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Systems For Traders | FX Jake Review

FX Jake Review

This topic contains 1 reply, has 1 voice, and was last updated by ReviewTeam ReviewTeam 6 years ago.

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  • #2499
    ReviewTeam
    ReviewTeam
    Keymaster

    FX Jake Review

    Key Info

    Publisher:  None specified
    Cost:  None specified
    Review Date:  See below

    What It Says On The Website

    Walt Peters (who we assume is FX Jake) is a man of few words “FREE! ‘Watch This One Video To Make Money Trading Forex Today’ – Walt Peters describes EXACTLY how he makes thousands of dollars trading price action…”.

    “Attention: This is limited to the next 117 lucky individuals” and to watch the video you must enter your email address – We chose not to!

    Based on Forexample’s (a member whom we have a lot of respect for) detailed contribution below we decided that rather than repeat his process we would focus on other products on our Request list – Forexample we thank you once again for your excellent posts in relation to FX Jake.

    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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    #2502
    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

    Forexample

    18-Jun-2011

    Hi ReviewTeam,

    I have some doubts but as it is cheap enough I have decided to subscribe to this for at least one month to see how it pans out.

    ReviewTeam

    21-Jun-2011

    Thanks as always for your continued contribution.

    Forexample

    28-Aug-2011

    I have been receiving signals from FX-Jake since joining on the 18th June, so a period covering 10 weeks so far. The website indicated that between 10 and 20 signals per month could be expected, but this has not been the case. There have been 14 trades triggered from 19 signals, but there have been trades signalled on as many as many as 5 pairs in a single day and mostly these are correlated pairs. This means that there have only actually been 6 days that signals have been issued and also triggered.

    This is a typical signal

    TODAY’S TRADE SIGNALS
    NZD/USD
    *BUY* STOP: 0.8395
    Stop: 0.8062
    Target1: 0.8520
    Target2: 0.8620

    Recommendation is to close half position at TP1 and move stop to BE with the remainder of the position (usually BE + 5 pips)

    So, how profitable has it been?

    Of the 14 triggered trades, 3 are still open. From the 11 closed trades to date….

    4 have hit TP1 and 1 continued to hit TP2
    4 were closed manually at around break-even.
    1 hit full stop-loss
    2 were closed manually when well on their way to hitting SL

    It’s difficult to know what is a sensible MM approach to risk per trade because of the possibility of multiple trades triggering with correlated pairs, so I opted for 1% per trade split into 2 positions. Closing 1 position at TP1 and moving the stop to BE and TP2 with the other half position.

    So with the 11 closed trades, account is showing a small loss of 0.24%. This is not exactly a disaster, especially as the 3 open trades are currently showing a small profit.

    To be honest, there have simply not been enough signals issued to be able to draw any fair conclusions.

    I will update further when the open positions are closed.

    Forexample

    07-Sep-2011

    The 3 open positions that I referred to in my last post have now closed.

    All 3 hit target 1
    1 trade also hit target 2
    1 trade, the 2nd half of the position was closed at +5 pips
    1 trade, the 2nd half of the position was closed manually with a small profit.

    The best performer of these 3 trades was a short on EURUSD which yielded 340 pips on the first half of the position and 500 pips on the 2nd. This is good, but not quite as impressive as it seems because the initial stop-loss was 430 pips. This is a good example of why reporting simple pips gains can give an unrealistic impression. Showing a % gain is always preferable, and this trade actually made just under 1% (risking 1% split between the 2 positions)

    This now means that since the 18th June, this service has returned a profit of 1.43%. Performance may not be exactly astounding so far, but at is at least showing a profit and it never went more than 0.27% into loss with closed trades.

    The only problem that I have with this service is the low number of signals. Note the last 3 trades were signalled on the 10th August, so were open for nearly 4 weeks and there were no new signals during this 4 week period.

    This could be due to the unreliable market conditions during the holiday period so maybe more signals will be forthcoming moving forward. Time will tell.

    Forexample

    29-Sep-2011

    Hi again,

    Since my last update, there have been 5 new trades in September. 4 of these hit the full Stop-loss and 1 managed to hit T1. This means that in a little over 3 months, this service has made a loss of 2.28% (risking 1% per trade, split into 2 positions, closing 1 position at T1 and move stop to BE).

    Please note that there were also 2 trades that I have not included. 1 was a gold trade that made a very small profit and the other was a silver trade that hit SL with some brokers and T1 with others. As not every broker trades metals now, these were considered bonus trades, but would have made very small impact on the overall results.

    My experience with this service has been nothing like the impression given on the website. The low number of trades make it difficult to assess properly, but if I am paying for a signals service, I would expect it to at least cover costs.

    ReviewTeam

    10-Oct-2011

    Forexample, your updates have been excellent and we are sure, of benefit to everyone considering this service.


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