Reviewing A Trading System
Trading systems usually come in the form; check the website
, part with your hard earned cash, receive a manual (more often than not in pdf form), flick through and absorb it, configure your charts, learn the system inside out, trade it, make the same profits claimed on the website, you have joined the elite, as promised.
Most of these systems claim to be mechanical, so, a certain number of criteria (indicators) have to meet specific conditions before you make your trade. E.G., Two Moving Averages have to cross over, 200 Day Moving average has to be rising and the CCI indicator must be less than 80 on a 60 minute chart. This is not a Trading system, please do not use it, it's an example. The point is, most systems are rules based (mechanical) and have to be set up and learnt (by the user, that's you). To us this requires the reading of the manual, setting up the charts, observing historic data (back-testing) and running in real-time on a small (or demo) account. We will never operate a system as is on a leveraged account based on the website statistics alone and we would never advise everybody else to do follow this rule of thumb.
Sometimes a system will come with an Expert Advisor (aka EA). These EA's are usually system specific indicators that are downloaded and applied to Meta Trader charts (they will only function on Meta Trader charts). This is well known charting package offered by a lot of of the Forex brokers in the market so is usually not a problem for most. The EA is usually incorporated into the systems rules. An Expert Advisor is just another indicator that has to adhere to a specific rule base in order to confirm an entry. The advantage of some EA's is that they give out an audible alert when a trading opportunity is setting up/has set up and thus saves the trader some trouble and with any luck, some screen time.
The majority of Trading systems we review are Forex based, and this is no surprise, the Forex market the largest (most liquid market and most accommodating (its open 24x5 on most platforms. A number of systems are designed just for indices, e.G. FTSE, DOW, S&P and Sometimes we review some commodity based Trading systems. However, it is fair for us to say that for every system we come across the bulk of them will be Forex related.
During our free time we put our experience to use to put together initial reviews of as many of these Trading systems as possible. Reviews are based on our limited exposure, limited because we simply do not have the time to look at each Trading system for months upon months and trade them all at the same time. But, this is in line with our objective, we do not aim to test each product to nth degree but to draw on our experience to get a broad feel for it so as to be able to produce our review. To accomplish this, for each Trading system, we try to do some form of back-testing/result verification and also run the Trading system in real-time (on a small account) for at least a month or two. Not perfect, But we believe our experience allows us to put together what we consider a reasonable review based on this exposure.
Our aim is not to be Judge and Jury, our limited exposure does not warrant this. More so, our objective is to promote further (hopefully honest) dialogue and opinion within the forum from those with further experience of the Trading system, who will add added value. All being well this will result in a forum that the whole trading community can come to rely on and benefit from, not just based our experiences but from the experiences of the other members.
We monitor (moderate) every single post on the site so all forums will remain on topic. It will not develop into another clogged up forum for members ego's or for off-topic unrelated discussion.
With it very tough to tell the difference between a genuine system review or an individual simply interested in selling you a Trading system we are becoming the one trustworthy source in the industry, a welcome change!
All we ask is that people revisit the site now and again and share their own experiences. It is only through this co-operation that the site can truely be of benefit to all of us in choosing a Trading system.
Tatiana is a Full-time trader with over 10 years experience in trading the Forex markets. She is a member of the ReviewTeam at the established independent Trading system & Signal service review site http://www.Systemsfortraders.Com/
by: TatianaU
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