teachers pet
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e/chf did though for 183 pips. This is most reliable one I have come across. been following since feb 2008 and all trades on history since then are for real. E/£ running now and in profit 90 pips
Guys, I started this thread because I really do want to believe. It appears to be the best thing since electric blankets were invented, thus rendering husbands superfluous at a stroke! £8000 profit so far this year etc. Great stuff. Please could someone state the amount they paid for it, when that was, their bank size and the amount of profit in pound coins they have made since then. I really do want to believe.... My initial scepticism was rendered due to many years backtesting systems and fitting them to historical data. I could make virtually any system work given a suitable time history and a little fine tuning. I hope Concept works long term. I'll buy it if it does. Successes are celebrated on here, failed trades quietly passed over.Those of you into EOD systems like Concept should look at fxprotrade.com. It appeared to launch on the public around last October with wonderful backtest results. Almost immediately it started to underperform. So much so that it's operation was modified. Coincidence, no doubt. Does the future equal the past? As Clint Eastwood once said 'Feelin' lucky punk?' Perhaps I'm just a young cynic. Most of my trading is done on commodity futures nowadays. It's very profitable and relatively stress free, but trades last weeks, if not months, and lack the adrenaline rush of having your nose pressed against the screen all day. But then, I suspect that is the crux of the matter, and thus the problem for some of you. Psychology of trading.. You watch the screen all day even when using an EOD system like Concept and rapidly decide you know better.... 'It's up 120 pips - I'm goingto close it now and pocket the cash, even though the limit is still 130 points away'. Or, 'Hell, it's 40 down and heading toward the 70 point stop - I'll close now and save some cash'........... Folly. Don't do it. If you use something like Concept do what it says on the tin. Best just to log on each evening at update time and do what is suggested. After that enjoy your short life and forget it. Since starting this thread I'm used to donning a tin hat and digging my trench a little deeper, because everybody wants to believe. Please don't use Mustard Gas in your responses.... LOL
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stevespray
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Scanjet,
Since you started this thread you’ve made some interesting and valid points. My feeling is that it is good that quite a few of the early contributors are still posting regardless of whether they are currently using the system or not.
My posts have pretty much given what I feel is a fair review of progress so far. I admit that I don’t mention each and every trade as I don’t feel that there is a need for that since every trade is reported at the Concept website and results are normally up to date within a week or so.
I understand why you say that you are a cynic with regard to this kind of thing – it borders on falling into that bracket of being ‘too good to be true’ – a system which takes minutes per day to run whilst returning a triple figure percentage return each year – all while you’re out playing golf or sitting on a beach! Believe me when I say that I am equally cynical with regard to this type of thing. What I liked initially when I looked into Concept was the fact that they posted live results and seemed to have an ongoing business model. This sent me a message that they weren’t going to be ‘here today gone tomorrow’ merchants.
I understand what you are saying re back testing of systems vs forward test / real cash results. Back testing does have a place in strategy building but so long as the system designer understands limitations. That doesn’t make back tested results useless. For example, one thing to look out for on a back test is the how reliant the system results are just one or two huge winning trades – these types of systems may still work but are psychologically really hard to operate over the long term due mainly to the huge periods of time between meaningful winners. If you look at the spread of winning trades on Concept then it seems pretty neat. You have several series of winners and losers which pretty much cancel each other out but every few trades you get a nice winner which is 2, 3 or 4 times risk – this is ultimately how the system makes its money and gains its edge.
You’re dead right about letting the system get on with its job. You can obviously look at things from a couple of angles here. These will depend on how ‘developed’ you are as a trader. It will also depend on how developed you WANT to be as a trader. I’m sure that they’ll be people at both ends of the spectrum. Some people will be happy to simply run the system each evening and pop the orders into their broker – they have no interest in learning anything more than how to correctly read quotes and transpose those figures onto their orders ledger. Other people will want to know and learn more. Some will want to become intimate. It’s natural that as peoples interest develops that they will want to start to manage the trades in a manner which differs to simply entering them and leaving them to either hit targets or stops. This is perhaps where Concept might actually be useful as a kind of hidden learning tool. Once you start to study what happens and what makes a potentially good / poor trade then you’ve started on your road as a developing trader. I’m no massive expert on the pairs which we’re trading with Concept but I’m sure that I’m learning more about each one as trades get suggested and then either open or expire without triggering.
Concept itself appears to be based upon pretty sound technical analysis techniques which I’m sure you could learn individually if you took time to study the relevant books or study aids. All Concept does is automate the processes involved. It then takes things a stage further and presents the information in a useable form i.e. actually physical market orders. You could perfectly easily carry out the same processes in a manual fashion provided you know all the rules and indicators to place on each chart.
As with all systems you will only gain positive results by being consistent. The problem that many people suffer is that they allow a poor run of results to drastically affect them. This causes them to either stop using the system or to change their rules (i.e. reduce stakes or ignore signals altogether). Then, once they see results improve, these same poor folk increase stakes or start taking the signals again just in time to catch another downturn in results. The upshot is that they given in and blame ‘the system’ rather than examining their own weaknesses and their own failure to show sufficient emotional control. This generally occurs because people don’t dedicate themselves to developing and then following any kind of plan of action. All they do is look at the results on the website and see the end result. They don’t consider the times where the system is on a bad run and what it is like to live life on a day to day basis when you seem to be donating percentage points of your trading account to the markets. This kind of ‘pain’ makes people give up whilst they are in a draw down and this is largely why we have this common quote that “Ninety percent of people lose money in the markets”. They are bound to lose because they stop trading once they have a series of losses. When they have a series of wins they keep on trading until the series of losses occur.
I’ll ask one question; If people would have doubled their accounts when they started trading in June / July / August rather than halving their accounts then would they have given up? Answer : A definite NO!
Steve.
Since you started this thread you’ve made some interesting and valid points. My feeling is that it is good that quite a few of the early contributors are still posting regardless of whether they are currently using the system or not.
My posts have pretty much given what I feel is a fair review of progress so far. I admit that I don’t mention each and every trade as I don’t feel that there is a need for that since every trade is reported at the Concept website and results are normally up to date within a week or so.
I understand why you say that you are a cynic with regard to this kind of thing – it borders on falling into that bracket of being ‘too good to be true’ – a system which takes minutes per day to run whilst returning a triple figure percentage return each year – all while you’re out playing golf or sitting on a beach! Believe me when I say that I am equally cynical with regard to this type of thing. What I liked initially when I looked into Concept was the fact that they posted live results and seemed to have an ongoing business model. This sent me a message that they weren’t going to be ‘here today gone tomorrow’ merchants.
I understand what you are saying re back testing of systems vs forward test / real cash results. Back testing does have a place in strategy building but so long as the system designer understands limitations. That doesn’t make back tested results useless. For example, one thing to look out for on a back test is the how reliant the system results are just one or two huge winning trades – these types of systems may still work but are psychologically really hard to operate over the long term due mainly to the huge periods of time between meaningful winners. If you look at the spread of winning trades on Concept then it seems pretty neat. You have several series of winners and losers which pretty much cancel each other out but every few trades you get a nice winner which is 2, 3 or 4 times risk – this is ultimately how the system makes its money and gains its edge.
You’re dead right about letting the system get on with its job. You can obviously look at things from a couple of angles here. These will depend on how ‘developed’ you are as a trader. It will also depend on how developed you WANT to be as a trader. I’m sure that they’ll be people at both ends of the spectrum. Some people will be happy to simply run the system each evening and pop the orders into their broker – they have no interest in learning anything more than how to correctly read quotes and transpose those figures onto their orders ledger. Other people will want to know and learn more. Some will want to become intimate. It’s natural that as peoples interest develops that they will want to start to manage the trades in a manner which differs to simply entering them and leaving them to either hit targets or stops. This is perhaps where Concept might actually be useful as a kind of hidden learning tool. Once you start to study what happens and what makes a potentially good / poor trade then you’ve started on your road as a developing trader. I’m no massive expert on the pairs which we’re trading with Concept but I’m sure that I’m learning more about each one as trades get suggested and then either open or expire without triggering.
Concept itself appears to be based upon pretty sound technical analysis techniques which I’m sure you could learn individually if you took time to study the relevant books or study aids. All Concept does is automate the processes involved. It then takes things a stage further and presents the information in a useable form i.e. actually physical market orders. You could perfectly easily carry out the same processes in a manual fashion provided you know all the rules and indicators to place on each chart.
As with all systems you will only gain positive results by being consistent. The problem that many people suffer is that they allow a poor run of results to drastically affect them. This causes them to either stop using the system or to change their rules (i.e. reduce stakes or ignore signals altogether). Then, once they see results improve, these same poor folk increase stakes or start taking the signals again just in time to catch another downturn in results. The upshot is that they given in and blame ‘the system’ rather than examining their own weaknesses and their own failure to show sufficient emotional control. This generally occurs because people don’t dedicate themselves to developing and then following any kind of plan of action. All they do is look at the results on the website and see the end result. They don’t consider the times where the system is on a bad run and what it is like to live life on a day to day basis when you seem to be donating percentage points of your trading account to the markets. This kind of ‘pain’ makes people give up whilst they are in a draw down and this is largely why we have this common quote that “Ninety percent of people lose money in the markets”. They are bound to lose because they stop trading once they have a series of losses. When they have a series of wins they keep on trading until the series of losses occur.
I’ll ask one question; If people would have doubled their accounts when they started trading in June / July / August rather than halving their accounts then would they have given up? Answer : A definite NO!
Steve.
stevespray
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I'm up around £13,000 on the account that I use to follow the signals as closely as possible.
On top of that I've made made another £5,000 odd by using the signals on an intra-day basis and managing certain signals based on my personal analysis. This generally means eyeballing the signal once I see it trigger on the main account. From there I will watch and observe and then maybe make a trade based on logical analysis and sensible risk control.
What I've noticed is that some times Concept will identify a support level perfectly and the trade will trigger and move into profit very quickly (or not drop into loss of more than a handful of pips).
As an example have a look at EURCHF from Wednesday. Tuesday night we were alerted to a support level at 1.5070 and the system placed a limit buy at that level. Wednesday morning it triggered and within an hour or so it was obvious that we had identified a significant area of support. Needless to say that from then on it just went up up and up making a nice situation in terms of adding a few £5 buys on my intraday account.
My initial start up costs were £2,000 on the system itself and quite a few hours of research. I also visited their offices which was basically a day off work so cost me somewhere around £300 - £500 in lost revenues.
Steve.
On top of that I've made made another £5,000 odd by using the signals on an intra-day basis and managing certain signals based on my personal analysis. This generally means eyeballing the signal once I see it trigger on the main account. From there I will watch and observe and then maybe make a trade based on logical analysis and sensible risk control.
What I've noticed is that some times Concept will identify a support level perfectly and the trade will trigger and move into profit very quickly (or not drop into loss of more than a handful of pips).
As an example have a look at EURCHF from Wednesday. Tuesday night we were alerted to a support level at 1.5070 and the system placed a limit buy at that level. Wednesday morning it triggered and within an hour or so it was obvious that we had identified a significant area of support. Needless to say that from then on it just went up up and up making a nice situation in terms of adding a few £5 buys on my intraday account.
My initial start up costs were £2,000 on the system itself and quite a few hours of research. I also visited their offices which was basically a day off work so cost me somewhere around £300 - £500 in lost revenues.
Steve.
teachers pet
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Was tempted to set stop to break even on e/£ tade that just closed for a loss. Probably will in future. I'm sure trading could be improved by keeping up with news, like ECB rate cut and act accordingly.
Another winning trade! I feel like celebrating... This year has been absolutely amazing. The combination of concept and the FAPTurbo has given me some incredible hope for becoming financially independent by this time next year. I am also now testing ForexMegadroid. On their website there are no forward test results which makes me scepticle so therefore I am testing it myself.
Hi Pvisser. I looked at forexmegadriod, as it was launching. I deciced not to lunge into it as they were going to hold an online wedinar whic i joined and sat there watching people login in and logout. I posted a few questions and never got any answers. did you by any chance have more success with either? I also came across this website which may help you.
forexmegadroidscam.com
the guy was one of the beta testers or so he says. anyway he posts some settings that he states works well with the robot.
good luck please can you post your results.
Keith
stevespray
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Yes, another nice trade on Concept and a very steady start to 2009. Long may it continue.
It seems pretty clear to me that the drop in performance in the second half of last year ties in perfectly with the massive increase in volatility.
Based on a £25,000 bank the last trade closed +£2,400.
Steve.
It seems pretty clear to me that the drop in performance in the second half of last year ties in perfectly with the massive increase in volatility.
Based on a £25,000 bank the last trade closed +£2,400.
Steve.
stevespray
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Because he's selling something? Perhaps an attempt to bad mouth original settings and then "sell" you ones which he claims work?
Steve.
good question to ask. in the cloak and dagger world of industrial espionage people are out to get you.
or trying to create a mystery around something that is not really that good. and maybe looking to create a following to sell future settings?????????
i dont really know as i have not purcashed the robot.
the questions i asked were
can you provide me with authentic trading account statements to back up your claims?
can you explain why the webinar did go ahead as planned?
why do you offer a guarentee that the robot can be installed in under 5 mins but the guarentee does not contain any form of penalty to you?
i never recieved any answers which out me right off.
I have bought forex megadoid and I am testing it as we speak on a demo account. At the moment FAPT is having trouble making a profit, but every system has a rough patch.
I have been running megadroid for nearly two weeks now and it hasn't had a single loss. Don't let that fool you though. It makes about 1-2 trades a day. It only makes a few pips compared to where it places its stop loss. I am still waiting for a loss to occur to see what damage it will do to the demo.
I will keep you posted.
As for installing it in 5 mins lol. Thats a joke. It took me the normal 15 mins to set up the EA, but only because I already have a VPS and I know exactly what to do when it comes to setting up experts in MT4. If you have no trading experience at all when it comes to this you could easily take up to 10 hours trying to figure everything out. I know this because to simply explain to my mum how to open the account, find a currency pair and place a trade took about an hour lol. Imagine she had to open a virtual private server, download an expert advisor and dll import. Place the one file in experts and the other in experts/library, then close and reopen MT4, drag the EA onto EURUSD, then change the settings to their specifications, then depress the experts icon. All this you have to figure out yourself...?
I mean common... No one can do all that in five minutes for the first time...
teachers pet
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Exactly Pvisser, everyones tech knowledge is different. Finally got mine set up but needed help/advice from someone more tech knowledgable to get it into Metatrader. Still a bit of a strugle to get good backtest results even though settings at default with recommender broker. So it aint that easy.
It did move the stop on GBPUSD. The trade is doing really well at the moment. It is far away from the limit though, which means that this could be one of their massive trades. The budget gave a weird reaction in the markets today. I am not sure whether the city knows what to make of the numbers yet, because they were bad but its what was expected. Hopefully it will work in our favour.
My EURGBP trade triggered and stopped out but concept is showing the trade as unopened, did I do something wrong?
My EURGBP trade triggered and stopped out but concept is showing the trade as unopened, did I do something wrong?
I am not sure what you did, because my EURGBP trade is still open. It is doing really well considering the two trades contradict each other. As the one goes up the other will tend to go down. GBPUSD is shooting upward and not looking back. It looks like its going to be one of concept's big wins.
