Forex Trading Machine Review - Is This Trading System For You?
There are a few ways to trade in the forex market. One group of traders are the scalpers. These highly skilled professional day traders execute dozens, sometimes hundreds, small trades per day scalping a few pips in every single trade. On the other side of the scale are the professional position traders who execute very few large trades per year, sometimes less. In the middle are the momentum traders who try to trace strong short term moves which typically occur couple of times per week. If you have a full time job and cannot actively trade during the day, you should definitely try momentum trading strategies such as the Cash Cow strategy revealed in Forex Trading Machine.
The purpose of the Cash Cow strategy is to catch large strong moves of approximately 100 pips or more per trade. The strategy is amazingly simple to understand and implement. So simple, that no indicators, support & resistant lines, Fib. lines, pivot points etc. are needed. This is an important point, as the strategy can be easily executed by traders who do not have a sound knowledge in Technical Analysis. In addition, searching the graphs for trading opportunities according to the strategy, as well as entering the trade, do not require you to watch the screen all day long, 24/5. All it takes is a few minutes every day to scan the graphs and another few minutes to place the trades.
It is also very easy to back test the strategy. Although the author indicates that he conducted a proper back testing, I back tested the strategy myself . The bottom line is that the strategy is profitable in the long run, although I noticed that best results obtained in trending market (bearish or bullish) whereas in stable market there are much fewer trading opportunities and more flops. After demo trading the strategy for a while, I added it to my trading toolbox and use it when there is a good trading opportunity. If you are a day trader like me, it can be a nice tool for catching +100 pips per trade.
For newbie traders that look for some forex education, Forex Trading Machine includes a quick introduction to the forex world with all the basics that you need in order to trade the strategy. From my experience, the covering of fundamental issues such as reading charts, technical and fundamental analysis, trading psychology, money management and forex broker selection is to-the-point and definitely suffice for a start.
To summarize, if you are looking for a simple and profitable strategy which does not require hours of screen watching, Forex Trading Machine might be a good investment. If you are a day trader, Forex Trading Machine is an additional powerful tool to catch some more pips.
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