Bedtime Trader Review – Kevin and Janet Greenhall

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This topic contains 10 replies, has 5 voices, and was last updated by ReviewTeam ReviewTeam 3 years, 4 months ago.

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  • #2089
    Forex Useful
    Forex Useful
    Moderator

    We hope this Pin Bar Strategy Better Than So Called Forex Experts article is useful to anyone trading this “magic USB” strategy or Nigels PAST strategy – Pin Bar Strategy

    • This reply was modified 4 years, 1 month ago by Forex Useful Forex Useful.
    • This reply was modified 4 years, 1 month ago by Forex Useful Forex Useful.
    • This reply was modified 2 years, 6 months ago by ReviewTeam ReviewTeam.
    • This reply was modified 2 years, 6 months ago by ReviewTeam ReviewTeam.

    Honest Forex Trading Courses and resources

    For all traders - Including FREE material

    Click HERE to visit Forex Useful

    #2157
    orange
    orange
    Participant

    Strange this is a paid for product (suppose because of the “magic” USB) when the Price Action Swing Trading (PAST) Strategy is FREE, it uses Pin Bars as well as Engulfing candles and has better Trade management (in my opinion) as it relates to the infographic above. Most of all the author also provides free updates here

    • This reply was modified 4 years, 1 month ago by orange orange.
    #2569
    ReviewTeam
    ReviewTeam
    Keymaster

    Strange this is a paid for product (suppose because of the “magic” USB) when the Price Action Swing Trading (PAST) Strategy is FREE, it uses Pin Bars as well as Engulfing candles and has better Trade management (in my opinion) as it relates to the infographic above. Most of all the author also provides free updates here

    Sorry we missed this. Yes, PAST is FREE (it needs no money back guarantee gimmick), you will never get an email full of sales waffle in relation to PAST and the author, Nigel Price, provides regular updates in an open forum and in the Forex Useful newsletter.

    The only reason we do not recommend PAST or review it is because we consider it would be unfair on the basis Jon McFarlane owns Systems For Traders and also founded Forex Useful.


    Members can post and subscribe to threads like this one

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    #2687
    ReviewTeam
    ReviewTeam
    Keymaster

    As pointed out previously, those of you considering this type of trading (pin-bars/doji’s/engulfing candles, etc) may well wish to try out the FREE Price Action Swing Trading (PAST) Strategy HERE

    The author, Nigel Price, also participates actively in his own forum HERE


    Members can post and subscribe to threads like this one

    And also receive an email every time we post a new review

    Click HERE to register for FREE

    #2925

    christinamaria
    Participant

    About me
    I am a forex nobody, an IT contractor by day, a wannabe trader by night and sometimes in my lunch break! I have stock trading experience but very little forex experience. I bought the bedtime trader (btt) system in November ‘13. This is my opinion, based on my own experience.

    Overview of BTT
    The system was created by Kevin and Janet Greenhall. It is delivered through the post on a USB device and comes with a comprehensive manual and a couple of training DVDs, it costs £347. All material is very informative. The sales material for BTT is overwhelming and covers results based on taking trades at £1, £5 and £10 per pip. The reported results are impressive in fact I am ashamed to say I even wrote a compound interest calculator in Excel to find out exactly when I’d become a millionaire after purchasing the system :). The numbers that BTT use to give an indication of potential profit on are based on placing trades at £10, £5 and £1 a pip.
    The Strategy
    The BTT strategy is based on a candle reversal system very much like the past strategy on http://www.forexuseful.com which is FREE. A comment in the first post stated that the system is “fiddly”. Not anymore, all you need to know is calculated for you, and a quick check of each identified trade is all that is required (allegedly). The software is extremely easy to install, even if you are not computer literate the manual is very easy to follow. After installation the software identifies trades over many currencies, major and minor pairs (circa 100 pairs) so there is plenty of opportunity to spot a trade.
    The suggested risk percentage per trade (transaction) is 3% and 15% of your trading account overall.
    Each evening a little before 11pm you start up GKFX (preferred broker) and check the BTT signals, sometimes there are a lot, sometimes none, that’s the way of the market. You then check at 11pm (candle close) and choose the trades you wish to place. The BTT highlights trades as “potential” (within a given margin) or valid (within the boundaries of the strategy) and it is up to the trader whether to take these trades using “open to order” trades or instant execution.
    Potential trades on minor pairs are identified more than majors (understandably!) however, to take the ‘minor pairs’, even at a pound a pip (which is the smallest value per pip reported in the sales literature), assumes a significant balance in the trading account and sometimes the spreads are so large on the minors, they are not worth taking. In a recent report of the winning trades was a minor, the ZAR/JPY. This had a 1510 pip stop, even taking into consideration BTT’s advice which is “larger stops, consider smaller stakes” at £1 per pip, 3% risk per trade, one would require a trading account of circa £50k. Also, at the time of writing this, the ZAR/JPY had a 70 pip spread (£70 cost to take the trade at £1 per trade). Spreads should always be considered, they are no different to transactional banking charges.

    A report is produced by Kevin on a weekly basis, identifying winners and losers. Kevin encourages traders to consider losses as “loans to the market” to be recouped at a later date. Cute. A loss is a loss and if you don’t get a little bit bothered about it and eager to find out where you have gone wrong (although sometimes it is purely down to the mysterious laws of the market) you shouldn’t be trading.

    Reporting
    If you take time to analyse the trades fully against the weekly report you will see that Kevin does not always follow his own system, he uses his experience alongside the strategy (which is not a bad thing, but does make the results misleading, especially for a novice). For example a trade last month went in the wrong direction, hence I lost money on this, but Kevin reported a profit. On analysis I noticed that the trade was left on overnight and subsequently went in the right direction a day later. There was absolutely no indication why this trade should have been left to run, nothing in the report and it was very clearly moving in the wrong direction. One of the other trades was reported as a profit but on double checking, this was a loss, although I am sure this was a mistake in reporting however, these anomalies make it difficult to analyse the results against the actual strategy.

    Support
    I contacted support several times as GKFX upgraded the metatrader platform and BTT stopped working (no fault of BTT), a new release of BTT was delivered and it was so slow it was unusable. This is now fixed. Support did not return ANY of my emails, I guess they were busy!

    Conclusion
    BTT is not a system that a novice can just install and make money, the sales material is very exciting but selling the system in this way, I feel, is misleading. The manual is very good and understandably focused on the strategy. However, I would urge anyone to read around the subject before starting to trade. You don’t need to know everything before you begin but a good overall understanding of trading does help before you begin. I lost circa 1600 pips on BTT as my account size was not big enough to take all trades and clearly, I picked the wrong trades to take.

    BTT is not as straight forward as reported, unless of course you have nerves of steel and a trading account so large you can take every trade without worry. Let’s think about that for a moment, if we rely only on probability, given the reported results, we would probably return a profit. Although never deposit into a trading account money you are not willing to lose and in my opinion, if your strategy is to blindly follow someone else’s strategy then one day you will lose.

    The good thing about BTT is it got me interested in trading (an expensive way to do it!) and it led me to two other sites that are becoming instrumental in my learning to trade, http://www.babypips.com, which led me to http://www.forexuseful.com where I chose to learn the past strategy and the swing trading strategy. I also paid for a 121 with the founder of forex useful which was a lot less than I paid for BTT and I am now becoming consistently profitable, but am still recovering the losses from BTT. So my advice is if you really want to trade, review the sites mentioned and learn the basics, make a trading plan, pick a strategy that suits your lifestyle, try it, learn some more and adapt. Maybe even spend the money on a 121 session with a real trader, it will be worth it.

    • This reply was modified 3 years, 4 months ago by  christinamaria. Reason: spelling
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