FX Friday Review – Lee Moore

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  • #1308
    ReviewTeam
    ReviewTeam
    Keymaster

    FX Friday Review – Lee Moore

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

    Key Info

    Publisher:  Agora
    Cost:  £197 with a 60 day money back guarantee
    Review Date:  August 2010

    What It Says On The Website

    Lee Moore is an “IT nerd” that “puts his geeky skills to good use, uncovering a simple way anyone can trade the Forex markets”. He used to work in a “dreary IT section of an even drearier bank” before being made redundant.

    “This Friday night, my ‘boring spreadsheet’ could pay for all your drinks” by tapping in six numbers and checking one simple website. You will then have fixed your £100 payout, or “you could actually ‘fix’ even bigger payouts of £250, £500 or even £1,000”, all “totally tax free”.

    This is not a Spread Betting system, it’s a “kind of Forex trading that pays out how much you tell it too” (we later discover it uses Fixed Odds Trading). April through June shows 10 profitable weeks with just one losing week for a net payout of £940. The system is “shockingly simple” and has already gone down a “storm” with 20 beta testers. The system requires 30 minutes effort on a Friday evening after work.

    As well as the “boring spreadsheet” a Step-by-step guide is provided as well as the offer of an eight week no questions asked refund. There is a performance related statement too, it reads “If the payouts you receive while you’re testing this don’t cover the cost (of the system) – you’ll get a full refund”.

    The price is £197 and is limited to 500 people so Lee will “have plenty of time to deal with people one-on-one without driving myself insane from the stress of thousands of people emailing me”.

    The Material

    A 44 page manual and a ‘boring spreadsheet’.

    The manual is hard copy only and we waited 6 days to receive our copy courtesy of Royal Mail. It’s quite well written and explains the strategy very well. It’s a simple strategy indeed but nonetheless, explained quite well.

    The spreadsheet itself really is boring, no colour, no fancy headings, just a real plain old spreadsheet with room for 6 numbers next to each currency pair traded, 7 of them, AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF and USDJPY.

    The System

    The manual explains the set-up using the free charts provided by FX Street, so that’s what we used. A doddle, took us about 2 minutes – Weekly chart, a Moving average and one other indicator.

    Friday evenings (well only one so far), we checked the required data for each currency (by hovering the mouse over the appropriate candlestick). We then transposed the 6 numbers for each currency into the “boring spreadsheet”, as instructed.

    A really simple system, took us 5 minutes, maximum, to enter the 42 numbers.

    The “boring spreadsheet” then says “No Trade” or, if it determines there is a trade, provides the exact details of the trade. Then it’s a case of checking the return on offer with BetOnMarkets for each trade and subsequently determining which one to place.

    There is one additional Fundamental check which simply involves a quick scan of Forex Factory for upcoming news in the week ahead.

    The checking process and actual trade selection and placement took about another 5 minutes. So, much less than the 30 minutes stated but we suppose those newer to trading, especially with BetOnMarkets, may take longer, initially.

    Can It Work

    To date we have only experienced one Friday’s worth of exposure, it was however, painless and straight forward. We will be posting updates on trades taken following on from this initial review. The aim is to produce our final review at the end of September, after 8 weeks exposure and input from our members.

    Some Performance Analysis

    Before rounding up and moving on it is well worth spending some time analysing the performance to date (beta test results) reported on the website – It’s one of the reasons we contacted support.

    The payouts are just that, the payouts received from BetOnMarkets when the trade is successful. Thus for the £100 payout one would have to have risked an approximate £75 for the tax free payout – assuming the base-line return per trade recommended in the manual. So, the estimated payout of £940 during the beta-test would actually have cost £750 (10 * £75). This is an actual net profit of £190.

    We put this into perspective. If we consider a bank of £1,500 and 5% (as per the manual) risk per trade, £75, this would provide us with a return of around 12.5% over the 11 week period, or around 50% a year.

    Although not as good or as high as the headline figures on the website suggest this is nonetheless a reasonable return for very little effort. This of course assumes the system performs as well going forward as it did during the beta-test.

    Support

    Was excellent, within 5 minutes on one occasion and then within 20 minutes the next.

    Summary

    PRO’s
    • Simple to set up.
    • 10 minutes once a week, 100% mechanical, Set & Forget.
    • Great support.

    CON’s
    • Would have been nicer if the actual payout was profit but nonetheless if performance holds up it’s still a quite reasonable return for the effort involved.

    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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    #1883
    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

    Raskol

    09-Aug-2010

    I purchased this system (I haven’t received the manual or spreadsheet yet). I am beginning to wish I hadn’t after reading your review!

    So the payouts are actually £25, a R:R of 4:1. In other words, you need to trade the system and hit 8 winners in a row to make your money back. One loser will set you back three weeks. A bit like the EA systems with a 90%+ win rate, until you realise the stop loss is 10 times the reward.

    I feel somewhat mislead by the advertising blurb, to say the least – I will be asking for a refund.

    ReviewTeam

    10-Aug-2010

    The performance – as mentioned in the initial review – although not what we perceived it to be, is still quite reasonable considering the time and effort involved. As mentioned, IF performance does hold up as per beta testing, this could be 10 minutes well spent on Friday evening.

    Downunder

    19-Aug-2010

    sigh….forum newbie…hit wrong button and lost all I typed…..1:30am and I’ve just spent all day reseaching the innerwebs for FX related stuff. Fortunately,I came across this site. I’m impressed with the professionalism in the site layout and also your interaction with the community as well.

    On to the topic at hand…I’ve noticed in a few reviews there is mention of UK based brokers. Would you kindly explain the following?

    “The payouts are just that, the payouts received from BetOnMarkets when the trade is successful. Thus for the £100 payout one would have to have risked an approximate £75 for the tax free payout – assuming the base-line return per trade recommended in the manual. So, the estimated payout of £940 during the beta-test would actually have cost £750 (10 * £75). This is an actual net profit of £190.”

    Is this to do with the system itself, or with the way UK handles FX related trading? What I mean is, would this system still work if it were to be used on a non-UK based broker? Not having dealt with a UK based broker before, just wondering if the quotation above is relative to the way FX is handled there or to do with the specific broker, or both.

    ReviewTeam

    19-Aug-2010

    Welcome to the site, we are glad you like it.

    This system relates to Fixed Odds trading. It is quite different to Spread betting and Traditional trading in that you don’t go Long/Short you actually “bet” on what the market will or not do in relation to a specific time period and price level, or levels.

    The main Fixed Odds broker is BetOnMarkets and they do have some reasonable material on their website explaining the concept. Hope that helps.

    As a note, Spread Betting, which a lot of us in the UK use (for tax reasons – it’s typically tax free) is very similar to Traditional trading which you may be used to.

    Downunder

    20-Aug-2010

    Thank you for the prompt reply.

    ReviewTeam

    21-Sep2010

    Just providing an update on our tradin:

    6/9-Aug – USDJPY – Won – 30
    13/16-Aug – No Trade
    20/23-Aug – No Trade
    27/30-Aug – AUDUSD – Won – 32
    3/6-Sep – USDCHF – Won – 30
    3/6-Sep – USDJPY – Won – 30
    10/13-Sep – EURUSD – Lost – -100
    17/20-Sep – USDCHF – Open
    £22

    Thats a Net £22 profit risking £100 a trade, or 1% return based on 5% risk per trade.

    ReviewTeam

    01-Oct-2010

    With our NZDUSD trade from last Friday due to expire in profit tonight we decided to provide up to date results for FX Friday tonight. We have translated our trades into a flat £100 5% of account balance risk per trade for ease of reporting.

    6/9-Aug – USDJPY – Won – 30
    13/16-Aug – No Trade
    20/23-Aug – No Trade
    27/30-Aug – AUDUSD – Won – 32
    3/6-Sep – USDCHF – Won – 30
    3/6-Sep – USDJPY – Won – 30
    10/13-Sep – EURUSD – Lost – -100
    17/20-Sep – USDCHF – Won 30
    24/27-Sep – NZDUSD – Won 30
    01-Oct – NZDUSD – Open

    Profit £82

    This is a return of around 4% over a 2 month period – It would have been considerably more had we adopted the high risk approach instead of choosing the lower risk 30% trades. We will keep an eye on this for at least another month and report back.

    ReviewTeam

    22-Oct-2010

    We have translated our trades into a flat £100 5% of account balance risk per trade for ease of reporting. Note – Including today, assuming there is no trade on Monday, there will have been 2 weeks of no trade for us, however, track record seems to be OK to date.

    6/9-Aug – USDJPY – Won – 30
    13/16-Aug – No Trade
    20/23-Aug – No Trade
    27/30-Aug – AUDUSD – Won – 32
    3/6-Sep – USDCHF – Won – 30
    3/6-Sep – USDJPY – Won – 30
    10/13-Sep – EURUSD – Lost – -100
    17/20-Sep – USDCHF – Won – 30
    24/27-Sep – NZDUSD – Won – 30
    1/4-Oct – NZDUSD – Won – 25
    8/11-Oct – GBPUSD – Won – 30
    8/11-Oct – USDCHF – Won – 28
    15/18-Oct – No Trade
    22-Oct – No Trade

    Profit £165

    This is a return of around 8% over a 12 week period (and we have just hit the 9/1 win rate claimed by the vendor) – As previously stated on this forum our return would have been considerably more had we adopted the high risk approach instead of choosing the lower risk 30% trades. We will continue to report here for the time being based on the actual trades we take.

    Ivatt251

    23-Oct-2010

    Hi. I bought FX Friday about 4 weeks ago, receiving a better than expected manual rather close to the first weekend, so I struggled to get through it before dealing closed that Friday night. But I’ve only briefly referred to it since. What I did afterwards was create a page of instructions for myself which were mainly a reminder of the set-up to be used with fxstreet.com – and I’ve practically got that memorised now. I would warn new buyers using that site that the information panel you use for values can *very* easily switch to a different date altogether, giving false values. But that’s no fault of FX Friday.

    With only a small amount of money to play with, I was very disappointed to discover that my potential winnings included my stake money, which will certainly slow the growth of income. But I was pleased to see that bets can be very small – e.g. 1 pound or 1 dollar. If you go that way, it will take a while to get seriously hurt. But it also means that *you* have decided to abandon the money-back guarantee because there is no way you would accumulate the cost of the software in the period of time the guarantee is valid for – especially when some Fridays offer no trades.

    I’m a sceptic of get rich quick schemes, so the next thing I did was to build a spreadsheet of potential returns assuming my very low bets and some losses. If you got several losses early on, I’m sure you would get disenchanted, but if you started cheaply like me (5 pounds) and increased (or decreased if you had to) your stakes in line with wins and losses then my figures say that you would take a few knocks, but still gradually move ahead until there came a point where you really did feel you were making enough money to be pleased with the system. It isn’t a get rich quick scheme unless you’re already rich enough to use stakes that would buy a meal in a nice restaurant. But it has the potential to be a get rich slow system – with the pace picking up later if you leave your winnings in your account to fund bigger stakes.

    I don’t recall the manual saying so, but the “boring spreadsheet” can be customised by the user to cover more than the 7 currency pairs it offers, but you are then limited to the pairs offered by Betonmarkets. Even so, it offered me a trade last night when no trades were offered for the normal 7. But I cannot be sure that pairs outside the 7 will be as (relatively) safe and predictable as the ones specified by the software.

    Finally, I’ve had cause as a beginner to contact Lee Moore a couple of times. I didn’t get an instant response but it was reasonable and the help was good. And I don’t regret my purchase.

    ReviewTeam

    06-Nov-2010

    We have translated our trades into a flat £100 5% of account balance risk per trade for ease of reporting. Note – Including today, assuming there is no trade on Monday, there will have been 4 weeks of no trade for us, however, track record seems to be OK to date.

    6/9-Aug – USDJPY – Won – 30
    13/16-Aug – No Trade
    20/23-Aug – No Trade
    27/30-Aug – AUDUSD – Won – 32
    3/6-Sep – USDCHF – Won – 30
    3/6-Sep – USDJPY – Won – 30
    10/13-Sep – EURUSD – Lost – -100
    17/20-Sep – USDCHF – Won – 30
    24/27-Sep – NZDUSD – Won – 30
    1/4-Oct – NZDUSD – Won – 25
    8/11-Oct – GBPUSD – Won – 30
    8/11-Oct – USDCHF – Won – 28
    15/18-Oct – No Trade
    22-Oct – No Trade
    29/01-Oct/Nov – USDCAD – Won – 30
    29/01-Oct/Nov – USDJPY – Won – 30

    Profit £225

    This is a return of around 11% over a 13 week period (and 11 wins out of 12) – As previously stated on this forum our return would have been considerably more had we adopted the high risk approach instead of choosing the lower risk 30% trades. We will continue to report here for the time being based on the actual trades we take.

    ReviewTeam

    30-Dec-2010

    We have translated our trades into a flat £100 5% of account balance risk per trade for ease of reporting, from August 2010 to end 2010.

    6/9-Aug – USDJPY – Won – 30
    13/16-Aug – No Trade
    20/23-Aug – No Trade
    27/30-Aug – AUDUSD – Won – 32
    3/6-Sep – USDCHF – Won – 30
    3/6-Sep – USDJPY – Won – 30
    10/13-Sep – EURUSD – Lost – -100
    17/20-Sep – USDCHF – Won – 30
    24/27-Sep – NZDUSD – Won – 30
    1/4-Oct – NZDUSD – Won – 25
    8/11-Oct – GBPUSD – Won – 30
    8/11-Oct – USDCHF – Won – 28
    15/18-Oct – No Trade
    22/25-Oct – No Trade
    29/01-Oct/Nov – USDCAD – Won – 30
    29/01-Oct/Nov – USDJPY – Won – 30
    5/8-Nov – GBPUSD – Lost – -100
    12/15-Nov – No Trade
    19/22-Nov – No Trade
    26/29-Nov – No Trade
    3/6-Dec – GBPUSD – Won – 28
    10/13-Dec – EURUSD – Lost – -100

    Profit £53

    This is a return of around 2.5% over a 5 month period. So, as we suspected this is a slow burn strategy where the occasional loss sets one back a few weeks or so (profit wise). We will now cease coverage of this system.


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