October 30, 2008
Forex Avenger - My Honest Review
Forex Avenger is another new forex system to come onto the market. There was an awful lot of hype surrounding this one so I decided that I would actually buy Forex Avenger and see if it's any good or not. So here's my full and honest review:
First of all I have to say that the sales page really made me cringe. There's a lot of nonsense about the forex industry labelling this astonishing discovery “The Next Big Thing” and a video which is so full of hype it's embarrassing. It's the kind of sales hype you expect to hear on one of those awful shopping channels, which is a shame because the actual forex system is in fact very impressive.
After buying the product you are given access to the download page which contains the Forex Avenger system ebook detailing the entire system as well as all the accompanying videos which show the system in action.
The first thing I did was to read the ebook because I was anxious to see what the system actually was and how effective it might be. The ebook is 87 pages long but the first 50 pages or so is spent explaining the basics of forex trading which is fine and I would imagine quite useful information for forex newbies, but for experienced traders like myself it was basically stuff I already knew.
The rest of the ebook explains the actual system in great detail. I have to admit when I first saw the indicators that were employed by the Forex Avenger system, my heart sank slightly because these are the same basic indicators that a lot of forex traders use. However once I saw the mechanics of the system I was actually incredibly impressed by the results it produced.
David Curran, the creator of Forex Avenger, actually provides you with the three forex systems that he uses himself to trade the markets. The first one is the bread and butter system. It trades the EUR/USD pair on the 1 hour chart and targets 30 points profit from each trade with a stop loss of no more than 50 points. This may not sound like an ideal system but it does seem to have a very high success rate which means it still generates very healthy profits in the long run with very few losing trades.
To show you how profitable this system is, let me give you the full backtested results for the EUR/USD pair based on the 1 hour chart (which is the recommended time frame) for the month of October. This is every single trade that was triggered for this month up to now using this system.
October 7: +30
October 8: +60
October 9: +30
October 13: +60
October 14: -50
October 15: +30
October 20: +30
October 23: -20
October 28: -89
October 29: +30
October 30: +30
Total Profit For 1 Month For 1 Currency Pair = 141 Points.
This may not sound that impressive but remember this is the result of trading just one pair and trading every single set-up. I noticed during my backtesting that there are some set-ups that appear to be a lot riskier than others (such as the two losing trades on October 28) so being selective about the set-ups you trade I'm sure this system could be made to be extremely profitable, particularly if you start applying it to other currencies as well.
As well as this main system there is also a similar system to this one included with the course that is slightly more advanced. This one will result in a few more losing trades but only because it targets large points gains of up to 150 points from each trade. It appears to still be extremely profitable overall from initial tests but I'm not sure it's a system that I myself would be comfortable trading simply because I don't like losing too many trades as a general rule, even if the system is profitable in the long run.
The final system included in the Forex Avenger course is the Set 'n Sleep system. This system is a similar system to the first two in that it uses similar technical indicators. The only difference is that it uses different settings, and without wanting to give too much away, it focuses on divergence, which is an extremely effective method of trading the forex markets. It targets 50 points from each trade with a maximum loss of 100 points and this too appears to have a very high success rate.
Again I haven't had the time to fully backtest this system but this seems to be another system where if you are selective about the positions you take and only trade the best set-ups, then it looks like it could be an extremely profitable system.
Overall all the systems are extremely simple to use and you will soon understand them fully when you watch all the accompanying videos. The most profitable system on first viewing appears to be the first system that I mentioned. It's certainly the easiest to use and has a very high success rate, particularly if you weed out the more riskier trades.
Most systems I come across are basically a complete waste of time and just a way for the seller of the product to make some cash but this one appears to be a genuinely profitable system. Furthermore I get the impression that Dave Curran, a fellow Brit, actually uses the Forex Avenger systems himself to trade the markets because the systems are so precise in terms of the indicator settings, entries and exits, so he's clearly spent many years perfecting these systems.
I don't recommend many products but I can certainly recommend the Forex Avenger system because I was so impressed by the first system in particular that I am almost certain to start trading this system in addition to my main 4 hour trading strategy. I may even start testing it out on different time frames and on other instruments such as the FTSE and DOW indexes because it certainly has a lot of potential.
For more information on the Forex Avenger system please click here, and please don't be too put off by the over the top sales hype because the product itself more than makes up for the cheesy sales page.