3 Ducks Trading System Review – Captain Currency
April 5, 2013 at 8:29 pm #985
3 Ducks Trading System Review – Captain Currency
Click below to visit the website
Publisher: None specified
Review Date: July 2009
What It Says On The Website
Not very often we review a FREE system/service as the main aim of the site is to try and provide an honest review of systems/services so others can get an independent opinion before parting with their hard earned cash. And, obviously, so those who have exposure to the systems/services can also add value from their own personal experiences.
However, in this case we stumbled across, what we consider, a bit of a gem. We have included a review as we believe its an excellent starting point/building block for those new to trading, and it’s completely free.
There are no “wild” claims on this website (or in the eBook). The site simply offers up the following; the eBook will “let you know exactly how to trade the system”, it includes “a few tips and tricks I use” and it will “help you improve your own trading”.
The ebook is available as a download on the website or by sending an email to the author.
Firstly it is worth mentioning that this is not a trading “system”, it is more a set of guidelines that can be used to improve your trading and, in our opinion, a pretty sound set of guidelines at that. We liken it to the Multiple Time Frame (MTF) philosophy a lot of us came across in our early days in the excellent book written by Marcel Link, High Probability Trading.
The 25 page manual is well written and clear. It provides sufficient information on setting up the charts and then goes into detail on Entry criteria.
This “system” uses an MTF approach based on the 4 hour (major trend), 1 hour (confirmation) and 5 minute (for entry) timeframes with one industry standard indicator across the board.
Stops and Exits are also explored in quite some detail as are “what if” scenarios.
Set up is easy and straight forward.
Entries are almost 100% mechanical. There is sufficient detail in the eBook on Stops and Targets including some good examples. However, this eBook makes no hard set rules here, and rightly so. Stops and Targets for this kind of “system” will depend entirely on how or why you adopt the guidelines and therefore depend entirely on your own personal style of trading.
As we made clear above, this is not a “system” as such, it is a set of (sound and logical) guidelines. So, we never used the guidelines as a “system”. However, we do incorporate some form of MTF analysis and principles into all of our trading and believe the way it has been described in this eBook is better than any we have found to date.
Can It Work
For the reasons described above, not added to our Systems We Trade as, although we adopt these kind of principles across all of our trading, its not a “system”, it’s a set of guidelines.
On that note, in our opinion this is a very sound set of guidelines that those new to trading would be wise to pay at least some attention to.
Considering the eBook is free we expected a lengthy wait however, all communication we had with Andy was usually responded to within 24 hours.
• It’s free, the logic is sound and it’s a great set of ground rules for those new to trading.
• It’s easy to set up and Entry criteria is sound.
• None really, other than, as we and the author make clear, this is not a “system”, it’s a set of guidelines.
Note: There is a (cheeky) facility to buy Andy a pint of Guinness on his website and at 5 EUR for the FREE eBook and based on our last visit to Dublin, seems reasonable to us (and, yes we did and so should you).
Do remember, your comments are important – If you have used or decide to use this system, please contribute to the community by reporting back your findings.
Attachments:You must be logged in to view attached files.April 5, 2013 at 8:37 pm #989
Systems For Traders had to be rebuilt in 2013
This is a selection of key posts and comments from the original forum prior to the rebuild
Works ! I was suprised but the thing worked! KISS at its best.
As systemsfortraders rewiew says this is not a “system”, it’s a set of guidelines. Very important point.
I’ve been using the information from the free ebook for a couple of days now. I’ve combined it with my current use of fibs for targets and the results have been amazing. I’ve had a horrid start to June, but since incorporating the lining up of the “3 ducks”, I’ve had 5 winners and 2 BE out of 7 trades.
The discretion I’ve applied is that I saw AUD and NZD currencies showing strength across many pairs, so basically looked for neat trends with pairs that have them (the crosses were trending very nicely) — I just waited for the 3 ducks to line up (after a visible pullback on H4/H1), entered as recommended and set targets to fib extensions from the HTFs. So far it’s working like a charm.
Nice post – Thanks for sharing.October 3, 2013 at 4:02 pm #2590
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