It makes pretty good sense to me. Outside of 5Minute Forex, I'm really not qualified to post on much of anything else. It's the only system I've ever traded live.
I first was introduced to forex last summer. I study about 6 hours a night since then, more on weekends. A few months ago I felt I finally had it figured out. I blew out my first two practice accounts. (Of course I used a realistic dollar amount close to what my "uncle point" would be in real life... not the rediculous $50,000 play accounts they give you).
We all come into this thinking we're special and not part of the 95% that lose money. After those two practice accounts I changed my mind about that. Yes, I too can lose money in Forex.
I researched extensively and decided to try the 5 Minute Forex System. Bottom line... I'm making pips. I haven't beat the market. I wouldn't make a system anything like this. And that is a real blow to my ego. But I'm learning that trading is about making money, not being right.
The system is not for everyone, and I respect that. But if you can follow directions, handle the drawdowns without getting cold feet, and resist the temptation to "Improve" the system, then you can make money.
I started out my forex adventure determined to beat the market. I was gonna figure it out. After all, I've excelled at everything I've ever done in life. I learned real quick that the market doesn't give a damn how smart you are or how determined you are. It will take your money just like the next guy.
With 5 Minute Forex I found an outlet to my urge to trade. I'm learning patience and discipline while my account equity grows. I have realistic expectations of what I will earn. I'm not quitting my day job any time soon. I would love to day trade for a living, but at this point it would only reduce the risk capital available for 5M4X. Right now, it makes more than I could hope to on my own.
How much does the system make? First the disclaimer: Past performance is not a guarantee - yada yada yada. For 2005, the system has averaged 600+ pips a month. Results will vary slightly between traders as tthere are a few different options to the system. It is 99% mechanical. There are always scenerios that happen that you just can't make rules for without overcomplication, hence the 1% of discretion.
Bottom line = the system works. Don't expect to get rich quick. The system only calls for 2% risk per trade times 5 currency pairs = 10% max of account equity is traded at any given time. Don't expect to open an account with $2k and turn it into $20k the first year. It isn't going to happen. If you open an account with $20k, you better have some stones, because the system frequently experiences drawdowns of 400 pips. I couldn't do it. Maybe with time I can.
I'd be happy to answer any specific questions, but keep in mind it is a proprietary system. I can't answer all questions. I may sound like I'm selling it, but it happens when you believe in a product.
