LMT Forex Formula Review – Dean Saunders

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  • #1792
    ReviewTeam
    ReviewTeam
    Keymaster

    LMT Forex Formula Review – Dean Saunders

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

    Key Info

    Publisher:  Clickbank
    Cost:  $149 with a 60 Day money back guarantee
    Review Date:  June 2009

    What It Says On The Website

    LMT stands for Low Maintenance Trading. The website offers a “proven 82% accurate Forex formula that earns over $10,000 per month with less than 15 minutes work a day”.

    There is a live example video on the website illustrating a +$6,000 winning trade on a daily chart that took “less than 15 minutes at my computer”.

    Following the “I spend more time making coffee in the morning than I do trading at my computer” the system is described as one “I devised after years and years of searching for systems to trade the Forex market”.

    Dean then goes into a little bit of detail on his background, “just 25”, “trading on the Foreign Exchange since I was 16”, “started with only the birthday money from my Grandmother” based on “a magazine article about Forex”. Has “made every mistake in the book” and “blew one account after the other”, “convinced it would change if I just kept making trades”.

    There follows an account statement showing a $30,000 profit during January and February 2009, for “less than 15 minutes a day”. Then there is a quite lengthy story of how LMT came into being and it is summarised as “the secret is utilizing the convenience of automation but with complete human control”.

    The software aspect of the system “checks current long term trends”, “calculates an 82% accurate point of entry”, “calculates the exact stop and take profit levels”, “keeps you in the trend as long as possible” and “allows you trade with less than 15 minutes a day at your charts”. This plan, “with automated indicators and full trader control”, “made me more money than I had ever seen”.

    The website continues with, this is the only system “proven to make money for everyone who tries it” that “has been my bread and butter for longer than I can remember”.

    Six LMT “Beta testers” from around the world all provide their own positive feedback before a final list of “real reasons you need LMT right now” is re-presented.

    The deliverables are then detailed, a “simple language” 60 page manual broken up into “easy steps a seven year old could follow”. Also included is a Custom Indicator package (for Meta Trader 4) which is “100% mechanical” and “82% accurate”. There are also a range of video tutorials supplied “that walk you through everything”.

    There is one final section on how much the system costs plus the explanation of the 8 week (no questions asked) money back guarantee.

    The Material

    As mentioned on the website we received the manual (which is actually 47 pages), the indicator set and access to the video tutorials.

    The manual is very well written and very easy to understand. The strategy originally developed for the Daily charts can also be traded on the 4 hour charts. On the Daily charts 10-12 pairs are traded generating 8-10 trades a month with potential profits ranging from 100 – 2,000 pips.

    LMT uses Meta Trader 4 (for its custom indicators) and the set-up process is extremely well documented.

    There is a sensible Money management section (2% of account per trade max), a little on Trade sizing and then a little bit more on the different time-frames.

    As per the example on the website the Custom indicators show a number of things:

    • Trend direction
    • Stop loss
    • First target
    • An oscillator (which looks a bit like a traditional MACD indicator)

    These indicators and an additional set of “visual checks” make entry and trade management pretty much 95% mechanical.

    There are 3 different exit strategies that can be mixed and used as you wish, all make perfect sense based on ones own attitude to risk.

    The System

    Setting up this system (in Meta Trader 4) is as simple as advertised. And, although we didn’t try it out on a 10 year old, its highly likely that many 10 year olds would be able to set this system up, even those that have never used Meta Trader 4 before (which should be all of them!).

    The indicator is clear, as are Entry, Stop and Target levels. The Stop is usually about double the first Target, which is acceptable. Stop can be anything from around 30 pips to 120 depending on the pair being traded. Exit is dependent on the Exit strategy chosen.

    Trading the Daily charts was difficult for us (our candle close time is midnight (GMT)) so we chose to trade the 4 Hour time frame. We are quite sure this can be overcome by changing broker/chart time frames or something, we just didn’t go so far to look into it.

    Money management, as mentioned above is sound at 2%.

    Can It Work

    Not a system that can be back-tested as certain aspects of the indicators work in real time. But, we were able to run it in real-time for a number of weeks as it really is a system that requires little time and effort, even on the 4 hour time frame we chose.

    Once set up, it is a case of checking every 4 hours for an alert on the Meta Trader 4 platform. A series of visual checks (and some common sense ones too) then make the whole trading process almost 100% mechanical.

    Entries are clear, as are Stop and (First) Target levels. It’s called first target because, as mentioned above there are a number of different (also sensible) exit strategies one can apply. We chose to apply the Aggressive strategy, this is the one that basically takes as best advantage as possible of the bigger moves. It involves, initially moving the Stop level to break-even once the First target is hit.

    One aspect we did have to overcome was what to do with overnight trades but we came up with our own half way house strategy that we were happy with.

    Over about a 3 week period we entered 10 trades on the 4 hour time frame across 10 currency pairs. Two trades lost, hit Stop loss before hitting Target 1, 3 trades were break even and 5 were winning trades. The most profitable winning trade was over 400 pips and the biggest loser was 85 pips. So, we ended up, not quite with the 82% accuracy but for sure, we made money.

    In our limited exposure to this system, it worked and we liked it. It’s a relaxed way of trading and management takes little time or effort. We have added it to our Systems We Trade list and we will continue to trade it going forward. We will of course provide updates along the way.

    Support

    We never contacted support so cannot comment.

    Summary

    PRO’s
    • Relaxed style of trading.
    • 95% mechanical.

    CON’s
    • On the 4 Hour time-frame, the bit when you are asleep (what to do with open trades) – but this can be overcome as we did.
    • On the Daily time-frame (in the UK), candle closes at midnight GMT, but, we are sure this can be overcome somehow.

    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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    #1797
    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

    30-Jun-2009

    We have added the LMT Forex Formula to our Systems We Use list. This is a link to our LMT Forex Formula Trading System Journal


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