Forex Hijacker Review – Jason Alexander

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  • #1211
    ReviewTeam
    ReviewTeam
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    Forex Hijacker Review – Jason Alexander

    Click below to visit the website

    Key Info

    Publisher:  Canonbury
    Cost:  £287 with a 30 day money back guarantee
    Review Date:  December 2011 & January 2012

    What It Says On The Website

    Jason’s world fell apart when he was involved in a near fatal car crash and he quit his job as a lecturer and clinical psychotherapist. With a little more time on his hands, his analytical mind and love of details led him to the world of Forex. At first he had limited success but then he began to notice certain cycles repeating themselves again and again and again …

    He tested this theory to be sure and now as well as selling his system he also offers to “analyse the markets in advance and spot where the Market Makers are likely to engineer their next profit frenzy”. He sends this analysis by email first thing in the morning to show you “when and where to place your levels” – He does “all the actual ‘work’ for you” – If you choose, though, you do not have to use his email alerts: he will “show you how to spot these trades for yourself”.

    The recommended trading pairs are EURUSD and GBPUSD. The system requires that you are able to place 2 lines on a chart, no RSI, Fibonacci, MACD, Bollinger, etc. involved. Almost any broker and their free charts can be used to trade Forex Hijacker.

    The 10 minute a day version of the system means you can trade before you leave for work and still make as much as XX (mysteriously left blank for some reason unknown to us) points profit per week. The success rate of the system is also blank, again we know not why!

    Performance for 2010 and 2011 has also been blanked out!

    The cost of the system has not been blanked out, it costs £287 and it comes with a 30 Day Money Back Guarantee backed by Canonbury.

    The Material

    Forex Hijacker comes as a 79 page manual. The first half is devoted to introducing the reader to Forex, Opening a trading account, Reading a candlestick chart, Trade placement and management. Of interest only to those who are completely new to trading.

    A quarter of the manual explains the 3 main strategies, Basic, Fly past and RTC. All are based on a trading approach often referred to as a “straddle”.

    The Basic strategy is the simplest and clearest, it is also the 10 minute a day version referred to on the sales page. The Fly past and RTC strategies are a little more complex, require more time and are more discretionary than the Basic strategy. For review purposes we concentrated on the more mechanical Basic strategy as it would mean our results would include almost no discretion.

    The System

    This system is simple to set up as no technical indicators are used at all. Almost any brokers charting package will suffice so long as you can trade GBPUSD/EURUSD and you can also pull up a 15 and 60 minute chart.

    Identifying the channel is reasonably easy if done according to the manual, it only becomes confusing when read in conjunction with the daily email update. We reckon it was about 50/50 whether we were in agreement with the daily email. The main reason for deviation was that we always made sure our channel straddled the dateline whereas quite often the email update seemed to ignore this point made in the manual. This is slightly irrelevant as Jason quite rightly notes that you do not have to reference his email and that you can do this yourself. In our opinion all traders should, as best they can, be independent of external dependency, so we stuck with calculating our own channels as defined in the manual.

    Trading around 0500 GMT is suggested. The suggested range is 6 – 12 hours so that’s why we went for 2300 – 0500, it meant our range “straddled” the dateline and that it was for the minimum 6 hours. 0500 though was too early for us to trade so we traded at 0600. We did still base our trading on the channel in place up to 0500 though. If the trade had moved so much we missed it we simply noted a no trade day, this occurred just once.

    Although Entry is quite clear for the Basic strategy, it’s 100% mechanical, little attention is given to Stops or Targets. Some suggestions are made in the manual, e.g. a 20 – 30 PIP Stop and 45 Target. A Risk:Reward of 1:2 is also suggested so we decided on a fixed Stop of 20 and a fixed Target of 40.

    Risk per trade of 5% is suggested, quite high – We reduced this to 3%.

    Can It Work

    We traded, as suggested, GBPUSD and EURUSD using the Basic method as described above. Through December 2011 and January 2012 our results were as follows:

    GBPUSD
    · Time period / Time-frame = 2 months / 1 hour & 15 minute
    · Time Traded = 06:00 GMT
    · Risk Per Trade = 3.00%
    · Number Of Trades / Winners / Losers = 37 / +11 / -26
    · Percentage Of Profitable Trades = 29.73%
    · Average Winning / Losing Trade = +6.00% / -3.00%
    · Profit Factor (Gross Profit / Gross Loss) = 0.85
    · Largest Drawdown = -36.00%
    · Average Per Month Return = -6.00%

    EURUSD
    · Time period / Time-frame = 2 months / 1 hour & 15 minute
    · Time Traded = 06:00 GMT
    · Risk Per Trade = 3.00%
    · Number Of Trades / Winners / Losers = 34 / +12 / -22
    · Percentage Of Profitable Trades = 35.29%
    · Average Winning / Losing Trade = +6.00% / -3.00%
    · Profit Factor (Gross Profit / Gross Loss) = 1.09
    · Largest Drawdown = -18.00%
    · Average Per Month Return = +3.00%

    A system which takes little time (Basic method) and one where we have basically broke-even. The system is something we consider may be of interest to complete beginners with little time to spare who are looking for a way into Forex, basic chart reading and order placement. The main red flag here is the drawdown as we experienced -36% on GBPUSD, tolerable by the minority only.

    The Basic method is simply a variation of the well known Big Ben /Asian range strategy. More experienced traders may find more mileage in applying more discretion by following the email updates and the 2 other strategies if the trading hours suit.

    Support

    We had no reason to contact support so cannot comment.

    Summary

    PRO’s
    • Easy to set up and trade (Basic strategy).
    • If the trading hours suit, more experienced traders may find interest in the email updates and the more advanced (discretionary) strategies.

    CON’s
    • We didn’t agree with the “official” channels more often than not; not a huge issue though, as per the review.
    • Watch those draw-downs!

    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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    #1216
    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

    ReviewTeam

    05-Feb-2012

    This may be the reason why the sales page is covered in “black marker pen” – ASA Adjudication

    tartanharty

    06-Feb-2012

    No wonder – claiming a 95% hit rate. I tried this system and was left disappointed.

    ianu3428

    06-Feb-2012

    This guy has been flogging a few ‘systems’ for a while, claiming them to be his own, google up his name and forex and you’ll see, advertising complaints were upheld against him. forex volcano, forex hijacker, forex payback etc.

    Under no circumstances should anyone part with nearly 250 quid, all he is doing is rehashing stuff from other websites (market makers theory).

    Spend 9 quid on amazon and buy martin coles’s market maker book, or have a look at martin’s website and ask yourself if maybe jason has copied it or not ?, caveat emptor folks.


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