Forex Trading System - Week 1
On Saturday I purchased a copy of an off the shelf trading system called “Forex Money Machine”. I am generally quite skeptical of trading systems offered on the Internet, so I thought it would be interesting to see how it went in practice.
After analysing it (refer to a previous article for my take on the quality of the system), I started trading it with a live account. Whilst I haven’t yet made any trades, I’ve had the opportunity to see how the system’s rules for one of the included systems stack up against the market.
Forex Money Machine includes three systems - out of these I like the interday system, which is called Forex Cash Cow, and one of the volatility based short term systems. To date I have been focussing on the Forex Cash Cow system, which trades the GBP/USD pair (which is quite a volatile currency pair).
Friday night triggered the first entry position. This was confirmed on Monday, and would have generated a profit of 100 pips. But at this point I was still coming to terms with the system so was not confident to enter the system until I fully understood the fine points of it. So at this point, I can only tell you how it would have performed, not how it actually did perform.
The positive aspects are that the system would have generated a good profit with very little hassle, and checking for entry conditions did not take very long, and once fully comprehended, were not complex.
The lesson to be learned is although the principle of a system can be readily understood by anyone, it still takes some study and paper trading before it can be applied with confidence.
This week I am again checking the market for entry triggers.
If you are interested in purchasing the Forex Money Machine, you can do so here.
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