Secret Forex Trader Review – Sean Anderson

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  • #1465
    ReviewTeam
    ReviewTeam
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    Secret Forex Trader Review – Sean Anderson

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

    Key Info

    Publisher:  Agora
    Cost:  £1,171.48 with a 30 day money back guarantee
    Review Date:  October 2010 – January 2011

    What It Says On The Website

    The attention grabbing headlines are “Using My Secret FX Formula You Could Profit On Your 1st Ever Trade – While You’re At Work” and “You could use My ‘Buy And Sell’ Zones To Transform £705.88 Into A Massive £7,117.96 In Just 15 Days” – That’s 909.5%!

    Before we proceed we want to analyse the latter. We have assumed a risk of 3% of account balance per trade as the author has “never risked more than 3% on any one trade”, that compounding was applied after each winning trade, that there were no losing trades and that the Risk:Reward ratio on each trade was 1:3. Based on a starting account of £705.88 and these assumptions, to reach £7,117.96, would require 27 straight winning trades in 15 days at 1:3 Risk:Reward. Note: Using a Risk:Reward of 1:2 would require 39 straight winning trades in just 15 days. We are not saying this is not feasible but it is a remarkable performance.

    The course itself is “spread over ten jam-packed DVD’s – that reveal everything you need to know about Forex trading, from the bottom up”. “The course itself covers so much it would be worth every penny if it stood alone …”.

    However, also included with the Secret Forex Trader system is exclusive access to the members area for 12 months where you can log in and see if there is a Buy or Sell zone about to be triggered (these Buy/Sell zones are the crux of the Secret Forex Trader System).

    The system is priced at £1,171.48 and Sean expects you “to make at least £2,000 in your trial period” so “half of that will be clear profit”. “If you’re not one of the four out of every five people who are satisfied with the package, you’ll get a full refund”.

    The Material

    Ten DVD’s delivered as promised, as per the following titles (Note to Secret Forex Trader owners – If you wish us to remove the titles please ask us – We appreciate they are not specified on your website):

    1. FX Introduction
    2. PIPs/Charts/Candlesticks
    3. Support & Resistance/Trendlines/Channels
    4. Fibonacci Retracements/Moving Averages
    5. Pivot Points/Bollinger Bands
    6. Currency Flow & What Really Moves The Markets
    7. Money Management
    8. Trading Psychology
    9. Trading Plans
    10. Wrap Up/Login Details & Live Video Trades

    Each DVD is about 20 minutes long (so almost 3 1/2 hours in total) and all in all, for absolute beginners, they will, in our opinion, be most useful. The majority of the content is of course freely available in textual form in some place or other on the internet. But if you are completely new to trading and are looking for a sound introduction to Forex and Technical analysis you could do much worse than this. It is probably fair to say it would be a trade off between paying the price for a well put together consolidated base or having time on your hands and taking a fragmented approach. It’s equally as fair to add that those with 6 months or so trading experience will more than likely be aware of the majority of the content and will probably find the 3 hour+ commitment mildly interesting.

    Secret Forex Trader is however not just a set of DVD’s. Also provided is the Secret Forex Trader Desktop application and a Signal service based on that application.

    The System

    The Secret Forex Trader Desktop application is a standalone piece of software that you install on your desktop (works on Windows XP and Vista fine, can’t comment on other versions of Windows or MAC’s). Once loaded the interface is nicely laid out and clear. It identifies potential Buy/Sell zones as well as Stop and Target levels for whichever Currency pair is setting up. In addition to this, when a setup is identified on the Secret Forex Trader Desktop application, an Email and SMS is received with the exact same trade details.

    The literature states that the Buy/Sell zones are calculated using a number of variants including Elliot waves, Cot analysis as well as standard Support & Resistance and Fibonacci levels. These zones are where Secret Forex Traders believe large speculators will be coming into the market and buying/selling.

    Note: When using the signals Secret Forex Trader strongly recommend discretion. This entails observing a 4 hour chart and checking previous High/Lows, Pivots, Support & Resistance, Fibonacci, and modifying the Entries/Stops/Targets as you deem appropriate. This is all stuff taught in the DVD set. They also state that the Buy/Sell zones are “zonal” and recommend such things as adding/subtracting 5-10 pips from Entry levels, Stops, add 10-20 pips if you want less chance of being stopped out, etc. – All based on your own analysis and interpretation of the charts.

    Trades generally last 2 – 4 days and average Risk:Reward based on us using this for 4 months and as per the actual signals was around 1:2.5.

    Can It Work

    First of all, a major caveat here, that comes with a valid purpose.

    Major caveat: To remove discretion we used the signals as they came. Yes, we could have applied the analysis recommended and yes we may have achieved a better set of results, perhaps they would have been worse! It would depend if we added 5 PIPs to entry or maybe 10 or whether we drew our Fibonacci point from X instead of Y. It may have been dependent on whether we believed a 10 or perhaps 20 PIP addition to the recommended Stop was applicable, who knows. As we like to produce reviews that are of a mechanical (repeatable and thus measurable) nature we stuck with trading the signals as is. Now we have clarified our major caveat, let’s make our major gripe – If these signals are part of a 12 month service we see no reason why they shouldn’t already include the recommended analysis.

    Onto the system/signals – Any medium can be used here, the Desktop application, the Email alerts or the SMS – All provide clear and concise trade instructions which are easily translated into orders, we preferred the email option (matter of choice). Without doing the (recommended) additional analysis it took about 2 minutes to get orders in as the most signals ever received at any one time was three.

    A note on the Secret Forex Trader Desktop application – Although quite nifty the major issue is the necessity to have it running 24/5. As all alerts are also issued by Email and SMS, we just relied on the email instead – So, a nice tool but we just don’t see the point really.

    The signals were typically received around 10:30pm (UK time) or in the morning, as early as 7:30am and as late as 11:30am. Other signals and intra-day updates (Stop adjustments/Take profit alerts) were received at any random time during the day. It means you have to be available to react to and place/amend orders/trades pretty much all day from 7:00am to midnight. We never received any signal between midnight and 7:00am.

    Our performance was as follows during the 4 month period October 2010 – January 2011 (remember we traded the signals “as is” with none of the recommended analysis – In order to remove all discretion for review purposes):

    • October, 3 triggered trades, 1 win, 1 breakeven, 1 loss, +120 PIPs (Official report was +265 PIPs)
    • November, 8 triggered trades, 6 wins, 2 losses, +257.5 PIPs (Official report was +340 PIPs)
    • December, 6 triggered trades, 3 wins, 1 breakeven, 2 losses, +10 PIPs (Official report was +30 PIPs)
    • January, 4 triggered trades, 3 wins, 2 losses, -14 PIPs (Official report was +395.5 PIPs)

    Based on 2% risk per trade we made +4.4%, +9.7%, +0.6% and -0.5% in October, November, December and January respectively. This gives us an average monthly return of 3.9%.

    Our percentage returns are obviously significantly different to the official returns and this is because we did not apply the recommended discretionary aspects advised by the Secret Forex Trader team.

    If we look at the most recent month of January this is evident. We made a negligible profit (which the website also reports – If trading just by the signals). However, results “if (traded) within 10 PIPs of original entry” show the +395.5 PIP return mentioned above.

    This means maybe Secret Forex Trader are onto to something, however, what is clear is that the rewards do not come without additional effort (which is fair enough as they point this out quite clearly). If only those signals included that additional analysis then results would be measurable and consistent across the board – Why have a dog and bark yourself!

    For the record, during our 30 day trial period (in October) based on 2% risk per trade we could have made £2,000, as per the Secret Forex Trader website. In order to do so we would have to have had a starting bank of £45,000 and risked £900 per trade. Not as close to the £705.88 into £7,111.96 in 15 days we would have liked to be.

    We have been informed that there are two imminent “improvements” in the pipeline in relation to the Secret Forex Trader system:

    • They are considering removing the need for the additional analysis from the signals – Hurrah says us!
    • FX Evolution – More a new “product” than an improvement. An education aimed at teaching the complete Secret Forex Trader strategy that will negate the need for people to have to rely on (pay for) the signals. Options available will be 1 on 1 private tuition (£3,497 – Ouch!), a 1 on 1 private webinar (£1,497), a Group workshop (£997) or modular (£97 a month over 4 months) learning. Note: If you do any of the FX Evolution studies you also get the DVD’s and signals for 12 months (even though you shouldn’t, in theory, need them).

    Additional Service: In January a new “Trend signal service” was introduced and included in the membership price. Just two trades so far, one breakeven and one which closed out at a 6.6% based on 2% risk per trade. Obviously it’s too early to pass any comment on this addition but we will keep an eye on it and the rest of the service for at least the next month or so and report back. The Trend signal service is an “enter at current market price” signal with a defined Stop and open Target, no additional (discretionary) analysis is required.

    To summarise – A well put together pack of DVD’s (for beginners) with a reasonable Signal service which if improved (to remove the need for discretionary analysis) could be of interest should performance remain around the 3%+ per month mark.

    With new subscribers getting access to the DVD’s, the FX Evolution program (the complete education), 12 months of signals and the additional signal service perhaps this is worth the price tag for those new to trading looking for a “quick entry” approach to the world of Forex.

    As mentioned above we will monitor and report back on the Signal services (as is) for the next couple of months at least.

    Support

    Very good, typically within an hour or two and with good attention to detail in the responses.

    Summary

    PRO’s
    • A decent set of DVD’s, especially for beginners
    • Clear easy to place signals (if not performing the additional analysis)
    • Average Risk:Reward is good at around 1:2.5
    • Good support

    CON’s
    • Discretionary analysis – If we pay for a signal service this must be part of the package (yes – we know it’s clearly pointed out they are “zonal”)
    • You have to be available between 7:00am and mid-night 5 days a week
    • Additional cost after 12 months

    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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    #1522
    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

    zorba_g

    01-Feb-2011

    Not cheap, but if the signals are good maybe worth it for the right account size, it seems. How different will FX Evolution be? Is it worth waiting for it?

    ReviewTeam

    02-Feb-2011

    Hi Z,

    Can’t comment really on FX Evolution yet but as it’s supposed to educate in terms of how the signals are generated and it includes all of what Secret Forex Trader offers it does seem it’s worth the wait. As per the review we are expecting access to the DVD version of the course when available and in the meantime we will report back on the signals.

    ReviewTeam

    03-Mar-2011

    Below are our results for Secret Forex Trader in February:

    • 5 triggered trades, 2 wins, 3 losses, -99 PIPs (Same as official reported figures)

    Based on 2% risk per trade thats a -4% loss for the month based on 2% risk per trade.

    ReviewTeam

    02-Apr-2011

    Below are our results for Secret Forex Trader in March (caution (aptly) applied due to world events):

    • 3 triggered trades, 2 wins, 1 loss, -3.5 PIPs (Same as official reported figures)

    Based on 2% risk per trade thats Break-even for the month based on 2% risk per trade.

    Difficult circumstances granted. However, this still means Secret Forex Trader is yet to move into profit again this year. We will continue to monitor and report back.

    ReviewTeam

    02-May-2011

    Below are our results for Secret Forex Trader in April:

    • 4 triggered trades, 1 win, 3 losers (Same as official reported figures)

    Based on 2% risk per trade thats Break-even for the month.

    Note: There was also a longer term “Trend signal service” trade – It lost, so that service is now running at +4.6% YTD based on 2% risk per trade.

    Still, Secret Forex Trader is yet to move into profit again this year. We will continue to monitor and report back.

    ReviewTeam

    01-Jun-2011

    Below are our results for Secret Forex Trader in May:

    • 5 triggered trades, 1 win, 4 losers (Official report has 2 wins and 3 losers but we were stopped out by 2 PIPs so not sure why official results are not the same)

    Based on 2% risk per trade thats -6.05% for the month.

    Note: There was also a longer term “Trend signal service” trade – It won (+1.60%) so that service is now running at +6.2% YTD based on 2% risk per trade.

    The main Secret Forex Trader service remains underwater for 2011 (down almost -10% YTD). Even taking into account the Longer term “Trend signal service” Secret Forex Trader is still down almost -4% YTD.

    We have now decided not to continue monitoring this service.


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    And also receive an email every time we post a new review

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