Thread: Review - 3 Ducks Advanced 1 On 1 (Set Time)

Website : 3 Ducks Advanced 1 On 1 Website

Publisher : Andy Perry

Cost : 195 Euro

Review Date : February 2010

WHAT IT SAYS ON THE WEBSITE

The website (link above) provides access to a simple PDF which provides some back-ground on the 1 On 1 Training Course. So, this is not just a Trading system as such, it is more of a Trading course where an "advanced" version of the (Free) 3 Ducks Trading System is taught in a 1 on 1 session with the author.

The course guarantees that "you will get 150% out of my 1 on 1 (Training) course", a 3 hour online course which will enable you to:

- Scan the charts and identify the most profitable currency pairs to trade at this point in time
- Correctly observe price action and trends using the 3 ducks method
- Identify high probability trade set ups (not discussed in my e-book)
- Trade successfully with pending orders (set and forget) and not screen watching
- Understand why we ignore some signals and avoid giving winnings back to the market (not discussed in my e-book)

It is a course that is "very educational, straight forward and enjoyable". It is split into two sections, "the first section will be in the online classroom" and the "second will be in the live market where you will be applying your knowledge". Notes are also provided at the end of the course.

As a "gesture of good will (after the end of the course) you will also be emailed the Forex report", a bi-weekly report "analysing the major currency pairs using the 3 ducks method".

THE PURCHASE

Having made contact with Andy via email and agreed a suitable date and time, 195 Euro is paid via PayPal.

THE MATERIAL

Having paid for the course, an email confirming receipt of payment confirms the date and time and also contains a one page agenda for the course.

The day before the course, an email reminder is received, which includes the Classroom access code. This is basically a link and login to a conference facility which enables Andy to share his screen and allows the student to interact with his screen at the same time.

THE COURSE

The course is performed on a 1 to 1 basis via Skype and the conference facility. Skype is used for voice, and the conference facility, as mentioned above, to allow Andy to perform interactive sharing of his screen. As a back-up (in case of poor Skype performance) a land-line number can be used, luckily we had no need for this as we only had a couple of minor Skype hiccups.

After 10 minutes or so back-ground on each other the course commences with a short re-cap of the original (free) 3 Ducks Trading System and confirmation that the "advanced" strategy retains the core principles and trading logic of the original.

The first part of the session then has Andy leading the way with a walk-through of the "advanced" strategy, on historical charts. Step 1 (the first duck) requires scanning various currencies on their anchor charts, a "kicking the tires" process. This is interactive (drawing trends/highs/lows, etc.) and includes Andy's explanation of the process and his approach to trend identification. This filter step weeds out which currency pairs he will be interested in that day.

The 2nd and 3rd Ducks (steps), again on historic charts, involves focusing in on a lower time-frame and Price action, but only for those currencies meeting the 1st criteria. This process helps determine and confirm valid trades for that day, which orders will be placed and at what levels. Again, this is an interactive session and involves student participation.

This first session lasted just over an hour and after covering all Questions & Answers, we had a 5 minute comfort break before resuming and moving on to real-time charts.

The second session focuses on what you have learnt and is a lot more interactive. It involves going through all 9 currency pairs (that Andy trades) and applying the whole "advanced" 3 Ducks strategy to the live market. Although this took us over an hour, including answering questions along the way, Andy assures us that the whole process end to end takes him about 15/20 minutes each day, including placing orders.

This is actually the main difference between the original 3 Ducks strategy and the "advanced", the latter is a Set & Forget approach. The routine is performed once a day and orders are then typically left until the same time, next day. The original strategy relies on monitoring the 5 minute time-frame and we have to say this is a vast improvement, as we do not like or believe in spending a significant amount of time glued to our screens. All trades are placed with a 1:2 risk reward.

It is recommended that the 3 Ducks "advanced" strategy is applied between 07:00 - 12:00 GMT, when the Forex market is at it's busiest, with no one specific time being recommended or being better than any other. Typically 08:00 - 10:00 is suitable, after the mornings "excitement", which can provide some false moves, is out of the way.

This is not a 100% mechanical system. It cannot be, as it is relies on ones interpretation of trend and local support and resistance levels. It is however as mechanical as a discretionary trend following system can be, in our opinion.

Across the 9 currency pairs which Andy trades he typically (95% of the time) finds at least one set-up each day and, more often than not, 2 or 3 opportunities.

POST COURSE SUPPORT

As per the website, the bi-weekly Forex report is a report produced by Andy and provides his current view of the major currency pairs in relation to the "advanced" 3 Ducks strategy. It identifies Strong/Weak pairs as well as potential Buy/Sell levels. This is a most useful aspect of the course. It allows you to keep yourself "in check" and compare your own views, twice a week, with Andy's. We agree with Andy's comment that it "adds that all important feeling of support and belonging as trading can be a bit lonely and unsure at times". It sure provides an excellent bench-mark whilst applying the new strategy in the real world. We typically receive this report around 07:00 GMT on a Monday and Wednesday morning.

After the course, Andy is also available (by email) to answer any further questions and turn-around is usually quite swift and the answers to the point.

SUMMARY

A highly educational 3 hours that does take the 3 Ducks method to a new level, one we are much more comfortable with. The bi-weekly Forex report is extremely useful as a support/learning tool and support (email) is also excellent.

For those that like/enjoy/use the free 3 Ducks Strategy, this is a very reasonably priced addition to that education.


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ReviewTeam - www.systemsfortraders.com