Forex Avenger Trading System Review

FOREX.COM

Free EA Hosting On MT4


This review was completed by a trading colleague who you can find on the livecharts.co.uk forum, along with myself and others, under the name of Trickster. A big thanks to him for taking the time to do this review and the back testing involved with it. Enjoy

I began spread betting in the year 2000 having been already very interested in the Stock markets for some years. My focus has to date been on the FTSE with occasional forays into other markets. More recently I began to look into and actively trade forex pairs and so on being offered the opportunity to review the Forex Avenger System I welcomed the opportunity with open arms.

Due to my general trading experience, I found the introductory pages, which form a large part of the ebook, a bit basic but nevertheless worth a read and no doubt of good value to a novice trader. The trading system itself is fairly simple, well explained for the most part and appears to be largely successful, but more about that later.

The system concentrates on one currency pair only (EURO USD) and uses a combination of EMA’s to determine the market direction and then a momentum indicator to help with entry and yet another for stop management. The latter is, in my opinion, potentially difficult for a novice to understand from just reading the ebook although there are also videos provided which I am sure are of help but were not available to me for this review.

The basic system looks for a 30 point profit with initial stop at up to 50 points away which may not seem a good risk reward ratio but you need to bear in mind that the indicators used are designed for you to enter the market upon a “confirmed” change of market direction, thus lessening the risk.

I back tested the basic system over 2 months and the results in my opinion are quite impressive, assuming good stop management (please note what I said above) and the sensible avoidance of entry into positions where the indicators were not absolutely clear cut, because as is often the case, marginal opportunities do present themselves.

Month 1 produced 5 wins for 150 pips, 5 break-even trades and 2 losses with a total of 78 pips, net gain of 72 pips.

Month 2 produced 9 wins for 270 pips, 1 break-even trade and 4 losses with a total of 136 pips, net gain 134 pips.

I did not back test the more advanced, greater point target system which is clearly inherently riskier but for the more advanced trader may be viewed as worthwhile especially with good stop management. I found this latter aspect easier to understand from the graphics provided than for the 30 point profit system.

The Set ‘n Sleep system is more akin to the system that I use for myself and depends upon “divergence” which is a term I personally understand but in my view is not adequately explained in the ebook but of course to those who have seen the videos maybe very clear.

Overall I would say that the basic system appears profitable and well worth the initial investment. I have awarded Forex Avenger a GGGGGrating.

6 Responses

  1. porcsin józsef says:

    ez olvashatatlan!!!!! szörnyű!!!!

  2. Jason says:

    I am sorry you find this horrible to read. I think maybe that is the translator rather than the review itself. Maybe copy the review in English into another web based translator. It might be better.

  3. Alison Burton Ley says:

    great post and nice site.  I love the idea of forex trading but making work is so hard. I have bookmarked your site and will come abck to see what else there is here.  Thankyou for the post and the info!

  4. tradefinance says:

    Excellent piece ! I want to write a website myself and what you wrote is very helpful.

  5. Forex Broker Review says:

    I want something that I can start off with with around $500 or so just so I can learn the ropes and make my little trades. I’ve read warnings about certain forex brokers which are unregulated bucket shops and aren’t insured properly either. But are there any decent forex brokers which don’t charge terribly high fees but still are decent?

  6. Jason says:

    Try your broker on demo. I have started compiling a list of MT4 Brokers by Country. MIght be a good place to start. You can also check if they are regulated.

Free Trading Systems. Metatrader Indicators.Expert Advisors.Forex Forum. Privacy Policy    
© 2009-2010 Great Trading Systems. All rights reserved.