Website : Forex Morning Trade Website
Publisher : Mark Fric
Cost : $97 via Clickbank
Review Date : September/October 2010

WHAT IT SAYS ON THE WEBSITE

"Do you dream of the day when you wake up, open a few positions and then take the rest of the day off to do whatever you want? ... I know how you feel. I once felt exactly the same way" - Is the opening headline here and it's followed by a short video.

The video explains that Forex Morning Trade is a simple system that trades once a day and will take no more than 5 or 10 minutes each morning. Mark has been trading the system for over a year "with very good results". A 130% return from January 2009 to July 2010 demonstrated.

The text on the website re-iterates much of what is in the short video and is backed up by another short "live" trading video. The system is also 100% mechanical, Set & Forget and trades just GBPUSD at 06:30 UK Local time. The custom indicator provides all entry criteria, Direction, Entry, Stop and Target, at which stage, if there is a signal a position is opened at the market price.

The Full results page illustrated a return of 140% from January 2009 to September 2010 of 140%. There were 3 losing months of between -4 and -10%, 10% being the largest single drawdown on a month by month basis. Risk is 2% of account balance per trade.

For those interested, an EA is also provided which will trade the system automatically. Lastly, Mark provides access to his Trading journal where you can discuss trades and ask questions on a daily basis.

This is a Clickbank product and therefore comes with the Clickbank 100% 60 day money back guarantee.

THE MATERIAL

A 41 page manual, a Meta Trader 4 (MT4) template and a MT4 indicator.

The manual is well written even though it is quite obvious that English is not Mark's native tongue. It quickly explains that the system is traded at 06:30 UK time and that it's a Set & Forget system.

The fundamental purpose behind the system is that "it uses (the) increase of volatility that happens at the beginning of the European trading session, plus a unique combination of indicators that give us (a) high probability estimation on the direction of the future movement".
The two indicators used are industry standard, Momentum and Commodity Channel Index.

10 pages are devoted to Set up and installation which is explained extremely well and should take anyone with MT4 experience no time at all.

The rest of the manual is devoted to explaining the system rules, Entry, Stop and Target (the latter are both fixed at 40 Pips). This is really thorough even though, once the installation process is complete, trading this system is as easy as it gets.

THE SYSTEM

As mentioned above, set-up is well explained, a case of putting a MT4 template and indicator in the correct directory. Then open up a GBPUSD chart and apply the FX Morning Trade template.

Note: The FX Morning Trade indicator (loaded automatically when you apply the template) needs to have the time-zone set. Instructions for this are pretty clear and again, should take no time at all for most.

This really is easy, perhaps as easy as it gets! The FX Morning Trade indicator provides all details required to trade this system. At 06:30 UK time (assuming you have everything set up correctly) the indicator shows:

- Trade Direction
- Entry Price
- Profit (Target)
- Stop Loss

That's it, place a trade at market and walk away. Well, almost! Recently introduced is a move Stop to break-even when 24 Pips in profit, as it makes overall system performance more profitable. So, if you have a broker that allows you to trail after 24 Pips to break-even it's a Set & Forget, if not then you will have to be around to move that Stop. This is of course an optional rule but it is one we followed.

CAN IT WORK

As mentioned above, this really is as simple as it gets and it works very well. The only thing that may be new to some is trading at market rather than entering an order. You do have to be reasonably quick when there is a valid signal however, this should not be a problem for those with a little experience and even those without should soon get used to it after a few trading sessions.

We ran this system from the 2nd week in September through October and ended up with the following results:

- September - 7 winners and 5 losers, +80 Pips
- October - 8 winners, 2 losers and 4 break-even, +240 Pips

That's a net return of +320 Pips and +16% profit based on 2% risk per trade and a fixed 40 Pip Stop on each trade.

Although this is the same return over the same period reported by the vendor we did not have exactly the same trades. The reason for this is the reading can vary across brokers, e.g. Ava can show 99.8 and SML can show 100, thus the latter providing a valid signal. As with most systems we suggest this will be a case of six of one half a dozen of the other, it has certainly been true in our two month experience.

At times, as we are trading at market, Entry is a little out compared to the actual entry as per the indicator. For completeness we reported a flat 40 Pip win/loss in our analysis. In reality, a loss is around 42 Pips and a win 38 Pips, on average. This means our return was more like 276 Pips or 14% rather than the 16%, in a world without slippage and spreads.

This is a system we will continue to monitor and at present is one for consideration for promotion to our "Systems We Use" list when we conduct our six monthly review at the end of this year.

Note : We did observe this system on a non-MT4 platform (IG Index), using the industry standard indicators and manually reading the entry. It also works fine, obviously not as great as MT4 in that you have to manually work out if there is a signal and, obviously, the Entry, Stop and Target are not displayed for you. Nonetheless, a feasible alternative for those not wishing to use an MT4 platform. Obviously it comes with the caveat mentioned above in that results may vary from the official ones as it's a different platform/data feed, but all in all, should even out over time.

SUPPORT

Typically good and swift responses within 24 hours.

CONCLUSION

PRO's
• Crystal clear Entry, Stop & Target.
• 100% mechanical, Set & Forget.
• Profitable, albeit over a short period of time (2 months) - Although historic results reported on the website show long term profitability.
• Daily reporting of all trades.
• Suitable for complete beginners.
CON's
• The entering at market and slight slippage on each trade which does alter the 1:1 Risk:Reward slightly.
• Maybe a little early for some, 06:30 UK time.

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.

Since we completed our review, actually the day we completed it, Mark issued a few minor changes to the Rule base.

Stop = 40 Pips - No change
Target = 35 Pips - Previously 40 Pips
Move to break-even at 20 Pips - Previously 24 Pips

We have implemented these changes and all future results will be based on them.

If you own this system we also welcome your input in our Real-Time Trading room, here is the link.

Good review, Reviewteam. I've been recommending this as an excellent starter system to friends:
- it's profitable!
- you can trade it manually with indicators
- good intro to MT4
- you can switch over to the EA (I know, I know...) once you know the system and trust it
- nothing black box about it, it's open and Mark Fric is easily contacted and visible in the forums
I'll stop now as the paranoid reflex that too many people will discover it is starting to twitch.

Do you place the order straight-away at 06.30 or do you have to wait for the indicator to trigger before you dive into the market?

Basically I trade Net Trap, but I stick my orders in at 6.30 and start getting ready to head out the door for work. So I can't wait around for an indicator to trigger.

Hi RT,

It's bang on 06:30 UK time - either trade at market or no trade at all.

excellent, sounds appealing.

Is there a problem with EA's? I use IG and I don't think they move stop to break even so without an EA I wouldn't be able to do this.

Originally Posted by zorba_g

Good review, Reviewteam. I've been recommending this as an excellent starter system to friends:
- it's profitable!
- you can trade it manually with indicators
- good intro to MT4
- you can switch over to the EA (I know, I know...) once you know the system and trust it
- nothing black box about it, it's open and Mark Fric is easily contacted and visible in the forums
I'll stop now as the paranoid reflex that too many people will discover it is starting to twitch.

Forgot to ask if anyone knows a broker who offers stop to break even?

We use IG for Spread betting, not sure about an MT4 broker.