Website : Forex Daily Trading Website
Publisher : Forex Daily Trading Team
Cost : From $79.95 a month to $509.95 for a 12 month subscription
Review Date : October/November 2010

WHAT IT SAYS ON THE WEBSITE

A "Set & Forget system", "100% Mechanical", "Long & Short trades", "Stable & Consistent since 2008" and "4 Major pairs only" are the headlines for this service from the Forex Daily Trading team.

Average return is advertised as 700+ pips a month and the monthly results on the website, across the 4 currency pairs (GBPJPY, GBPUSD, EURUSD & USDCAD), reflect this. From January 2008 to end October 2010 the service shows a return of 25,480 pips. Over the 34 month period that is in fact an average return of 750+ pips.

Signals are issued by email at 17:00 EST, that's 22:00 UK time, with an average holding period of 1.5 days.

Forex Daily Trading does not offer a free trial.

THE SERVICE

Signals are clear and they are received by email only (no SMS option) at or around 22:00 UK time on a Monday, Tuesday, Wednesday and Thursday evening. Where there is a trade for one of the 4 currency pairs - Direction, Entry, Stop & Target are all clearly defined.

Order entry takes about 2 or 3 minutes. All unexecuted orders from the previous day are also deleted when entering new orders. Obviously, this can be automated by using a "Good until" order in the first instance, this is what we did.

CAN IT WORK

First of all we analysed the historic results which show an average gain of 750+ pips a month. With a risk of 2% per trade and an average Stop of 60 pips that's an impressive 20%+ return per month.

There are 3 advertised losing months, March 2009, June 2009 and September, -510, -170 and -60 pips respectively. So, the largest drawdown equates to around -17%, again, based on an average Stop of 60 pips and 2% risk per trade.

In October we made +180 pips, a return of +8% (50 pip Stop on all pairs except GBPJPY which was 70 pips) based on 2% risk per trade. On average, Risk:Reward was around the 1:2 level for most trades. There were 7 no trade days.

In November we made +250 pips, a return of +7%. Again, Risk:Reward was around 1:2 for most trades. There were 8 no trade days.

So, in October and November we made +430 pips for a return of +15% and all results were in line with those reported on the website. This is nowhere near the 700+ pip per month average but nonetheless it is not shabby either, especially for the effort required.

Historically this service has performed well, if the published results are to be believed. We have only confirmed 2 months worth of this data so cannot offer any more judgement than that.

We will be continuing with this service for at least another month and, as always, we will report back on our findings.

SUPPORT

Usually within 24 hours.

CONCLUSION

PRO's
• Simple, quick and easy to operate.
• 100% mechanical, Set & Forget with a decent Risk:Reward ratio per trade.
• Honest reporting, based on our 2 months exposure.
CON's
• No Free trial.
• Expensive (for some) at $79.95 a month.
• At this price should also include an SMS facility.


Do remember, your comments are important, if you decide to purchase this service, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

To ReviewTeam
thanks for posting your review early. (There is still 1 more trading day, Tuesday, for November records).
I'll continue to post my results here at the end of each month, as long as I'm subscribing.

Why are the previous 10 posts marked as a Closed Thread? I was going to reply to 'Forexample'

To Forexample:
Yes, It's a very simple system to operate. (evening entries are a little inconvienient)
I traded it most of October. The results were posted accurately. I was away in November. I will start trading it again in December. If it continues to make 200 pips a month, that would be great. 700 pips would be a bonus.
Let us know how you make out.

Best Jim

Hi Jimbo,

You are welcome - As a note and we have mentioned this previously, if there are more weekdays in the month we count that in that month, easier with an example, next week MT is in November, WTF is in December, thus we class next week as December.

We closed the Request list so that comments are now updated on the main review, apologies, just the way we have always worked it once a review is complete - Hopefully he/she will find his/her way over here.

Thanks for the review guys, very informative. I've got a love/hate relationship with signals as I find them notoriously fickle. However, I'm always a sucker for someone else's hard work. Could I ask for a bit more detail on the kind of stakes one would need to be using to generate a sufficient revenue to pay for the signals and make profit. In other words, does your +15% include the monthly fee? From what I can figure out, taking a starting pot of £2000: 2% risk is £40 which is 66p/pip based on the average stop loss. Do your results include compounding or is it fixed trade sizes? I estimate the closing account balance to be about £2300, so that would be £150 for each of the two months, right? As you can understand, the $80 fee is going to dent the profits quite a bit, so it would be good to get an idea of the account size needed to make it 'worth it'.

Cheers!
Z

Hi Z,

We do not include the system/service costs in any of our results - Main reason is, what's a "normal" size pot and also many services have different pricing plans based on services chosen and time commitment.

To get the values you are interested in though, you are correct, for example, take a £10,000 pot. It means that risk per trade = £200 (using 2% per trade) and thus £4 a pip for a 50 pip Stop.

A 15% return thus over October/November in this instance would be £1,500 minus the service costs of $160.

Also, unless stated, we stick to a Fixed staking plan (e.g. 2%), again we just feel its easier for us to report this way and it's quite transparent.

Hope that helps a little.

Yes, he found his way over here

To Forexample:
Yes, It's a very simple system to operate. (evening entries are a little inconvienient)
I traded it most of October. The results were posted accurately. I was away in November. I will start trading it again in December. If it continues to make 200 pips a month, that would be great. 700 pips would be a bonus.
Let us know how you make out.

Best Jim

Thanks for the reply, the time is not so inconvenient for me, 5am in this part of the world and I'm usually up. I'm looking for a simple system as I don't want to spend so much time at the computer. I've signed up to this service now and so will see how this month goes.


Zorba,

Doing a search for ForexDailyTrading doesn't really bring up that much information and not knowing the release date, I have to assume that most of the high pip gains were made through backtesting and tweaking to suit past results. That in itself is not a bad thing, but I would want to see this in action for a few more months before risking big money per trade. For now, I will be risking 1 Pound per pip to see how it performs and gradually increase the stakes if I feel that it is worth it. 200 pips per month would more than cover the subscription. I may end up feeling foolish if it does churn out 700 pips per month when I am using a relatively small stake, but not as foolish as I would if I risk 10 Pounds per pip from the start and find that past results are indeed not proof of future performance.

Originally Posted by Reviewteam

Hope that helps a little.

Helps a lot! I have these obtuse moments - I can cope with a percentage OR a fixed fee, but roll them into one sum and I get confused. But seriously, my first foray into trading was fixed odds signals. The Risk/reward was not great, it needed something like 80% wins to break even, but it did break even - however my pot was so small that all the profits went on the monthly subscription.

Forexample - thanks for the input. I'm inclined to try it too.

Thanks for this review. Can you give some insight into how quickly the orders must be placed after receiving them. Did they ever trigger soon after the 2200hrs release time, which could result in a missed trade, or are the entries some distance away?

You are welcome.

Trades do not have to be placed immediately but it is probably best to get in there sooner rather than later.

The earliest one triggered, from memory, was some time just after 23:00 UK time.

Well after 1 week with this service, to say that I'm disappointed is an understatement.
I don't know why they use the word "Daily" in their title. It seems that they only issue signals 4 days per week and this week has been 2 "No signals" and 2 limit orders that were a long way from the price action and not triggered.
So 1 week has cost me 20$ (quarter of subscription) and so far not a trade, so I am unable to comment on the quality of the signals.

Review team, in the OP you say that in the first 2 months that you traded with this there were a total of 15 "No Trade days". They don't issue a signal for the first trading day of the week, is this included in the 15? Also do you count a signal that is not triggered as a "No trade day"?

So would you say that last week we had 5 no trade days?

Thanks