Website : Quick Trade FX Website
Publisher : Aaron Clarke via Agora
Cost : £249 with a 60 Day Money Back Guarantee
Review Date : November - December 2011

WHAT IT SAYS ON THE WEBSITE

Quick Trade FX is a system which is designed to “Take advantage of a simple ‘human error’ to pocket an extra £559, £224 or even £1,119 every month, tax-free”. All that is required is 5 minutes each morning “to grab two key figures from a simple chart and pop them into a self-calculating spreadsheet”.

To operate this system no complicated training or analysis is required nor is there any need to monitor the markets hour upon hour, “there is absolutely no stress”, this is a Set and Forget trading system.

Aaron, who has been trading and studying the markets for over 24 years, uses the “behavioural finance” term “anchoring” as the fundamental basis of the Quick Trade FX system. It’s a revelation that exploits the bad judgement of traders both in London and New York.

Results for 2010 are provided: £3,536 trading at £2 a point, without a single losing month. Year to date figures (to September 2011) are also provided, £2,050 at £2 a point, again there are no losing months. This translates to £227 a month compared to £294 a month in 2010. Annoyingly though, as is usual, these figures are not translated from a risk into a reward perspective so they are of little use or interest to anyone with a sensible approach to performance analysis.

According to the website most people should be up and running within a week of ordering Quick Trade FX due to the easy to digest manual, email support and a weekly update. As it’s an Agora product it also comes with a 60 day Money Back Guarantee.

THE MATERIAL

Quick Trade FX is explained in a 73 page manual delivered via good old Royal Mail.

The Introduction is pretty much a re-iteration of the website material. The subsequent sections, Simple Summary and Trading Rules (6 pages), explain the system and should mean that most have enough information to consider delving straight in.

The remainder of the manual concentrates mainly on Chart setup, Trade placement and management as well as examples. All are based on the IG Index platform but it is later mentioned that almost any platform can be used. The Money Management and Risk section may be of use to complete beginners otherwise one can just apply their own rules. (Impressive) performance statistics are also provided, from the beginning of 2010 to September 2011, it’s just a shame that, again, they are not based on any kind of Risk:Reward analysis.

THE SYSTEM

The system logic is based on false breakouts of the USDJPY overnight range. It is simple to set up as no indicators are required and it only takes a couple of minutes to take two readings off the one hour chart and place two Set & Forget orders, a few minutes a day at 07:00 GMT. The spreadsheet included as part of the system is designed to make the job even easier. In our opinion, if you are actually trading at all then you should be able to do the simple maths without it.

Entry is easy to identify and Stops and Targets are fixed, 45 and 20 PIPs respectively.

There are a few exceptions as to when not to trade as well as some trade management. The manual, even after reading through a few times, does however leave some grey areas. We tried to get clarification on them but we found support to be continually unresponsive so we made some, what we believe, appropriate assumptions.

· Risk reward, not mentioned, we applied 2% per trade
· “Positions should be squared at the very latest at the close of business the next trading day”, we closed open trades at 22:00 the next day if still open, 20:00 on Fridays.
· Orders should be placed the next day even if there is an open trade – Note, this means that your broker must support “hedging” (one or more open trades in opposing directions).

CAN IT WORK

This is a system which is very simple to operate once one clarifies the grey areas. It really does take just a few minutes a day.

Our results across November and December were as follows. We used our GKFX account (where we can Spread bet directly from our MT4 charts):

· Time period / Time-frame = 2 months / 1 hour
· Time Traded = 07:00 GMT
· Risk Per Trade = 2.00%
· Number Of Trades / Winners / Losers = 9 / +6 / -3
· Percentage Of Profitable Trades = 66.7%
· Average Winning / Losing Trade = +0.75% / -0.83%
· Profit Factor (Gross Profit / Gross Loss) = 1.29
· Largest Drawdown = -2.00%
· Average Per Month Return = +1.00%

For beginners this system offers an introduction, basic chart reading skills and order placement/management with the potential of making a small profit for very little effort.

SUPPORT

Extremely poor, our email went unacknowledged for 3 weeks even though we re-sent the same queries 3 times.

CONCLUSION

PROs

• Easy to set up on any platform and suitable for complete beginners.
• 100% mechanical.

CONs

• A number of grey areas in the manual.
• Poor Risk:Reward of 45:20.
• Support is probably the worst we have experienced via an established publisher.

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.

Nice one ReviewTeam. Given the R:R, I think it is maybe too expensive and should be in the Agora 'Value' range with Snapback FX

Having said that, it might stand some detailed backtests...

Z

R:R is a let down we agree - As you mention - Backtests would prove useful - How they going ?

Slowly! But surely. Here's a koan for you - if I post no backtest results, is it because I haven't done them yet, or are they just too good?

Z