Website : The Boss Trading Method Website
Publisher : Lee Scholfield
Cost : £147.00 with a 30 day guarantee
Review Date : February - March 2011

WHAT IT SAYS ON THE WEBSITE

“A Forex system that guarantees you are on every single big daily move” is the headline for The Boss Trading Method. The Boss Trading Method is, in effect, Boss (Wins) 2. We discovered that the original Boss Wins method is also included in the purchase price of The Boss Trading Method, from now on we will refer to Boss 1 (the original Boss Wins method) and Boss 2 (The Boss Trading Method).

This strategy can be started “with as little as £500, although it will take longer to build - At £500 you can start trading at 50p per PIP and still be able to make £200 - £500 per month”. Compounding will allow you to set a goal of £20 per PIP, that’s £10,000 per month assuming “a nice realistic 500 PIPs profit for the month”.

There is the option here to “trade all day for larger gains or spend 10-30 minutes a day for a regular income”. It is the “full intraday method” which “will show you how to profit on every big move in the market”. The “simple trade profit multiplier” method “shows how you can get a trade on in the morning” (for a 10 – 30 minutes a day time commitment).

Full support (including Skype) and weekly updates are included in the price of the system as well as “weekly video updates”.

There is also mention on the website of some software being made available which will trade the intraday method without you being at your pc. At present, as we understand, this is still a work in progress.

Finally, Lee’s guarantee is - If you use the method as stated and do not make at least 300 PIPs within 30 days (making your original investment back within a month at 50p per PIP), you can have a full refund.

THE MATERIAL

The 130 page manual may seem daunting but to put this into perspective we printed it on 4 pages to 1 page and it’s still in big font and readable from a fair old distance.

The manual is well written and laid out. Chart set-up is easily explained over a couple of dozen pages. IG Index advanced charts are used (IG Index basic charts are not sufficient for Boss 2 but are for Boss 1). Anyone with Meta Trader 4 will also be OK.

The rule base is well explained - Entries, Stops and Targets are clearly defined (for both systems). There is just a small amount of discretion for the Stop on Boss 2 – It is small and should pose no problem at all for most, we are sure.

The remainder of the manual (the bulk of it) is filled with examples, staking plans, results and some spread betting basics. In general, information that will be more useful to the inexperienced than the experienced trader.

THE SYSTEM

Boss 2 relies on 3 industry standard indicators, Boss 1, no indicators at all. Boss 1 is traded at 07:00 UK time, Boss 2 between 07:00 and 08:00, both based on trading GBPUSD only (5 minute candlestick charts). Lee advises that he trades Boss 2 from 07:00 – 15:00 as a matter of choice/preference.

For review purposes we chose to trade the Set time Boss 1 method (07:00) and also the Boss 2 method between 07:00 and 08:00 (the “simple trade profit multiplier” approach). The reasons we chose not to trade the full 07:00 – 15:00 was, time commitment (8 hours a day) and also the view that most of our members are interested in morning/lower time commitment based strategies, and rightly so.

Trades generally last no more than an hour, for either system. We used the fixed Target recommendations for both as well as the fixed Stops (including the little bit “extra” for Boss 2 as appropriate (rarely had to use)).

Risk:Reward on Boss 1 is 1:1 and on Boss 2, is typically 1.5:1.

CAN IT WORK

Boss 1

As noted above, this is traded at 07:00 UK time with 2 orders set, good until 17:00. Fixed Stops and Targets, Set & Forget, so a few minutes each morning is sufficient. Our results for February (from 7th Feb) were as follows (assumes 2% risk per trade):

- 21 trades, 15 losers and 6 winners, net loss of -266 PIPs / -18%

Our results for March were:

- 30 trades, 10 losers and 20 winners, net profit of +319 PIPs / +21%

This is a huge contrast and one which fuels enough interest to monitor for at least another month or two. We will report back with full results at the end of April.

Note: The vendor no longer trades this original Boss Wins (Boss 1) strategy nor does he monitor or provide updates on the performance (as best we know) - We have simply included our results for completeness.

Boss 2

We traded this between 07:00 and 08:00 UK time, effectively taking the first set-up of the day, if there was one. This usually required a time commitment greater than the advertised 10 – 30 minutes, typically the full hour on most days. Operation is simple though with any orders entered being good until 08:00 and all trades left to run to Stop or Target. So, at 08:00 any open orders are removed (automatically if you have a decent broker), any open trades are simply left to run to Stop/Target. So, some time commitment from 07:00 that becomes Set & Forget at 08:00. Our results for February (from 7th Feb) were as follows (assumes 2% risk per trade):

- 3 trades, 1 loser and 2 winners, net profit of +10 PIPs / +0.4%

Our results for March were (a much greater number of trades):

- 18 trades, 6 losers and 12 winners, net profit of +50 PIPs / +3%

Not the “regular income for 10 – 30 minutes per day” but, again, we will report back with full results at the end of April.

Note: The vendor trades this system from 07:00 – 15:00 and that’s what the official results (and money back guarantee) are based on. Our results are therefore different to those published.

We do like these simple methods, both are easy to follow and execute (100% mechanical). They also require little time commitment - If you take our approach. Boss 1 performance seems “erratic” and Boss 2 seems to work better if traded longer (than the 1 hour in the morning we traded) - The obvious reason for this is that the “big move of the day” is not always triggered between the hours of 07:00 and 08:00.

In April we have committed to trading Boss 2 from 07:00 – 15:00 to compare with the vendors reported results – Which we have no reason to disbelieve at present based on what we have observed.

Lee does also appear to be putting quite some effort into this system and since we have had exposure he has:

• Started to post Daily video’s where he analyses recent trading activity
• Started trading and recording the 15 minute timeframe (as well as the original 5 minute) – With what seems like great success - A bit early to tell if the 15 minute will replace the 5 minute (for review purposes we are continuing with the 5 minute timeframe for now)
• Included a live Skype “room”
• Just started to provide a “signal service” where he identifies longer term opportunities (email received around 9pm UK time)

As mentioned above, we like these systems, we admire Lee’s dedication and although our results are nothing special we do look forward to committing a little more time to this one.

SUPPORT

Support (by email) was good and usually within 24 hours.

CONCLUSION

PROs
• Very simple rule bases, easy to set up and execute, 100% mechanical.
• Minimal time commitment, especially Boss 1.
• Very good support, Skype “room”, Daily videos and a pro-active vendor.

CONs
• Boss 1 performance “erratic” – Although no longer traded by the vendor.
• Boss 2 probably requires a longer time commitment to catch that “big move” – April will allow us to comment further on this as we start to trade 07:00 – 15:00.


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.

Sounds like a good system, I think I will be purchasing it. Been using Andy's 3 ducks method and had a few successes, but this sounds like a useful addition to boost those PIPs (6 trades, 4 wins and 2 losses this week).

Hi Take-5,

We do like it but we do think it requires more than just the 1 hour a day, as per the review we will hopefully have a better feel for this at the end of April or May, assuming we continue. If you do purchase, do please use our link and report back. If there is enough interest we will open a Trading room but we suspect the Skype chat offered by the vendor will be of more interest.

ps - Thanks for the Ducks update, this last week or so has seen some nice trends for "duckers"

Have a great weekend

Good review, RT - I like the look of this, and it seems that more and more of these 'indie' systems are worth looking at. Not all of course, but the 'strike rate' in reviews seems a bit higher

Hi, Good comprehensive review - will check it out through your link supplied - thanks

Thanks for the review. Given the wide variation in the results between the two months, which were reflected in my own demo-trading of Boss 1, running things for another month seems very sensible. Certainly on Boss 1 the week before last (from memory) was a "text-book" trading week which I've rarely seen other than in the 1Minute Daily manual, so that will have helped March's results.

Either way, given that the vendor has dropped Boss 1 notwithstanding its low time commitment, I think I'll be doing the same.

Well, I've decided to take the plunge with this.
PDF tells you to read Boss 1 first as you will need to set the chart up.
So I dutifully read Boss 1 after trolling through the PDF to find where it began. An index with page numbers would be a usefull addition to the PDF.
Oh no, it looks to be another London break-out strategy! Not something that I am keen on at all. Thankfully Boss 2 is a totally different strategy (Relief)
I think that the only thing about the charts in Boss 1 is to change to a candle chart and that's about it.
So on to reading Boss 2 and setting up the chart according to the instructions. I don't have IG Index and don't intend to now, so setting up on SLM MT4. Very strange instructions for the bollinger as you finish with-out a bollinger at all. A lot of messing about when you may as well just use a MA.
After setting up the chart, I discover that the members area has a download for MT4 indicators and template. Wish I had known that earlier
I'm not sure if I have to make any adjustments because of the time. Is there a difference between IG Index time and SLM time, anybody know?
I also note that the more recent videos are 15 minute time-frame, so I am not sure if there have been any changes and 5 minute is no longer the default setting??

I will be sure to let you know how I get on

Hi Forexample,

We didn't realise there were MT4 templates/indicators, thanks for pointing that out.

We also cannot work out if this is a permanent move to 15 or a suck it and see, we have decided to trade 5 minute and report back on both for comparison.

IG is usually UK local and SLM is CET - We believe.

Hello RT,

One of the indicators requires 3 parameter settings. The standard indicator with MT4 only has 2 parameter settings. This means that there are some differences between the chart that I set up manually and the downloaded template.
I was unable to visit the Skype room today, seems that Lee had internet problems. He sent out an email saying that he will be returning to the 5 minute time-frame and apologising for the delay in responding to member's emails.
Hopefully I will be able to join in the Skype room next week. I have some things that I'm unsure about and hopefully will be able to get some answers to my few queries.

If you are trading the BOSS2 method on an MT4 account, the standard MT4 Parabolic SAR indicator will NOT give the same results.

The best MT4 PSAR indicator to use with this system can be found by Googling 'parabolic3par'.
This version has the 3 parameters and can be set up to work identical to the one on the IG-Index chart that the author uses. Unfortunately however, a small bug in this indicator can cause it to 'stick' quite often (it just starts to draw a horizontal line of PSAR dots instead of following price). This is easily spotted, and quickly changing time frames refreshes the indicator. With this limitation in mind, it works well and I have tried it on both Alpari and Smart Live Markets MT4 platforms.