Website : Link No Longer Available
Cost : $77
Author : Ben Williams
Review Date : June 2009

WHAT IT SAYS ON THE WEBSITE

This website headlines with "It's time to kill your Forex competition" with the system that "brings the Forex market to its knees".

"Forex expert reveals never disclosed before system to cash $12,830 with one single trade" and you will "learn how to do exactly the same, no matter if you never traded Forex in your life ??"

The system is "incredibly easy", "extremely profitable" and can be used on any Forex market. It has been used for the last 3 years to generate a 6 figure per year income and is "my only source of income". The system does not involve "hours spent at the computer", it is "100% mechanical", requires no trading experience and has "a very high winning rate (over 94%)". The system also comes with a 60 day, no questions asked, money back guarantee, as well as 24/7 unlimited support.

There is also a little bit about Ben on the website, he is and has been "a professional trader for many years" and now makes "6 figures per year" from trading.

Some examples on the website show the system generating very reasonable profits, +$10,000 on one trade, based on 4 hour and 1 hour charts.

The system is summarised as, "100% mechanical", "based on price movement", "works all the time - in all market conditions and with all currency pairs", "no experience required", learnt in "less than 1 minute" and can "turn an account of $5,000 into $117,581 in one year". There is also on display a letter from someone who has never tried Forex in his life but made around $15,000 in a month with 11 highly profitable trades and 2 that made a small loss.

The system also comes with 2 "bonus" books, the Forex Mobster Secret Report and The Beginners Guide To Forex.

THE PURCHASE

Straight forward, $77 via Clickbank.

THE MATERIAL

The Forex Mobster comes in a clear and easy to read 55 page manual. The first 30 pages or so are taken up with overviews of Forex, Trading psychology and Brokers.

Then we get into the system. As per the website, it is confirmed that the system is "mainly designed for day trading the 1 hour chart" but can also be used for swing trading on a 4 hour chart. In actual fact the 4 hour and 1 hour must line up and agree in order to enter a signal.

The system relies on identifying and riding a trend using 2 industry standard indicators with specific settings and as promised, entry is 100% clear and 100% mechanical. Exits are also 100% mechanical. Some discretion is required for Stops, with "Last resistance level or 70 pips" being recommended.

Ben recommends a maximum of 3% of account balance per trade but stresses that he personally prefers 1%. We always go in between and apply 2% for all of our day trading.

There is some advice on when not to trade, e.g. around news, and also to take note of correlations if trading more than one Forex pair. Both, common sense and pretty sound advice, the latter being something often overlooked in many manuals.

As a side note, we did not waste the paper or the ink printing off the 2 "bonus" books.

THE SYSTEM IN THEORY

Setting up this system (in Meta Trader 4) is very simple.

Entry is clear, as is Exit. Stops need a little bit of work but applying the discretionary "Last resistance level or 70 pips" requires little trading knowledge or expertise.

We applied our standard Money management on each trade, 2%.

THE SYSTEM IN PRACTICE

Charts are checked every 4 hours for an Entry signal (then focus is on the 1 hour for refined Entry and also the Exit signal). Entries and Exits are straight forward and as near to 100% mechanical as possible.

As mentioned above, there is some discretion in the application of the Initial stop.

Back-testing across 6 popular pairs and about 2 weeks of real-time trading, we figured on being about break even. The main factor being one needs to catch a really strong trend quite often to factor in the losers when the market is not trending. We certainly didn't hit the 94% win-rate mentioned on the web-site.

We found Entry to be too late (e.g. the trend, if a smaller one, was well under way by the time we got in) and Exit was also late (again, the trend had ended well before the Exit criteria was met).

CAN IT WORK

If the market is really trending, probably. However, if the market is not trending we believe this system will really struggle and would not be any more appropriate than any other trend following system.

SUPPORT

We never contacted support so cannot comment.

CONCLUSION

PRO's
- Probably works fine in a trending market.
- 100% mechanical, for Entry and Exit.
CON's
- Entries (and Exits) a little late.
- Will struggle in a non-trending environment.


Do remember, your comments are important, if you have any experience of this system do please share your views with us.

ReviewTeam - www.systemsfortraders.com