Day Trading Service: Trading Report Nov' 08 (+245 pips)

Fact 1: Major-Pairs Results +245 pips; Yen-Crosses Results -315 pips; 100-Pip EA Results -341 pips

November was the month of great volatility. Forex markets were greatly affected by the performance of stock markets. The latest dip in the US markets had significantly changed the daily normal operation of the forex markets, especially for the month of November. I believe things are going to turn better from now.

• Stock Markets are Finally at a Turning Point
• Discretionary Forex Trades Paying Off For Now

Fact 2: 9 out 10 Winning Months Since Inception

The End-of-Session system for the major pairs recorded its first losing month (in October) since the start of record. The system bounced back to record a profitable month immediately for the month of November.

Despite that, the yen-crosses and the 100-pip ea system suffered minor pullbacks instead. A reversal of last month's fortune. All the latest results and breakdown of 100-pip setups can be found via in this page.

Fact 3: Individual Performance Overview & EUR/USD Still the Top Performer

EUR/USD is still the biggest gainer of all since the start of record, closely followed by USD/CHF and USD/CAD.

Results summary:
EUR/USD +1095 pips (up 135 pips)
USD/CHF +680 pips (up 45 pips)
USD/CAD+305 pips
GBP/USD +135 pips (up 215 pips)
USD/JPY +5 pips
AUD/USD -40 pips

Looking back the last 10 trading months , I am glad that we are still progressing well. We will be well-positioned to capitalise on the system's future gains in the currency markets.

Last but not least, all ScoutForex readers can simply join our growing forex daytrading group today and learn instantly how to build confidence, generate a sense of control and make monthly trading gains with ScoutForex DTS.

FAPTURBO - A Much Improved FAP Version?!

Forget the previous disappointment of Forex Autopilot (FAP). Because the new FAP Turbo package has seriously outperformed FAP over the same time period.

Please check out these claims by the developer (Steve Carletti) first.

Trading System Description:
Trading system of FAPTurbo expert-advisor is 100% automatic. Its new features include Automatic Risk Scaling, High-Spread Protection System and Build-in Loss Prevention. The system is capable of handling multiple currencies and promises low drawdowns. It can make up to 10 - 20 trades weekly, providing a high trading activity for your account.

BackTest on History:
Great results in 1999-2008: 5000% of profit in 9 years! Made 499,785 from 10,000 usd!

LiveTest on Real Money Accounts (Live proofs available):
Account 1: $370 turning into $3,100 in 1 short month
Account 2: $2,500 turning into $6,700 in 32 days
Account 3: $10,000 turning into $32,900 in 90 days

What I also like about the FAP Turbo is that you can even have your system installed on its provided 24/7 running server. This way, you will not need to have your own computer turned on ever.

All in all, the FAP Turbo system looks genuine and has already promised us much. Talk is cheap and I do hope this trading robot can continue to build on its reputation. We shall review its live trading outcomes soon on this site.

Update (1):
I can reveal that the FAPTURBO system consists of two trading strategies. One being the Short-term Scalper Strategy which can work on 4 pairs: EUR/GBP, GBP/CHF, EUR/CHF and USD/CAD on M15 (15-minute) timeframe. The other being Long-term FAP Strategy which has been optimised for the EUR/USD pair on M1 (1 minute) timeframe.

Pushing Ahead with Nice Gains on US Thanksgiving Day with London Breakout & 100-pip Systems

Here are the obtained results for today's London Open Breakouts (day 8):

Long EUR/USD 1.2916 with stop at 1.2856. Final profits: +40 & 12 pips

Long EUR/JPY 122.93 with stop at 122.33. Final Profits: +40 & 33 pips

Cumulative Results +397 Pips so far

Meanwhile, the 100-pip program also made two trades. One with the above the EUR/USD trade and the other with GBP/USD, which happened to make the full 100-pip profit.

Long GBP/USD @ 1.5397 (Final results +40 & 100 pips)

Discretionary Forex Trades Paying Off For Now

I set up a basket of swing forex trades since last Thursday when the Dow index was hovering near the 7500 - 7600 level. At present, my positions mainly consist of long carry trades and short US-dollar trades. I had discussed these trade ideas in my last posting and practically decided to call my own shots as my black-box mechanical systems were not able to cope with the recent extreme market conditions.

• U.S. Stocks Post Biggest Two-Day Rally Since 1987 on Citigroup

I was glad that I made such a move as I was still holding most of the positions at this point of writing. I want to see the US stock markets to take off further.

Stock Markets are Finally at a Turning Point

During this volatile time, it's important to stay on track no matter what. It's all about capital preservation and reducing risks during tough market conditions. It's important to honour stop-loss levels and there is no reason to fight the markets without a proper trading plan.

There is something extraordinary about this market. At present, the forex markets are greatly affected by the performance of stock makets. The latest dip in the US markets has significantly changed the daily normal operation of the forex markets, especially during the month of November.

All daytrading systems are facing a uphill battle due to the current situations. Nonetheless, my major-pair system still ended breakeven for the week, and +260 pips on the month.

The cross-yen system took a hit while 100-pip program gave back some of its gains during the last 3 days. This gave me an indication that we're about to see a shift in the market sentiment in order for us to go short the US dollar and to buy into the recovery in the stock markets.

These markets present a great buying opportunity if you got a bunch of cash left waiting to speculate and invest.

You Can Practically Call Your Own Shot !

What an extraordinary trading day which presented many opportunities for us to capture the significant trending moves. Rewards were great if you had the courage to call your own shot today. They were plenty of 100-pip winning chances throught out the the day.

1) Follow my published daily market sentiment table, and run the 100-pip program.

2) Or simply check the overall trend in 5-min, 15-min and 1-hour to determine whether to long or short by yourself.

The advantage of using the 100-program is that even after you had made a decision to go L/S, the ea will double check the market direction and locate the best possible entry point.

Kick Start 100-pip Trading with Monday's Winners

My 100-pip system seems to have a good record of producing profitable trades on the very first trading session of the week i.e. during Monday's Europe opening hours. The EA took on two CHF/JPY trades this morning, booking 40-pip profit and keeping another risk-free trade running at present.

• 100-pip EA Made Triple-Digits Gains
• Two Profitable 100-pip Trades on Monday
• 100-pip EA Daytrading Program Started Well This Week

100-pip System

No. of dynamic entries: 2
Potential profits:
CHF/JPY +50 pips (minimum target hit!)
AUD/JPY +50 pips (minimum target hit!)

100-pip EA
No. of auto-entries: 1
CHF/JPY +40 & Open

Dave Curran Launches Forex Avenger System

A minor shakeout in the hot selling list. Forex Avenger has just beaten Forex Funnel and Forex Killer into the second spot after two weeks.

Top 5 Forex Systems (By popularity)

1. Forex Autopilot: "Auto-pilot expert advisor system that turbo-charged profits" (Read all reviews)
2. Forex Avenger: "Automatic 3 Step Mechanism To Trade The Forex Market"
3. Forex Funnel: "Automated forex signalling and trading expert advisor"
4. Forex Killer: "The work from home day-trading software solution" (Read all reviews)
5. Forex Tracer: "Expert advisor that signals and mines profits in the forex markets" (Read all reviews)

(Source: Clickbank)

Forex Avenger is not a trading software. And it is not even an expert advisor program which is to be run on the metatrader trading platform.

It is a simple trading system with a set of simple rules which are developed by Dave Curran.

According to Dave, the system is easy to implement and quick to learn ... that it will take you no more than 23 minutes.

He even put up his own challenge. During his test month, Dave went live with his trading system to make a total of 12 trades, with 9 winners for a win rate of 75%. Not only that, he made 26.18% profit for the month.

With his system, Dave went on to teach how to grow small accounts into "Multi-Million" dollar accounts. I'll be reviewing his trading technique soon.

Why You Need A Trading Plan

Another great article by Dr. Pipslow:

• Plan the Trade, Trade the Plan, or Else

Consistency is Crucial

One must trade consistently, following a specific trading plan on each and every single trade. If you trade one approach this time, and a different approach at another time, your performance will more than likely be haphazard.

You have to allow the law of averages to work in your favor, so that across the series of trades, you will make an overall profit. If you follow the plan sometimes and abandon it at other times, you throw off the probabilities, and you will end up losing overall.

With discipline comes profitability. Don't let unjustified wins interfere with your ability to maintain discipline. Follow your trading plan, and cement in the mindset that if you follow your plan, you will end up more profitable in the long run.

The article did a very good job at explaining what are the justified and unjustified wins plus the importance of maintaining trading discipline.

I became a very good system follower when I first launched my forex day trading group. I had stored almost 39 weeks of trading data consistently since it started. I had no intention of stopping yet.

Then, I became a fan of my own mechanical systems. All of them will help carry me far into 2009.

Day 5 London Open Breakout Winning Action

European currencies are continuously weighing down by the poor economic data. This morning, we briefly saw the sterling pound and euro at their lows - trading at around the 1.4800 and 1.2400 levels minutes before the London opening.

Despite that, I recommended to enter the Euro markets with the buying (long) setups.

• London Open Breakout System - Intro & Day 1

Here are the obtained results for today (on day 5):

Long EUR/USD 1.2472 with stop at 1.2412. Final profits: +40 & 27 pips

Long EUR/JPY 119.83 with stop at 119.23. Final Profits: +40 & 13 pips

Typical Live Metatrader results:


Cumulative Results +351 Pips (click here to view the system performance page)

Meanwhile, my other two systems, 100-pip and newstrader programs have been very quiet lately. I am glad to still be able to find some profitable setups.

Making Fast Pips via Newstrader: GBP Job Report

More bad news for the sterling pound. We're getting closer to the 1.50 level.

• U.K. Pound Falls Against Dollar, Euro as Jobless Claims Jump
• Bank of England Signals Rate Cuts Needed as Economy Contracts

Anyway, the Newstrader EA managed to make some fast pips after the release of jobless claim report. It sold the pound at 1.5282 and still came out +25 & 7 pips.

100-pip EA Made Triple-Digits Gains

The 100-pip EA Program (available to ScoutForex DTS subscribers) was on form today and had produced over +200 pips during the US trading session. A great start to this week trading!

• Triple Digits Gains Monday ! Major Pairs +210 pips and 100-pip EA +229 pips

Here are the two profitable 100-trades:

Short EUR/USD @ 1.2890 for +40 & 90 pips

Short GBP/USD @ 1.5732 for +40 & 59 pips

A Rough Week for News Trading

I was running into some bad trades with the news trading program. The EA was well beaten by two different news events controlled by the European central bankers, i.e. MPC interest rate-cut announcement and ECB press conference on Thursday. Actually, I was not that surprised by the trading outcomes considering the price volatility seen in the forex markets at present.

I'm still confident with the newstrader system which so far enjoys a high success win-rate trading the GBP & USD events. But I was having doubt dealing with the USD/CAD market. Anyway, I am going to improve the program trigger in order to be more aggressive with the entry level in the CAD market with faster trade execution. I've already run some backtests and liked what I see. I'm not afraid to make changes when necessary.

Monday
GBP +28 pips full size

Tuesday
No trade

Wednesday
AUD -35 pips, GBP -35 pips

Thursday
AUD + 19.5 pips,
GBP +23.5 pips
GBP -35 pips (MPC 1.5% Rate Cut)
EUR -35 pips (ECB Press Conference)
CAD -16.5 pips

Friday
CAD -35 pips
GBP +3 pips (US Non-farm Payrolls Job report)

London Open Breakout System - Day 3 & Program Launch

Results on day 3 (Nov 5):

• London Open Breakout System - Intro & Day 1

Long EUR/USD 1.2879 with stop at 1.2819. Final profits: +40 & 72 pips

No trade EUR/JPY

Live results:

Cumulative Results +351 Pips

>> Click here to view the System Performance page

Increase My Trading Arsenal Using the Newstrader EA Program

Normally, I only run my Newstrader EA program for the purpose of news trading:

There are hundreds of economic news releases every month in the forex market. Many of the major announcements are capable of moving the underlying currency pairs by 30 to 100 pips immediately after the news releases. In other cases, market also tends to move ahead of the news.

Today, I did something differently. I applied the program (i.e. set and forget operation) to automatically search for other possible trading opportunities during today's "active" London session. It managed to execute some good trades in both the EUR/USD and GBP/USD markets.

In fact, the program had captured the early part of today's 300-pip surge of the two European currencies against the US dollar. News: The US Dollar fell most versus Euro since 1999 debut.



The ea trading program came with stringent stop loss and exit strategies, thus I was pleased with today's outcome.

London Open Breakout System - Day 2

Results on day 2 (Nov 3):

• London Open Breakout System - Intro & Day 1

No trade EUR/USD

Short EUR/JPY 126.89 stop at 126.49 - Profits: for +40 & 1 pips

Cumulative Results +239 Pips

Day Trading Service: Trading Report Oct' 08 (-195 pips)

Fact 1: Major-Pairs Results -195 pips; Yen-Crosses Results +365 pips; 100-Pip EA Results +350 pips

October was the month in which the US dollar continued to rally to multi-year highs against the rest of the major currencies. Both stock and forex markets were in panic mode in a month which saw two interest rate cuts by the FED and other central bankers.


Fact 2: End of Eight Consecutive Winning Months Since Inception

The End-of-Session system for the major pairs recorded its first losing month since the start of record. It was interesting to observe that the system performance was actually affected by the two rate cuts last month.

Despite that, the yen-crosses and the100-pip ea system managed to pull back +365 pips and +350 respectively. All the latest results and breakdown of 100-pip setups can be found via in this page.

Fact 3: Individual Performance Overview & EUR/USD Still the Top Performer

EUR/USD is still the biggest gainer of all since the start of record, closely followed by USD/CHF and USD/CAD.

Results summary:
EUR/USD +960 pips
USD/CHF +635 pips
USD/CAD+385 pips
AUD/USD +30 pips
USD/JPY +5 pips
GBP/USD -80 pips

Previous Reports:
Day Trading Report Sept' 08 (+290 pips)
Day Trading Report Aug' 08 (+760 pips)