Bedtime Trader Review – Kevin and Janet Greenhall

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  • #685
    ReviewTeam
    ReviewTeam
    Keymaster

    Bedtime Trader Review – Kevin and Janet Greenhall

    We do not provide a link to this product because Agora only provide them to those making dedicated endorsements

    Key Info

    Publisher:  Agora
    Cost:  £247 with a 60 Day Money Back Guarantee
    Review Date:  January – May 2012

    What It Says On The Website

    “Retired Staffordshire couple (Kevin and Janet Greenhall) reveal the simple evening routine that helps them spend their ‘golden years’ yachting off the coast of Majorca …” is the opening headline for the Bedtime Trader system (there’s even a picture of them on their yacht to prove this).

    Just “15 minutes each evening (at 11pm)” is required to follow a “few simple steps” and “you could start planning your own early retirement”. One of them sometimes does the dishes, the other sometimes vacuums, whilst the other “snags/grabs” £410/£110. Sometimes they do it together and pocket £1,265, meaning they can plan a romantic weekend away somewhere warm. Also mentioned is the fact that you could earn “anything up to £29,995 this year” and “anybody can do this”.

    The main claim on the website however is this:

    How 25 strangers made £13,430 from this in just six weeks – and how you can join them today

    We are led to believe that this should read “could have made”.

    This system costs £247 and comes with a 60 day Money Back Guarantee backed by Agora.

    The Material

    Bedtime Trader comes as a hard copy 78 page manual and is reasonably well written but not without some “school-boy errors”, such as the Summary guide illustrating Bullish candles as Red and Bearish ones as Green.

    Basics of Forex, charting, opening an account, etc are explained as is the system set-up and rules. All pretty clear and relatively easy, even for beginners, to get going. 12 Currency pairs are recommended and “once proficient on these others can be added at a later time”.

    Money management, 3% risk per trade, is advised.

    The System

    The system itself focuses on trading Gravestone and Dragonfly doji’s, a candlestick formation which suggests the direction of a trend may be ending.

    There are many ways to define either of these candlestick formations but the manual does a good job of making it crystal clear what the exact criteria are in terms of what to trade or not to trade in relation to the Bedtime Trader system. In fact it is so clear we coded a simple MT4 indicator to do the job for us – Please don’t ask us for a copy as obviously it would not be right for us to make it publically available.

    As mentioned above it is recommended to start using the system across 12 popular Currency pairs, which include EURUSD, GBPUSD, EURJPY, USDCAD, USDCHF, USDJPY, etc. The system is applied to the Daily charts at around 11pm UK time. Entry is pretty much mechanical, there is mention of observing Moving averages, Channels, Support & Resistance and Trends but the emphasis on this is not huge. For example, “movements within channels can be supportive”. All in all, room for discretion, but not much, the major one, for us, being the need for – A significant move higher/lower prior to the Gravestone/Dragonfly doji formation.

    Stop is 100% mechanical as is the Target.

    Can It Work

    We traded the 12 Currency pairs suggested in the manual on the basis that would be plenty and that we could not yet consider ourselves “proficient” enough to add others.

    We traded Monday to Thursday evening, Friday is described as “a little more risky” so we avoided it. The manual suggests trading within an hour of the candle close (11pm UK time on our GKFX platform). As we had our indicator we decided we would trade at 11pm when the candle had closed completely – This also meant our results were both accurate and measurable. Took us a couple of minutes each evening to check 12 charts, place and manage orders.

    Note: Although the criteria for a valid trade is well documented it will take some time to manually check that a doji does meet the mechanical criteria. It’s quite “fiddly”, 20% of this and 25% of that, etc. – We do recommend you build yourself an indicator if you are able, makes the job a cinch.

    12 Recommended Currency Pairs – January to May 2012

    · Time period / Time-frame = 5 months / Daily
    · Time Traded = 23:00 UK time
    · Risk Per Trade = 3.00%
    · Number Of Trades / Winners / Losers = 16 / +11 / -5
    · Percentage Of Profitable Trades = 68.75%
    · Average Winning / Losing Trade = +2.51% / -1.99%
    · Profit Factor (Gross Profit / Gross Loss) = 2.77
    · Largest Drawdown = -3.43%
    · Total Return / Average Monthly Return = +17.59% / +3.52%

    So, over a 5 month period across the recommended 12 Currency pairs, we identified just 16 valid trades (3 a month). However, we did achieve a +17.59% return which is an average of +3.52% a month based on 3% risk per trade. Drawdown was good too at -3.43% which is just less than the average monthly profit.

    We are not sure that, as per the introduction to the manual that Bedtime trader is “the key to your retirement … the way to ditch the day job” however it does seem to have some merit. Perhaps that merit is further justified when adding more instruments.

    Note: To make £13,430 (even though we traded over 5 months and not 6 weeks) sticking with 3% risk per trade we would have required a starting account balance of £76,337. This assumes trading only the 12 Currency pairs recommended in the manual.

    Support

    We had no reason to contact support so we cannot comment.

    Summary

    PRO’s
    • Relatively easy to set up and trade.
    • Low time commitment, without an indicator it will be slightly longer – As it will be too if you add more instruments than those recommended.
    • Profitable with a low drawdown.

    CON’s
    • Not much action, 3 valid trades a month across the recommended 12 Currency pairs.
    • Manual confirmation (without an indicator) is “fiddly”.

    Do remember, your comments are important – If you have used or decide to use this product, please contribute to the community by reporting back your findings.


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    #688
    ReviewTeam
    ReviewTeam
    Keymaster

    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

    rajgogna

    11-Jun-2012

    Hi,

    What kind of risk reward is used on this system?

    ReviewTeam

    12-Jun-2012

    As detailed in the review – This is not possible to calculate on the basis that trades are “open” and closed the next day at the same point in time – The risk per trade was 3%.


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    #2028

    Rainmaker
    Participant

    I have been paper and real trading this for quite some months now and have just stopped. It is absolutely impossible to generate the profits that are claimed of this system for a number of reasons. Firstly, the high profit trades require huge stop losses (sometimes over 1000 points) and could do a lot of damage to your bank if they go wrong. Secondly, some of these trades have huge spreads. I have tried trading and then comparing my outcome with that quoted by the vendors and have found that they exclude numerous loss-making trades for some reason or other, while letting profitable trades run until they hit higher profit levels.

    #2029
    ReviewTeam
    ReviewTeam
    Keymaster

    I have been paper and real trading this for quite some months now and have just stopped. It is absolutely impossible to generate the profits that are claimed of this system for a number of reasons. Firstly, the high profit trades require huge stop losses (sometimes over 1000 points) and could do a lot of damage to your bank if they go wrong. Secondly, some of these trades have huge spreads. I have tried trading and then comparing my outcome with that quoted by the vendors and have found that they exclude numerous loss-making trades for some reason or other, while letting profitable trades run until they hit higher profit levels.

    Thanks for the useful feedback


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    #2045
    ReviewTeam
    ReviewTeam
    Keymaster

    We have recently seen claims that some people have made 10% a week using this strategy and some that have averaged 10% a week over the last 4 weeks – Some dreamer even mentions that if they use compounding and achieve 10% a week that in a couple of years it would be a “simply stunning financial result”. In fact if they start with £1,000, 10% a week, compounded, over 2 years, they would be just a million or so shy of £20,000,000… Get real.

    We strongly suggest and recommend you read this article – http://forexuseful.com/learn-forex-trading/trading-for-a-living – It mentions the fact that professional fund managers who have a little more than a magic USB, are happy to make 10% A YEAR

    • This reply was modified 2 years, 7 months ago by ReviewTeam ReviewTeam.


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