KillPhil08
Experienced member
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i made the website. stick a macd indicator on your charts. enter on crosses of 0. also add bollinger bands to help.
It helps as long as you stick your balls on the front line.
It helps as long as you stick your balls on the front line.
KillPhil08
Experienced member
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lol paul. (are you the guy from fx500?).
he has a few similar sites set up, jtlyk
he has a few similar sites set up, jtlyk
No, just Paul... what's fx500?
I get deluged with emails from people touting various systems for Forex trading, trading on Betfair, horse-racing systems, how to beat the casino etc.etc.etc.
Tried a few, none of them work. I only bought ones which offered a 60-day return of payment if the system was found not to have worked. As I said, none of them worked, but in every case I got my payment refunded.
C'est la vie!
Hadn't heard of it. Does it require installing their own software, or does it just use the charts SB companies provide? And does it involve sitting watching all day for signals, or what? (Obviously I don't want you to give anything confidential away.)
Cheers,
Geoff
Which website? Any chance of a link to it? And is that really all there is to the WealthBuilder system?
Cheers,
Geoff
Cool - thanks for that. Can you expand on this a bit:
Is that all there is to the WealthBuilder method, or is that in addition to the method?
Cheers,
Geoff
forgive me for being stupid but what do you mean enter on crosses of 0? and what are bollinger bands?
thanks for the reply
FTSE Wealthbuilder
I too have recently bought the system. I'd be interested to hear how you get on as I will be testing it out from tomorrow. I'll update this thread with my feedback over the next two or three weeks. I've been trading for about four months now so am a bit of a rookie. Having said that I'm currently 150% up on my starting position.
I read on another thread that the system isn't working at the moment. I'll think I'll reserve judgement until I've experienced it first hand. There are some extremely cynical types in these forums (possibly rightly - time will tell!)
I too have recently bought the system. I'd be interested to hear how you get on as I will be testing it out from tomorrow. I'll update this thread with my feedback over the next two or three weeks. I've been trading for about four months now so am a bit of a rookie. Having said that I'm currently 150% up on my starting position.
I read on another thread that the system isn't working at the moment. I'll think I'll reserve judgement until I've experienced it first hand. There are some extremely cynical types in these forums (possibly rightly - time will tell!)
Can you go into a bit more detail on how you'd use the bollinger bands here? Do you use them to filter out trades where your profit-taking point would be outside the bollinger range? Or do you only do trades that would take it outside the current bollinger range? Or only ones that would keep it within the current bollinger range?
Oh, and what bollinger settings would you use? Any links/pointers to any other useful info?
Cheers,
Geoff
Wealth Builder
Here's an update on my testing so far:
Neil Leitch states that there are three ways to trade his system on the FTSE 100. They are:
Stop at 24
Trade until 12
Trade all day
All three have been profitable on paper over the last few weeks. The Stop at 24 method is the one I will be continuing with for a while as it gives the best reward for the time spent on it - you can generally stop for the day well before 12. The trading all day method has made more pips but not enough to warrant the amount of time sitting at the computer waiting for the next valid signal.
Neil also says that the system can be used to dip in and out of the markets (FTSE, DOW, some FX) but in my, limited, experience this has not been profitable.
In summary it seems to work (at this moment in time) as long as you stick to the method and avoid dipping in and out of the markets but it's a test of patience.
Here's an update on my testing so far:
Neil Leitch states that there are three ways to trade his system on the FTSE 100. They are:
Stop at 24
Trade until 12
Trade all day
All three have been profitable on paper over the last few weeks. The Stop at 24 method is the one I will be continuing with for a while as it gives the best reward for the time spent on it - you can generally stop for the day well before 12. The trading all day method has made more pips but not enough to warrant the amount of time sitting at the computer waiting for the next valid signal.
Neil also says that the system can be used to dip in and out of the markets (FTSE, DOW, some FX) but in my, limited, experience this has not been profitable.
In summary it seems to work (at this moment in time) as long as you stick to the method and avoid dipping in and out of the markets but it's a test of patience.
This system simple and good fun so far but only recently started to trade it, so too soon to start rejoicing or belly-aching. But being short-term it seems good for dipping in and out as I can't watch the screen continuously 9 to 5 and don't need to time it right to catch the one big move of the day.
I have been researching the wealthbuilder system for a few days now, and have been unable to find any hard evidence as to why I should not give it a go. Having found what seem to be independant blog reports or general feedback, it does seem that this system has positive potential, and from what I can gather it is presented by a reputable company (Canonbury). There are some that have requested their money back (not specifically on this package) and have had no problems being refunded (within 30 days). The Canonbury site appears very professional and has plenty of contact info on it and whilst some of the reports may well be by other system producers in some way affiliated to Neil Leitch, there does appear to be only posoitive feedback to be found. If anybody knows any different or has any feedback having used the system, it would be much appreciated.
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My monitoring of signals for last 3 weeks or so is not concluded yet. But between 8 and 5, the recommended maximum trading hours, about 55% of signals have been winners. However, there is a weighting to be added to the losers: according to the system, if you have a 1pt spread on your SB account, you would set a profit target at +12 and a stop loss at -15. this means you need 5 winners for every 4 losers, or a success rate of 55.55%, to break even, so 55% isn't going to do it.
Interestingly, no less than 70% of days have more winners than losers. And all the winning days meet or better the 55.55% target, so it seems choice of days to trade is very important. Sadly, the right day to trade isn't known until after the close.......
Interestingly, no less than 70% of days have more winners than losers. And all the winning days meet or better the 55.55% target, so it seems choice of days to trade is very important. Sadly, the right day to trade isn't known until after the close.......
moonwalker
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any further update?
Hi moonwalker - Yes, not completed my trial period but Its not great so far. Looking at the system's signals over the last 21 trading days, over the suggested 0800-1700, there have been 154 main signals, of which 80 were winners. This is only 51.9%, and because losers are bigger in points than winners, this gives a significant net loss.
There are suggestions that you should cease trading on any day when either the first two trades are winners - or otherwise after the third trade, and this seems to give a positive net outcome. Of course, the odds of getting 2 winners in any 3 trades are slim so it seems rational to get out while you're ahead (or not too much out of pocket). But that kind of advice doesn't instil much confidence in the method does it?
Nevertheless, the signal is a valid technique, its easy to set up and recognise and I like the rules for making a signal a 'no trade'. But for my own use I am developing the out-of-the-box version to open up chances of a larger win and reduce losses on all trades.
There are suggestions that you should cease trading on any day when either the first two trades are winners - or otherwise after the third trade, and this seems to give a positive net outcome. Of course, the odds of getting 2 winners in any 3 trades are slim so it seems rational to get out while you're ahead (or not too much out of pocket). But that kind of advice doesn't instil much confidence in the method does it?
Nevertheless, the signal is a valid technique, its easy to set up and recognise and I like the rules for making a signal a 'no trade'. But for my own use I am developing the out-of-the-box version to open up chances of a larger win and reduce losses on all trades.
moonwalker
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thanks for the update Tom. it did all look a little too good to be true, but its great to hear a real user's experiences.
