Forex Pecker

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Forex Pecker is a hotly debated trading system that has been recently brought to light on a well known trading forum. I thought after reading a few discussions with others it was well worth a review and it seemed like another ‘too good to be true’ story and thought readers of Greattradingsystems.com would appreciate a free review of Forex Pecker.

I will refer to the creator of the trading system as Forex Pecker as it makes it much easy to treat the person and the system as one as it doesn’t personalise the situtaion.

Forex Pecker states on his blog site……………

“This is all I do to make cash online, and have been for around 8 months now…….will show you how to make a very good living sitting by your computer and watching your money roll in”

“Im not trying to take your money from you im just selling a method that will make you lots of profit and thats a fact”

“You want the holy grail? this is it, no bull just a fact.”

All strong statements. Also, in fairness to FP, he does suggest you will need at least £500 to trade and that you could speak to him on the phone if you left your number when you order the ‘system’.

I ordered it on eBay…interestingly at a discount but also at a charge of £0.60 for postage. Despite the 4-7 day esitmated delivery it found it’s way to my email inbox within the hour, confirming my initial thoughts that the £0.60 delivery charge was a clever way of clawing back some money on the eBay fees. (quite like that..clever)

The unziped file contains an 8 page document and 1 video. The first 2.5 pages of the document are a ‘Disclaimer’…..okay so I get it….you are not giving advice on how to trade. This annoys me because Forex Pecker is giving advice on how to trade. In fact he is claiming it is the ‘holy grail’ remember.

Disclaimers are funny things. I have to have one on this site. However I feel the content I write is far from telling people how to trade so shouldn’t really need one. But someone selling a system? Should they be allowed to signe away their responsibilities? In my opinion, no. For me they should not be allowed to ‘disclaim’ the claims they have made pre-sale. So if they are claiming it to give you lots and lots of profit then they should not be allowed to suddenly actually say “well I don’t really mean it – Im not giving you trading advice”. Won’t ever happen but in reality it is very hard to sign away your responsibilities these days, disclaimer or not.

Anyway, on further reading of two more pages you have your Forex Pecker system. At this point I am stunned. Not in a good way. How can someone write this and then expect someone to pay for it. Even if it is only £25. It is just wrong in my opinion.

Getting past the way it is written it is clear that this is not a system for a new trader. Simply because a new trader would not have clue what Forex Pecker actually means in his writing. It is very hard to explain with out giving away the ‘method’ (which is nothing new by the way-come across it in many systems in different forms). But imagine I said…..”if you see the market falling..wait until it finds a bottom and then buy/sell”…I would hope you would have many questions like…”how do we know when a bottom has been made in real time?” or “what type of market move consitutes a new fall”.

The use of terms like “hit stop trade” to take a profit clearly show that Forex Pecker is most likely a newbie to trading and his system, at best can be descirbed a discretionary. And the discertionary part will be left completely up to you as even after reading it a couple of times I was still left with a “how do you know when it has moved enough to consider getting ready for a new trade” question revolving around my head. The system does not use indicators, forex or otherwise. It is based on price action and price action only.

There is a mention of a profit target but there is no mention of a stop…..AT ALL. How can you trade a counter trend trading system without a stop? Would you short new highs and buy new lows without a stop?

Forex Pecker only seems to trade one time frame (which is shown on his promotional vidoes as 1 hour) and there is no mention of different markets or forex pairs. I guess you are left up to your own devices on that score.

So I turned to the video next. At least is starts up with an honest reminder of practicing on a demo account with at least $3000. Definitely a good move. You are going to need to practice in order to come up with a decent method to trade in my opinion.

Now this is where it gets confusing. We are watching a ‘live’ chart via a camcorder (not screen capture) and Forex Pecker walks us through a real time trade. Immediately I see what he meant in his earlier document (although it still doesn’t answer questions). He places a trade for £2 per pip. Immediately he is £28 at a lose (I think he his using MT4 in but there is no way to know if he is trading live or a demo account. I suspect the latter but could be wrong).

I don’t think I know a forex broker that has a 14 pip spread and even if they did the profit target of this method would make it pointless to trade with them.

This confusion soon become clear as a trade openned circa 1.61064 is closed for “16 pips profit” at 1.61048. Forex Pecker clearly doesn’t understand that a pip is the unit of the fourth decimial point (in this case). So infact he is trading at £20 per pip. And his profit was only 1.6 pips. 1.6pip profit on a hourly candle!!! With no stop. Surely I am not the only one who sees the risk in it? Even if you trade micro-pips you are scalping a 1 hour chart for 16 micro pips (in this example).

He then proceeds to show you a huge spike on the chart whilst he explains the 2nd trading method of the system (which I am not even going bother reviewing here as I found one false trade from yesterday that would have never given you a chance to get out at a profit). The spike he shows is clearly from a data release (in my opinion) and to trade it based on his main method would have been madness. A newbie would have got eaten alive by the forex monster I promise you.

I aslo found the casual reference to other candlesticks particularly annoying. Pointing out in hindsight which candles not to trade is not much help to the trader. Especially when there is no hint or suggestion of how you might go about it. This is often the case with systems sold on the internet. Plenty of examples but not much help in the actual selection of trades.

You can’t manually backtest this system as you would need to be able to know the movements within each candle to know what trades would have been triggered and when and for how much. You could obviously exand each period to a lower period on and view how it moves within the bigger time frame. You could say view 5 min chart with an I Paramon Work Time Indicator to mark out the larger period and just manually note highs and lows and trades etc etc. In fact I think you would need to do this to devise a method based on the Forex Pecker concept.

The document and video left me with many questions:

How many trades in one period can you take?
How do you know when to trade and when not to?
What do you do if a trade goes against you from the start?

I am sure you can call Forex Pecker and he will give you all the answers to this but the reality is you will have to do all the work. You will have to figure out some stops for sure, you will have to figure out a proper target in relation to those stops. You will have to create a repeatable way to select trades. I know this is a discretionary system but I think this is asking too much of the trader who you have just sold the ‘system’ to.

If you are complete newbie stay away from this. In fact I don’t think anyone should buy this. You will only be disappointed. It is nothing new but more importantly there is no helpful information to help you trade this non-original concept. In fairness though, you can contact Forex Pecker for help on how to trade it but I don’t know why doesn’t he explain all this in the system documents?

In my opinion save your money.

9 Responses

  1. the spy says:

    How can you leave a silly review like that about my system when you haven’t even tested it out, you only purchased on 8th feb 2011 when you were specifically told to test on a demo account for at least 2 weeks, your pathetic pal.

  2. bssieme says:

    Thank you so much for your share.
    i’m thinking to buy forex pecker but also have many question about it.

    Why him sell only 25 Gbp? it’s very cheap if compare with trading earn.
    But for your detail. I think forex pecker really need money form newbie victim only.

    If 10,000 people buy it….oh him get 25,000 Gbp with only make fake video!!!

  3. bssieme says:

    Mistake it’s not 25,000 GBP but is 250,000 GBP

    WOW !!!! A Little rich man.

  4. Jason says:

    because there is nothing to test….you haven’t even explained how to close losing trades? No stops at all.

    If you want to re-write the info and expain the system in better detail and submit it for review then I would be more than happy to do it.

  5. muldy says:

    I think Forex pecker not clear for account on video is demo or real.
    It’s effect to buyer don’t have confident to use it.

  6. Jason says:

    I would suggest if you are unhappy about what you have been sold you make a complaint to eBay and or paypal. If you paid via a credit card or something I think you make be able to request a charge back from your bank (in the Uk).

    If you are happy with it that is great and I wish you all the best with your trading. But if not…don’t take it lying down.

  7. Jason says:

    http://www.greattradingsystems.com/forexpeckerstatement

    Forex Peckers Statement for this week…showing…a loss. Provided by him but claims it shows that he made money after the initial losses.

    You decide. I decided to ask for my money back and he refused.

  8. Spam says:

    I want to get into the FOREX trading. Please explain how to get started in the
    scene and give me some good sites to refer to. Also, how much
    money will I need to get started first? . .

    Thank you..

  9. GreatTradingSystems says:

    Well I would suggest you take some time to learn rather than go around posting on comment pages with links to affiliate broker sites. Everything that is wrong with this industry.

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