David Curran - Forex Avenger Trading System (forexavenger)
Dave, “never worked in a bank” or “in a fancy brokerage” and “barely finished school”. But, he is a “Self-made Forex genius” who “tells all” about his “3 step mechanism to trade the Forex market – Industry labels his astonishing discovery: The Next Big Thing”, designed to “pull cash from the Forex market like an ATM machine on crack!”.
The system claims “82.69% accuracy”, “withstands absolutely any market conditions”, is “100% mechanical which takes out any human intervention, judgement or thinking” and “continuously banks 10 or more consecutive winners”. It is “so easy to implement, so quick to learn that it will take you no more than 23 minutes – to start bagging $100, $200, $500, $1000 trades as accurately as a Swiss watch”.
There are 6 “Master Secrets” on the website, about the same number of testimonials (email/video), the promise of access to 22 videos (which promise to “reveal an ‘unfair’ trading secret that will put you in the top 1% of traders”) and 3 bonuses. And, you also get the system in eBook (pdf) format.
The 6 “Master Secrets” are as follows
We just wanted to write them down to see what they looked like, of course, feel free to read the detail on the website for yourself:
- “Don’t think like a fisherman – Think like a fish”
- “Everything should be made as simple as possible, but not simpler”
- “Always trade with the trend”
- “You can’t fire a gun with no bullets and you can’t trade an account with no money”
- “You have to be disciplined enough not to get carried away when you are successful and not become suicidal when you lose”
- “Think like a hunter”
The “core” system is based on EUR/USD and the 1 hour time-frame where you “Place a trade, switch off your computer” and “collect the cash”. It is “so good – so powerful and so easy to implement that even a child could use it” and you “don’t have to be a ‘monitor your screen’ slave”.
After being challenged by a Forex guru, Dave “made 12 trades with 9 winners for a win rate of 75%” with a “26.18% profit for the month ($2,513.90)”. This is backed up with an image of the live account used as well as a letter of verification (from the publisher of the web-site publishing Forex Avenger – strange verification!).
As well as the “core” system (we will refer to this as Forex Avenger from now) there is a second system included, “The Set ‘N Sleep System”. It “takes about 10 minutes to set up”, “you can trade this with a full-time job”, there is “no need to watch the screen”, “it’s totally mechanical” and also “simple to learn”. In fact, “the rules are incredibly simple and you will be able to win trade after trade like a sniper picking off his targets”.
The Material
An 87 pager, however, if you have any experience at all of Forex and trading you can fast forward to page 51 like we did.
The method is based on 4 indicators, 2 Exponential Moving Averages (EMA’s), Williams and Stochastic. A little back-ground is provided for each indicator as are the settings. Chart set-up is manual but is straight forward and takes no more than a couple of minutes.
The system rules are explained in the rest of the manual which includes links to 14 different videos showing Set-up, examples, etc. It leaves one pretty clear that the system is 100% mechanical and what the Entry, Stop and Exit rules are. Of note is that the Stop is a maximum 50 pips with a Target of 30.
Five pages are devoted to “Advanced Tactics”. The main difference being that the target is increased from 30 to 150 pips. We decided to stick to the “standard” method of trading (30 pip target) just for the sake of our review and to keep things simple.
Note: the last 10 pages or so of the manual are dedicated to the “Set ‘N Sleep” system. We were originally interested in this system for the “core” system (Forex Avenger). Based on this and the fact that the Set ‘N Sleep system is based on Daily charts (and thus we are not around for Daily candle close) we didn’t look into this in any more detail.
Money management of between 1% – 3% is discussed, we stuck with our, all too familiar by now, 2% of account size per trade.
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