Using Pentatrade
Juny said:
Has anybody since this thread started yet tried the Pentatrade system as I've had mail myself from Streetwise and it would be beneficial if someone has already given this a go!
I have had a copy of the Pentatrade System from Streetwise and can report that it appears to be what it said it was – a good quality, colour, glossy manual with about 250 pages giving full instructions on the system. There are also about seven videos on disks in which Hugo Lawrence goes over many of the points he makes on analysing candlestick graphs, emphasising what has been taught in the manual.
He says there is no quick way to go about this – you have to regard it as a training course and follow it EXACTLY as he says. I paid about £2,200 for the course as that was the offer at the time, trusting that Streetwise would refund it if it wasn’t any good.
The basis of Hugo’s system is that the various money markets fluctuate on a daily, hourly and even minute by minute basis, but that this variation often has an inherent pattern which it’s sometimes possible to spot. Ten you make a bet with a spread betting company on the market movement you predict and either win or lose as a result. The good thing is that, being betting, the proceeds are tax free. The bad thing is that you MUST open an account with a provider of market data so that you get live information to work on and the graphical tools that come with the package. That’s about £135 for three months (minimum sub), although the betting sites are free.
You look at how a particular market is going, using live candlestick data and draw lines on the live graph on the screen showing trends, ‘support’, ‘resistance’ and so on and apply Hugo’s rules to determine whether to bet or not, and what to bet. Each rule gives a confidence signal: 3 is good, 4 is better and 5 is a MUST.
Hugo recommends a range of sites to use and illustrates the best, so it’s all in the handbook, but you DO NEED to sit down and really get down to studying it. I got about 2/3rds of the way through (and it needs more and more concentration as you go) and just didn’t have the time to study it as hard as I needed to do so had to give up. I had just 30 days to decide in.
It cost me £11 to post back (incl £500 insurance – hardly enough, really) but Streetwise refunded my £2,200-odd without any question. I’ve always found them good in that respect. So I still need to know if someone has used it and succeeded – if so, I’ll go for it again!
