Website : The Louise Woof Quickie Trader Website
Publisher : Louise Woof
Cost : £187.00 with a 30 day guarantee
Review Date : March 2011

WHAT IT SAYS ON THE WEBSITE

Louise Woof of Foolproof Forex fame is back with the “ultimate lazy way to spread betting profits” with the Quickie Trader – “If you can spare just 30 minutes at 3:00pm or 8:00pm (Monday to Friday), I’ll show you an easy way to make up to £26,350 in the next 12 months” is the headline.

It’s not day trading, it doesn’t involve staring at your PC for hours, there are no complex charts or software, no big risks and you can start with as little as £200.

Results are “not back tested in theory”, they “are based on actual results generated since May 2009”. Performance tables are provided on the website. Staking £20 per trade from an initial bank of £4,000 could have grown to £56,700 in just 12 months, that’s an average monthly return of £4,391.

“No prior skills and absolutely no knowledge of the markets” is required to “give anyone who can’t trade live during the day an opportunity to earn serious money”. Just “watch for a simple signal to appear on a certain chart”, “place your trade and watch. Sometimes you’ll make a profit within minutes but occasionally there won’t be a trade and you just walk away”.

Louise has “trained more than 7,000 people to day trade the markets” and a number of testimonials are provided on the website.

This product comes with a 30 day money back guarantee, backed by Canonbury.

THE MATERIAL

A 50 page manual that is typical of Louise in that it is concise and very well written, more so aimed at those with no previous trading experience. The getting started quickly section should be sufficient for almost anyone with prior trading experience to get into this simple system within minutes of picking it up.

The rest of the manual is; part re-iteration of the website material, an introduction to spread betting, opening an account, setting up a chart and money & risk management.

THE SYSTEM

The Quickie Trader system trades just the DOW, uses no indicators and as per the website, can be traded at either 3pm and/or 8pm UK time. The approach here is based on a specific breakout within an hour of the specified trading times.

Set up is easy, even for beginners. The system is simple to understand and is quite mechanical once you make some choices. For example, place a Stop at 15 but exit at 10 if price looks like its stalling, we just used a fixed stop at 10, we for sure cannot tell when a price is “stalling”. There is another instance of ambiguity but, again, just applying some common sense means you end up with a mechanical rule base.

We traded both the 3pm and 8pm strategies, risked 2% per trade and did not apply compounding in order to demonstrate more meaningful results.

Risk:Reward is not easily defined as the Target on all trades is open. All trades are exited either; when the original Stop is hit, the Breakeven Stop it hit, if the 20 point trailing stop is taken out (assuming you use that option, as we did) or, at the end of the session (4pm/9pm) – 1 hour maximum per trade.

CAN IT WORK

Our results for March were as follows:

- 3pm - 20 trades, 13 losers, 6 winners and 1 Breakeven – A net loss of -1 point / -0.2%
- 8pm - 19 trades, 11 losers, 5 winners and 3 Breakeven – A net loss of -49 points / -9.8%

Most of the time we ended up trading the full hour.

Putting the Buy/Sell orders on is OK if the market is a distance from the Entries (more often than not). However, when the market is close to the Buy or Sell levels one has to hover over the Buy/Sell button and then be quick on their feet.

Once in a trade it does require attention. Stop has to be moved to Break-even when appropriate, plus the trailing Stop needs to be managed. This Trade management over head (plus manual Entries when necessary) will be noticeable to anyone not used to “scalping” and the often swiftly moving DOW instrument.

The majority of our profits came from the few “run-away” trades which is what we suspected would be the case when we picked this strategy up. He winning trades yielded on average 18 points, almost twice as much as the losing trades. However, they were just not frequent enough.

The issue with this strategy, in our opinion, is in actual fact the Quickie aspect. The 10 point Stop on the DOW which has a 2 point spread means that more often than not one is Quickie-ly taken out of a trade. Sure, when the trade goes in your favour it is also quick but it really is a coin-flip situation anticipating those “run-away” trades.

SUPPORT

We had no reason to contact support so cannot comment.

CONCLUSION

PROs
• Well written manual, clear instruction and even complete beginners will be up and running very quickly.
• Mechanical, once some common sense decisions are made on a number of the rules.
• One hour twice a day.

CONs
• Performance is nowhere near the “as advertised” performance – We believe the Stop is just too tight for such a volatile instrument.
• Waiting to enter at market when price is close to the Entry price (thus, cannot place orders) will mean nervous times for some.
• The “scalping” nature and intensive Trade management aspects of this system may not suit some.


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.

Pretty much what I found. It felt like 'Scalping for Dummies'. The manual was pretty though! I can't believe you consider one hour a day as a pro though; firstly, it's 2 hours if you do both sessions, and secondly it's a full-on hour per session with your finger over the firebutton.

Saying that, do you think there is room to experiment with wider stops? Anyone?

Z

Hi Z

Ok - It's a Pro compared to 8 hours but not compared to FMT for example, 2 minutes, it's a fair comment, agreed.

Wider Stops - Yes - Perhaps - But then that would require "curve" fitting perhaps - To then compare with the returns.