Blue Blade Trader Review – Chris Hardcastle

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    Blue Blade Trader Review – Chris Hardcastle

    To The Best Of Our Knowledge This System Is No Longer Available

    Key Info

    Publisher:  Fortis Publications
    Cost:  £267 with a 60 day money back guarantee
    Review Date:  July – September 2011

    What It Says On The Website

    “This breakthrough Forex system works in any market, anywhere in the world … Just plug it in, follow the instructions and you could make a potential £59, £65 or even £200 every time you fire it up” is the headline for Chris Hardcastle’s Blue Blade Trader.

    Chris states that it took him 6 years to crack “the perfect way to trade the Forex markets – for people with busy lives to lead and very little spare time”. He personally makes “around £500 a month using this ‘sat nav’ system” and it takes him about 20 minutes a day.

    Just a few checks on the computer in the morning and Chris sets things up and goes to work. It takes 5 minutes to load up and requires that you look at one line (the Blue Blade) and “this tells you exactly when and how to trade … no interpreting charts, no second guessing, no uncertainty”.

    The system itself, as explained later, is based on Ichimoku, a complicated chart which, for those interested, is explained in more detail here.

    In less than 10 weeks, between March and May, Chris made a 103.78% gain using his system (based on 5% risk per trade as best we can work out).

    Blue Blade Trader comes with a 60 day Money Back Guarantee backed by Fortis Publications.

    The Material

    A 92 page manual page manual, a custom MT4 template and a custom MT4 indicator are supplied.

    After getting through the Introduction we noticed a number of discrepancies not just in the Introduction but also between the Introduction and the website (www):

    · Risk 1% – 5% per trade (www), 1% – 3% per trade (Introduction)
    · Time commitment per day, 20 minutes (www), 5 – 10 minutes / 15 – 25 minutes (both in the Introduction)
    · Charts, 1 chart (www), couple of charts & a couple of checks (Introduction)
    · Checking time, once in the morning and forget it, walk away and leave it running (www), morning, lunchtime, when you get home and again in the early evening (Introduction)

    The next 20 pages provide an overview on Forex, Ichimoku, charting and an introduction to the Blue Blade Trader system. 10 pages are then devoted to setting up a Meta Trader 4 account and installing the custom template and indicator.

    Finally we get into the system itself. Entry is 100% mechanical and is based on 3 indicators, all involving Ichimoko and the “Blue Blade”. Stop and Target are both fixed, at 50 Pips.

    Money management is covered towards the end of the manual as is a typical Blue Blade Trader day, as follows:

    · In the morning check for conditions, if met then place a trade
    · Check again on the train on the way to work
    · Check again at lunchtime if possible or on the way home
    · Check when returning home
    · Just before going to bed check again

    There are 8 video’s in the members area and given they are only 10 minutes long (in total) they are worth viewing as an accompaniment to the manual.

    The System

    Entry is executed at current market price on close of the 1 hour candle when all 3 conditions are met. Stop and Target, as mentioned, are fixed at 50 Pips each so this makes Blue Blade Trader a 100% mechanical system.

    Some trade management is required to exit trades under certain conditions which can be met any time of the day on close of an hourly candle. These rules plus the fact that the Entry criteria can be met at any time of the day on close of an hourly candle means that, in reality one should really be around and check the chart every hour on the hour.

    We chose to risk 3% per trade on this strategy, trading just the recommended USDJPY on the 1 hour chart.

    Can It Work

    As mentioned, this is not really a system you can check a few times a day. Perhaps it does take just 20 minutes a day but in our opinion it should be checked every hour on the hour. This is the approach we took and traded from the 0800 candle close to the 2100 candle close (CET). Due to other commitments if we were not around to actually execute a trade we recorded the details from the chart.

    Trades open on a Friday evening were closed at 2100 CET and Stops where appropriate were moved to breakeven before major news announcements were due out for either USD or JPY. Trades which met exit criteria overnight were exited on close of the 0800 candle (CET) the next day. If we missed a Trade entry (from overnight) we waited for the next valid entry.

    Our results were as follows:

    · Time period / Time-frame = 3 months / 1 hour
    · Time Traded = Every hour
    · Risk Per Trade = 3.00%
    · Number Of Trades / Winners / Losers = 28 / +9 / -19
    · Percentage Of Profitable Trades = 32%
    · Average Winning / Losing Trade = +1.75% / -0.76%
    · Profit Factor (Gross Profit / Gross Loss) = 1.09
    · Largest Drawdown = -4.50%
    · Average Per Month Return = +0.44%

    Although this system returned a small profit over 3 months it required too much effort to justify the reward. OK, this was maybe our choice as we decided to check every hour on the hour, however, we believe it is the only sensible way to trade this system based on its rule base.

    Support

    We had no reason to contact support so cannot comment.

    Summary

    PRO’s
    • Easy to set up (on MT4).
    • 100% mechanical.

    CON’s
    • Having to be around every hour on the hour.
    • Poor return for the effort.

    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.


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