Profit Before Work System

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Old Nov 14, 2010, 11:58am   #61
Joined May 2009
Re: Profit Before Work System

I tried the profit before work system and whilst I respect John Piper for being an honest man his system did not work. It depended on the FTSE 100 moving so many points at 8am GMT. Like a lot of systems they do work initially but then the pattern of the market changes as so often it does and the the system fails. The other thing I objected to is that John Piper was claiming profits of so many pips a week but a lot of them were made during the rest of the day which made his claim of Profit before work very misleading.
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Old Nov 14, 2010, 4:06pm   #62
Joined Mar 2008
Re: Profit Before Work System

Yes Roger, But try Mark Austin as he focusses on ftse and you can possibly get a month's trial for £28. Seems to be a consistent trader and you can ask him for a performance record.Email him @markaustintrading.com
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Old Nov 14, 2010, 7:43pm   #63
 
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Re: Profit Before Work System

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Originally Posted by vintrader View Post
Yes Roger, But try Mark Austin as he focusses on ftse and you can possibly get a month's trial for £28. Seems to be a consistent trader and you can ask him for a performance record.Email him @markaustintrading.com
I agree, followed Mark since he started in feb., excellent service
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Old Dec 14, 2010, 11:30pm   #64
Joined Sep 2010
Re: Profit Before Work System

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Originally Posted by moore_roger View Post
I tried the profit before work system and whilst I respect John Piper for being an honest man his system did not work. It depended on the FTSE 100 moving so many points at 8am GMT. Like a lot of systems they do work initially but then the pattern of the market changes as so often it does and the the system fails. The other thing I objected to is that John Piper was claiming profits of so many pips a week but a lot of them were made during the rest of the day which made his claim of Profit before work very misleading.
I agree moore_roger. I followed this system and from June 1st to Sep 24 got up to 457 pips profit. Very encouraging. I moved from £1 pip to £3 pip and everything looked rosy. In the 3 weeks following the market seemed to change, and I dropped back to 165 pips profit, and back to paper trading for me, as I didn't feel like going back to scratch. That proved to be a wise decision. Also agree with the bit about having to adjust trades during the day - hence somebody else's re-badging as P45 Trader (sorry can't remember who said it, but made me chuckle).

Having said that, I liked John Piper's books - especially 'The Way to Trade'.

Having said that, I have bought his latest system on Binary 'Trading', and haven't had a winner yet! Will be asking for my money back unless a miracle happens.
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Old Dec 15, 2010, 12:43am   #65
Joined Mar 2008
Re: Profit Before Work System

Yep. I think this system is now defunct. This bank a profit while eating your cornflakes hype has now been debunked. Break of the 5min bar rule can still be useful where the 2nd 5min bar breaks high/low of the first 5min bar. Can be used for trading the gaps which are neatly covered by stockcharts which is an extremely useful charting website.
All the best
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Old Dec 15, 2010, 8:31pm   #66
Joined Sep 2010
Re: Profit Before Work System

Thanks for that vintrader. I'll take a look at stockcharts. Trading the 5min bar was where I started at the beginning of 2010, and gave up because the new one looked better. Maybe more longevity in the old ways :-)
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