Website : Foolproof Evening Trading Website
Cost : £197
Author : Louise Woof
Review Date : May 2009

WHAT IT SAYS ON THE WEBSITE

Headlining with the statement "Stake £10 and make over £10,000 a month quickly" really catches the eye. There are also statements from various individuals who have "made over £1,000 this week", "In December I made £3,545 all from a £5 stake" and "I'm already up by over £2,500". Some statistics for trading only certain days in December are also provided detailing the returns made.

This is "no gimmick", you can "start with just £200" and you could "make over £10,000 a month for a bit of part time 'work' during the evening. In fact you could make much, much more". Best of all, "it doesn't require you to use ANY skill" and "absolutely no knowledge of the trading markets" is required, it's an "absolute cinch to use".

The system is operated between the hours of 18:00 and 21:00 every week day evening. So, during this time as soon as you see a particular signal on a certain chart you "place your trade and after a few minutes at a pre-specified time close it and smile at the money you're likely to have made". Bigger profits can be had if you are prepared to "watch your trade and close according to another very clear cut signal". All this is explained in words of one syllable in the easy to read manual.

This system came about whilst Louise was answering questions about one of her other systems, Foolproof Forex Trading which is traded at specific times during the day. "This got me (Louise) thinking about devising a system that could be used during the evening" So "I (Louise) set myself the goal of coming up with a system that could make serious money but not encroach on the working day".

Every so often the system generates no signals (in an evening) "but other evenings it would (the signal) appear 4 or 5 times", "the more I tested it, the more consistent it proved to be. Not only that, but dead simple too."

"Testers over the moon". Not surprising, the system has an average strike rate of over 70% with some trades making in excess of 100 points and there have only ever been two consecutive losing trades. The only obvious omission here is the mention of the risk/reward ratio used to achieve these results.

The only results published on the website are for December 2008 indicating 43 trades generating over £10,000 with a stake of just £10.

For the purchase price, £195, Louise offers an easy to read manual, one to one email assistance and a no quibble 30 day money back guarantee.

THE PURCHASE

We bought the manual on the website via Paypal for £197.

THE MATERIAL

A quite well written, presentable 67 page document of which the first section (16 pages) are taken up re-iterating much of the content on the website but also introduces us to the fact that the system is based on trading the Wall Street Rolling Daily instrument.

The 4 page Getting Started Quickly section that follows specifies that the system is based on a 5 minute Candlestick chart using one technical indicator (a stochastic) and (specific) price action. The Stop level is also confirmed in this section as is the Entry criteria and Exit criteria. Now although this is the Getting Started Quickly it is quite important to read the rest of the document in full before diving in. It's not a great chore as it's quite well written and after all, it's definitely worth the effort if you are considering trading the system. Besides, we found the Entry and Exit criteria to be a little confusing, enough so that we felt we had to read the more detailed sections before getting started.

There are a few pages on opening an account and setting up charts and then a Money management section. In this section Louise states risking 0.5% of ones bank and compounding which seems reasonable to us, in fact for day trading we are usually happy with 2% of our bank.

The next sections concentrate on Entry criteria and Trade placement. The sections are quite well written, precise and straight forward with a few good examples, clearing up the slight confusions we had in the Getting Started Quickly section.

The following section, Closing Your Trade, e.g. Exit criteria, is the most confusing section for us. There are 3 different criteria defined in this section, two are crystal clear and 100% mechanical, the third, reasonably clear but not as mechanical as the other two. Anyway, suffice to say, there are 3 different Exit criteria, why, we are not sure, especially as there is no indication of which one to use and under what circumstances.

There are a number of pages of examples to follow which clearly indicate valid entries with which we agree, after all when to enter is very clear and 100% mechanical. What is not shown is what exits are used, we assume this is because there are three of them and there is no indication of which one to use.

The remainder of the document contains some detail on when not to trade and trading outside the UK. There are also a couple of sections on Money management and Psychology which may be of interest to some. Worth a mention also are the Email support details, refund policy and disclaimer, which details the 60 day email support and the 30 day no quibble money back guarantee.

THE SYSTEM IN THEORY

Implementing this system is easy, in terms of setting up charts, Entry criteria and Stop loss setting. So much so, on IG Index charts we were able to program a very simple indicator to tell us exactly when a signal occurs, please do not ask us for the indicator as obviously, we are not allowed to distribute it.

Money management (0.5% of bank per trade and compound) is clear and easy to implement.

However, where we are confused with this system is the Exit criteria. We just have no idea which one to use and when to use it. We could not get a clear answer on this from Louise either nor could we get to a clear definition of which Exit criteria the results on the website were based on.

One other thing we had an issue with, well not so much an issue, more a question of the trading sense and logic behind the Price action aspect of the system. The only thing we could come up with is that is some kind of momentum play.

THE SYSTEM IN PRACTICE

In practice, as we stated above, Entry is fine, we had it programmed into our IG Index charts, it really is that straight forward and mechanical.

During our limited back-testing and actual trading of this system we were not overly impressed. OK, Entry and Stop placement are easy and straight forward. But, we were put off by the logic behind the system and also which Exit criteria to employ.

For the Exit we got out at one third of our position at each different exit point (as specified). This seemed to work fine and allowed us flexibility to catch the occasional run of which we had two, over 30 points each, for a 22 point risk.

One major problem we had in working off our IG Index charts was quite a lack of signals, maybe one or two an evening (watching all evening) and also the mixed bag of results where we estimate we had about a 50/50 win/lose ratio. We certainly didn't come anywhere close to emulating December 2008's results published on the website.

CAN IT WORK

Possibly. Although entry criteria is clear the logic behind it is beyond us, we just don't see the trading sense behind it other than, as mentioned above, that it is some kind of momentum play. One thing that is really lacking is a (one) crystal clear Exit criteria.

We would love this system to work because it would be great to have a set window outside of normal UK office hours and be able to trade a system that can make 1,000 points a month. In reality we just don't think this is the system that can deliver this high a return.

SUPPORT

Prompt email support for 60 days although we couldn't quite get a clear answer on which Exit criteria to apply and when, or on what criteria December 2008's results were based.

CONCLUSION

PRO's
- Very well written manual.
- Easy to set-up and great hours for those with a day job (in the UK).
- 100% mechanical entry process.
CON's
- System logic (the Price action aspect) just doesn?t really make sense to us.
- Exit criteria too ambiguous.
- Unable to replicate website results.
- Not impressed with the 50/50 win/loss ratio we seemed to be achieving.


Do remember, your comments are important, if you decide to purchase this system, please support us by using our link and reporting back your findings, both are valuable to us and the service.

ReviewTeam - www.systemsfortraders.com

Woof has now come up with another system= *Quickie Trader* which you might like to have a look at. I lost all faith in her after buying foolproof Forex which traded the news data by using OCO trades.

Thanks Vin, we already have this on our Request list - One member is actually running with it so we expect some interim update over here.