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Systems For Traders | Boss Trading Method Review – Lee Scholfield

Boss Trading Method Review – Lee Scholfield

HomeForumsReviewsForex Trading System ReviewsBoss Trading Method Review – Lee Scholfield

This topic contains 4 replies, has 1 voice, and was last updated by ReviewTeam ReviewTeam 6 years, 3 months ago.

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  • #795
    ReviewTeam
    ReviewTeam
    Keymaster

    Boss Trading Method Review – Lee Scholfield

    This product is now available as a Free download – See our post from 29th March 2013 below

    Key Info

    Publisher:  None specified
    Cost:  £147.00 with a 30 day guarantee
    Review Date:  February/March 2011

    What It Says On The Website

    “A Forex system that guarantees you are on every single big daily move” is the headline for The Boss Trading Method. The Boss Trading Method is, in effect, Boss (Wins) 2. We discovered that the original Boss Wins method is also included in the purchase price of The Boss Trading Method, from now on we will refer to Boss 1 (the original Boss Wins method) and Boss 2 (The Boss Trading Method).

    This strategy can be started “with as little as £500, although it will take longer to build – At £500 you can start trading at 50p per PIP and still be able to make £200 – £500 per month”. Compounding will allow you to set a goal of £20 per PIP, that’s £10,000 per month assuming “a nice realistic 500 PIPs profit for the month”.

    There is the option here to “trade all day for larger gains or spend 10-30 minutes a day for a regular income”. It is the “full intraday method” which “will show you how to profit on every big move in the market”. The “simple trade profit multiplier” method “shows how you can get a trade on in the morning” (for a 10 – 30 minutes a day time commitment).

    Full support (including Skype) and weekly updates are included in the price of the system as well as “weekly video updates”.

    There is also mention on the website of some software being made available which will trade the intraday method without you being at your pc. At present, as we understand, this is still a work in progress.

    Finally, Lee’s guarantee is – If you use the method as stated and do not make at least 300 PIPs within 30 days (making your original investment back within a month at 50p per PIP), you can have a full refund.

    The Material

    The 130 page manual may seem daunting but to put this into perspective we printed it on 4 pages to 1 page and it’s still in big font and readable from a fair old distance.

    The manual is well written and laid out. Chart set-up is easily explained over a couple of dozen pages. IG Index advanced charts are used (IG Index basic charts are not sufficient for Boss 2 but are for Boss 1). Anyone with Meta Trader 4 will also be OK.

    The rule base is well explained – Entries, Stops and Targets are clearly defined (for both systems). There is just a small amount of discretion for the Stop on Boss 2 – It is small and should pose no problem at all for most, we are sure.

    The remainder of the manual (the bulk of it) is filled with examples, staking plans, results and some spread betting basics. In general, information that will be more useful to the inexperienced than the experienced trader.

    The System

    Boss 2 relies on 3 industry standard indicators, Boss 1, no indicators at all. Boss 1 is traded at 07:00 UK time, Boss 2 between 07:00 and 08:00, both based on trading GBPUSD only (5 minute candlestick charts). Lee advises that he trades Boss 2 from 07:00 – 15:00 as a matter of choice/preference.

    For review purposes we chose to trade the Set time Boss 1 method (07:00) and also the Boss 2 method between 07:00 and 08:00 (the “simple trade profit multiplier” approach). The reasons we chose not to trade the full 07:00 – 15:00 was, time commitment (8 hours a day) and also the view that most of our members are interested in morning/lower time commitment based strategies, and rightly so.

    Trades generally last no more than an hour, for either system. We used the fixed Target recommendations for both as well as the fixed Stops (including the little bit “extra” for Boss 2 as appropriate (rarely had to use)).

    Risk:Reward on Boss 1 is 1:1 and on Boss 2, is typically 1.5:1.

    Can It Work

    Boss 1

    As noted above, this is traded at 07:00 UK time with 2 orders set, good until 17:00. Fixed Stops and Targets, Set & Forget, so a few minutes each morning is sufficient. Our results for February (from 7th Feb) were as follows (assumes 2% risk per trade):

    – 21 trades, 15 losers and 6 winners, net loss of -266 PIPs / -18%

    Our results for March were:

    – 30 trades, 10 losers and 20 winners, net profit of +319 PIPs / +21%

    This is a huge contrast and one which fuels enough interest to monitor for at least another month or two. We will report back with full results at the end of April.

    Note: The vendor no longer trades this original Boss Wins (Boss 1) strategy nor does he monitor or provide updates on the performance (as best we know) – We have simply included our results for completeness.

    Boss 2

    We traded this between 07:00 and 08:00 UK time, effectively taking the first set-up of the day, if there was one. This usually required a time commitment greater than the advertised 10 – 30 minutes, typically the full hour on most days. Operation is simple though with any orders entered being good until 08:00 and all trades left to run to Stop or Target. So, at 08:00 any open orders are removed (automatically if you have a decent broker), any open trades are simply left to run to Stop/Target. So, some time commitment from 07:00 that becomes Set & Forget at 08:00. Our results for February (from 7th Feb) were as follows (assumes 2% risk per trade):

    – 3 trades, 1 loser and 2 winners, net profit of +10 PIPs / +0.4%

    Our results for March were (a much greater number of trades):

    – 18 trades, 6 losers and 12 winners, net profit of +50 PIPs / +3%

    Not the “regular income for 10 – 30 minutes per day” but, again, we will report back with full results at the end of April.

    Note: The vendor trades this system from 07:00 – 15:00 and that’s what the official results (and money back guarantee) are based on. Our results are therefore different to those published.

    We do like these simple methods, both are easy to follow and execute (100% mechanical). They also require little time commitment – If you take our approach. Boss 1 performance seems “erratic” and Boss 2 seems to work better if traded longer (than the 1 hour in the morning we traded) – The obvious reason for this is that the “big move of the day” is not always triggered between the hours of 07:00 and 08:00.

    In April we have committed to trading Boss 2 from 07:00 – 15:00 to compare with the vendors reported results – Which we have no reason to disbelieve at present based on what we have observed.

    Lee does also appear to be putting quite some effort into this system and since we have had exposure he has:

    • Started to post Daily video’s where he analyses recent trading activity
    • Started trading and recording the 15 minute timeframe (as well as the original 5 minute) – With what seems like great success – A bit early to tell if the 15 minute will replace the 5 minute (for review purposes we are continuing with the 5 minute timeframe for now)
    • Included a live Skype “room”
    • Just started to provide a “signal service” where he identifies longer term opportunities (email received around 9pm UK time)

    As mentioned above, we like these systems, we admire Lee’s dedication and although our results are nothing special we do look forward to committing a little more time to this one.

    Support

    Support (by email) was good and usually within 24 hours.

    Summary

    PRO’s
    • Very simple rule bases, easy to set up and execute, 100% mechanical.
    • Minimal time commitment, especially Boss 1.

    CON’s
    • Boss 1 performance “erratic” – Although no longer traded by the vendor.
    • Boss 2 probably requires a longer time commitment to catch that “big move” – April will allow us to comment further on this as we start to trade 07:00 – 15:00.

    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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    #799
    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 – Part 1

    Fatchance

    03-Apr-2011

    Thanks for the review. Given the wide variation in the results between the two months, which were reflected in my own demo-trading of Boss 1, running things for another month seems very sensible. Certainly on Boss 1 the week before last (from memory) was a “text-book” trading week so that will have helped March’s results.

    Either way, given that the vendor has dropped Boss 1 notwithstanding its low time commitment, I think I’ll be doing the same.

    Forexample

    08-Apr-2011

    Well, I’ve decided to take the plunge with this. PDF tells you to read Boss 1 first as you will need to set the chart up. So I dutifully read Boss 1 after trolling through the PDF to find where it began. An index with page numbers would be a usefull addition to the PDF.

    Oh no, it looks to be another London break-out strategy! Not something that I am keen on at all. Thankfully Boss 2 is a totally different strategy (Relief) I think that the only thing about the charts in Boss 1 is to change to a candle chart and that’s about it. So on to reading Boss 2 and setting up the chart according to the instructions. I don’t have IG Index and don’t intend to now, so setting up on SLM MT4. Very strange instructions for the bollinger as you finish with-out a bollinger at all. A lot of messing about when you may as well just use a MA.

    After setting up the chart, I discover that the members area has a download for MT4 indicators and template. Wish I had known that earlier.

    I also note that the more recent videos are 15 minute time-frame, so I am not sure if there have been any changes and 5 minute is no longer the default setting??

    I will be sure to let you know how I get on

    ReviewTeam

    08-Apr-2011

    Hi Forexample,

    We didn’t realise there were MT4 templates/indicators, thanks for pointing that out.

    Forexample

    08-Apr-2011

    Hello RT,

    One of the indicators requires 3 parameter settings. The standard indicator with MT4 only has 2 parameter settings. This means that there are some differences between the chart that I set up manually and the downloaded template.

    I was unable to visit the Skype room today, seems that Lee had internet problems. He sent out an email saying that he will be returning to the 5 minute time-frame and apologising for the delay in responding to member’s emails.

    Hopefully I will be able to join in the Skype room next week. I have some things that I’m unsure about and hopefully will be able to get some answers to my few queries.

    MikeMichaels

    15-Apr-2011

    There isn’t a refund. Asked for refund.. Wouldn’t give it. Appealed to PayPal – wouldn’t give me a refund because it wasn’t a physical good but an e-book.

    Beware – his results on his spread sheet are not from trading the system mechanically as stated in his book. He uses discretion as to when to enter a trade based upon his experience and in order to match his trades – you need to be on skype and wait for him to call the trades.

    using mechanically as stated in the book- i couldn’t make his system work. Since the e-book he has introduced at least two new rules – pivot lines and a 10am – 1pm rule!

    ReviewTeam

    17-Apr-2011

    Thanks for that update.

    Isn’t it a fact that if you haven’t made 300 PIPs within a month you can request a refund? Did you make 300 PIPs, if you did not, did you inform Lee about this?

    Regarding results, we are trading mechanically as per the manual and have yet to find the time to apply the system other than 07:00 – 08:00, apologies for this, we do hope to do so soon.

    Regarding, discretion on entry, we see little point if one has to be reliant on a Skype trading room when trading a system, if for only one reason, independence. Hence we stick to the rules in the manual.

    We have not applied any different rules other than those in the official manual.

    Forexample

    18-Apr-2011

    After only 1 week with Boss, it really is way too early for me to draw any sort of conclusion.

    I have to agree that there is a fair amount of discretion used when Lee calls the trades in the Skype room. Saying that though, there does seem to be method in his discretion. The Skype room is quite busy and so if you are away from your computer for a while, it would take some time to catch up. There is a fair amount of social chat in there as well. Lee also has another Signals Skype room. In this room, he just enters details of possible set-ups and entry/exit details. He seems to have been having some problems with Skype and this signals room has not always been updated. Hopefully it’s just been the last week and will be fewer problems in future.

    Following the basic rules in the PDF, there is no doubt that the last week would have been a losing week trading between 7AM and 3 PM UK time. Using the exit strategy where you exit at 30 SL or, if SL not hit, exit when a trade is signalled in the opposite direction, there would have been a loss of about 140 Pips with Smart Live Market’s chart (GBPUSD). Of course there may be differences between SLM and IG charts. I have also removed the lines referred to as MA and Boll. I have replaced them with standard MAs as I find the colours of the lines on the downloaded template unreliable. Instead, I open the data window so that I can read the values.

    I have not lost 140 pips, I actually turned a profit. I have also been trading EURJPY with Boss and this pair has had some better trends in the past week and delivered some good results.

    Speedtrip, if you expect a system to bring in 50 pips everyday you are going to be disappointed. With average stop-loss at 30 pips, 50 pips per day is unrealistic for any system. Risking 2% per trade, that would be more than 80% gain per month. This type of strategy is one that is likely to give a series of relatively small losses and wins, with the odd trade that really takes off and bags a big win.

    As I said, I’ve only had experience of Boss for 1 week and the nature of the GBPUSD market moves was not ideal for this strategy. Hopefully this week will tell a different story.

    badbactim

    19-Apr-2011

    I would also like to add that Lee is trying his up most to satisfy everyone in the skype room, which he needs to stop . I dont trade the system very often due to my work, but I ” pop ” in and read through the days events when I can. There are a lot of newbies in there whom in one example dont know what long or short is, it seems these people are expecting a pot of gold at the end of every trade, which i am sure most traders know is totally unrealistic, and with this, Lee has tried to introduce different methods. The boss traded to the letter has suffered in recent weeks.I noticed very early on in the room there is a bit of discretion, more so with some of the established boss traders and if you were to watch and ask ” quality ” questions in the room, you would be given a very welcoming hand in trading with them, but unfortunately I think these guys are starting to stay in the background.

    Sticking to a game plan and system is the only way forward with correct money management and I hope Lee goes back to that. I am sure longer serving members in there, are behind the scenes encouraging Lee to do that.

    speedtrip

    19-Apr-2011

    I dont have a problem with discretionary trading. This suggest that the indys hes using are confirmed with PA which is not unsual and I would be happy with that approach as I personally have the time. The chap who referred me to Boss does not know PA and has limited time so this is not for him.

    While it sounds interesting I do not get the impression that this is currently a sound system as hes introducing tweaks and its not as described. I doubt whether its set and forget and it very much sounds like a full on day trading system which is not suitable for everyone.

    That is not to say it wont work, I just think it needs to be proven over a longer period of time and more clarity on the results achieved and how they were achieved.

    In sitting on my hands on this one as they say.

    Forexample

    19-May-2011

    Hi Speedtrip,

    I agree with Badbactim’s post.

    It does appear that a lot of newbie traders have signed up to Boss and Lee seems to be trying to tweak the system in order to give them more confidence. When you see questions posted such as “What is a long?”, “What’s an MA?” etc, you realise that these people should really be spending some time at Babypips before trying to trade.

    Traders who have been with Boss for a longer time have apparently emailed Lee, saying not to mess with the strategy – if it ain’t broke, it don’t need fixing.

    You are probably wise to sit on your hands for the moment and wait for more reports in here.

    Lee is trying to push the people who are working on the EA. If/when this is released, it will be interesting to see how well that does. As far as I know, it’s not possible to program discretion into an EA.

    ReviewTeam

    02-May-2011

    Here are our Boss results for April.

    Boss 1

    Traded at 07:00 UK time with 2 orders set, good until 17:00. Fixed Stops and Targets, Set & Forget, 2% risk per trade:

    – 27 trades, 20 losers and 7 winners, net loss of -349 PIPs / -23%

    Note: The vendor no longer trades this original Boss Wins (Boss 1) strategy nor does he monitor or provide updates on the performance – On this basis and due to the fact that this is the 2nd -20% or so drawdown in 3 months we will follow suit.

    Boss 2

    We traded this between 07:00 and 08:00 UK time, effectively taking the first set-up of the day, if there was one, again 2% risk per trade:

    – 10 trades, 4 losers and 6 winners, giving a net Break-even position

    Note: The vendor trades this system from 07:00 – 15:00 and that’s what the official results (and money back guarantee) are based on. Our results are therefore different to those published. We did intend to extend to 07:00 – 15:00 in April but quite simply we did not have time in the end. This month (May) do hope to have the free time and will report back on Boss 2 at the end of May.


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    #800
    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 – Part 2

    jetrimby

    04-May-2011

    Hi I’ve been trading this for a few weeks or so now and it has had a tough time making money as the markets have been very choppy of late (I believe this system is not alone with this) Lee has amended to deal with this some of this has caused some confusion and He has decided to stick to his guns (re 5 mins chart) but I have found that there are some rules (which make perfect sense) that are not clear in his material. use of pivots/res and supp lines are a vital part of entry and exit rules and stop losses. Also care over BRN plus also more care over trading during the “lunch break” all have been around since I have been there but they are not clear in the paperwork

    The confusion over stops is easy to explain Lee goes for larger trends looking for the 50 pip moves but his recording system allows for a 20 pip target. The skype room he would not normally go for less than a 20 pip opportunity (ie away from a support/res line or BRN) but with markets more choppy a lot of members are making money (supposedly) from much smaller scalps using his signals (on most major FX pairs). The stop is down to choice of how you wish to trade and to some extend that messes up an auto system but you can put in your own rules quite easily.

    To be honest I am not sure if I am winning or losing on it at present (my bad discipline in following rules etc and my own trading on top) Today has been a full session with multiple pairs and no multi screen (work lunch etc !) missed a few but overall 1% up on the day pretty much following BOSS rules Will try, now promising myself to follow the rules, to report back a bit more regularly on this BUT as can be used for different pairs and with exit strategies differing this will be my experience alone.

    Finally Boss will shortly be using its own web site rather than skype alone hopefully this will allow a bit more of a system for the differing things being suggested etc on the live feed I agree with one comment above the live feed shows up some VERY uneducated investors (sure this is the same on any live feed but it is not surprising that the stats say most spread betters loose with the newbies on here (I do loose and I think I am well informed !!).

    ReviewTeam

    04-May-2011

    Appreciate that input and look forward to your updates – The purpose of Boss is to catch every big market move and as per the manual recommended targets are 50 or exit and enter upon receipt of the next valid signal – This is how we will be trading the system as we expand to cover more hours.

    jetrimby

    04-May-2011

    Thanks RT I think the problems has been that the really good trends in the last few weeks (for this system have been on other pairs than cable and often at odd times of the day / night I think, with the bank hols season over and international stuff calming down a bit the more trending markets will reappear and BOSS should make a killing !

    The smaller targets suggested discussed on skype and mentioned by Lee have worked better in the choppy market we are currently in and in my view a system has to have some flexibility as no system is going to work well in every type of market unless it can flex a little. I think Lee may have confused some by allowing other users to give out their system amendments and trying to change rules to match markets before sitting back and reviewing with enough care.

    We started looking to follow longer term trends for a day or so Lee did a lot of back testing (as did a few members I think) and soon this was gone on cable and Euro/US but proved to be helpful on other trades (chf, aus, jp etc) I think it is great that someone is so open about the system and happy to take ideas etc to improve just can be a bit confusing for some whilst going on.

    ReviewTeam

    05-May–2011

    Thanks again for your follow up.

    I think its worth remembering – This systems is designed “to catch every big market move”, our observation is – You do not do that by catching 20 PIPs on a cable trade each day.

    If Boss 2 is going through a period of drawdown that’s fine. Sure, no system works all the time but all experienced traders already know and accept this – They accept the draw-downs safe in the knowledge that winning times will return. This of course assumes they are sure they are trading a system they have a great deal of faith in (you would think this to be true as why else would one be risking one’s personal capital).

    Boss 1 “worked” but no longer does – It’s no longer traded or, to be fair, sold, by the vendor.

    Is Boss 2 as per the instructions in the manual heading the same way? Not sure but there are two approaches in the manual, a 1st trade of the day and an intra-day. we can confirm that performance for 1st trade of the day as per the manual, over the last 3 months, has been poor to say the least. As you know it is our intention to trade intra-day as per the manual and as we outlined in a previous post. This is a system we like and one we would like to work as we like the theory and the mechanical nature, but these reasons alone would never justify us committing to trading any system long term.

    As an additional point, if we were trading this system as per the manual, we would not be willing to chop and change between time-frames and/or instruments on a whim.

    Fine, their is admiration where people are trying to enhance a system, but to enhance something one must first have a stable base.

    ReviewTeam

    01-Jun-2011

    Boss 2 – First Trade Of The Day Only

    Continuing from our initial review we continued to trade Boss 2 between 07:00 and 08:00 UK time this month – Again taking the first set-up of the day if there was one with 2% risk per trade.

    Our results this month were:

    – 15 trades, 5 losers and 10 winners, giving a net +3.33% profit

    This means that our over the 4 months we have been following this method our results analysis looks like this:

    • Time period / Time-frame = 4 months / 5 minute

    • Time Traded = 07:00 – 8:00 UK Time

    • Risk Per Trade = 2.00%

    • Number Of Trades / Winners / Losers = 46 / +30 / -16

    • Percentage Of Profitable Trades = 65%

    • Average Winning / Losing Trade = +1.32% / -2.00%

    • Profit Factor (Gross Profit / Gross Loss) = 1.24

    • Largest Drawdown = -6.00%

    • Average Per Month Return = +1.93%

    So, an average of 1.93% return per month based on trading an hour each morning. This may be an acceptable return for some considering the effort required – We would just like to see a higher Risk:Reward than the 30:20 and thus, a slightly higher monthly return. We have decided now to discontinue using this approach.

    Boss 2 – All Day (Intra-Day) Approach

    We finally got round to trading Boss 2 using the all day (07:00 – 15:00) approach, as per the vendor. We believe this is what the official results (and money back guarantee) are based on. We employed a 30 Pip Trailing Stop on all trades only exiting when that was taken out or we were taken into a valid reversal trade, results follow:

    • Time period / Time-frame = 1 month / 5 minute

    • Time Traded = 07:00 – 15:00 UK Time

    • Risk Per Trade = 2.00%

    • Number Of Trades / Winners / Losers = 70 / +27 / -43

    • Percentage Of Profitable Trades = 61%

    • Average Winning / Losing Trade = +1.46% / -1.16%

    • Profit Factor (Gross Profit / Gross Loss) = 0.80

    • Largest Drawdown = -5.87%

    • Average Per Month Return = -10.13%

    This was intense and involved a lot of screen time. We observed that the Entry rule base seems to suffer in a sideways market and in a trending market the Trailing 30 Pip Stop is perhaps a little too tight. We caught some big moves but too many other trades suffered “chop” and some failed to take advantage of a big move.

    After over 150 hours screen time and 70 trades, based on our observations above we have also decided not to continue with this Boss 2 approach either. Fair enough, we have only dedicated 1 month to this approach but with a lot of screen time and 70 trades it allowed us to make a few judgements, we feel justified.

    We welcome all feedback from those who do continue to use this method as recommended in the manual or any variation of it.

    Forexample

    01-Jun-2011

    Thanks RT

    I actually made a nice profit with Boss2 in May, but used a lot of discretion, so would not be an accurate reflection of trading strictly to the instructions. I did also keep records of trading with no discretion and found that trading intraday with a 20 pip profit did better than exiting when a set-up in the opposite direction occurs (or hitting 30 pip SL). But both methods showed a profit. There will be differences between traders’ results because the instructions are really not clear enough. In the PDF you enter if there is a break within 3 candles after the signal candle, that break is 1 pip in the PDF but spending time in the trading room, it is obviously 2 pips now. If there is no break within 3 candles, there are no instructions to determine what defines new signal candle.

    What to do if a move has already started before 7AM, no clear instructions where to jump in.

    What to do if a trade is still open at 3PM?, for my records, I simply closed the trade at whatever price it is at 3PM. Also, I did not open a new trade after 2:30 PM.

    What did you do with open trades at 3PM RT?

    Did you trade Bank holidays?

    This system seems basically sound to me, but the PDF needs to be re-written with absolutely clear instructions.

    My results for May, trying to keep to the method, but with problems as outlined above. Close all open trades at 3PM….

    70 trades with 30 pip SL and 20 pip take profit = 151 pips profit (+10% risking 2% per trade). At its worst negative point during the month, this was down by -150 pips (-10%)

    With exiting at 30 pip SL or with a trade in the opposite direction. Close all open trades at 3PM……

    Plus 61 pips profit ( +4% risking 2% per trade) This was down by -350 pips (23%) at one stage of the month, so could be very difficult to handle emotionally.

    Quite a difference between my results and the review team’s, but until the instructions are totally clear, there are bound to be differences.

    I like this system very much and have found that it combines very well with my own method of trading. Using a lot of discretion, trading multiple pairs as well as Brent Crude and Dow, I have exceeded a 30% increase this month.

    ReviewTeam

    01-Jun-2011

    Hi Forexample,

    Agree with basically all you have to say, we have a few comments.

    – “I simply closed the trade at whatever price it is at 3PM. Also, I did not open a new trade after 2:30 PM. What did you do with open trades at 3PM RT?” – Exactly the same as you.

    – “Did you trade Bank holidays?” – No – And also, not mentioned in the review – We stopped after 3 losing trades.

    – “This system seems basically sound to me, but the PDF needs to be re-written with absolutely clear instructions” – This is clear by the fact our results are completely different, we chose what we believed to be the recommend/best (for Risk:Reward) Entry/Stop/Exit strategies and the ones which were most mechanical so as to make our results more measurable and useful. Useful by the fact that if someone buys a system and uses it as we have they should be able to replicate our results.

    I think it’s worth noting that when modifying (“tweaking”) your approach, the point of this system is to catch every big move (not 20 PIPs here and there), as we understand.

    We thank you for your input and appreciate your future comment.


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    #801
    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 – Part 3

    jims1949

    04-Jul-2011

    I purchased this method a couple of months back and found it very hit and miss perhaps due to my inexperience – Jim

    Forexample

    05-Jul-2011

    I don’t think that it is due to your inexperience Jim. The basic strategy is hit and miss.

    The Review Team has mentioned a couple of times that the point of this strategy is to get you in every large move and to be fair, it probably does. What it doesn’t do is keep you in those moves as most of the time there will be a set-up in the opposite direction that takes you out.

    Lee is changing this to a signals service now and has been issuing signals for the past couple of months on a new site. I’m not sure if he is still selling the PDF or not. The signals service is 100 pounds per month with a refund if a 100 pip profit is not achieved during the month. Original purchasers of the PDF get 3 months free. He recently added a webinar and now calls trades live on that. The signals site has an audible alarm, but there have been no trades added there for over 2 weeks, the only recent trades have been called live on the webinar, so require a lot of screen time. I don’t follow the signals personally, but there has been about 500 pips loss in the last couple of months.

    June results for the basic strategy 7AM to 3PM GBPUSD no discretion…

    74 trades

    SL30 TP 20, minus 60 pips (-4%)

    In some of the larger moves, there would have been opportunities to re-enter a trade, so this could be improved on.

    SL 30 or exit with trade in opposite direction minus 44 pips (-3%)

    It is also worth noting that performance has been better with EURUSD. Using my own discretion, I have managed a small profit in June, but a lot of effort for small reward.

    Forexample

    04-Aug-2011

    Another month has passed and to be honest with you I couldn’t be bothered to devote the time to keeping proper records for this. It is quite obvious that similar, or possibly better results could be achieved by tossing a coin.

    When I first tried this, Lee had moved from 5 minute charts to 15 and then changed back to 5 minute. He introduced higher time-frame MAs to give a better idea of market direction which he then abandoned. He then introduced a signals service with a new site and after a string of losers, seems to have now abandoned this new site as there have been no trades posted since 17th June. Actually there is one result that has been posted from 27th June, this was a winner, but it was never issued as a signal, so cannot be counted. Now all history has been deleted from the site.

    Lee then introduced a webinar and again signalled loser after loser although to be fair, I think that there was 1 week that he actually made a profit, but nowhere near enough to cover the losses. I noted some comments in the chatroom that some of these trades had resulted in full 40 pip stoploss, yet Lee’s results don’t show a loser larger than 20 pips.

    About 3 weeks ago, Lee turned this webinar over to someone else to run. I haven’t been following it, but I believe that he has been doing better than Lee, but he could hardly do worse. Lee was posting results as an excel spreadsheet, but has failed to update this for nearly a month. Now, when I look at the results section, I see that the spreadsheet has been deleted, so now there is no record of performance available at all.

    The latest thing to be introduced by Lee is a trade copier. This has been running for a few weeks now, but I have not subscribed to that. You’d have to be a total idiot to copy another person’s trades when he has had such poor performance over the last 2 and half months. From comments in the chatroom I gather that the trades on the copier have been disappointing.

    This will be my last post regarding this system. I get the impression that Lee is trying to find a system that works in order to sell signals because he is unable to earn money from actually trading. From his performance in the last 3 months, it is the only logical conclusion.

    ReviewTeam

    05-Aug-2011

    Hi Forexample,

    We once again thank you for your detailed update. Though negative we believe it is most useful to the collective as it provides continuation of first hand experience.

    Thanks once again.

    agent007uk

    06-Aug-2011

    I concur with forexample’s rather frank (but fair) assessment of the BOSS Trading Method, having signed up at a similar time. Shortly after I joined, the method went through a rather intense period of change (change of time frames, adding MA, pivots, with-trend trading only, other forex pairs) and yet none of this seemed to improve the performance. In fact, only a healthy dose of Lee’s discretion would make this method profitable in the long run. I recollect that the original (BOSS 1) method performed very well to begin with, then fell off a cliff so to speak and is no longer profitable.

    The Boss Trading Method has morphed into what is now nothing more than a rather poor signal service. There seems to be a complete lack of focus and cohesion to the website or services provided thereon, and to be brutally honest, I don’t see things improving much. I did not subscribe to the trade copier, and I can’t imagine why anyone would subscribe to the £100-per-month signal service that is being proposed.

    When history of past trading results get deleted from the website, it really is time to move on.

    dav365

    18-Aug-2011

    I thought I would join this forum and add that this was my experience also. Exactly the same, don’t rely on Paypal to do the right thing! This guy does not stick to his money back policy, even when his own results email showed that it didnt make the profits. I joined from the start, based on a cashmaster review, back before there was even a skype room. When it started, Lee never came and when he did he wrote about 2 things and then disappeared again. He even left in the middle of a conversation with me when I was questioning his results.

    He did respond to emails though. I was trying the first trade of the day method, his results spreadsheets were totally different to mine. When questioned, excuses were made about why he chose the profitable one…

    I’m surprised at the favourable reviews on this site, I thought the system was awful, boss 1 is basically a rip off of the (famous & free) “big dog” breakout system, boss 2 is remarkably similar to the charts you might see if you joined TUFXP. Just saying… that’s all…

    In fact, the only good thing to come out of joining BOSS is that I met another trader in the BOSS skype room, who tipped me off on 1 profitable system and a “community”. Since then I think I’ve seen a few ex-boss members join there. I wont mention the systems here because this is my first post and I know what that looks like, but they are both on this site as far as I know.

    Anyway, I would stay away from this system. We all get sucked in at one point or another, but I now have a great mentor and have learnt better since then. there is no “get rich quick” in trading, no shortcut to profits. And if you do buy a system, take what educational experience you can from it, discard their rules and make it your own.

    Take care and good luck

    Dave

    ReviewTeam

    19-Aug-2011

    Dave,

    Thanks for sharing your view, as you point out, on occasion our reviews are not always spot on, mainly due to the limited exposure we can commit too. We have however always been of the opinion that it is our members that will add more value than us over time. Your views and other members are therefore invaluable not only to us but to the community as a whole.

    Appreciated.

    jims1949

    26-Aug-2011

    I have to concur Dave, this proved an expensive lesson for me to learn. My search goes on – Jim


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