Currency Code ReviewProduct: Forex Power Play

Author: Alex & Nicky Ong

Published by: Agora Lifestyles

Where to buy: Order Forex Power Play here

Price: £495

Guarantee: 39-day risk-free

What are you paying for? Trading software which runs on the Metatrader (MT4) platform, and a complete dual timeframe trading strategy. There are also trade reviews, detailed training videos, and occasional webinars available on the member’s website.

What’s the big promise / the low down? The Forex Power Play package is a software/strategy combo. It’s a trend-following methodology that uses software to search for favourable conditions (potential momentum breakouts) and then ‘flags’ any markets that are showing potential.

The trader then hops into the driver’s seat to apply the strategy tactics – that’s how you’ll actually execute and manage the trades – but having the software do all the analysis helps eliminate a major hurdle for traders: those feelings of fear and greed! The software identifies the highest probability ‘Power Play’ setups leaving the trader to operate from a rational and clear frame of mind.

How big a trading bank do I need to get started? I’d recommend starting with the five-minute trades and if you’re trading through a broker that offers 10p/pip minimum stakes, you can be up and running with a start bank of around £500, maybe a bit less.

The stop losses used are relatively small and with the recommended trade size of 1%, £500 should bring all trades comfortably within range (send an email to rich@tradersnest.com if you do need a 10p/pip broker and I’ll give you my recommendations).

What’s involved? The first job is to make sure you’ve got Metatrader (MT4) up and running, and if you don’t already have a copy of this software – worry not! It’s the industry standard software and comes free with most brokerage accounts – just look for ‘MT4’ as the specified trading platform if you’re opening a brand new account.

Next, download the Forex Power Play package from the member’s website (very quick – took me less than 30 seconds) and install it into MT4.

IMPORTANT: Before you’re able to run the Power Play software you’ll need to have your copy licensed. It’s simple to do; you just send your Metatrader account number by email. Mine was done very quickly: took just a couple of hours, but this is a manual process so you should allow 24 hours (Monday to Friday) for them to do it for you. This is worth knowing if you plan on setting aside a particular time to learn how it all works!

Once your software is licensed you can call-up the first of the three pre-loaded screens:

1) Radar: This gives you your list overview of the entire universe of markets covered by Forex Power Play. (And you’re certainly not going be short of trading opportunities!) You can see at a glance the current status of each market via a user friendly traffic light system: green for potential buys; red for potential sells; grey for stand-aside. You can then go looking at individual charts by clicking on the Power Play screen…

2) Power Play (Day): This is where you’ll look at each market individually and spot your entry and stop loss prices. This is the day trading setting (five-minute charts) so it’s recommended you stick to the major markets, i.e. the ones with higher liquidity and tighter spreads.

EURUSD, AUDUSD, GBPUSD, USDCAD, USDJPY, USDCHF, NZDUSD are all recommended Forex pairs, but there are also optional signals in the following equity indexes: GER30, NAS100, SPX500 & UK100. On the chart itself there is a Power Line which is a further filter for potential trades. This removes even more decision making from the trading process, so in the end you’re pretty much left with the simple choice of which particular market you want to be active in, everything else being done for you.

The five-minute trades have a logical stop loss placement with a suggested profit target of 1.5 times risk. That’s a very healthy reward-to-risk profile! And you can expect your trades to run anywhere from a few minutes to a couple of hours in duration.

One thing I really do like is how Alex advises you to look for just one solid trade per day. Instead of firing off trades willy nilly – which would be easy to do with so many to choose from – this approach forces you to show a bit of restraint and hook the very best high-probability opportunities.

3) Power Play (Swing): This is the third (and optional) screen. You’ll use this one if you’re trading the four-hour charts. You’ll find your trades using exactly the tools as the day trading screen, but you have the whole range of markets to work with here.

Obviously you’ll get fewer opportunities than with the five-minute charts, and you should expect your trades to run into the days/weeks timeframe, but the potential returns per trade will be correspondingly larger too!

How much time will I need to make this work? 7am to 5pm UK time is the main window of opportunity open to the five-minute setups. You’ll find trades right through the day and the way the strategy tactics work means you don’t need to sit glued to your chair while you’re waiting for a setup: you can keep a casual eye on the charts and pay closer attention once you spot a potential entry setting up. After the trades are entered you can leave them to run to their target or stop loss so trade management will not be a time consuming issue either.

IMPORTANT: 65% of trade entries have been recorded as triggering between 7am and 10am UK time. A tightly consolidated morning session could help you grab the lion’s share of Power Play trades and still keep the majority of your day free for other things. AUDUSD & NZDUSD trades can be taken in Asia session (overnight here in the UK) so that could be useful too if you are more of a night-owl trader. And as far as the four-hour charts go, you’ll only ever need to nip in and check up on things a few times per day.

What’s the difficulty level? Suitable for all levels: beginners will find the strategy very simple to follow, especially with all the number-crunching analysis done for you by the software. But equally, advanced traders will find plenty of scope to refine the strategy to suit their own particular style too.

Which market does it work in? Forex markets (with optional signals given for main equity indexes).

What will I need to get this to work?

  • 
Forex Broker/Spread Bet account
  • 
Metatrader platform (MT4) – it’s free
  • Reliable internet connection
  • PC to run the software (doesn’t need to be anything high-spec)

The bottom line – Trader’s Nest opinion: I’ve tested Alex and Nicky’s stuff before (Snapback FX and Forex Profit Filter), so I know they are genuine, knowledgeable, traders. No question about the quality of the logic behind their strategy design or the trading software itself and their support has always been excellent too.

With Forex Power Play you’re getting a method that’ll give ample opportunity on the five-minute charts: in fact it could easily become your main go-to method for active trading. On the four-hour charts you’ll need to be a bit more patient so this could be perfect as an add-on to your portfolio of Forex strategies, and if you naturally prefer a longer-term outlook on your trades it’ll be a great fit too.

Trader’s Nest rating: 93% – a cracking trend-following strategy for five-minute (and optional four-hour) charts. Scores highly on ‘done-for-you’ analysis software and consistency of trading signals.