Thread: Review - Forex Kingom (Intra)

FOREX KINGDOM (Intra)

WHAT IT SAYS ON THE WEBSITE

Website : Forex Kingdom Website
Cost : $75
Author : The Forex Kingdom Team
Review Date : June 2009

The website opens up with, for some reason, a detailed explanation of why (trading) robots don't work.
The Forex Kingdom Team then, without revealing his/her name (so it seems the team is one person (incidentally the identity of the "team" is not even revealed in the manual)) provides some back-ground information on themselves. "I'm nothing special", I have a "BA in business" and experience of "seven years trading on the foreign exchange".
There are a number of example trades on the website, based on 1 Hour charts, all winners and all with "real money", "not phoney demo accounts".

"The signals which my system generates have an 85-95% win rate" and the "results can be duplicated by anyone".

There are a whole host of bullet points about what the Forex Kingdom will do for you, here are a select few, "discover the five most important indicators and why you must use them", "recognise real, money-making patterns in places other people don't know to look", "proven methods the pros use" and a "proven formula".

The ebook is a "clear, concise system that's easy to understand and easier to act on", "you'll be able to read through it in less time than it takes to set up an auto-trader" and "you'll be able to start reaping the financial rewards within one single day".

The system also comes with a 60 day no questions asked money back guarantee.

THE PURCHASE

$75 via Clickbank.

THE MATERIAL

A chunky 78 page manual, with the first 50 pages providing a background to Forex and Technical & Fundamental analysis. This is followed by a few pages on discipline (in which 3% maximum of account size per trade is recommended) and then finally we get into the system itself, on page 55.

So, the system is based on 1 hour charts and comes supplied with a template for use with Meta Trader 4. It relies on 3 indicators, one of which is one we have never heard of, CAO.

Also core to the system is Trend, Support and Resistance and Price patterns, which are defined reasonably well in the opening 50 pages.

The remaining 15 pages or so of the manual focus solely on quite detailed and explained trade examples.

THE SYSTEM IN THEORY

Setting up this system (in Meta Trader 4) is very simple as the template is provided.

Entry, Stop and Exit are all crystal clear and the CAO indicator makes this system 100% mechanical. The CAO indicator draws a series of 4 dots at the last line of Support/Resistance. Entry/Exit is then based on these dots and the other 2 indicators.

Back-testing was for sure profitable on the two currency pairs we looked at (EUR/USD and EUR/JPY) on the 1 hour time frame. And, the CAO indicator painted at the previous points of Support and Resistance was indeed impressive.

THE SYSTEM IN PRACTICE

Well, in practice we only took one trade. The reason being the lovely CAO indicator we mentioned earlier is painted late (up to 4 bars late). This means we got into our trade very late and exited our trade very late, for a loss.

CAN IT WORK

Back-testing looks impressive. However due to the CAO indicator lag this system would be much less profitable than it looks, if indeed profitable at all.

SUPPORT

We received a response to our support email with 48 hours.

CONCLUSION

PRO's
? Looks great on the screen.
? 100% mechanical, for Entry, Exit and Stop.
CON's
? Indicator lags.


Do remember, 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.



ReviewTeam - www.systemsfortraders.com