Website : Lee Moore's FX Friday Website
Publisher : Lee Moore
Cost : £197 with Agora 60 day guarantee
Review Date : August 2010

WHAT IT SAYS ON THE WEBSITE

Lee Moore is an "IT nerd" that "puts his geeky skills to good use, uncovering a simple way anyone can trade the Forex markets". He used to work in a "dreary IT section of an even drearier bank" before being made redundant.

"This Friday night, my 'boring spreadsheet' could pay for all your drinks" by tapping in six numbers and checking one simple website. You will then have fixed your £100 payout, or "you could actually 'fix' even bigger payouts of £250, £500 or even £1,000", all "totally tax free".

This is not a Spread Betting system, it's a "kind of Forex trading that pays out how much you tell it too" (we later discover it uses Fixed Odds Trading). April through June shows 10 profitable weeks with just one losing week for a net payout of £940. The system is "shockingly simple" and has already gone down a "storm" with 20 beta testers. The system requires 30 minutes effort on a Friday evening after work.

As well as the "boring spreadsheet" a Step-by-step guide is provided as well as the offer of an eight week no questions asked refund. There is a performance related statement too, it reads "If the payouts you receive while you're testing this don't cover the cost (of the system) - you'll get a full refund".

The price is £197 and is limited to 500 people so Lee will "have plenty of time to deal with people one-on-one without driving myself insane from the stress of thousands of people emailing me".

THE MATERIAL

A 44 page manual and a 'boring spreadsheet'.

The manual is hard copy only and we waited 6 days to receive our copy courtesy of Royal Mail. It's quite well written and explains the strategy very well. It's a simple strategy indeed but nonetheless, explained quite well.

The spreadsheet itself really is boring, no colour, no fancy headings, just a real plain old spreadsheet with room for 6 numbers next to each currency pair traded, 7 of them, AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF and USDJPY.

THE SYSTEM

The manual explains the set-up using the free charts provided by FX Street, so that's what we used. A doddle, took us about 2 minutes - Weekly chart, a Moving average and one other indicator.

Friday evenings (well only one so far), we checked the required data for each currency (by hovering the mouse over the appropriate candlestick). We then transposed the 6 numbers for each currency into the "boring spreadsheet", as instructed.

A really simple system, took us 5 minutes, maximum, to enter the 42 numbers.

The "boring spreadsheet" then says "No Trade" or, if it determines there is a trade, provides the exact details of the trade. Then it's a case of checking the return on offer with BetOnMarkets for each trade and subsequently determining which one to place.

There is one additional Fundamental check which simply involves a quick scan of Forex Factory for upcoming news in the week ahead.

The checking process and actual trade selection and placement took about another 5 minutes. So, much less than the 30 minutes stated but we suppose those newer to trading, especially with BetOnMarkets, may take longer, initially.

CAN IT WORK

This is the first review we have decided to write, in real-time, in conjunction with our members. To date we have only experienced one Friday's worth of exposure, it was however, painless and straight forward.

We have opened a Real-Time Trading room for those that have purchased this system and wish to participate with us each Friday evening (around 19:00) and/or Monday morning (note, if there are no trading opportunities on a Friday evening the system can also be run on a Monday morning (up until 10:00, we will try and check in around 08:00 if needs be)).

Note: The Trading room requires a password which will only be known to those that have purchased the FX Friday system. The link to the Trading room is here.

We will also be posting updates on trades taken and the results from the week before in subsequent posts following on from this initial review. The aim is to produce our final review at the end of September, after 8 weeks exposure and input from our members.

Some Performance Analysis

Before rounding up and moving on it is well worth spending some time analysing the performance to date (beta test results) reported on the website - It's one of the reasons we contacted support.

The payouts are just that, the payouts received from BetOnMarkets when the trade is successful. Thus for the £100 payout one would have to have risked an approximate £75 for the tax free payout - assuming the base-line return per trade recommended in the manual. So, the estimated payout of £940 during the beta-test would actually have cost £750 (10 * £75). This is an actual net profit of £190.

We put this into perspective. If we consider a bank of £1,500 and 5% (as per the manual) risk per trade, £75, this would provide us with a return of around 12.5% over the 11 week period, or around 50% a year.

Although not as good or as high as the headline figures on the website suggest this is nonetheless a reasonable return for very little effort. This of course assumes the system performs as well going forward as it did during the beta-test.

Onwards to our real-time review - we welcome your input in the Trading room where, as it's password protected, we can all discuss freely, the strategy. As mentioned above, for those not participating, we will be reporting back here on a regular basis with the aim to produce a final review towards the end of September.

SUPPORT

Was excellent, within 5 minutes on one occasion and then within 20 minutes the next.

CONCLUSION

PRO's
• Simple to set up.
• 10 minutes once a week, 100% mechanical, Set & Forget.
• Great support.
CON's
• Would have been nicer if the actual payout was profit but nonetheless if performance holds up it's still a quite reasonable return for the effort involved.


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

On Friday we had the following options - EURUSD, GBPUSD and USDJPY - Just took USDJPY, pushed the boundary out ever so slightly for a 30% return, odds on the others all below 20%.

Nice to see it only takes about 5 minutes though !

Back with further results/updates soon.

Please remember if you wish to discuss the specific detail of this system and you already own it you can join in the FX Friday trading room here.

I purchased this system (I haven't received the manual or spreadsheet yet). I am beginning to wish I hadn't after reading your review!

So the payouts are actually £25, a R:R of 4:1. In other words, you need to trade the system and hit 8 winners in a row to make your money back. One loser will set you back three weeks. A bit like the EA systems with a 90%+ win rate, until you realise the stop loss is 10 times the reward.

I feel somewhat mislead by the advertising blurb, to say the least - I will be asking for a refund.

Good review. Given the experience of BOM within your team, are you considering any tweaks to the system yet? ;-)

Z

You should mention that system is not available to US residents.

So far we have only had exposure for 1 trading session so at present we will not be looking to tweak, approach seems reasonable anyway.

The performance - as mentioned in the initial review - although not what we perceived it to be, is still quite reasonable considering the time and effort involved. As mentioned, if performance does hold up as per beta testing, this could be 10 minutes well spent on Friday evening.

As we understand things, it is the BetOnMarkets platform that is not available to US Residents, they can still buy the system. There are many countries supported/not supported by the BetOnMarkets platform, apologies, we do not have the time or resource to provide an up to date list. However, we thank you for pointing out that the platform is not available in the US.

I thought I would try this as a system to run in parallel with my usual trading. Where do I find the password to enter the Trading Room - I cannot see it in the response from FXFriday when I signed up?

Many thanks

Rift

Finally got hold of my manual today. Seems fair enough. Was a bit disappointed with Agora including another flyer for Forex Net Trap - talk about killing the golden goose.

We had only one option EURUSD but we could not get any odds anywhere near the 30% recommended.

Our USDJPY trade from last week did come in on profit so a good start.

Please remember if you wish to discuss the specific detail of this system and you already own it you can join in the FX Friday trading room here.

sigh....forum newbie...hit wrong button and lost all I typed.....1:30am and I've just spent all day reseaching the innerwebs for FX related stuff. Fortunately,I came across this site. I'm impressed with the professionalism in the site layout and also your interaction with the community as well. Most of all, I like the way you handle banner ads and keep them neatly to the side, allowing it to remain a forum, not posts between ads.

On to the topic at hand...I've noticed in a few reviews there is mention of UK based brokers. Would you kindly explain the following?

"The payouts are just that, the payouts received from BetOnMarkets when the trade is successful. Thus for the £100 payout one would have to have risked an approximate £75 for the tax free payout - assuming the base-line return per trade recommended in the manual. So, the estimated payout of £940 during the beta-test would actually have cost £750 (10 * £75). This is an actual net profit of £190."

Is this to do with the system itself, or with the way UK handles FX related trading? What I mean is, would this system still work if it were to be used on a non-UK based broker? Not having dealt with a UK based broker before, just wondering if the quotation above is relative to the way FX is handled there or to do with the specific broker, or both.

Regards.

James