Bond Spreads In Forex

Bond Spreads in Forex Trading

 
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Forex Killer Showing Promising Results (So Far)

New Forex Killer Review (mo4Forex.com) After a month of using Forex Killer I’ve concluded that it does actually make me pips, but the losers are unfortunately outweighing the winners in terms of pips lost vs gained. I will enter trades looking for a 30-50 pip profit (not including the spread), and set an equal stop loss (or a stop loss near a point of resistance) So, while my winning trades netted over 5800, my losers accounted for 3700 in losses. Hardly a killing. In fact I feel a little roughed up myself, but alas, I have seen the err of my ways. Instead of just blindly trusting Forex Killer, you really need to use your brain and do your own analysis on the pair. I know for a fact that news spikes didn’t affect my positions opened with help from Forex Killer’s signals. Also, I used smaller lots for more of the winners and there were some larger lot trades with more of the losers. I deduced that Forex Killer entered me into losing trades because I read the signal near the end of a trend, which still indicated a strong buy or sell signal, but was soon to retrace or reverse, and with the stops I had set for many of them 30, 40 or 50 depending on the pair and situation, I would have a $500 losing trade versus a $100-200 winning trade. So even though I had a 3:1 success rate, the pips gained/lost ratio is much tighter. But, that alone should not turn me, or you, off to this software, my trading method just needs to be tweaked. I thought it would be useful to bring up and see if anyone else had a similar account of trading with Forex Killer.

In total, I have made 48 winning trades and 16 losing trades with Forex Killer. Now, demo conditions are not indicitive of what live conditions might be like, so keep this in mind. Also, note that these results will be different for everybody, there’s just no possible way 2 people can enter the same trade time and time again, so, results will vary. My Detail Statement graph reflects my trading all month, and about mid way I started to use Forex Killer, so you can see how much my trading improved. To repeat, that graph has my own manual trades based on whatever I thought was a good trade, often times a loser for me, on this demo account at least. The graph does speak for itself though; This was not a hypothetical backtest, these were real trades made on a demo account, but real trades noneheless, and for my losses to be wiped out and to see a $3000 gain thanks to Forex Killer’s advice really convinced me to keep trying at it. Even though the often tedious task of entering in one price at a time takes its toll, the signals have proven to be quite accurate and on more pairs than originally suggested by the software developers.

It seems trading GBP/USD was the biggest loser for me, short and long trades were about even in terms of winners/losers. EUR/USD was the second worse and USD/CHF came in third in terms of losers. But like I said, winners outweighed losers 3:1 exactly.

Now, I’m trying out some more trades today and so far things aren’t looking good, 4 losers at once right now and will probably hit their stops. Actually I am down $800 as I type this to you on Forex Killer signals, so things don’t always work, of course.

Addendum— 3 hours later
I was wrong about not trusting these signals, and my least favorite pair earned me $1200 in profits, 120+ pips on two seperate trades, and also another winner in USDCHF and EURUSD.  So all of those trades I thought were about to be losers are now winners, all closed except the one big trade on GBP/USD, I set a 25 point trailing stop loss and am 10 pips away from my target!

Forex Programs and Products List

I felt very inspired the other day when I ran across all of these lists for brokers and indicators, and felt my blog was lacking in that department.  So, I put together a list based on ForexBrokerComparison’s list of Forex Alerts, Indicators, Ebooks, and other Software.

Some of these I will earn a slight comission on, but since I am not endorsing or promoting them through reviews, I am not biased.  I am just offering plain hard facts as presented by these programs, price, reported pips per month earnings, etc.  I’ve noticed that most “Ebook” strategies are $97 one time fee.  What the heck is with a $97, why not $99 or flat $100.  I suppose the significance of the $97 reflects an amount that’s universal to most online marketers at which they believe they will attract the most customers and maximize profits.  Most of the ebook systems are this price, certain indicators are cheaper, but are a monthly expense for you.  You need to be the judge on what is going to earn you the most for the least amount of effort/money.  I’m not saying you shouldn’t put an effort into your Forex Trading, I do believe it is wise however to not waste hours trying out systems during which time you can be dedicating to things that make you money, or other trivial things like your family and friends…

Ok, even talk, please enjoy this list, and keep in mind its a work in progress.  Some day, I envision it being 1000 programs deep, because, as you know, there are 1000’s of Forex Signal Providers, Forex Ebooks and Lessons, Forex Mentors, Forex Indicators, Forex Expert Advisers and other Forex related software on the market… they ALL can’t be profitable, and they all deserve to be looked at with a magnifying glass.  Also remember I don’t endorse any of these programs even though I may have tried them and still use them (like Forex Killer), this is just an informative list for your own educational benefit.

Please comment below in this post about any errors and omissions to the list, because pages on my blog can not accept comments.  Click Here To Visit The Forex Programs and Products List.

New Year New Forex Signals

Well it’s officially 2008. NASDAQ just tanked, oil hit $100 & poised to go higher, and Pakistan is in turmoil. Other than that, things couldn’t be better. My new year’s resolution is to try a new Forex Signal provider every other month and see which one will make me the richest faster (or perhaps poorest). Some of the Forex Signals I’d like to try out for myself include

1. TEAM APHID’s Team Aphid Bird (TAB)
2. 5Dimensions Forex System
3. ProForexIndicator’s Cable Indicator System (CIS)
4. ProForexIndicator’s Premier Indicators
5. Jeff Park’s Octave
6. ForexSoft’s Series of Indicators including GoldNStream

Now, if you have already tried any of these and they don’t work, please give me a heads up in the comments below, you’ll save me time. Otherwise, I’d really like to test the effectiveness of these various signals for myself, as some of them have good reviews, and some bad, but none all bad.

ProForexIndicator is an indicator service I am familiar with from a few months back, I wrote a blog post about my trial period with them, and it was profitable for the most part. But what struck me odd was I had profits on some days where they themselves reported losses, which didn’t exactly turn me off to the service, but make me question how I could read their signals one way (someone with not much Forex experience) and they read it another. This same company has also recently put out “PREMIER SIGNALS” for GBP/USD and USD/CHF, which are sent to your mobile and email. I already asked if this is based on their Cable Indicator System, they said no, it’s completely different. So, I know the Cable Indicator System is very effective, has some losses, but they are greatly eclipsed by it’s wins. I’m looking to see if the same goes for their new system as well, seeing as the past performance data shows they’ve made a considerable amount of pips over the past year. I am skeptical though about any backward testing, anything can be manipulated or sugar coated to squeeze in pips here and there, but I’m not saying this company is dishonest, there’s just no telling about the honesty of ANYONE’s statistics and revenue reports, just first hand knowledge. Stay tuned for full reports on this system.

Forex Signal Review Site

Another website I found useful, and it’s free (for the most part) is collective2.com, a site where forex indicators are reviewed in forward testing and with real money. Team Aphid is one of the premier signal providers. ForexProIndicator is not on this site at all, is that a bad thing though?

Think of us as an independent “trading system auditor.” We’ll investigate which trading systems are profitable. Then you can set up your own personal hedge fund, and have trades placed automatically in your brokerage account. A growing number of brokers are C2-compatible: OptionsXPress, OpenECry, FXCM, Gain Capital, IFX, FuturesBetting, Interactive Brokers…

At first glance Collective2 seemed amazing, but it does have a lot of resemblances to ZuluTrade, which isn’t so great, especially the whole automatic trading functions. Will you ever wake up to an empty account? Who knows. You need to do the research yourself, but I will say that Collective2 does help you weed out some losing indicator services that you might not have the ability to do yourself. As you can see, December was an awful month for most indicators, it’s a tough month to make money in, especially with longer term trades, scalping is another story. Collective2 allows people to make comments about systems, but again, who knows whos saying what and if it’s true, I think we’ve run into this problem with some other Forex review sites.

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 filesmetatrader4expertsindicators 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.

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