FX 180 Review – Keith Cotterill

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  • #1462
    ReviewTeam
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    FX 180 Review – Keith Cotterill

    Click below to visit the website

    Key Info

    Publisher:  Canonbury
    Cost:  £247 with a 30 Day Money Back Guarantee
    Review Date:  March – May 2011

    What It Says On The Website

    The author of this system may well be a familiar name to some, we had certainly heard of him before but were not aware of his vast arsenal of trading material; The Trading Edge Strategy, Don’t Tell The Professionals, ATM-FX, Ultimate FX Predictor/FX 180 being the latest edition.

    Keith claims to have spent “the best part of a year developing this approach to winning on the Forex markets and done all the testing to make sure this is a genuine and realistic strategy anyone can use to pull profits out of the markets”. We counted at least 30 testimonials, as well as Nick Laight’s own personal recommendation.

    Three simple steps are all it takes “to ride the big Forex market moves and make 20, 30 or even 100 points or more per trade. No expensive software or data feeds. No fancy charts or complex jargon”. This is a system where you can trade “at any time and in any currency” and risk is a simple 2% per trade.

    There is a promise of no hype, or a need to resort to the usual clichés, great we thought! Until we spot the headline “Turn £1,000 into £24,725 in 48 weeks without ever taking a big risk” – Disappointing! Oh the power of compounding, the headline is based on risking just 2% per trade at an initial 50p a point, netting 125 points per week and compounding – Every week for 48 weeks. We will comment no further on this.

    A 30 Day Money Back Guarantee is provided and it is backed by Canonbury.

    The Material

    An 88 page manual – Attention to detail has not been spared, there are even different symbols, mouse and keyboard which instruct readers to double click, right click, etc. The first dozen pages explain these functions, how to contact support, access the members website and use Camtasia (when accessing video files).

    Section 1 contains the obligatory account opening information (IG Index) and then Section 2 defines how to set up your charts – Very well explained – 5 minute candlestick charts, Stochastics and a Moving average.

    Section 3 – 15 pages of it is devoted to News and Trading time-zones.

    On page 51 we get into the actual strategy. Although, supposedly, any market can be traded at any time, it seems the key market to trade is GBPUSD between 06:00 – 11:00 UK time and/or 13:00 – 16:00 UK time, the UK and US Forex opening sessions.

    The strategy is reasonably well explained and after the second read through we had a pretty much 95% mechanical rule base outlined.

    The manual rounds off with a few pages on longer term trades on the Daily charts and Gold, BP and Oil. We did not trade these.

    The System

    The system is reliant firstly on a Stochastic move into Overbought/Oversold. Specific Price action in conjunction with a Moving average then confirms a Potential trade.

    Stop is mechanical, below the recent High/Low. Target, we went for one of the recommendations, the fixed 20 PIPs option, mainly because it seemed realistic and it was one of the most mechanical.

    Risk:Reward typically works out around 1:1.3 based on the fixed 20 PIP Target.

    Can It Work

    As highlighted in the manual, we traded GBPUSD from 06:00 – 11:00 every day for 3 months. We applied the standard system rules for Entry and Stop. For Target, as mentioned above, we went for the fixed 20 PIP option.

    Entry worked out about 95% mechanical. The issue being that if the Stochastic reaches a certain value before a Potential trade becomes a Valid trade, Entry is negated. What this also meant was that, although in theory when a Potential trade is spotted one should be able to enter a Market order, this is not feasible – Because of this rule which can negate Entry. It makes for an extremely screen intensive experience – Forget about going for a coffee or breaking from the screen at all after that Stochastic goes Overbought/Oversold.

    Our results over the last 3 months have been as follows (No compounding):

    • Time period / Time-frame = 3 months / 5 minute
    • Time Traded = 06:00 – 11:00 UK Time
    • Risk Per Trade = 2.00%
    • Number Of Trades / Winners / Losers = 31 / +15 / -16
    • Percentage Of Profitable Trades = 48%
    • Average Winning / Losing Trade = +2.78% / -2.00%
    • Profit Factor (Gross Profit / Gross Loss) = 1.30
    • Largest Drawdown = -10.00%
    • Average Per Month Return = +3.22%

    Positive results and a system that does seem to hold up. It is one which may appeal to those looking to trade just one instrument, mornings only, and be done by 11:00. The main downside here is the screen time and some “boredom factor”. We averaged less than a trade a day. Expect to, some days, spend 5 hours clued to the screen with no action whatsoever – We averaged a trade every 10 hours (2 days).

    If considering this system it is of course possible to also add the US session to perhaps increase profitability. The factor worthy of consideration here is – Can you do this for 8 hours a day, we certainly struggled with 5 hours.

    Support

    We had no reason to contact support so cannot comment.

    Summary

    PRO’s
    • Easy to set up.
    • 95% mechanical system.
    • Profitable, even with a low Percentage of profitable trades.

    CON’s
    • Lots (and lots) of screen time.
    • Frustrating when Potential trades are negated and the fact that Market orders cannot be used (due to this).
    • Some days, 5 hours screen time – No action.

    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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    #1516
    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

    digital_soul18

    04-Jun-2011

    Interesting review guys. Im quite surprised such a system dependant on these indictors is generally profitable. Makes me think that one can quite easily code an EA to alert you of such opportunites which then can be manually confirmed (after reviwing candle charts). This would provide significantly less screen time. Even i could code such a system. However considering That its % of winning trades is quite low makes this not that attractive.

    Question for SFT – what system/method do you use to maintain logs of your trades? Do you open a new demo account and collect stats off MT4 or more manual?

    ReviewTeam

    05-Jun-2011

    Generally we trade the minimum stake, 10p a PIP with IG, Cap Spreads or SLM and maintain manual logs – For approach we try and not use our experience and by this we mean we try and use mechanical Entries, Stops and Targets. Our reason being that if someone else was to use a system based on our findings they would (hopefully) get similar results.


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