Thread: Review - SaneFX (aka Gold Trade Pro) (Intra/Set Times)

SaneFX (aka Gold Trade Pro) (Intra/Set Times)

WHAT IT SAYS ON THE WEBSITE

Website : SaneFX Website
Cost : $97
Author : John Campbell
Review Date : January 2010

This is not the only system for sale by this vendor, we counted at least 4 others, 2 financial, one football and one horse betting system. The other two financial based systems are on our Request list (or may even have completed reviews by now, depending upon when you are reading this). The non-financial products we will leave for others that may be interested in them, we just aren?t.

On to SaneFX, a product which offers the facility to ?Trade Forex & Gold With The Easiest And Most Complete System Ever?. It ?incorporates the unique Gold Trade Pro Trade arrows to show exactly when to open trades and reduces your losing trades considerably?. It uses the ?successful TCCI indicator of the original SaneFX system to give one powerful and versatile package to expand your trading world?.

SaneFX is one of ?the simplest trading methods imaginable?, it allows you ?to trade in the right direction using the 1 minute charts, the 5 minute, the 15 minutes charts, the 30 minute charts, the hourly charts and the daily charts for Gold and almost any currency pair?. It is a ?complete system? that comes with a ?fully illustrated guide? and ?unique trend indicators? that will ?revolutionise your trading and bring in consistent profits like never before?, ?the simplicity and ease of use will amaze you?. ?Comprehensive instructions are included for complete beginners?, ?no prior knowledge or experience needed? with a minimum trading capital of $1,000 being recommended.

Long term trading (Daily charts) takes 30 seconds a day and operates for several currency pairs with a Stop loss of 150 ? 300 pips (depending on the pair), a maximum Target of 400 pips and maximum holding period of 14 days. It allows you ?to make big pips working just 2 minutes a day?.

Day trading (15 or 30 minute charts) again can be used for several currency pairs, ?the indicators pick out the short-term trend with amazing accuracy and allow several profitable trades a day of 40+ pips?. With SaneFX ?you will learn to identify potentially profitable pairs and which time frame to use?. Note, ?from day to day, the best timeframe and suitable currency pairs will vary? and ?some days, it?s hard to make a profit anywhere?.

?Scalping is the riskiest of trades?, performed on the 1 or 5 minute time-frames. Gold and several currencies can be traded this way and in this instance only one of the SaneFX indicators is used. A ?continuous trading? approach can be adopted when ?scalping?, ?in other words, when one trade closes, we open another in the opposite direction ? as indicated by the change in colour of the indicator?.

The Gold trading aspect of the system is largely based on the 4 hour time-frame which generates ?about 2 or 3 trade signals a week but with a very low 37% failure rate?. ?Signals are completely unambiguous and we have a conservative 100 pip take profit and a 70 pip stop loss (50 in less volatile conditions)?. It is also possible to trade Gold off the 30 minute chart ?for those that prefer more action?, as well as the ?scalping? method (mentioned above) on the 1 or 5 minute time-frames.

SaneFX is summarised as ?a complete trading package for Forex and Gold with no extra costs ? ever? which ?is not only extremely simple but also covers several different trading techniques, making profits possible in all conditions at all times?. It is ?suitable for the complete beginner or expert? and ?you will be able to make a serious start by trading part-time, either after work or for short periods during working hours?.

There is a page offering ?Forex Basics? information which is quite well put together and then there is a little bit about John and how to contact him. John is ex-UK now living in the Mediterranean who ?runs several websites and makes a living from trading Forex, Gold and Oil?.

THE PURCHASE

$97 via Clickbank which also means it comes with ?Clickbank?s famous 60 day refund guarantee?.

THE MATERIAL

A 32 page manual which opens with ?SaneFX is most definitely one of the 5% (of systems) that actually works?. It continues that, ?even most good systems need an experienced trader to make them profitable and it is the skills of the operator rather than the system itself that makes money? and ?it is vitally important to learn when not to trade?.

There is a short Installation section which identifies the instruments to be traded, AUD/USD, EUR/USD, GBP/JPY, USD/JPY, USD/CHF, USD/CAD & Gold, where the currencies are good for any timeframe and Gold for the 30 minute or 4 hour.

The Indicators are then explained, there are two of them, the TCCI (a Moving average looking indicator which changes between Green and Red) and the SaneFX arrow (which appears as Green for Long and Red for Short). The SaneFX indicator is customised according to the time-frame being traded, these are explained and provided. Trade entry is largely based on the two indicators plus the identification (by the user) of good opportunities (?wavelike chart movements?) on the chart being traded.

Targets can either be fixed or trades can be exited when the TCCI indicator changes. For Day trading a 50 pip limit and a 30 pip stop is suggested, with the following caveat ?it depends on the currency pair and conditions. Don?t expect me to tell you black and white rules ? decide for yourself depending on past movements of the chart?.

The Daily chart trading is where ?the easy, serious money can be made and everyone should trade this method?. As stated on the website, fixed Stops range from 150 ? 300 pips depending on the pair and targets are 400 pips (or when the TCCI indicator changes colour) with a maximum duration for the trade of 14 days. The Daily chart trading should take up just a couple of minutes a day and ?you will find this method easily produces a few thousand pips a month for almost no work at all?.

Gold on the 4 hour chart is operated with a fixed 70 point stop and a 100 point Target with the trade being moved to Break-even after being 50 points in profit. On the 30 minute chart there is a 30 Stop and 30 Limit with a move to Break-even after being 20 points in profit.

The rest of the manual then goes into some (quite useful) detail on Trade/Money management, Psychology, News awareness and an introduction to trading on the Meta Trader platform.

THE SYSTEM IN THEORY

Set-up is swift and easy, put two indicators in the right directory, then the template file, reload MT4, select your instruments and timeframes. Should be ready in 15 minutes.

With so many trading options we decided to narrow it down and look at 3 scenarios most of interest to us:

? All currencies on the Daily timeframe.
? Gold on the 4 hour timeframe.
? GBP/USD (not a recommended instrument) on the 1 hour time-frame so we could compare with an existing ?System We Use?, Sniper Forex.

THE SYSTEM IN PRACTICE

We ran the following scenarios during the month of January.

All Currencies (AUD/USD, EUR/USD, GBP/JPY, USD/JPY, USD/CHF & USD/CAD) ? Daily

All currencies were active during January and we took 7 trades across the 6 currencies. We used the indicators, the fixed Stops (as recommended) and the Exit criteria mentioned above. In addition, of course, we applied our own discretion based on our trading experience. We ended up with a net profit of just over 5%, assuming a 2% risk per trade. Quite impressive for very little effort.

Gold ? 4 Hour

We took 3 trades, 04-Jan, 14-Jan & 27-Jan for a Net profit of 130 points, we had a Stop of 70 and a Target of 100 in each instance. Assuming a 2% risk per trade this is just short of a 4% profit, again for very little effort and again, applying our own discretion when the indicators signalled a potential trade.

GBP/USD ? 1 Hour

We didn?t actually trade on this timeframe we were more observing to compare with our existing Sniper Forex indicator. Signals are very similar, with SaneFX sometimes leading the way, sometimes lagging, swings and roundabouts. The main difference being the discretionary aspect for SaneFX where Sniper Forex is more mechanical.

CAN IT WORK

This system is best summed up by the author, in our opinion, as quoted in the manual in reference as to when to trade ?that most important thing to learn ? when not to trade. If it isn?t working, don?t keep throwing money away or complain to me that the system doesn?t work ? stop trading and find something that does work! Don?t be one of those monkeys chasing a ?perfect system? for years when no such thing exists. You have to acquire some skill. What is it with those tens of thousands of dummies who take up trading and expect to earn more than other professionals who?ve spent 5 years at university? Start slowly and learn the trade?.

We did quite like this system. We liked the relaxed Daily (currency) trading and it?s modest return, in fact we have decided we will continue to monitor performance on this and will provide an update at the end of February. Gold (on the 4 hour) although quite new to us was not that difficult an instrument to get to grips with. The effort was minimal and the returns, again, reasonable. However, in this instance, as we are happy enough with Forex and Indicies we will not be monitoring. Finally, GBP/USD on the 1 hour chart, yes, similar signals to the Systems We (already) Use, Sniper Forex, but we just preferred the more mechanical Sniper Forex.

So, yes, the indicators are of use and can assist trading but only for those willing to learn when to trade the system. One requires knowledge of the usual basics, Support & Resistance, Trend lines, Moving Averages, etc. We believe the system is best suited to more experienced traders looking for extra guidance rather than complete novices.

SUPPORT

Almost always immediate.

CONCLUSION

PRO's
? The indicators were generally useful at early trend identification across the instruments and timeframes we looked at.
? The EOD (End Of Day) currency trading is of most interest (to us).
? Support is swift and usually to the point.
CON's
? Not an out of the tin system, a degree of learning is required (the basics mainly, Support & Resistance, Trends, Etc.), as it is for most systems out there, their authors just aren?t as open about it.
? Not so sure that the EOD currency trading can generate ?a few thousand pips a month for almost no work at all? but it does seem profitable (and worth monitoring).


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ReviewTeam - www.systemsfortraders.com