I hope you’re well and enjoying the summer rain!

I was looking forward to a sunny escape next week, but it looks like I’ll be taking the rain with me. I’m off to Tremezzo, Lake Como. Any tips from anyone who’s been there previously would be appreciated.

As I’m off the Eurozone, I’ve been keeping an eye on the EUR/ GBP exchange rate and needless to say, things haven’t been going my way from a tourist perspective. Our wonderful politicians have done a great job of sending a wrecking ball to the pound thanks to Alistair Darling’s comments over the weekend and the Brown housing rescue package that will use up more of the treasuries strained finances. It looks as though it will cost hundreds of millions and have absolutely no impact. Except that any houses which were on the market for 200k today, will be on for 174k + 25k fixtures and fittings tomorrow.

To be fair to Mr Darling, he was only saying what a lot of other people had previously said or were thinking, it’s just that his timing was bad (for me). I feel like saying “shhhh, keep quiet until I get back from holiday!”

I’ll step off my political soapbox now and turn my attention to the latest trading systems.

Trading systems watch

At least one thing is going well this morning; oil is down 10% on the day. That’s a punchy fall by anyone’s reckoning; unfortunately I had no trades on it. Coulda woulda shoulda!

Speaking of which, I had one member email about monitoring oil markets and the best ways of getting information on it.

The member recommended the free Ed Downs commodity update on the http://www.clickthemarkets.com/ website (see market updates in the middle of the page). I’d also recommend the free Futurespulse commentary available at http://www.futuresource.com. I’m yet to subscribe to it, but http://www.ireallytrade.com is operated by Larry Williams who has a heck of a reputation in the commodities field.

Here’s a round up of other offerings catching your eye at the moment:

John Piper

It seems a few of you have had invites to John Piper’s seminar on Binary Betting. It costs a few thousand pounds, but the question as ever is whether this represents value.

I know John and will vouch for his trading expertise; he genuinely is a very good trader. He is a clever bloke who’s fascinated by puzzles. I imagine the course would improve your trading in binary betting as John really knows what he’s talking about with them. John was genuinely excited when a guy went on the course and made a few thousand in his account live on the day. Whether you’ll make hundreds of thousands, even tens of thousands binary betting I don’t know. I suppose the value of the course would be in relation to the amount of money you could put in and your own ability to trade thereafter. Many people could go on the same course and still trade very differently.

Traders University/ Greg Secker/ WIN Investing

Now I’ve not been on any of these seminars, but they seem to follow the same formula of free introductory talk followed by an up sell to the real course costing a few thousand. I’ve no real motivation to go on one of these courses, as based on member’s feedback and my own experiences with similar things I think I know what you’d be getting.

However, to build up a better picture and create a more substantive review I’d really appreciate your help.

Free prize!

I’d really appreciate people getting in touch telling me about their experience with a live training course from Greg Secker/ WIN/ Vince Stanzione. Let me know what you thought of the course and whether you benefited from it in the short and long term.

The best reviews will get my copy of Malcolm Pryor’s excellent beginners guide to spread betting or another similar prize if you already have this. I try to throw in some runner up prizes for the next best reviews. Just drop me and email at [email protected].

Omni Trader (http://www.omnitrader.com)

Omni trader is an end of day trading package with proprietary indicators to help your trading decisions. Unfortunately the WRP research budget won’t stretch to a purchase, so this is another shout out for information if you have any. There are similar systems to this out there such as Trend Signal, (Reviewed in WRP 3) and Able Trend (Reviewed in WRP 5). Able Trend (http://www.wintick.com/orders/abletrend/) probably one of the better pieces of software of this type because there is a 30 day free trial then monthly payments. You can also back test the signals or your set ups so you can see if it is likely to work for you. If you have not already done so, you can subscribe to What Really Profits here: http://www.whatreallyprofits.com.

Trader Guider (http://www.tradeguider.com)

Interesting looking piece of software that examines volume spread analysis. I’ll try to badger them into giving me a review access and at the very least will do a review of the book Master the Markets.

Forex Backlash (http://www.forexbacklash.com)

Could this be a system sold on Click bank that actually works? If the results reported by one member are anything to go by, then it might just be. I have to thank the member in question for sending the latest results over to me regularly. The last update puts him as follows:

EUR/USD +1100

AUD/USD +1020

GBP/JPY +1390

USD/JPY +230 (closed)

USD/CAD -190

Pretty good going!

Currency Options Insider (http://www.currencyoptionsinsider.com)

Full review of this is in the latest edition of WRP. It has been up and down since I first took a look. The short of the pound has worked amazingly well and is currently up an astounding 566%. Unfortunately they made that trade just before I joined. Since then, more recent trades have been disappointing and moves on the Yen, Euro and Canadian Dollar are down -50%, -78% and up 15% accordingly. Still 566% is a tremendous return.

FX53 (http://www.fx53.com)

Looks like there has been a few additions to the offering with some inbuilt systems. I’ve also been informed that Kevin has made a group package available which could be economical with 4 people able to share the offering. Note; there’s only 2 software licences sold though so the 4 person part would only work if you shared this with family or friends close buy. I suppose the two licenses themselves could be separate locations though. If you are interested in finding someone else who wants part of the group package, get in touch and I’ll try to match people up.

My trades

Chugging along with the ORB method and you can keep up on my aforementioned blog.

FX53’s short on the GBP/ JPY from 206.17 has gone astoundingly well, up 1,300 pips. Very pleased with that one. It’s more than made up for the 300 pips I lost on my USD/ JPY long.

I’ve also opened the following trades based on The Wizard. Long USD/ CAD from 1.0644, Short USD/ JPY from 108.423, short. No index trades at the moment as volume is a bit weird. Can’t see a huge edge either way on the ES (S&P 500 futures)

This week’s hot trading buttons

This week brings a whole raft of top tier economic announcements. Topping the bill on Thursday are the MPC and ECB interest rate announcements and accompanying statements. Both are widely expected to produce ‘no change’ verdicts, but as ever, it is the forward looking statements that will cause the most excitement. Sterling traders are speculating on a rate cut from the MPC before the year is out. On Friday, the week’s biggest announcement is the US Non Farm Payroll figures which will ensure the week doesn’t end quietly. Aside from this, this week brings US Manufacturing data on Tuesday. On Wednesday we get UK PMI data.

Trading Wisdom

“Every winner needs to master three essential components of trading; a sound individual psychology, a logical trading system and good money management. These essentials are like three legs of a stool – remove one and the stool will fall, together with the person who sits on it. Losers try to build a stool with only one leg, or two at the most. They usually focus exclusively on trading systems. Your trades must be based on clearly defined rules. You have to analyze your feelings as you trade, to make sure that your decisions are intellectually sound. You have to structure your money management so that no string of losses can kick you out of the game.” Alexander Elder