Forex Morning trade review
Is Forex Morning trade a scam?
Forex Morning Trade is one of a number of EA robots offered via Clickbank, one of the leading e commerce solutions for Forex. It works a little differently than some of the other Forex robots out there today but if you are serious about making your fortune in the Forex world (or making a nice amount of money anyway) it always pays to explore what is available, in the form of EA s and other tools, to help you on your way to achieving that goal.
Overview of Strategy
Forex Morning Trade has it name for a very good reason and let me start out with a word of warning – if you are the kind of person who is not too fond of working at odd hours this EA may certainly not be the right one for you!
The thing is you see, that in order to use Forex Morning Trade you need to be at your trusty computer right at (or preferably before) 06.30am UK time. If you are in New York that means being alert and ready to go at midnight or 1am as the UK is 5 or 6 hours ahead of the East Coast, depending upon the Daylight Savings Time situation. This is based on the developer’s assertion that morning trades perform better than those set in place later in the day. This can obviously be an inconvenience to some. If waking up early/ staying up late is not in the cards for you check out other systems like Forex Combo System or Wall Street Forex Robot.
Once you are at your computer you need to open up your charts and as determined by two common indicators if your trading conditions are met for the day. If they are (which for a large majority of the the time is the case) then you can simply go ahead and open up a long or short position at the 6.30 candle.(again depending on certain factors)
Forex Morning trade only trades with the GBP/USD currency pair and it targets a 40 point profit from all trades with a 40 point stop loss. So basically once you enter your 40 point target price and stop less you can walk away from your computer and go to bed.
Of course if you do decide to purchase the Forex Morning Trade system you will want to do at least a bit of backtesting of your own and based even on a few days of doing so the system seems to produce more winners than losers (the real goal of course)
if you want to look at backtesting before you buy the developer, one Marc Fric who is a full time Forex trader, maintains a consistently updated and verified results page on his website as well as a trading journal that actually details his own trades using Forex Morning Trade, complete with the settings he personally uses in the EA for each trade he makes.
In the most recent week of trading that he posted prior to my writing this review he posted 3 profits, 1 loss and 1BE ending the week with a 63.4 pips profit. If you go back through his journals and results they demonstrate a growing equity curve going all the way back to December of 2009, with a profit being made almost every month of between 80 and 400 pips. For more backtesting results you can also check this link on myFxbook if you want a neutral result. It demonstrates a 68% success rate in trades, win the average win being at 19.30 pips and the average loss at -42.92.
As an interesting side note I just read a post on a Forex forum from an experienced trader using the Forex Morning trade system who has done several years of backtesting now and has found that are target price of 27 pips rather than the more common 40 has produced, for him, even more impressive results.
Forex Morning trade currently carries a $97 pricetag. For your money you get instant access to everything you need to get started, including an illustrated trading guide that guides a new user step by step through the workings of the system. The package also includes lifetime e mail support form Mr Fric as well as lifetime free updates, something that he does seem to offer on a regular basis, the advantage of having a system that the developer still actively uses himself.
There are several things that stick out as positive and notable about Forex Morning Trade. The first is its simplicity, the “set it and forget it” nature of this EA makes it perfect for the part timer who is just dipping their toes into the waters of the Forex world.
I also like the transparency displayed by Mr Fric, posting all of his personal results , which are verified, for the world to see. He has had bad months (it looks like December of 2010 was a particularly bad one) but that is the nature of forex trading unfortunately, you win some, you lose some and the trick is to more of one than the other as often as possible!