PROFITABLE TREND FOREX SYSTEM

DOES PROFITABLE TREND FOREX SYSTEM REALLY WORK?
Excellent Question. “Profitable Trend Forex System” (from trendforexsystem.com) is another Forex Indicator Program designed by Forex Expert John Chen, which I came across as an affiliate to Clickbank or Paydotcom a while back (can’t even remember which), before I even acquired this site. I own a few other sites and would gladly turn others on this product on to other people if and only if it works. Therefore, this review does not include my affiliate link, it doesn’t involve me getting paid to say good things about the program, this is as unbiased as it gets. That being said, Profitable Trend Forex System, in my opinion can be useful to those who can read directions properly and have a basic understanding of moving averages and MACD, (knowledge on MACD DIVERGENCE can come in handy here too). This is another system that seems like it promises you alot more than you get, but you will be impressed even at first glance at the patterns that emerge on your charts after you load these indicators. John Chen also provides you with info that can be useful to a beginner and novice level Forex trader(s), much like myself. Like usual, I test out all indicators on a demo account for a few weeks before committing real money to it, so I haven’t technically made money with or lost money because of this indicator.

What to expect with PROFITABLE TREND FOREX SYSTEM
Profitable Trend Forex system is another pay Forex indicator program that made me think there would be some sort of special indicator that pops up showing you where to exit or enter. Don’t be fooled, this is will require you to find trends, entries, and exits yourself, but that is not a big issue after you set everything up and study some charts with it AND read John’s thorough explanations on how to do so.

Specifically it comes with a few different “Custom Indicators” all for Meta Trader 4 which are to be put in your c:\program files\metatrader4\experts\indicators\ folder and one template file that goes in your templates folder. I’m not going to say which indicators come with Profitable Trend Forex System exactly, maybe that’s would allow you to circumnavigate purchasing the package, so I will speak in generalities.  Anyway, after reading some charts with PTFS, and reading the manual of course, I quickly see a pattern emerging, especially at the beginning and end of trends.

I shy away from getting too detailed about this, because it will just echo what the manuals this system tells you to do, and I’m pretty sure John Chen wouldn’t be to thrilled by that. John does go into discerning the momentum of the trend and why that is important. The basic principle behind this is the idea that usually if a trend makes new highs in price and in the Short MACD indicator, it still has strength to go up, the same goes for a down trend, except the opposite applies. So, John goes over all this in great detail and shows example after example in his PDF manuals. The longer MACD he has a specific plan of action for us to take, but I also like to look for MACD Divergence, which you could see if you scrolled to the left on my example above: the yellow bars have crossed over from a strong position above the middle line, and turned into weakness. On the shorter term MACD, you can look for quick pullbacks to enter a position or add to your position if you deem the trend to still be going a certain way (you’ll need to read John’s manual for exactly how to do that).

In John Chen’s own words:

Finally, with this powerful system, you’ll no longer trade blindly. You’ll have a framework, a methodology, clear entry and exit rules that allow you to flawlessly execute your trades without stress.

Which is basically true. Keep in mind, if you enter a trend right when there’s a pullback like I pointed out the example above, you might hit your stop loss level and it will be a losing trade, even though the indicator pointed out a winner on a longer time frame. This is just a fact of life when trading Forex, not an indication PROFITABLE TREND FOREX SYSTEM will not work. That being said, you might have the question, where to set your stops? This is where good old Fibonacci, trend channel lines, and basic psychology can help you, but that’s a whole other ball of wax, hopefully you learned that already, if not, then I recommend doing so.

Is Profitable Trend Forex System Worth It?
As a 1+ Year Forex trader myself, even though I make trades with only the help of basic charting programs, those are for quick scalps. PROFITABLE TREND FOREX SYSTEM actually gives me more confidence when hunting for the best place to enter before a trend begins to move, which could result in a huge chunk of pips being earned instead of a few here and there. So, if you are a scalper, you can easily gain a tad more confidence in trying a longer term approach to trading with PTFS.

The READ ME FIRST text file actually has another advertisement to IMPACT FOREX SYSTEM, also by the same author, John Chen. I’m not ready to buy that one at the moment either, I think I spent enough in indicators that promised me the world but haven’t really changed my life in 2007 (not saying that this would be one too, just no more guessing until New Years). That will be my New Years resolution, my first million by 2009, I’m getting there already and I think PTFS could be a good part of my overall plan of attack, at least it’s worth a shot.

NEW FOREX KILLER REVIEWS

Another Reason Not To Trust Most Forex Killer “Reviews”

Ok, so I forgot the most important thing about blogging after writing a post… approving comments! Believe it or not, after all the banter I created about not trusting Forex Killer Reviews with links to Forex-Killer.com that go through CLICKBANK, well, sure enough, the first comment was from the owner (I’m guessing, who else would promote this .com) of uwp-review.com which on the surface looks like a simple, fast, and unbiased review of the software. The owner is actually nice enough to give you a special offer of $10 off Forex Killer (only after you buy it and email him asking for the $10 back though). Through this review the owner of this site says he has reviewed Forex Killer and believes it to be the single greatest tool for predicting Forex market directions, but I have been to that site a few times, it is in fact perfect example of how not to trust a website that Reviews Forex Killer and puts their affiliate code all throughout the page. Please keep in mind, I wouldn’t be making this post if both I haven’t actually seen uwpReview before actually making my first post about Forex Killer (giving me the idea for the first post), and secondly if the owner hadn’t tried to spam my blog with the link to it.

It’s HILARIOUS that the headline of the website is “The Guy who hates all forex software tells you the truth about Forex Killer. Is it really worth your money?” This little comment softens up you visitors trying to find a REAL review on Forex Killer but what they’re really trying to express is, THIS GUY HATES ALL FOREX SOFTWARE, EXCEPT FOREX KILLER. Why doesn’t he hate Forex Killer, what makes it so special? The fact it finds the trend for you, or the fact its making him $30-$50 every time someone buys it through his website? Neither answer helps us much. For a guy who hates ALL Forex Software, he sure spends alot of time trying to promote it. This episode is just another tragic tale of how greed and laziness can overtake the human soul and affect the unsuspecting consumer. Greed in the sense that people will say anything (true or not true) to make a buck, and laziness because certain people don’t take the initiative and try and learn Forex and make money the “honest” way (if you can call trading Currency an honest profession, some actually call it gambling). It’s sad the entire Forex industry gets a black eye because there’s this stigma that every single piece of software is just a ruse, a trick that plays on the consumers’ desire to find the cheapest, easiest way to succeed without doing much learning.

Some people even go as far as citing such nefarious money making tactics as their rallying cry against EVERYTHING Forex: Forex Brokers, Forex Traders, Forex Mentors, Forex Websites, everything about Forex is considered a scam… gee I wonder why. This Christmas I actually got so infuriated at a family member for denouncing what I did for a living, turning to my parents at the dinner table asking if they were ready for the FBI to swoop in and arrest their son. Arrest me? For what? I trade Forex through a broker! I do absolutely nothing wrong, yet there’s this stigma associated with Forex that everyone who does it is a criminal. The proper way to describe Forex is “it makes some people so much money, it oughtta be illegal.” But anyway, this grand misunderstanding was just an example of how Forex has been demonized in the press and in the forum of public opinion. But considering there has to be at least 100K different Forex Domains, millions of individual web pages, mostly set up like UWP-PREVIEW with affiliate links, does it surprise you that people are getting upset when they never earn the millions of dollars they were promised if they used a particular piece of software?

I know what the Forex-Killer.com site tells you, which this webmaster’s review echoes:

-Get forex signals before anybody else gets.

- You will know what and when to buy

Really? Forex Killer knows what to buy and when? I actually think the opposite, that you’re basically on your own with this software, you can enter 10 close prices for any time of day, and within as little as 5 minutes, the trend can change against you, this is a simple and hopefully sobering fact, but Forex-Killer.com says as much through its disclaimers. In fact, all “Forex Forecasting Software” has some sort of disclaimer that hopefully snaps you out of the fantasy world in which you’ve heard of people making $1000 in one second.

You have to keep in mind, anything is possible in Forex, you can make $1000 today, and lose it all and then some tomorrow. So, it’s the ultimate test of one’s confidence being a successful trader and every time I fire up Forex Killer and enter in the price data, I have that awful feeling that I used to get when I was a total n00b at this, always questioning myself before I click to Buy or Sell button, “SHOULD I TRUST MY INSTINCTS ON THIS TRADE?” Now, using Forex-Killer, I have a whole other dimension of uncertainty added to this equation, “SHOULD I TRUST THIS SIGNAL ON THIS TRADE?” Well, I truly despise that feeling, it’s natural for most of us to have doubts, but even after making pips with Forex Killer a few times, I always wonder if this next trade will be my last with this software. Therefore, I made up my mind to reduce the amount of uncertainty and not use Forex Killer as the major part of my trading plan.

Nevermind the psychological aspects of using Forex Forecasting Software, where’s the updated version of Forex Killer that’s on the Forex-Killer.com site? If you do decide to boycott Forex Killer, don’t do it because you think its a scam, or its not worth it, or because of my uncertainty while using it, it might very well help you find the trends and get you into winning trades, that’s not the issue. I would say it would be wise to not buy it until we can find an answer to why you pay for the old version of Forex (left) while they are clearly using a newer version directly on their site (right). Is it that wrong to ask that? I hope I’m wrong about this, but more and more every day I feel like Forex-Killer.com is created by someone who took the idea of the software on the right and made a quicker (perhaps cheaper) version which you see on the left. Someone prove me wrong, send me a link to the updated version of Forex Killer please and I’ll admit I’m wrong, I don’t care really, I just want to make more Pips. Read more

Forex Killer Scam or No Scam?

FOREX KILLER SCAM OR NO SCAM?

If you’ve been trading Forex and you haven’t heard of FOREX KILLER, don’t feel bad. You’ve probably stumbled across my blog while trying to Google whether or not Forex Killer is a scam. First off, let me say I’m not like the 100’s of other idiot bloggers out there “reviewing” Forex Killer while putting my affiliate link to their program in somehow. I do not get paid for promoting Forex Killer, even though I belong to click bank I refrain from promoting something you might lose money with. This review is unbiased and is as fair and balanced as possible. Secondly, most of these bloggers probably didnt even purchase Forex Killer like I did, therefore I have first hand knowledge on this software as well. That being said, let me say that Forex Killer is not a scam. When used correctly, Forex Killer makes you pips, makes you money. But Forex Killer is nothing BRILLIANT, as I will discuss later on. I will say though, that Forex Killer has put itself through a mass media campaign, blanketing 1000’s of sites with their links and good reviews, which, for the most part, obscure unbiased reviews such as this one. I have yet to see someone actually try out Forex Killer in real time or without a sales pitch like this blog entry does.

I’ve even seen on Youtube a handful of videos showing “real” testimonies from people making money with Forex Killer. Interestingly enough, these videos of women testifying to the effectiveness of Forex Killer are popping up. The very attractive young lady from Mexico City seems to be reading verbatim off of a script on the screen. The other lady seems to have a basic knowledge of the software, but she fumbles around with her speech, looks at the screen a few times and regains her train of thought… talking points on the screen perhaps? All valid questions that can be posed to the makers of these videos which coincidentally are closed for commenting. The Forex-Killer.com website has pictures of Dodge Vipers, beautiful summer villas, leading you to believe that the owner’s are living it up based on predictions made by this software. Maybe they are, but most likely they are living it up from selling 1000’s of people Forex Killer, but that’s just conjecture.

The Plot Thickens (For Me At Least)
At the end of November, I emailed Forex Killer’s support department voicing concerns over why my version of Forex Killer looks so “dinky” compared to the one in the video example I saw on Youtube and in the screenshots on their site. Still haven’t gotten a response. The video was from August. I paid $97 in November for a version of Forex Killer which is clearly outdated months ago. I even read on another blog somewhere, a guy saying he got the “updated version of Forex recently” but could this have been one of their clever marketers making this post to make people who like to investigate things, like me, think they’re going crazy or just plain feel stupid for not being able to find the new version? Maybe they hope we missed the email from them? At any rate, this “dinky” version of Forex Killer prevents me from automatically feeding data into it from Meta Trader 4, rather I have to sit there trying to enter them one by one. This newer version of FOREX KILLER has a title of FOREX SIGNAL SOFTWARE in the title bar for the application and allows you to click one button and the price data is entered, no fuss. This all makes me wonder if Forex-Killer.com is the original Forex Killer or is a derivative of some other software? I hope not, I really thought I was going to get the software on the right. At any rate, I hope I am wrong and they email me soon to rectify this discrepancy, maybe there’s a secret page for a download for the newer looking version.

Above Pictures:
SCREENSHOT ON LEFT is What I Paid For And Got (From Desktop)
SCREENSHOT ON RIGHT is The Advertised Version (From Forex-Killer.com)

Enough With The Drama, Does Forex Killer Work?
As for it’s functionality, I read through the instructions a few times, and was left wondering how this can be effective at any time of day for any pair but after using it for a while I answered my own question. Forex Killer, quite simply, takes the previous 10 closes and works out if the trend is going up down, or is flat. This also begs the question, if the hour trend is up, and the 30 minute, 15 minute, and 5 minute are down, which trend should you trade? Forex Killer really doesn’t spell that out for you, nor will you be getting clear entry and exit points from them. That being said, most professional traders, guys who have been in the business for years can probably look at a chart and within 2 seconds figure out exactly what Forex Killer is going to tell a beginner for the price of $97. Inevitably, nothing can predict the final movement of any pair in the Forex market, don’t expect Forex Killer to do that either, that’s why they say X% effective trades, because even price can go against the trend from time to time.

 

PLEASE DON’T BE FOOLED BY OTHER PEOPLE’S “REVIEWS”
For instance, visit this page http://www.squidoo.com/forexkillerreview , this guy paints this bright picture of Forex Killer, but at the end, puts his aff code at the bottom = TOTALLY BIASED!

So be warned: Any “Review” Of Forex Killer that ends with a link that has “CLICKBANK” in it somewhere, it means the reviewer is biased. Not necessarily lying, but he has a good reason to, and that reason is financial gain. Some webmasters even redirect pages from their site to mask the link. So, rule of thumb, any review of any Forex software, without a link to the program, means its fair and balanced.

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Forex Trading Software

Good afternoon everyone! As I write this blog entry for you today, I am up $2000 after losing over $1000 on a bad trade this morning. What happened exactly is that I went against the advice of most any Forex expert and I traded out of boredom, and not because the market presented a good trading opportunity. But that’s just it, how can you possibly tell if/when there is an opportunity in the Forex Market? The answer? Forex Trading Software. Now, when I first started out, I used Forex.com’s Forex trading platform which I learned was extremely slow compared to Meta Trader 4’s platform. I eventually found out the Forex.com trading platform and Forex.com itself operates with a trading desk, they are not an ECN, which means they don’t let you have a direct connection to bank quotes, they have a “trading desk” that artificially moves the prices every which way (not exactly illegal, just part of the game).

At any rate, the Forex Trading Software you end up using will have a great impact on the amount money you receive from your Forex experience. I’ve since Migrated to using a broker that allows you to use your own Forex Trading Software, in my case MT4 (Meta Trader 4), which has, arguably, the most up to date quotes a Forex trader can have from his home. I personally love the simplicity and speed of MT4, it is perhaps the most used Forex trading platform in the world today, and for good reason. Even though there are other Forex trading platforms out there, MT4 has the most Forex plugins, the most Forex indicators, the most Forex Robots, and the most custom Forex templates for it than any other Forex trading software in use. I could literally spend a year reviewing each and every one of the indicators and other add-ons that exist for MT4, I will work on a list of them though.

Forex Trading Robot?

I recently purchased a nifty program called Forex Robot Trader (ForexRobotTrader.com), once again I’m not getting paid to turn you on to it, I’m just telling you I’m trying it out. The one major problem with Forex Robot Trader is the fact that you need to be prepared to enter trades for a very long time. Even in the site’s performance records, they have open positions, some are 6000 pips down! Who can honestly afford being down more than a few hundred pips, let alone 6000. That’s why somewhat tight stop losses are advisable. I’ve had at least 30 winning trades with the robot for $10-$20, but 5 really big losses of $50 each or more. So, it’s about even now. The creator of the Robot is a guy named Don Steinitz, I won’t exactly go into how it works, as I’m in the process of testing it out. But I will say the indicators that come with his Robot are free, the 4tF-HAS indicators, Heiken Ashi Smoothed, Full, Simple, and Classic. I’m using full right now. It’s a pretty good system without the bot which I paid for, but the bot actually takes the guesswork out of where to enter and exit a trade.  As is, you really need to get married to most of your trades, some reach the profit limit quick, others it takes hours, some DAYS! You really need a big margin to effectively trade with the robot, that is, if you don’t want to make $1-$5 per day long trade with mini lots.

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