Euro Daily Trader System Review

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I have wanted to write this Euro Daily Trader review since the day I was asked to review the trading system by www.theforexclub.eu back in early September. As soon as I read the product brief I knew it was the kind of system which I think most traders over look because of the lack of sexy indicators and the lack of a promise to make you a millionaire overnight. It also struck an a chord with me due to my Hooya Bands which resonates with this system which you will understand why should try this trading system.

This is what www.theforexclub.eu say about their system:-

“Euro Daily Trader is a fully automatic trading system which enters one trade each day at a set time unrelated to London or New York opening. The system is supplied with a fully automated Expert Advisor (EA) that is loaded onto your MT4 platform and will do the trade for you. Not only will it open the trade, automatically setting stop loss and take profit values, the EA will also automatically set your stop loss to a breakeven point when a profit target is reached and close out the trade once either the pre-set “take profit” or “stop loss” target is reached. The EA can even calculate the correct Lot size for you if you wish.”

It is definitely worth pointing out at this stage that whilst this system is an MT4 trading system there is nothing preventing you manually trading it via your own spreadbetting platform or forex broker, or even programming the system for your NinjaTrader platform.

Also, even though it uses and Expert Advisor I would not like it to be associated with Eas that just randomly add to losing trades and scalp dozens of trades in a day. This is completely different.

Some simple facts about the system
(that I can give away)

1) It trades no more than once a day
2) It places fixed stops and profits targets on entry
3) Stops are never increased
4) It has a positive risk to reward ratio
5) It trades on one specific Forex pair and at a specific time of day

Importantly the vendor offers this guarantee

“We offer a 60 day guarantee to all purchasers, that should you find Euro Daily Trader fails to return your purchase price within 60 days at just £2 ($3) per pip used on the system, THE FOREX CLUB will be happy to refund your purchase price.”

Whilst I have not obviously tested this guarantee nothing so far has led me to believe you would need it nor should you that they would not honour it.

What Do You Get?

You get all the necessary files inluding the EA, MT4 indicator, lot calculator, and a 50+page manual.

The manual is very clear and explains the system, how to install the EA and indicators, how you can adjust your risk via the lot size parameters. There is also an extensive troubleshooting section and I am sure that any further questions would be answered by email should you need extra help with setting things up.

Does it work?

I am sure this is the section that most of you skipped staight to which is fair enough as ultimately everyone wants to know whether this system will make them money or not.

First of all I should note that the ‘EA’ opened and closed trades as expected and although I only tested it on a demo account (Broco platform) I didn’t experience any problems with it.

Having watched the system for a month and also traded it on Interactive Brokers (manually) once to ensure that you can trade it manually I believe the system does work. In fact I would go as far as to say this is an ideal way to trade if you are an independent day trader.

I have traded systems like this before and they have usually been my best earning periods ‘. Whilst I would not want anyone to be under any illusions as this system may not work for ever and could most likely go in to periods of ‘breakeven’ the positive risk to reward ratio allows you some leeway that other systems do not.

The results on the www.theforexclub.eu website are a combination of back tested results and forward tested results and I can confirm that the trades and results of the last month match what I saw during my testing period. You can see all profits and losses over the last few months there.

The only thing I can imagine some not liking about this system is the fact that you may end up making a profit in a month that you could have made in 3 straight winning trades (as an example). But this is what makes the system work.

If you do not like break even trades and/or losses then do not trade this system. Further more if you are not capable of trading a system without playing with it or trying to manually select trades then again, this system is not for you.

The whole point of systems like these is that you need to take every trade. Selecting trades will effect the outcome of the system.

All in all this is probably the best but also the most simple system I have reviewed on this site and it is the type of system I would trade.

The cost of the system (depending on which purchase option you choose) is about £99 which I think is fair for this type of system and on par with other systems on the market of which most are dangerous to you bank balance.

Are There Any Problems With it?

I think as long as you understand the need to take every trade, the fact that no system works forever and also you understand that if you are using an EA to open and close your trades you are subject to you MT4 platfrom working correctly, your PC working correctly and your internet working correctly, you shouldn’t find any unexpected surprises with the Euro Daily Trader.

I definitely think this system is worth a look at and think it provides something that is lacking in the ‘forex trading system’ market at the moment.

For more information visit http://www.theforexclub.eu/

Disclaimer: I would like it to be known GTS was not paid for this review and as of date if publication is not an affiliate of the system vendor and will state here should that change in future. Please discuss this system in our forum as more detailed answers can be given than in a comment box.

5 Responses

  1. fred says:

    Is this a complete mechanical system?

  2. GreatTradingSystems says:

    yes it is. Entry, stop management and exit are set for you.

    Hasn’t had a great month so far but is still just above breakeven which you wouldn’t get with some systems.

    I know others will want more out of a system than this one but this does control risk very well imo

  3. Louie says:

    Seems like a solid system. I might consider giving it a try.

  4. GreatTradingSystems says:

    It seems to be doing ok. Sure if you have a small $500 account you will not be making a living from it but if you are seasoned trader and are looking for another tool it certainly seems a decent option.

  5. GreatTradingSystems says:

    They seem to have updated the EA. Always worries me when system creators play with the original system. It always seems like curve fitting, which works for a while but eventually you get so far away from the original system that you need to re-evaluate the whole concept.

    The original system is still performing well and whist we always look for more profit with a system like this the profit is made in how much capital you have. So smaller capital bases will find it harder to make a living than someone with a larger bank balance.

    But I would always suggest increasing your capital rather than changing a profitable system.

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