Review Of The 8am Trader System
INTRODUCTION
Yet another one of those make a tidy sum while you munch your cornflakes trading strategies. Unique Selling Point here is "come the end of the week you could be GBP660 better off for about 15 minutes effort each morning".
"Regular tax free profits are generated by placing a simple 'trade' on the FTSE each morning and another on the DOW".
The Strategy has shown a return of GBP70 to GBP660 each week over an 11 week timeframe during May and August 2010 assuming a placement of GBP10 a point. In other words a GBP100 risk per trade based on the implementation of a fixed 10 point stop. There was not a single losing week during the above timeframe.
THE STRATEGY
The instruction manual is 74 pages in length. Alan Milton, the vendor, compares the method to lake fishing, laying out 2 nets to catch the fish regardless of which way they (the fish/markets) move.
CONCLUSION
Unusual for us is that we didn't even trade this strategy, we had our reasons:
- The author refers to a PIP for the movement of an Index, a PIP is a term used in Forex trading only.- The logic of the system doesn't seem sound enough to us, why use 2 different, supposedly correlated markets, when one could just as easily be used.- Exit strategy is just far too ambiguous.- If executed at the recommended time, the spread on the FTSE is generally so big that it doesn't actually make sense to be anywhere near it, especially if trading it with a 10 point Stop.
We ending up lacking confidence in this strategy, in particular the Exit process and the sheer reasoning behind it.
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Questions and Answers
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,dow
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