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This is a straight forward system and seems to work best on 4 hour charts. It's a trend following system and as such you will have many smaller losers and a few large ones that make up the difference. IT losses bother you then don't buy the system. Get used to it. It happens. You must be in the market to profit from it. However, I have modified it to to suit my needs. Typically if it reverses more than 25% of ADR from the entry signal, it will be a loser. I normally exit at that point, but to each his own.
One thing I have noted is that this is pretty much a purelt mechanical system and should be automated. When I approached the the the developer about automating he basically chided me for being lazy. I disagree but its just a philosophical difference so I won't ding him on that one. Anyways, there is a guy who sells an automated version but it isn't widely advertised and it works great. You do, however, need to purchase the original FPM along with the automated system for it to work.
I recommend this system because it works. My only concern is that eventually you should develop you own because the indicators are customer coded to your account. It this guy croaks and this is your only system you depend on you will be SOL.. Also, if MT4 is demised and this guy is no where to be found you will be equally screwed.
Again, this are minor quibbles. The system is absolutely fantastic and is the best bargain and the only system I know that consistently works.
It does provide you with pretty good entries, however In order to trade this system profitably there is a lot of discretion involved as far as exits and re-entries. In addition this system does not provide you with an exit strategy at the time a trade is initiated therefore making it difficult to implement proper money management principles. Emergency exits of 1000 pips don't count.
I think that the vendor is genuine with his intentions in marketing a profitable system and helping his customers, however he should work to improve his system by at least adding a proper stop loss strategy
I got profit monster and day monster both are great systems and you will make money with them for sure. They have filters to help you keep out of bad trades. Customer servive is excellent and Jim is a great guy. Do your self a favor and buy these systems. I have been trading with them and doing great. THANKS JIM !!!!!!!!!
This is about the Forex Day Monster and and now your going to read something new
I like some of you here have read so many good reviews about mostly the FPM and have decided to try the FDM since I have the time to spare and that I believed theres more data and more opportunities and therefore more money could be made in the lower timeframes
This system mostly gives you entry signals after a significant move and when the move is getting tired You need to have those rare great extended moves so much so that it will pull up your equity curve---but only for so much then youll helplessly see your gains being eaten by choppiness which is ever so common and so you will continue to get whipsawed to death
Alas over hundreds of trades I found myself loosing hundreds of pips
I cant help but think that this is a negative expectancy system
I understand about cutting losses and letting winners run which is exactly what I did
I followed strictly to the rules to the very best of my ability If it is because of some seemingly minor difference in the way people trade and this causes such bad performance I would say its curve fitted Adding to this the author has never mentioned about the performance of FDM in recent history It was obviously good the last time I saw him mention it
This is over a few attempts and I could have stopped wasting so much of my time and energy if not for each time I believed in the authors result, numerous reviewers (I find it hard to believe that so many people are wrong/fake), the "power" of trend following system that I could get new equity highs and the law of large numbers Everytime I get an "equity high" (which) is actually more like breakeven my equity level will continue on its way down.
If this is intended to be such (which Im already sceptical over hundreds of trades) then I would say this system is not for me as Im drained
Im going back investigate either good ole technical analysis or news trades
If its true that people are having success with this system then I can either attribute it to a huge bad patch in the system when I use it (extreme bad luck/will of god)
I have tried many many systems and am more and more inclined to subscribe to the sayings that we are all different and that you cant just use other peoples system or that a system will fail because the market is ever changing or that lower timeframes are just random noise or the warnings on lagging indicators (just look at the number of indicators in this system which is claimed to be designed to keep you out of bad trades! Well I dont think so after hundreds of trades!)
I urge the author to see whether FDM has already failed
NB: At the same time Im having my drawdowns in August the results the author got for FPM could have erased my drawdown and then some!
If theres any redeeming points I would say there was good support in the past
I purchased both of these systems after reading many good reviews online, especially on Forex Peace Army. I didn't expect much because most times the hype around these trading systems is just that, hype. But I must admit this time I have found something that I believe are honest, reliable trading systems. My first few months have been profitable, and the instructions and ebooks regarding other subjects included I think will help me to stay that way. I never knew about these other things until I bought these trading systems, they have been absent from everything else I have tried in the past.
Thank you to the creator of Forex Profit Monster and Forex Day Monster and also to Forex Peace Army for helping me to find success in trading forex.
Bought Forex Profit Monster and Forex Day Monster on 10 Dec 09. Enter a live trade on 14 Dec 09 using FPM because I prefer not to sit in front of the computer waiting for setup and 3 days after that close my position with 452 pips. The best indicator I have use so far.Support is superb.
Thank You Jim. You are the man!
Review Moderation Team Note: 5 star rating removed. We are happy with Faizal's success, but recommend waiting for more than 1 trade to close before rating a service. Please leave a followup in a few weeks.
I bought both FPM and FDM.
I trade the FDM on the 15 minute ticks. The Forex Day Monster is not for beginners in my opinion. It often triggers at the end of a bar that has zoomed hundreds of dollars. There are a couple of other traps for beginners. However, if you are wise to these things it makes a profit. In the case of zoom bars I just wait another bar or two to see if there's a pull back and then take the position.
The Forex Profit Monster on the 4 hour tick is doing quite nicely. I use the support/resistance markers for setting 'take profit'. This one also has a tendency to trigger on zoom bars. I use the same "wait a bit" strategy to enter.
If I keep using these, I'll come back and let you know how they are doing. If they screw up I'll let you know abou that too. For now I like both of these.
I purchased FPM in May and it is excellent. it is the only manuel system i trade now, I only trade the daily FPM. I work full time and do not have time to stare at the computer all day- this is perfect for me. im trading live with minis and my account is growing well. I started with .01 per trade and have moved up to .04 .i wish i would have found system a long time ago!! thank you for keeping it affordable!!!
Just took a nice 228 pip profit on GBPUSD with FPM. Two other trades open and in profit. I totally believe in this system. You can see the strength of the trends with these indicators. Trades may not take right off but you can really relax and let them play out with a lot of confidence. Very good set of indicators with multiple potential take profit options. The support and resistance indicator is uncanny for setting a take profit point. Can't say enough for a set of solid indicators and solid system that are allowing me to finally relax and let the trades play out.
I bought both of the trading systems (Forex Profit Monster and Forex Day Monster) and am extremely happy with both. These are trend following systems that are easy to follow and have clearly defined entry rules and a few types of exits that can be selected according to the trader's personality. I've been able to be profitable trading according to the system rules that are supplied. In the beginning I had a tendency to not be disciplined enough to follow the rules and it showed. Once I became consistent my results showed it.
As far as Mike from the Bahama's complaint about the Forex Day Monster repainting, it's not what I've found. The oscillator indicators in the system can change over time but this is because you're looking at them on a higher time frame than the chart you're trading on. It's a price to pay to monitor 4 different time frames on the same lower time frame chart, but it doesn't change the way the system is traded, or how a trade is exited once entered since the indicators used for exits operate only on the time frame being traded and do not change further back on the chart.
If I had the chance to buy these systems again with the knowledge I've gained about them after using them for a few months I'd definitely buy them again, in fact I'd probably be willing to pay more than the asking price as I think you get a lot more than you pay for.