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Wednesday, 12 May 2010
Written by Jack from USA
I've been using Forex Profit Monster for the past several months and am very happy with the performance. It's easy to use (minimal indicators) and catches all of the major moves early. It also provides early exit signals during ranging times, which was always a problem for me before trading with Forex Profit Monster. I'm now able to keep my losses small and have developed the ability to let my winners run just by following the trading plan and have been consistently profitable. I've also learned a lot about money management and trading psychology which were never even mentioned in the other trading systems I've bought and used in the past. For the price I paid (just over $50) I can't imagine finding anything Forex related that's as good of a value.
Wednesday, 20 May 2009
Written by Ivan from Australia
After 5 years trading and 4 years Forex, it is refreshing to find something as reasonably priced and functional as Forex profit Monster. I bought the Daily and Weekly version, but it can be used to trade down to the 1hour and 4 hour charts if necessary. The Forex Day Monster is better for the 5 and 15 min charts I believe, but I am not into scalping so really have not tried it.
I found the screen to be "full" of indicators, but each one does have a vital function in pointing to an entry. There is no doubt in my mind that traders who try this method will not be disappointed, and will make money. Having said that, the skills of trading are still required - you will still have to deal with your emotions and fears, as well as greed. For example, it may be possible to pre-empt an entry (greed) only to find the trade doesn't trigger, and a loss may be incurred.
Again - unless you allow the indicators to do their work, you may find yourself taking a premature exit (fear), only to miss out on some nice rallies. I would suggest this is as honest a method as you will find, and being MT4-based, you can tweak it to personalise/customise a little if need be. I have added a MTF stochastic to confirm trend, though that'
s just a personal thing. It really is not necessary.
Overall, I have found that while some trades make a loss, the wins outnumber them by an average of 2:1 in pips. I have not seen a losing month. You can believe the advertising hype - it's more than that. And the author of the method "Jim" gives a life-time support via email, as well as updates if any.
I know this sounds all rosy and positive - but that's how I have experienced it, and have cleared my computer of years of accumulated "systems" and stored FX info ... I now see it as clutter - I no longer need it - and intend to trade nothing else but FPM going forward.