Profit Before Work System

This is a discussion on Profit Before Work System within the Spread Betting & CFDs forums, part of the Commercial category; Hello, 1st time poster. Just wanted to share my experience with the Profit Before Work system. I have been using ...

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Old Apr 6, 2010, 2:15pm   #51
 
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Joined Apr 2010
Re: Profit Before Work System

Hello,

1st time poster. Just wanted to share my experience with the Profit Before Work system.

I have been using it for over 4 months now and I am grand total of 505 points down!

Admittedly a friend of mine paid for the system in return for me working it through with my own money.

It is a straightforward system but it ends up far from the 'set and forget' trade as the sales letter would have you believe.

The most frustrating thing about it is the weekly update is sometimes complete fiction compared to actual results. I'll put my hand up to a few errors in the beginning but the reason why I have kept at it for so long was to iron out user errors.

Some of the points to look out for are advised as 'discretion needed' but the problem for me I don't have enough experience in trading to know what to look out for. If I did have experience then I wouldn't have been using this system!

Anyway in a nutshell I would NOT purchase this system at all. If you know of a simple system that works, please let me know. I'm not looking for a get rich overnight one, but one where I can learn more about the markets without losing my bank.
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Old Apr 6, 2010, 3:50pm   #52
Joined Feb 2008
Re: Profit Before Work System

Unlike most of these systems, at least the kind people behind Profit Before Work™ have given the unsuspecting trader a big clue by calling it Profit Before Work™.

Now I realise it's maybe not as obvious as Money For Nothing, or Free Lunch, or How to Make £100 Each Morning Without Even Waking Up, but it was good of them nevertheless, don't you think?
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Old Jul 30, 2010, 5:59pm   #53
Joined Dec 2009
Re: Profit Before Work System

I did try this a while back but had to refund due to the system NOT PROFITING BEFORE WORK. They should have called it 'PROFIT DURING WORK' or 'P45 TRADER'

Quote:
Originally Posted by nish_76 View Post
I am not a vendor, I work as IT consultant and like to do a part-time trading mainly Binaries or Spread betting.

I have joined John Piper's weekly news and I was sent and looking to purchase his system. But not sure if its benificial.
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Old Jul 30, 2010, 10:31pm   #54
Joined Sep 2009
Re: Profit Before Work System

Quote:
Originally Posted by canyoumakemoney.info View Post
If you know of a simple system that works, please let me know. I'm not looking for a get rich overnight one, but one where I can learn more about the markets without losing my bank.
If you want a system that works around your normal working day, can I suggest you need one you don't need to keep a constant eye on, eg.you need to be more of a medium-term trader or "position" trader. I can suggest reading the NakedTrader book to get an insight into medium term stock position trading, I don't suggest following his exact methods but read it, learn and develop your own understanding. With medium term trading (1-3 months duration) you're basically looking at position trading,ie.buying at the right time, and selling at the right time etc.. and you don't need a constant eye on your account. For example I have only taken 9 trades in the last 2 months, but my 4 currently still open are running at nice profits, some over 25%...
Anyway, have a read and find out yourself...
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Old Jul 30, 2010, 10:53pm   #55
Joined Apr 2010
Re: Profit Before Work System

Quote:
Originally Posted by leonarda View Post
If you want a system that works around your normal working day, can I suggest you need one you don't need to keep a constant eye on, eg.you need to be more of a medium-term trader or "position" trader. I can suggest reading the NakedTrader book to get an insight into medium term stock position trading, I don't suggest following his exact methods but read it, learn and develop your own understanding. With medium term trading (1-3 months duration) you're basically looking at position trading,ie.buying at the right time, and selling at the right time etc.. and you don't need a constant eye on your account. For example I have only taken 9 trades in the last 2 months, but my 4 currently still open are running at nice profits, some over 25%...
Anyway, have a read and find out yourself...

What i have found, is that every angle in trading is double edged. It doesn't matter how you work it, the same problems come back to haunt you, at all levels.
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Old Jul 31, 2010, 2:57pm   #56
 
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Joined Mar 2008
Re: Profit Before Work System

I have used this system and i ha taught me a lot. Insofar as actually being in the market teaches.

It has worked for me but I have probably used and element of discretion to not let winners turn into losers. (by in effect moving to breakeven earlier than system dictates).

It is very basic but I think with any system that teaches you to limit your loss and let profits run you will make money. Over 8 to 10 weeks of using it recently, I worked out I won just under half of the time (as even if I was in the right direction for market doesn't necessary mean you will make a profit as ofcourse can be stopped out before continues in the way you first thought). The big thing was that by letting profit runs etc my average win was 30somthing points and my average loss was circa 15..

I think I basically worked out it was making me 8pts a day.

It has been valuable for me in unison with learning from reading some good threads on T2W. Amongst these components I have started to realise what kind of trader I would like to be. I don't think I have the mentality for a 'scalping'(in the commonly used grabbing a few points at a time, not true scalping). I am also not sure I have the patience for swing trades (also not keen on the overnight exposure etc).

I think I have learnt I like the approach of say a break out strategy (which I feel would give me an edge on direction), also I have learn't not keen on complicated indicators or chasing the holy grail. At this stage I feel if the 'edge' of thinking I have a good reason to believe price may continue in a direction or reverse etc as well as good money management and making more on winning trades and losing less on losing makes sense.

Anyway I appear to have wandered off topic.. back to decided on my trading strategy... erm would like the psychological comfort of over 50% win rate and larger wins.

In summary I think anything that may help to give a real world feel of having control over your trading, getting a feel for a certain market, money management etc isn't a bad thing. I have also read many things of interest from John Piper, so I am probably a little biased.
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Old Aug 8, 2010, 9:47am   #57
Joined Oct 2009
Re: Profit Before Work System

I see John Piper is launching a new Trading Mastery Spread Betting, Binary & FTSE Course, has anyone used his dvd systems before? Oh its here,, http://thebinarytrader.com

thanks.
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Old Aug 8, 2010, 9:54am   #58
Joined Aug 2009
Re: Profit Before Work System

Not the Pied Piper is he ?
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Old Aug 10, 2010, 1:14am   #59
Joined Mar 2008
Re: Profit Before Work System

I've tested this system and would'nt recommend it. Copywriting nonsense-make ££££ while eating your cornflakes. Look for a simple signal etc
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Old Sep 16, 2010, 12:42pm   #60
 
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Re: Profit Before Work System

There used to be a website where people put their systems up for sale/hire. The website showed their equity graphs, so at least you could see at a glance which were the duff ones.
Sorry I cant remember its name but maybe someone else can ??????????????????????????
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