonstrate and not what will happen in the future. The system is real-time NOT twilight zone.
See screen shot
It is just a screenshot. Don’t see any signals..
EURUSD. Yesterday’s price action and signals, 5 minute chart. Short the red bars, long on the blue bars.
How does your system perform is tight trading ranges? It is not difficult to have a trading system performing very well in strong trending markets…
“Then be prepared to dedicate yourself to doing so without the thoughts of instant wealth being sold everywhere on the internet.”
Thanks a lot, now you’ve ruined the freinship!
The trading system has been specifically modelled on EURUSD price action although it is able to trade other pairs effectively. When price is not strongly trending or when trading ranges are tight, the system uses an algorithm which effectively flattens price, reducing whipsaw. It works and is well suited to day trading and also for trading longer periods.
I realise that even the suggestion that an effective trading system is akin to “popping one’s head above the parapet” in some circles but given the nature of the story it’s only fair to allow other views to be aired.
I will say that I’ve no reason to sell the system although I see no reason why not either, providing the figure is right and that would have to be considerable in order to prevent it from being copied, hacked or plagiarised.
Can we try your system?
I would like to say yes to you but I can not. Compiled code can be decompiled which makes the trading system vulnerable to compromise.
I could post screen shots every day and the result would be the same. It\’s a thoroughly profitable trading system which could be automated if needed. Although it\’s not for sale, every trading system has it\’s price.
EURUSD. Yesterday’s price action and signals, 5 minute chart. Short the red bars, long on the blue bars.
Note the tight range price action and how the trading system avoided whipsaw very well.
Here is a closer look at the entries and exit points of the price action across the London session. The shaded areas indicate my usual starting time (right hand side) and where I finish for the day (left hand side). Signals generated inside the shaded areas are not normally acted upon by me but sometimes I trade an hour or so either side.
Grey bars indicate a possible trade exit and reverse is imminent.
There used to be a blog facility on this web site but that appears to have been given the boot. If it were still a feature, I would consider posting here on a blog for a while to demonstrate that trading systems do work and are not all trading systems are scams.
I get the feeling though that I\’d probably be beating my head against a wall were I to \’blog\’ it\’s progress and in all honesty I don\’t really need that kind of pain. However, if it were to garner interest and attract a buyer who could offer a decent figure for it then why ever not?
Qestion: Given the screen shots I\’ve already shown and the likelyhood of similar profitable trades every day, what price would you put on it?
The funny thing is most amateur traders don\’t/can\’t trade a system enough times to even know if it is profitble or not. This occurs because a couple reasons:
1) They have no idea about statitics. 10 trades is not enough trades to identify good or bad strategy. Make 100-300 trades then determine if it is a good strategy.
2) The above item will hardly every happen because amatuers risk more than 1-2% per trade so they never get past a couple trades.
I like your comment about Forex Factory for ideas. That place is worth thousands and thousands! No need to buy scam strategies, good post.
If it is metatrader, you can send the .ex code. Nobody can crack..
Looking to your attached EUR/USD screenshot, in the tight range, you have 5 false signals.
No so. Looking at the screen shot which shows the detail of the signals you can see that each every trade was immediately profitable. Taking the trades during the period that is not shaded and you will see that there are 3 trades in total: Short, long and short again which gave a maximum of 32, 28 and 12 pips repectively and a total of 72 pips. The range for the same period was 65 pips. Of course I have found it impossible to predict the maximum amount of pips that each trade will generate and so the system comes with rules. These rules are strictly designed to minimise loss but they are discretionary. When the range is tight, I take less profit than I do when price is trending strongly. Yesterday for example, the ATR for the period used was 14 pips and dropping throughout the day. No sense then in trying to catch a large move that isn\’t likely to materialise.
FWIW, my net gain yesterday was 32 pips.
I know what people are going to think of me, that I’m some sort of scammer looking to profit from the ignorance of others but this isn’t the case. It seems to me that quite a lot of traders expect too much for so little. They come to the forex market expecting to beat it and come away rich without having to properly invest both in knowledge and capital. In reality they tend to be under educated (in respect of economics and the forex market), underfunded, inexperienced and come away as loosers. Just before their grim end and in desperation, they will try anything to get their money back. Note Rich’s description of Forex scam sites, selling trading systems for a few hundred dollars, sites with images of Sunseekers, swanky Rolls Royce cars and hot, lazy palm beaches. This is the lure, the dream that once was and can be again … once they get their money back. It’s the reason why there are so many scam sites and why they have a field day.
I have been a day trader for a decade. I know what I’m doing and I do not need extra cash but offered the right price for my trading system, I would sell. I am after all, looking to profit from trading.
Good luck.
This acticle has given me an idea. I don’t know if it’s possible but perhaps MetaTrader could be hitched up to a web site with the trading system delivered live?
EURUSD: Today’s trading signals
NB* Some will no doubt be over the moon that today it was chop suey
Your chart looks like one of my charts, all I had to do was chaange the period.
Here is a snap shop of mine (compare to yours under post No.16) blog.tipster.ca
How do you trade this system with entry and stops? As seen on my blog, I seem to have a close match and I’d like to give it a more serious look if you say it works. I haven’t spent much time looking at it though to be honest. Don’t worry about the code, I typically don’t give out code. I use Amibroker.
I am unaware about this fact that trading system is freely available so, thanks for providing me this information.