5 minutes forex trading system
- Thread starter olivierteper
- Start date
Incidentally, the "previous buyers' feedback" at Ebay on this guy makes absolutely extraordinary reading. And I don't mean that in a negative way. As you can see from various other internet forums, he has a very large number of extremely satisfied customers.
I really haven't planned for long term. I find as I learn more, my plans change dramatically.
My goal right now is to trade this for one year. I'll evaluate wether I'll continue at that time. I may trade it for years. I do know the daily signals will be either available for years to come... if not, the system creator has said he will release the formulas if he decides to quit.
Eventually I will move out of forex into investments that aren't leveraged as heavily. I'm interested in futures and options, hence my attraction to this website. I may like to try stocks also. Basically as I get older, I'll want to diversify more and also reduce risk.
Well, it's been over six months for the new system, and I must admit the results have been abysmal. I quit trading it live a few months ago. I've been only observing since then.
As the system failed to realize any substantial profits off the tremendous moves we've seen this year, I feel it is pretty safe to call it a failure at this point. I'm only posting my feelings to those who may read this thread to research this system: your money is better spent elsewhere.
I have since traded my own approach since and been quite satisfied with the results. Very traditional: channels, EMAs, support/resistance and MACD.
As the system failed to realize any substantial profits off the tremendous moves we've seen this year, I feel it is pretty safe to call it a failure at this point. I'm only posting my feelings to those who may read this thread to research this system: your money is better spent elsewhere.
I have since traded my own approach since and been quite satisfied with the results. Very traditional: channels, EMAs, support/resistance and MACD.
How right you are in mentioning traditional methods...
I've been down the 5mfx path and was amazed at the requirement for some quite massive drawdowns and eventual losses.
To be fair - on the private users forum - many express there wholehearted support for the system.
So, in the end - for each user there will be the potential of a new observation on 5mfx.
Personally - I keep coming back to the basics/traditionals and actually learning to 'understand' that it is not the system or indicator or charting program or whatever... but purely and simply the mind behind the eyes and until one gets one's head sorted out regards trading you most likely will bomb out in the end and just remain a wannabe ...
Once your head is screwed on correctly - with nothing else but hard work the charts will start to give you the signals which were upto that point always elusive and only from an historical viewpoint could you SEE what was happening.
Long live simplicity with just a few traditional indicators thrown into the mix + the willingness to endlessly look at charts and relate what you see to the indicator set you have chosen...
Oh yes... always being PATIENT and never ever trade unless satisfied that it's correct to do so.
Always another potential setup down the road... always!
Success to all - in ALL areas of their relationship with Trading!
I've been down the 5mfx path and was amazed at the requirement for some quite massive drawdowns and eventual losses.
To be fair - on the private users forum - many express there wholehearted support for the system.
So, in the end - for each user there will be the potential of a new observation on 5mfx.
Personally - I keep coming back to the basics/traditionals and actually learning to 'understand' that it is not the system or indicator or charting program or whatever... but purely and simply the mind behind the eyes and until one gets one's head sorted out regards trading you most likely will bomb out in the end and just remain a wannabe ...
Once your head is screwed on correctly - with nothing else but hard work the charts will start to give you the signals which were upto that point always elusive and only from an historical viewpoint could you SEE what was happening.
Long live simplicity with just a few traditional indicators thrown into the mix + the willingness to endlessly look at charts and relate what you see to the indicator set you have chosen...
Oh yes... always being PATIENT and never ever trade unless satisfied that it's correct to do so.
Always another potential setup down the road... always!
Success to all - in ALL areas of their relationship with Trading!
Not really 5 min , but for system trading , check ..
http://elitetrader.com/vb/showthread.php?s=&threadid=54170
http://elitetrader.com/vb/showthread.php?s=&threadid=54170
Thanks for the Jana's link which provides some very scaring information below:
Q
Re: 185 pips each week!! and reply to Novice.
Found this info on another forum!!!!!!!
I thought I should post my experience with Winningforex.com as they are listed in the FX-Review as profitable.
I decided to let Thanner at Winning forex.com manage an account of mine. This account started at 40K and within one week Thanner had traded it up to 48K. As a new client he requested I PayPal him 4K, his 50% weekly commission. I did and then the second week of trading began.
In week two we went from 48K to 33K, a pretty big swing. So I looked in at my account and with 33K of capital he was trading 28 standard lots!
Then week three hit. We went from 33K to 17.5K, by the Wednesday. I had to pull the plug and end his trading. Someone else on this board said he is a gambler and I would have to agree. His style is all or nothing.
After losing 22.5K + 4K = 26.5K in what amounted to less than 2 weeks, I think Winningforex should be removed from the profitable list on FX-Review.
Ogopogo
UQ
Q
Re: 185 pips each week!! and reply to Novice.
Good afternoon,
I would also like to offer another point of view for people to digest, I am not saying this pertains to this case but it makes you think.
As you know the Forex market is decentralized which makes it almost impossible to follow trading activity. A trader who manages accounts has the opportunity to play one account against the other. For example if a person is managing 2 different 50k accounts then he places the exact same trade in both accounts in opposite directions. So if one account wins 25k then the other loses 25k. Sure he has lost a customer on the losing account but he also just made 12.5k at 50% profit sharing on the winning account. Now that same person was a real gambler he would take that 12.5k he just made and do the exact same thing using his own account against the account that just won.
He could now make 12.5k on his own account for a total of 25k while the winning account would be down to the original 50k and in the meantime some other sucker wants him to manage another account.
It might not be a longterm employment opportunity but hey, you can sure pick up some free cash quickly.
Sorry to get a little off topic.
UQ
Q
Re: 185 pips each week!! and reply to Novice.
Found this info on another forum!!!!!!!
I thought I should post my experience with Winningforex.com as they are listed in the FX-Review as profitable.
I decided to let Thanner at Winning forex.com manage an account of mine. This account started at 40K and within one week Thanner had traded it up to 48K. As a new client he requested I PayPal him 4K, his 50% weekly commission. I did and then the second week of trading began.
In week two we went from 48K to 33K, a pretty big swing. So I looked in at my account and with 33K of capital he was trading 28 standard lots!
Then week three hit. We went from 33K to 17.5K, by the Wednesday. I had to pull the plug and end his trading. Someone else on this board said he is a gambler and I would have to agree. His style is all or nothing.
After losing 22.5K + 4K = 26.5K in what amounted to less than 2 weeks, I think Winningforex should be removed from the profitable list on FX-Review.
Ogopogo
UQ
Q
Re: 185 pips each week!! and reply to Novice.
Good afternoon,
I would also like to offer another point of view for people to digest, I am not saying this pertains to this case but it makes you think.
As you know the Forex market is decentralized which makes it almost impossible to follow trading activity. A trader who manages accounts has the opportunity to play one account against the other. For example if a person is managing 2 different 50k accounts then he places the exact same trade in both accounts in opposite directions. So if one account wins 25k then the other loses 25k. Sure he has lost a customer on the losing account but he also just made 12.5k at 50% profit sharing on the winning account. Now that same person was a real gambler he would take that 12.5k he just made and do the exact same thing using his own account against the account that just won.
He could now make 12.5k on his own account for a total of 25k while the winning account would be down to the original 50k and in the meantime some other sucker wants him to manage another account.
It might not be a longterm employment opportunity but hey, you can sure pick up some free cash quickly.
Sorry to get a little off topic.
UQ