Code 10 Review – Juliette Colby

HomeForumsReviewsForex Trading System ReviewsCode 10 Review – Juliette Colby

This topic contains 0 replies, has 1 voice, and was last updated by ReviewTeam ReviewTeam 5 years, 8 months ago.

Viewing 1 post (of 1 total)
  • Author
    Posts
  • #1043
    ReviewTeam
    ReviewTeam
    Keymaster

    Code 10 Review – Juliette Colby

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

    Key Info

    Publisher:  Fortis Publications
    Cost:  £225 with a 40 day money back guarantee
    Review Date:  January – March 2012

    What It Says On The Website

    This is a product that was limited to 100 people and at the time of publishing our review the system was in fact no longer on sale. We assume that limit was reached as at present there is a notice on the website which states:

    “Unfortunately I was only able to release this to a small and limited group of people. This way I could guarantee these customers my close support and attention. Once this first intake is up and running – and making money – I may consider opening the doors to a few more people. If you’d like to be invited before my publisher offers Code 10 to the wider public, I’m happy to give you priority – Simply leave your email address below and I’ll get in touch if and when new places become free.”

    What we do know is that the system is designed by Juliette Colby, it cost £225 and it also came with a 40 day Money Back Guarantee backed by Fortis Publications.

    The Material

    Code 10 is a 69 page hard copy manual which states in the opening sentence that it “really has brought you closer to financial freedom”. Juliette then tells us a little more about herself, a single mum based in London who “always found that things were pretty tight at the end of each month”. After trying several trading systems which didn’t deliver the goods she decided to teach herself how to trade. She came up with Code 10, it’s straight forward and hardly eats into her spare time. She calls it invisible trading because she’s “done within a few minutes” each day she feels like trading, it’s over so fast no one even spots her trading.

    Much of the first half of the manual is devoted to opening an account, chart basics and set up. The 1 Hour timeframe is used as are three industry standard indicators; a Moving average, the RSI and a MACD. Entry is based on all of these meeting certain criteria, Stop and Target are both fixed.

    Two methods for Entry are specified; Standard and Reversal. Both are well explained and both are mechanical with the Reversal method providing just a little room for discretion. It is mentioned that the system works best on the AUDUSD, EURUSD and GBPUSD currency pairs but also that the FTSE and DAX can be traded too. It is suggested that the system be used between the hours of 0700 – 1600 Monday to Friday, the author choosing to trade 0700 – 1100 then breaking until 1345.

    The manual rounds off with sections on Money management, Psychology, Trade examples as well as some “Advanced trading” tips. The latter can be used once one has gained experience with the base Code 10 system.

    Money management advises 0.4% risk per PIP of Account balance per trade.

    The System

    The Code 10 system is quite easy to set up as there are just 3 industry standard indicators to be applied to the 1 Hour chart and the manual explains the process well. IG Index is used in the examples but it’s a similar process on most other platforms.

    As mentioned previously, Entry is pretty much mechanical and is based on checking the status of 3 industry standard indicators on close of each 1 Hour candle. This means being around every hour on the hour. A fixed Stop of 12 PIPs is advised as is a fixed Target of 5 – 10 PIPs, we chose 10 PIPs to get a better Risk:Reward profile.

    We decided, rather than go with 4.8% as advised (0.4% per PIP with a 12 PIP Stop), we would stick with a more straight forward 2% of Account balance.

    Can It Work

    The author suggested that the system is best used between the hours of 0700 – 1600 Monday to Friday and that it’s a good idea to break at 1100. We chose to trade from the 0600 candle close to the 1000 candle close (UK time). We also chose to trade just the Standard method of Entry and the currencies (AUDUSD, EURUSD and GBPUSD). We did not apply any of the “Advanced trading” tips, our results for the 10 weeks from 9th January 2012 were as follows:

    AUDUSD
    · Time period / Time-frame = 10 weeks / 1 hour
    · Time Traded = 07:00 – 11:00 UK time
    · Risk Per Trade = 2.00%
    · Number Of Trades / Winners / Losers = 16 / +7 / -9
    · Percentage Of Profitable Trades = 43.75%
    · Average Winning / Losing Trade = +1.67% / -2.00%
    · Profit Factor (Gross Profit / Gross Loss) = 0.65
    · Largest Drawdown = -11.00%
    · Average Per Month Return = -2.53%

    EURUSD
    · Time period / Time-frame = 10 weeks / 1 hour
    · Time Traded = 07:00 – 11:00 UK time
    · Risk Per Trade = 2.00%
    · Number Of Trades / Winners / Losers = 22 / +11 / -11
    · Percentage Of Profitable Trades = 50.00%
    · Average Winning / Losing Trade = +1.67% / -2.00%
    · Profit Factor (Gross Profit / Gross Loss) = 0.83
    · Largest Drawdown = -7.33%
    · Average Per Month Return = -1.47%

    GBPUSD
    · Time period / Time-frame = 10 weeks / 1 hour
    · Time Traded = 07:00 – 11:00 UK time
    · Risk Per Trade = 2.00%
    · Number Of Trades / Winners / Losers = 21 / +12 / -9
    · Percentage Of Profitable Trades = 57.14%
    · Average Winning / Losing Trade = +1.67% / -2.00%
    · Profit Factor (Gross Profit / Gross Loss) = 1.11
    · Largest Drawdown = -6.00%
    · Average Per Month Return = +0.80%

    It means over the 10 week period we experienced a loss of -6.33% and -3.67% for AUDUSD and EURUSD respectively. GBPUSD returned a positive +2.00% over the same period.

    Obviously, as stated we did not trade the Reversal method of Entry, the indices, the afternoon session, nor did we apply the “Advanced trading” tips. It is just possible that if we did some or all of these our results may have been improved upon as the website states that 76 and 81 points profit were made in January and February respectively. Unfortunately there is no breakdown to which we can compare.

    We suggest that this system has two major drawbacks:
    · Stop – Too close at 12 PIPs on the 1 Hour timeframe
    · Risk:Reward – Too low at < 1:1 for Entry criteria which seems to offer little trading logic

    Support

    We had no reason to contact support so cannot comment.

    Summary

    PRO’s
    • Relatively easy to set up and trade.

    CON’s
    • Stop is tight for the timeframe.
    • Risk:Reward is low for a system which is supported by little trading logic.
    • Time commitment was more than expected even though we traded just 3 out of the 5 instruments, the morning session only and just one of the Entry methods.

    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.


    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

Viewing 1 post (of 1 total)

You must be logged in to reply to this topic.