Phew, time to breathe! It may be too early to say that we’re out of the woods, but at least things have quietened down a little. I hope you came out of the wild period from the last two weeks unscathed.

Just a short note this week, as I’m going to give myself a break from the keyboard that has enslaved me over the last week or so.

We’re just putting the finishing touches to the latest edition of so those of you who are subscribers can look forward to that landing on your doorstep towards the end of the week. This month I’ve written a short introduction to Binary Betting to accompany my review of The Binary Trigger. I’ve been keeping tabs on binaries while following Lunch Time Trader, but I’d forgotten how great they can be to trade.

I’m also pleased as punch to be able to share with you an interview I did with a pro trader contact of mine. The guy is a real prodigy (literally, he’s just 21!), but don’t let that put you off, he is one of the best traders I’ve ever come across and trades huge positions in the blink of an eye.

He’s got some great tips for beginner traders and some suggestions on where to start if you wanted to trade US stocks like him.

Other articles include the Betonmarkets tipping service BOM Signals and the excellent stats based information provider Quantifiable Edges. I’ve also included a feature on the fantasy trading site Bull Bearings and details of a What Really Profits mini league that I’ve set up. Finally, there’s part two of my guide to trading Forex from home, this time focusing on the fundamentals of Forex trading.

As ever, I hope you enjoy it and look forward to your feedback on how you’re getting on as well as letting me know the forex systems and strategies you’d like me to take a look at.

System watch – the Forex Mafia and their unworkable strategies strike again

Sad news I’m afraid guys: my favourite system Forex Auto Cash Robot has been taken off the market. Ok, I’m sure you can detect the merest smidgen of sarcasms in my voice here!

This system and its ridiculous marketing really made me mad. For those of you who missed it, it was an auto trading system that claimed to have never had a losing trade in 9 years. The problem was that these results were entirely theoretical with evidence of live results. It just traded EUR/ USD on certain days throughout the year. It was able to maintain such a high strike rate because the profit targets were tiny and the stop losses huge. This meant that a trade could be under water for weeks, months, maybe even a year until your puny target was met. It’s like risking £700 to win £10. The thing about these systems is that there will come a time when the trade won’t turn around and your profit target will look as lonely as an Icelandic hedge fund manager.

I got an email from a guy who unfortunately had purchased Forex Auto Cash Robot and guess what, yep, he had a losing trading that was down hugely in comparison to the profit target. It may turn around, but there’s always the very real risk it won’t. Just like the guys who sold mortgage-backed securities on the assumption that house prices will always go up.

This person was understandably upset and felt let down by the people he thought he could trust who recommended Forex Auto Cash Robot. He also coined a phrase to refer to the system vendors and the guys that recommend each other that I really liked: “The Forex Mafia”.

So, from this point I’m adding Forex Auto Cash Robot and anyone who recommended it to my Forex Mafia hit list. I therefore suggest ignoring anything from or recommended by ‘Forex Autocash robot’, ‘Forex Killer’ and ‘Forex Auto Pilot’.

Don’t worry, it’s not all doom and gloom out there! There are some great services that I’ve reviewed in the past such as FX53, The Wizard, Market Club, Trade With Pros, City Beaters, TUFXP, Forex backlash (potentially) to name but a few.

In fact last week I came across a completely free Forex website called There’s oodles of great educational material provided there for free as well as promising looking systems for both day traders and end of day traders. Well worth a look.

The Forex Mafia seem to centre on marketing auto trading programs. There are some decent ones out there as I’ve reviewed in previous editions of WRP, but one that recently caught my eye was Unlike other products, it looks as through the results are genuine with the system traded with live money by the system vendors. Annual returns look realistic and it all appears to be genuine. Unfortunately it’s not that cheap so I’ll be badgering them over the next few weeks to let me trial it for free.

I’ve also got hold of a little known system called the Trend Weaver system available via I’ll be sending this out to my testing crew.

My trades

Not a huge amount of time for trading this week, so there’s been very few short term day trades. However, some of my ‘wizard’-inspired Forex trades have been doing very well over the last week or so. I’ve had some questions about whether The Wizard and Market Club would be suitable for spread betting and I’d say that they are, but not the stock screening part. I’m looking forward to getting back in the saddle this week.

This week’s hot trading buttons

A much quieter week this week on the economic announcement front and hopefully also in terms of the number of banking shocks. Tonight MPC chairman Governor King is speaking which might have some effect on GBP Forex pairs if his comments are interpreted as meaning rate cuts are more/ less likely. Wednesday might have the same effect with the release of the minutes from the last MPC meeting. On Thursday we’ve got UK retail figures, which are probably going to be dire, the question of course is how bad? Friday’s top announcement is US existing home sales. Many have been calling the bottom in the US housing market for some time and been very wrong. I think they’ve not bottomed yet, but the pace of decline will slow.

Finally remember that the clocks change on Sunday evening.

Trading wisdom

“Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.” George Soros.