Thread: Review - Forex Rebellion (Set Times)

FOREX REBELLION (Set Times)

WHAT IT SAYS ON THE WEBSITE

Website: Forex Rebellion Website
Cost : $97
Author : Russell Horn
Review Date : October 2009

The “Inside secret of the 3 phase strategy that revolutionised Forex trading and Kicks Out Money like a Cash register!”.

Russell Horns introduction video reveals that he is “a real honest to goodness trader”. The system he is selling is the “culmination of 5 years of research”, produces “really clear signals”, “filters out a ton of bad trades” and the “money management system is awesome (saved so many traders so many times from so many loses)”.

The website continues, the strategy is “easy to trade” and a complete beginner can “learn in 25 minutes”. Some promises, “80%+ accuracy (when traded correctly)”, “no monthly fees. The 3 phase trading method is fully revealed” and “access to me any time you need it”. This is not “one of those things you buy and then never hear from the guy who sold it to you. I trade this every day and will share my knowledge with you”. Russell states “I was not going to release this if I could not offer world class customer support! I promise that even if I lose sleep, I will answer every single email”.

Russell’s “short version” of his own background is there for all to read, we will not go into it here, he puts it better than we ever could. The be all and end all is that “after 2 years of non-stop learning and another 3 years of trying to discover the Forex secret” he “finally developed a system that could make me a ton of money and could make my dreams and hopes come true”. So much so that even he is “amazed at how this system performs” with “a wonderful feeling knowing that my future is secure and that I can help other traders accomplish the same thing”.

There is a list of Top 10 Features, here are some of them; “Works on all time-frames”, “Works on all currency pairs”, “Works in all market conditions”, “Precise entry rules – No second guessing”, “Indicators filter out bad trades”, “Several exit strategies”, “Built in risk reduction Stop loss method”.

The site contains videos of no less than 5 different people making winning trades (and 5 account statements) and at least 15 written testimonials. Most “video” trades seemed to be on the 15 minute time-frame (one on the 1 hour time-frame) with the charts seeming to have one or two Moving Averages, a Buy/Sell arrow and some kind of Stochastic looking indicator below.

The purchase material includes a 90 page pdf which is as “hardcore” as the videos with “no filler fluff, I hate it when other people do it so I didn’t”. Additionally, a chart template, all custom indicators (closely guarded secrets) are provided as is the automated “Trader assistant” that tells you exactly when to get into a trade (all for use with Meta Trader 4).

Considering there is “no filler fluff”, we were quite surprised to read that Russell has “put together the largest collection of videos ever released in an online Forex trading course” and that they cover 13 separate categories, including an Introduction and a Final Note. We were further surprised to see we were also due to receive 5 bonuses, Trendlines, Money Management, Controlling Your Emotions, Unusual Stop Loss Conditions and Trade Reversals, can we class these as “filler fluff”? Perhaps!

The product comes with the usual Clickbank money back guarantee.

THE PURCHASE

$97 via Clickbank.

THE MATERIAL

Where to start! Best we start with the 96 page manual.

After an introduction Russell explains that he favours the 15 minute timeframe (during the London and New York sessions) for this system across 10 typically liquid currency pairs. Occasionally he will trade the 1 hour and 4 hour but not very often. He only ever pays attention to Non-Farms and will trade as normal through any other news.

There are a dozen or so pages on setting up your charts (in Meta Trader 4) and then the manual moves onto the system itself.

The system itself is based on 4 indicators, an EMA, an EMA Cross-over, a Donchian channel and the QQE ADV (Quantitative Qualitative Estimator Advanced) indicator.

Entry is based on the price (in relation to the EMA), the EMA Cross-over (crossing over) and the QQE ADV indicator readings.

Stops, two options are provided. The first (and safest) option is above/below the swing high/low prior to entry with a +/- 3 pips on the 15 minute chart and +/- 10 on the 4 hour chart being advised. The second (and more aggressive) option is to place the initial stop slightly above/below the EMA. An initial trailing stop is advised, based on the initial risk (initial risk being defined as the distance between the entry and the stop). Quite standard stuff here, basically, if a trade moves 50% of the initial risk in your favour, move the stop the same amount, once the trade has moved 100% of the initial risk in your favour, move the stop to break-even.

Targets, four options. Take profits at equal risk:reward, take profit at 1:1.5 risk:reward, trail behind the EMA until taken out or exit on touch of opposite Donchain channel. The one Russell uses most often is the 1:1.5 meaning you can have 3 losing trades and 2 winning trades and still be break-even. However, there is no clear direction here on which Target to employ, as quoted, “each of them will serve you well if you take into consideration what has been going on (in the current market, slow/choppy/consolidated)”.

The manual rounds up with about a dozen pages of trade examples showing the different Exit strategies. The finale is 10 pages of Bonus tactics, including using a longer term EMA (for trend), an additional EMA (for entry), QQE ADV divergence and a little bit on “Stale entries”.

Onto the videos. The “no filler fluff” had us baffled here. There are no less than 30 videos covering the system meaning we sat through over 3 hours worth. Further to this there are 15 videos featuring live trades taking up an additional 90 minutes. All in all almost 5 hours worth of video if you wish to sit through them all. It was absolutely mind-numbing and we ending up completely mesmerised, with Russell’s repetitive tones merging into what sounded like a cross between Barney and Yogi bear (sorry Russell) towards the end, we feared nightmares but were fortunate. As for content! For us, after reading the manual, the videos’ are “filler fluff”. OK, we are experienced traders and those with less experience may have a different view on the video content, maybe some will add their comment following this review.

THE SYSTEM IN THEORY

The system is easy to set-up, those with Meta Trader 4 (MT4) experience should be up and running in no time. Even for those new to MT4, set up should take less than 10 minutes.

We like the Entry rules, 100% mechanical.

Stops. We would prefer one strategy so that the system was 100% mechanical. However, it doesn’t take too much experience and it’s not too difficult to choose which strategy is appropriate for each trade, based on the set up and the last swing high/low compared to the current position of the EMA.

Targets. This is one thing we didn’t like, 4 different strategies with your view of the current market action dictating which one to employ, quite discretionary indeed.

We decided to trade this system on the 15 minute time-frame (the most popular based on the video trade examples on the website) and the 4 majors, EUR/USD, GBP/USD, USD/JPY and USD/CHF. We also decided to, as best possible, trade the system between the hours of 08:00 and 15:00 (UK local time), plenty of screen time for us for any strategy.

As to whether a beginner can “learn (the system) in 25 minutes”, we are not so sure. Chart set-up, reading the manual and deciding approach alone took us at least half an hour. So, even if a beginner is quicker than this, what about all those videos?

A sensible 2% risk per trade is advised and it is what we used.

THE SYSTEM IN PRACTICE

To keep things simple, we used the 100% mechanical Entry process and found the Stop setting process (choosing between swing high/low and the EMA) fairly mechanical too. For Targets, for simplicity, we used Stop distance multiplied by 1.5, the one Russell favours.

After a couple of days trading the 4 majors mentioned above on the 15 minute time-frame between 08:00 and 15:00 (UK local time) we changed our approach. The trading was just too intense, almost 20 trades, a lot of chop and a net loss of around 5% over the 2 days. We are not saying this system will not work on this time-frame but it does require full on attention and commitment for quite some period of time. This does not fit in with our approach to trading which we feel should not be screen intensive. Even if we showed a net profit over the 2 days we are almost certain we still would have changed our approach.

So, what approach did we adopt. We moved up to the 4 hour time-frame (fits in with our LMT trading) and as well as the 4 majors (EUR/USD, GBP/USD, USD/JPY and USD/CHF) we added AUD/USD and EUR/JPY. We retained the same Entry, Stop and Target criteria.

Worth a mention here is that the “Trade Assistant” is most useful. It basically takes all the Entry criteria and when met, issues an audible alert and displays the entry details on the screen, an excellent bit of programming.

Anyway, the 4 hour time-frame was much more our style. As with the 15 minute time-frame the alerts warn of a trade set-up (although they are of course much less frequent). Order placement is quick and simple. Trades, once triggered, require little management other than to move the Stop when the trade has moved a third of the way towards Target and then again to move Stop to break-even when the trade has moved two thirds of the way towards Target.

For overnight trades we simply used the Stop we had in place and it worked for us in that we were never taken out of a trade any worse off than we would have been if we were around. We did close all open trades at 19:30 (UK local time) on Fridays, so no positions were held over the weekend. We also, avoided trades on a Friday, as we do not feel that, say 12 hours, is long enough for a trade “to breathe” on the 4 hour time-frame. Besides, having Friday off is a privilege of being a trader.

So, scores on the doors!

- Week 1 – 6 trades, 5 winners (to target), +669 pips
- Week 2 – 9 trades, 1 winner (to target), +3 pips
- Week 3 – 11 trades, 5 winners (to target), +382 pips

The average Stop loss for the above trades was just short of 100 pips. Thus, over the 3 week period we achieved a return of 1051 pips so around 20% (minus the 5% we lost trading the 15 minute time-frame for a couple of days).

CAN IT WORK

Well, obviously, 3 weeks is far too early to tell. However, for us, it is apparent that the 4 hour time-frame is much more suitable. Less trades, less chop and a seriously reduced amount of screen time.

We have published this review much quicker than usual due to requests from you, our forum members, as there was quite a lot of hype around the internet in relation to this system. The intention being to get an initial “gut feeling” out there.

We will continue with this system for another couple of months on the 4 hour time-frame where we will fit it in alongside our (currently very infrequent) LMT trading. At the end of this period and perhaps with the input from the collective we will be in a much better position to give our view on whether this can work.

SUPPORT

All our queries to support were answered within 24 hours, the responses were personal and useful.

CONCLUSION

PRO's
• Almost 100% mechanical (discretion required for Stop loss, but it is minimal).
• Relaxed (and profitable (on limited exposure)) on the 4 hour time-frame.
CON's
• Lower time-frames are choppy, time consuming and trade much too frequently for us.

As mentioned above, we will continue to monitor this system and around the end of the year will make a decision as to whether we will continue to trade it or not. In the meantime we hope to hear from others trading this system on any time-frame.

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.


ReviewTeam - www.systemsfortraders.com