Website : No Longer Available
Publisher : Not specified
Cost : $99.95 / month, plus various longer term plans
Review Date : August/September 2009

WHAT IT SAYS ON THE WEBSITE

Daily Forex Trade is a “reliable Forex system that combines favourable news and meticulous technical research” to “obtain profits from strong movements on the Forex market which are beginning or continuing trending movements”. It has “demonstrated an excellent performance, maintaining a constant and solid growth since year 2006” demonstrating that “the system has maintained a defined performance during the different stages the economy has gone through”.

The strategy is “clear and simple”, “you don’t need to spend long and tedious hours in front of your computer” you need “just a few minutes each day”.

The system is designed for “traders who wish to increase their income consistently and solidly” with a combination of “the 2 most important elements of a good strategy, Diversification and Risk control”.

The 4 most liquid pairs (EUR/USD, GBP/JPY, GBP/USD & USD/JPY) are traded and trades are sent at 17:00 EST (so about 22:00 UK local time). All trades, delivered by email, include Trade direction (Long/Short), Entry price, a Stop loss and a Target.

Note: Maximum Stop loss is 60 pips for all pairs, except GBP/JPY which is 150 pips.

Daily Forex Trade also promotes an “Honest performance” backed up with “We have been in this business for years and our policy has always been to offer our members an honest, transparent and humane service”. Their objective being “that you achieve gains in this market and we know that the success of our relationship depends on your obtaining the expected return over your investments. That is why we don’t omit any trade in our Performance, where we include our successful trades and the unsuccessful ones too”.

Rates for the service range from $99.95 for 1 month to $719.95 for 12 months (a saving of 40%).

The Results page details monthly performance statistics for each pair traded and shows a total gain of well over $250,000 since inception in January 2006.

THE SERVICE

We had access to this service for most of August and September.

The signals come in the form of an email, the email is received as promised at or around 17:00 EST (22:00 GMT). This email contains the signal details for all 4 pairs. There is a Buy and Sell signal with Entry, Stop and Target for each pair, so there are up to 8 trades to enter each time an email is received.

As promised, Stops were never any greater than 60 (150 for GBP/JPY) and Target levels are always the same as (similar too) the Stop levels with a 1:1 Risk:Reward ratio on almost every trade. Once a Long trade for example, is triggered for a specific pair, the corresponding trade, in this case the Short trade is then cancelled, and vice versa, so one needs to be around to do this.

All open trades are closed the next day at 16:59 EST before entering the new orders for that day. We found however, that it is very rare that an open trade had not hit its specified Stop/Target by 16:59 EST the next day.

CAN IT WORK

It’s a very simple and easy to operate service. One email with all orders received at or around 17:00 EST (22:00 UK local time). Any open positions (very rare) are closed and new orders (up to 8 of them) are placed straight away, the whole process taking about 5 minutes.

Orders (and trades) are forgotten about until the same time the next day, with the exception of having to cancel those orders where a trade is generated in the opposite direction, e.g. when a Long GBP/USD trade is triggered the Short GBP/USD order has to be cancelled. There is no great urgency in this though as the distance between the Long entry point and the Short entry point is usually sufficient enough to allow for at least a few hours (under normal circumstances) to complete this process.

During the period in which we had exposure to this service, trading on a (very) small account we lost money. Across all pairs, we were down around 400 pips in August and almost double that in September. Assuming an average Stop loss of say 80 pips and risking 2% (of account size) per trade this equates to a loss of around 10% and 20% respectively.

Rollover costs, applicable to every overnight trade (on our Spread bet account) also affected results slightly, but not significantly.

We were more than disappointed with the results we achieved when using this service, and yes, that is an under-statement! It would take a performance in October of $12,000+ (1,200 pips) profit to overcome our two month drawdown. The service has reported a month performance in excess of this 12 months out of 43 since incorporation.

Note: As we publish this review (2-Oct-09) Daily Forex Trade had not published their results for August or September. We have no basis upon which to compare our trades with this service, meaning we do not know how accurate the results posted on their website are compared with our actual performance. When they are published we will add further comment.

SUPPORT

Support emails were hit and miss. Sometimes we got a response within 24 hours, sometimes we had to wait longer than 5 days. At the time of publishing this review we have not yet had a response to our email requesting performance details for August and September. We sent this initial email, at the time of writing, over 2 weeks ago. As mentioned above when the results are published on the website we will add further comment.

CONCLUSION

PRO's
• Entry process is 100% mechanical.
• Signals are clear and concise delivered just once a day.
• Trade management is easy.
• Less than 5 minutes each day.
CON's
• Timing may not suit all, 17:00 EST (22:00 UK local time).
• Very expensive in our view (at 5c short of $100 a month).
• Performance was just down right terrible.
• Unable to compare our performance with that reported on the website as results are, at present, unavailable.


Do remember, your comments are important, if you have used this service please share your experiences with us.

ReviewTeam - www.systemsfortraders.com