2009-06-09: The FPA has confirmed a scam finding against TrendForex20.com. This company appears to have the same ownership as TrendForexSystem.com. We recommend EXTREME caution dealing with Trend Forex System.
UPDATE: Website is down. Company seems to be out of business.
I have to admit, I quite like John Chen's systems. Apart from anything else, he provides free simple MA cross over indicators which are really quite accurate and good for decision support. Some of his indicators do redraw but at least they are free. In the early days of my trading, I bought PTFS and learned that these work best on the D1 charts. This way, you aren't continually monitoring the price movement. And I dont place multiple trades, rather concentrate on good money management and let the trades run. This isn't really how they were intended and you have to get your eye in to use the indicators but overall, it does make money although, predictably, not at the rate that John suggests. I only place these trades at 10pm GMT so that I can sleep reasonably peacefully in the knowledge that they are running with trend and will usually make it at some point. Overall, not a bad starter indicator and template
I purchased PTFS a couple of years ago (one of the earliest versions, I expect) and found it to be a terrible mishmash of indicators that did not in fact give any sort of useful signal. The e-book was also quite dismal (very inadequate information) - obviously this guy has smelt the money to be had from selling forex trading systems, and jumped in for some of the action. I asked for my money back, but received no reply to my email.
The same thing happened with another system I purchased, with John Chen's name in the originating website - an even worse system, and again, no response when i asked for a refund. I've purchased loads of trading systems over the past few years, and only requested a refund on 4 of them - mostly I accept that a sytem might be ok, even if it didn't suit my trading style, as long as the information provided is coherent and well put together & gives some sort of signal. Stay away!
PS I did not get to the point of wanting to trade this system live, so expect my 2-star rating will be deleted - but have wanted to make my comments public ever since my experience with John Chen!
I bought Trend Forex 2.0 and was very dissapointed while still placing my order. Straight after placing the order for USD197 it takes you to another site,presssure selling..'get three for the price of one of other 'fantastic' trading systems'. For only an additional USD 197...lol. I thought to myself that the claims on the trend forex 2.0 are sufficient and will make me rich anyway, so why fork out an additional USD 197? I selected the 'no thanks - continue to download page' tab. This only took me to a second page urging me to read all. A one time only offer never to be seen again - You guessed it. The same USD 197 (in addition to the USD 197 purchase price) special offer. But what really got me upset was his claim that of the contestant good returns reported on the Trend Forex 2.0 page also used these other secret systems in their arsenal to achieve the good results they have been reporting. What an utter mis-representation on the sales page. Well I had already placed my order, but at this stage had buyers remorse. So declining this (second) offer again, I was directed to another offer - Forex Magic EA. At this stage it just became rediculous. After this rejection, I got to the download page. I thought I will give it a chance. But it became very clear that it is just the Trend Forex 1.0 re-hashed. I can not even tell what is different from the first version I bought - which incedentally I never receied any responses to on my emails. I think he added some MACD divergence this time. This is a total scam. I have requested a refund from Clckbank - hope they will be good for it. I hope this helps any other prospective buyer on search for a system that works.
There has been plenty of hype and fan fare around the pending release of John Chen's newest Forex Trading product called Trend Forex 2.0. I probably like many, many others have actually been looking forward to this release, as it "seemed" to have some solid historical data and testimonials verifying its ability to be a sound system.
Then I decided to do something most people would never do. I dug a little deeper. If you were one of the thousands who have been hit by a barrage of emails in the past couple of weeks, then you no doubt received an email that included a link that took you to this page: http://www.trendforex20.com/documentation.htm
On this page there is a testimonial from a fellow named Dean Howard from Australia. He claims to have made in excess of $34,000 in 3 months using the Trend Forex 2.0 system by being a pre-release "Tester" of the system for John Chen. In his testimonial he also includes a screen shot of an account statement dating from February 5, 2009 to March 20, 2009.
Here's where it gets interesting.....
I decided to check the validity of the trades he posted by cross referencing them against my MT4 charts, and low and behold they are not even close to the prices that actually transpired on the dates he provides on the account statement.
Once again... here is the link so you may verify this for yourself: http://www.trendforex20.com/documentation.htm
It is obvious that this account statement has been doctored to give the illusion of successful trades, when in fact it is a complete work of fiction. Now, the very fact that John Chen has falsified information like this on his website is enough for me to scream "SCAM"!
I'm so sick and tired of all the hype that surrounds these "Forex" launches, especially when it turns out that there may be something fishy going on. In my opinion, you should stay as far away from this launch as you can, and be sure to let as many people know about this as well.
i keep getting links from this guy rating theforexmiracl.look up this system its on this site.beware
I purchased the trend forex system several months ago. The system is sound. John Chen has adopted meothods from several other systems and combined them together. The basic premise of the system is to pick short term overbought oversold swings is strong trending markets (very sound). He supplies indicators and templates for Metatrader 4.
His money management is very concervative. So far I can say that after 3 months of trading I have 72% of my trades are winners. My average profits are 1.6 times my losses. I trade the 4 hour, 1 hour and 30 minute charts on majors and USD/AUD. I am trading 5 times per week (I could trade more however I have a personal rule not to hold more than 1 position in the market at one time and I stop trading if I am profitable for the day).
I have modified the entry to what John Recommends as I found the distance to stop was a little further than I like. That change has helped a lot.
I will not give this system 5 stars as It does not have an expert advisor that alerts me of trades, however what is sold is honest and works as well as anything else on the market (there is no perfect system).
I was sent this system by a friend some time ago and found the approach was basically sound. The way Chen advocates entries and stops sometimes risks far more than less experienced traders should, and the risk-reward ratio is not what I like using. However, it is not the total waste of money many such systems are and gives you some good information that can be used to tailor the system, if desired.