Fast Forex Profits Review
Fast Forex Profits is a new ebook written by Jeff Wilde.
Several things that I enjoyed about this book were its structure, its brevity, and the willingness by Jeff to help his clients.
Jeff doesn’t fill the ebook with forex fluff (you know, the stuff that can easily be found freely on the internet and as you’re reading it you’re wondering why you paid $50 for something you didn’t already know!) – it isn’t found in this ebook, Jeff gets straight to his method and explains it.
Another good thing I liked about Jeff’s product was that he illustrated his system by using video. While I would have preferred a LIVE recording of a trade using his method, his historic video captures were ample enough to ground out any problems the user had in understanding his method.
Unfortunately that’s all that can be said about the things *I* enjoyed about the book.
As to the method… well… it isn’t as sound as I had hoped.
After placing Jeff’s method into Wealth-Lab and testing it on popular currencies such as the EUR/USD and the GBP/USD (which he recommends), and on the 1 hour time frame (which he recommended although he did say that his method worked on any time frame) his method just wasn’t profitable.
Of course, this testing is based on dataHQ’s FXCM data, which could have differing data to Jeff’s.
One last thing that I’d like to note is that Jeff may indeed use this method AND make money – it just doesn’t show historically. The reason I say that he can still make money is that he may apply other filters that he may not be aware of. I know when I taught a friend about flag formations he’d point to all the formations that technically were flags (according to my definition), but upon my seeing these formations I *knew* they weren’t – and the only way I could describe it to my friend was that they just didn’t *feel* right.
And this is why if you’re new to the market I highly encourage you to look at as many charts as you can. Familiarise yourself with what happens before a big move and after a big move. By doing this you are subconsciously locking away a library more powerful than a Cray computer, so that when you start trading the right-hand side of the chart you’ll “see” what is likely to occur next.
Anyway, I thank Jeff for allowing him to see his unique MACD trading method, however, I feel as though users may not be happy with their results.
If anyone has purchased Jeff’s product add your experience below.
Tags: Fast Forex Profits, Forex Systems, Forex Trading Systems
August 9th, 2006 at 12:44 am
Whereas the layout of the book was pretty simple and straightforward. None of the video hyperlinks in the pdf were ‘live’ and therefore had to be copied manually into a Browser. …Which was a bit irritating.
Of course, none of this matters anyway. – As you rightly stated, his method simply doesn’t work, so the whole thing is a waste of time and money.
December 6th, 2006 at 10:43 am
As for me, I tested it over a week on demo and it worked quite well.
I’ve even shot a video of my trade.
See my site at http://www.researchdig.com/forexprofits
Hope this helps,
Amin
December 6th, 2006 at 6:49 pm
Thanks Amin for your video.
Please keep us updated with your results.
All the best,
Ryan
April 28th, 2007 at 2:51 am
I actually tested this (and many, many other methods available in .pdf format) and honestly, none of them were consistent over any period of time!
As for this post…
Quote:
Amin Sadak Says:
December 6th, 2006 at 10:43 am
As for me, I tested it over a week on demo and it worked quite well.
I’ve even shot a video of my trade.
End Quote:
To base your findings on a mere week of trading data is (with the greatest of respect) ludicrous!!!
July 19th, 2007 at 3:35 pm
Jeffrey Wildes method actually does work. People not succeeding with it either do not understand it or are not applying proper money management, or it just may not fit their personality, which is important. Money management will make virtually any trading method work. Richard Dennis achieved super-trader status in the Commodities market with a system that had a win ratio of only around 30%, yet was extremely successful making tens of millions of dollars. One of his students, Liz Cheval, built an account of well over $100 million dollars using the very same method. Now, on the other hand, I have seen traders with a trading method with a 70-80% win/loss ratio, yet fail miserably. People get too caught up in win/loss ratios. What is important is the profit factor or the expectancy. This is what will determine whether or not the system is profitable. So, someone will test a system and because it does not win 8-9 times out of ten, it is considered worthless. I have back tested Jeffrey’s method as well, and it has shown to be profitable. Some months are incredible with a long string of wins and small losses. Other months are not so good. That is how trading is. One month of gains may more then make up for 2 months of losses. Jeffrey’s book is by all means not a complete trading course and there have been some good points made from the other posts, but because someone does not or is not succeeding with Jeffrey’s method does not invalidate his strategy. Trading is a very personal business and what works for one, no matter how proven it may be, will not necessarily work for someone else. Jeffrey’s method is a great beginners course, but no method, no matter how proven will assure one’s success. Success in trading is at least 60% psychological, 30% money management and around 10% trading method. Jeffrey’s method will most certainly work as long as one fully understands it, applies proper money management and it is suited for their personality or style of trading. If anyone has not been successful with it, have you contacted Jeffrey for assistance? So, to succeed at a trading method, do not focus on the 10%, focus on the 60%. This is what will determine one’s ultimate success. Have you looked to see why you are not succeeding with it? Trading is a tricky business and one can not succeed with a “black box” system making all their decisions for them, or waiting for moving averages crossovers. It requires focus, understanding of the markets and discipline. I don’t mean to ramble on, but saying a method does not work just because you may not have succeeded with it is not as simple as all that. I have actually seen methods with only a 20%-30% win/loss ratio, yet end up making profit for the trader long term. Yet, it does not work for me as it does not fit my style. I fall in the 50-50 win/loss range. I am happy with that. Bottom line is this: Does Jeffrey’s method work? Absolutely! Will it work for YOU? Only you can answer that.
December 4th, 2007 at 12:23 am
I wish I’d read this before I purchased Jeff’s system. I tested it and couldn’t make sense because the MACD I used did not match Jeff’s. I wasted at least a few days trying to work it out.
I never did put any money into the market based on it, but I did invest a good bit of time. The purchase price was a minor irritation as well.
January 19th, 2008 at 10:30 am
Hi
I traded using the fast forex profits system for over three weeks (I know it’s a short time) on demo. It’s very simple to understand. I’m a beginner. I admit it doesn’t give you wins every time. But i’m happy because overall, it gives me a profit.
As for email support, I find jeff to be very prompt in his reply.