September 12, 2010
Forex Morning Trade Review
Forex Morning Trade is a simple but highly effective forex trading system that Mark Fric, a full-time trader, uses every day to trade the markets. I don't buy many forex courses or systems, but this one caught my eye because it places a single trade shortly before the London market opens (in order to capture the opening price moves), which I've always found to be one of the most profitable times of the day to trade currencies.
So let me give you some more details about the Forex Morning Trade system.
It basically requires you to switch on your computer at (or just before) 06.30 (UK time) , open up your charts, and see if the trading conditions are met (based on two common technical indicators). If they are in agreement, which is most of the time, then you simply open a long position or a short position at the start of the 06.30 candle, depending on whether the indicators are both above or below a specified level.
The Forex Morning Trade system only trades the GBP/USD currency pair and targets a 40 point profit from each trade with a 40 point stop loss. So when you place your trade, you can enter your 40 point target price and stop loss, and then switch off your computer for the rest of the day and do something else.
I only purchased this course yesterday but I've been doing a lot of backtesting and it seems to generate far more winners than losers. This is verified my Mark's results which show a consistently growing equity curve since January 2009 with an initial stake of $500 now standing at $26,000 (risking 2% per trade). Profits from this year are particularly impressive with a profit being made every month (of between 80 and 400 pips).
What I really like about the Forex Morning Trade system is that Mark actually trades this system himself and records his trades each day in a trading journal. You can access this journal when you purchase the course and you can also access a forum thread where fellow traders discuss the system in great detail.
This is the most valuable part of the course for me because several traders who have purchased the system have been working hard to increase the profitability of the trading system even further. At the time of writing there is an interesting post on there from a fellow trader who has done extensive backtesting (going back a few years) and found that a target price of 27 pips (rather than 40) produces even more impressive results.
So overall I think the Forex Morning Trade system could be a very successful and profitable trading system, and it's certainly one that I shall be adding to my armoury. Here's the link if you want to find out more: