Reviewed - The Fx Friday Trading System
WHAT IT SAYS ON THE WEBSITE
Lee, the "IT nerd" that "puts his geeky skills to good use, uncovering a simple way anyone can trade the Forex markets". Lee was employed in a "dreary IT section of an even drearier bank" before losing his job.
Headline, "This Friday night, my 'boring spreadsheet' could pay for all your drinks" simply by entering 6 digits and looking at one easy to understand website. You will then have fixed your 100 payout, or you might even want to fix a 1,000 payout - it's up to you, all "totally tax free".
FX Friday uses a "kind of Forex trading that pays out how much you tell it too" (it actually uses BetOnMarkets). April through June shows 10 profitable weeks with just one losing week for a net payout of 940. FX Friday is a "shockingly simple" system and has already gone down a "storm" with 20 beta testers. The system requires 30 minutes effort on a Friday evening after work.
As well as the "boring spreadsheet" a Step-by-step guide is supplied as well as the offer of an eight week no questions asked refund. There is a performance related statement too, it reads "If the payouts you receive while you're testing this don't cover the cost (of the system) - you'll get a full refund".
The price is 197 and is limited to 500 people so Lee will "have plenty of time to deal with people one-on-one without driving myself insane from the stress of thousands of people emailing me".
THE MATERIAL
A 44 page manual and a 'boring spreadsheet'.
The manual is hard copy only and we waited 6 days to receive our copy courtesy of Royal Mail. It's quite well written and explains the strategy very well. It's a simple strategy indeed but nonetheless, explained quite well.
The spreadsheet itself really is boring, no colour, no fancy headings, just a real plain old spreadsheet with room for 6 numbers next to each currency pair traded, 7 of them, AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF and USDJPY.
THE STRATEGY
The guide explains the set-up using the free charts provided by FX Street, so that's what we used. A doddle, took us less than 2 minutes - Weekly chart, a Moving average and one other indicator.
Friday evenings (well only one so far), we checked the required data for each currency (by hovering the mouse over the appropriate candlestick). We then transposed the 6 numbers for each currency into the "boring spreadsheet", as instructed
A really clear-cut system, took us 5 minutes, maximum, to enter the 42 figures.
The "boring spreadsheet" then says "No Trade" or, if it determines there is a trade, provides the exact details of the trade. Then it's a case of checking the return on offer with BetOnMarkets for each trade and subsequently determining which one to place.
There is one additional Fundamental check which simply involves a quick scan of Forex Factory for upcoming news in the week ahead.
The checking process and actual trade selection and placement took about another 5 minutes. So, much less than the 30 minutes stated but we suppose those newer to trading, especially with BetOnMarkets, may take longer, to begin with.
CAN IT WORK
This is the first review we have decided to write, in real-time, in conjunction with our members. To date (beginning of August 2010) we have only experienced one Friday's worth of exposure, it was however, painless and straight forward.
We have opened a Real-Time Trading room for those that have purchased this system and wish to participate with us each Friday evening (around 19:00) and/or Monday morning (note, if there are no trading opportunities on a Friday evening the system can also be run on a Monday morning (up until 10:00, we will try and check in around 08:00 if needs be)).
Note: Our Free Trading room requires a password which will only be known to those that have purchased the FX Friday system.
PRO's
- Simple to set up.
- 10 minutes once a week, 100% mechanical, Set & Forget.
- Great support.
CON's
- Would have been nicer if the actual payout was profit but nonetheless if performance holds up it's still a quite reasonable return for the effort involved - See full review for details.
We welcome everyone to read our full review of Lee Moore's FX Friday, join in our Free Trading rooms and follow our progress every Friday evening and Monday morning at http://www.Systemsfortraders.Com/
by: TatianaU
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