BlackMonday
Member
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I keep getting emails about it.
Seems interesting, but always sceptical about people to contact me, offering simple systems that mean I'll a millionaire in a year. They only want £50 for it, so might be worth a look.
Me, I'd rather use the £50 to short the £ !
Seems interesting, but always sceptical about people to contact me, offering simple systems that mean I'll a millionaire in a year. They only want £50 for it, so might be worth a look.
Me, I'd rather use the £50 to short the £ !
Spend your money on that and you really will experience a Black Monday. It is yet another masterful marketing campaign along the lines of the Forex Autocash Robot. E-mail millions of receptive subjects. Increase the desire and the want by e-mailing you each day telling you it's coming and getting nearer - very soon you'll all be millionares. LOL. Quite a few will spend their cash on it. Many can't really afford to but are desparate to do anything to improve their situation. Many of the well known system sellers seem to be affiliating themselves to this. Disgusting, in my opinion. I'm thinking of renaming myself to 'Debunk'. There must be quite a lot of misery being caused at the moment by some of these system sellers. Remember, trade what you see, not what someone wants you to see. There is no Guru who knows everything, only price movements, volume and momentum. Breaks of support and resistance, breaks of trend lines etc. Put an RSI indicator on your chart. Look for V shaped excursions above or below the 30 70 line etc. Trade them! Have a nice day.
advfntrader
Established member
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if it was so good why do they need to sell the system ??? ;-)
alan5616
Established member
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I've seen the video, accompanying the promotion. From what I could see, the profit target is less than the stop loss risk. This rules it out as far as I'm concerned.
Alan5616: Profit target typically 30 points and stop loss typically 50 points. As a complete novice, I am not inspired by the risk to reward ratio.
Fahey: I've also read some reviews but they all seem to be shamelessly plugging the system and I doubt if they are objective.
Fahey: I've also read some reviews but they all seem to be shamelessly plugging the system and I doubt if they are objective.
shmeeko69
Junior member
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I've emailed Dave Curran twice - regarding the small sample of his account as shown, by the well known Mark McRae !! He's apparently been trading five years, yet can only show you a month's worth of his accounts - very convenient !! I have'nt heard anything back (surprise surprise) about my point & this makes me very suspicious.
WE can all make a profit from 30 pips profit against 50 pips loss - if the strike rate is an average 82%, but If something sound too good to be true, then it usually Is.
WE can all make a profit from 30 pips profit against 50 pips loss - if the strike rate is an average 82%, but If something sound too good to be true, then it usually Is.
shmeeko69
Junior member
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Yes he's well known & does make his living from currency trading. I have watches some of his videos on you tube & has helped my trading quite a bit. The most important thing though is YOU. If you can't get the required DISCIPLINE to find a system, that your comfortable in, with good probabilities & stick to it know matter what, then you will join the other 95%. I'm still finding my feet, but as the weeks go by, things are getting better AT LAST !!
Thanks, shmeeko69. My main relevant strengths are financial acumen, money management, objectivity. My main weakness is inexperience, interpretation of charts etc - I'm new to trading. I would like to have a fairly mechanical system to work with using small stakes while learning the 'trade'.
shmeeko69
Junior member
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There's no doubt about It, you need a few quid behind you, know matter what people say !! A straightforward charting system is crucial (keep it simple) & ofcourse sound money management, sensible stop losses & sound DISCIPLINE (get to know yourself better) =
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Nothing wrong with moving your stop loss according to the system. I am using it and I am not an affiliate. I have traded for 6 years but this has improved my results dramatically. It works whatever anyones comments. I am now using the system on the live account and so far the profitable trades have exceeded 75 %. Time will tell but I'm very impressed. I have tried EAS ( everyone out there) and they are all a complete waste of money. This mechanical system looks very promising indeed.
shmeeko69
Junior member
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I've not seen the system only the cheesy demo (usual american marketing). If anyone can make money in the currency markets on a mechanical system, then good luck to them. There are a few genuine folk out there, although they're hard too find. You will always find people wanting to sell systems, around 300 - 500 ebooks at £60 a pop - nice £20 - £30 grand top up on their bank balances !!
GOOD LUCK
GOOD LUCK
stevespray
Experienced member
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My advice for learning to trade markets in general (and in particular forex) is to just start by trading what looks obvious on the charts (say a 5 min chart). Dump £1,000 in a spread bet account and only use £1 per point maximum. If you can find one that lets you use 10p per point then use that.
Keep a record of each and every trade you make.
When you've lost the best part of the £1,000 you will have (in your records) everything which YOU need to help you learn how to trade for yourself.
It's 90% you and 10% the system.
Steve.
Keep a record of each and every trade you make.
When you've lost the best part of the £1,000 you will have (in your records) everything which YOU need to help you learn how to trade for yourself.
It's 90% you and 10% the system.
Steve.
shmeeko69
Junior member
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That's exactly what I've been doing - trade what you see & not what you hear !!
I mainly trade £1. a point EUR/USD with a 100/200 pip trailing stop & I keep a journal of all my trades & It seems to be working better.
I'm now showing a profit with IG after nearly two years trading part time & now full time
Very difficult business to be in, but if you conquer it, you WILL make a lot of money, although I'm fully aware that, only 5 - 10% of people make money overall !!
Bye for now
I mainly trade £1. a point EUR/USD with a 100/200 pip trailing stop & I keep a journal of all my trades & It seems to be working better.
I'm now showing a profit with IG after nearly two years trading part time & now full time
Very difficult business to be in, but if you conquer it, you WILL make a lot of money, although I'm fully aware that, only 5 - 10% of people make money overall !!
Bye for now
Hi, i have purhcased the FA my self and placed 4 trades and 3 /4 successful. i have made major changes however the system as i dont believe in a system that traders with anything less than 2:1 ratio.
i believe that you should let profits run, minimise losses, implement risk control and trade with the trend.
tweaking the system insures i dont hit a loss of 50 points even though i set it at 50. i have added an additional indicator to allow for me to let profits run too. works great so far and am currently tweaking. i also have traders secret code by mark mcarae, again tweaked this too. works well.
i believe that you should let profits run, minimise losses, implement risk control and trade with the trend.
tweaking the system insures i dont hit a loss of 50 points even though i set it at 50. i have added an additional indicator to allow for me to let profits run too. works great so far and am currently tweaking. i also have traders secret code by mark mcarae, again tweaked this too. works well.
shmeeko69
Junior member
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Hello Again
Just been emailed the interview between Dave Curran & Mark McRae !!
It lasts for 35 minutes & Dave Curran comes across as a genuine enough kind of guy.
The only thing that concern's me is, he goes into detail about his previous employment - supermarket manager & working in an arbotwar & you get the school of hard knocks theme coming through once again !!
I'm still curious about this system & want to know more between now & the new year.
Cheers
Just been emailed the interview between Dave Curran & Mark McRae !!
It lasts for 35 minutes & Dave Curran comes across as a genuine enough kind of guy.
The only thing that concern's me is, he goes into detail about his previous employment - supermarket manager & working in an arbotwar & you get the school of hard knocks theme coming through once again !!
I'm still curious about this system & want to know more between now & the new year.
Cheers
