June Results for Forex Profit Monster

Well here it is... hard to believe June is over already. We're entering the "summer doldrums" of trading, but it seems June has once again been an above average month for FPM. While I've only "booked" 617 pips of profit for the month of June, there are still 5 trades open that are well into profit. Here are charts of two of them:

The above is the GBP/USD on the 4 hour time frame. The trade was entered at 1.9605 when the FPM indicators lined up. This trade is still open and is currently 341 pips in profit.

The next trade in the chart below is the EUR/USD... also on the 4 hour time frame. This trade was entered at 1.5570 and is also still open and 215 pips in profit.

There are three other trades still open from June on the 4 hour charts... one on the AUD/USD that is up 140 pips... the USD/JPY currently with 100 pips of profit... and the USD/CHF currently up 190 pips.

If I closed all of the open trades right now I would end the month with 1,603 pips instead of 617... but I'll leave them open and wait for the system to give me an exit signal.

So there are the results for June... once again FPM has generated over 600 pips of profit for the month... plus I've got a big head start for July with all of the trades that are still open and well into profit!

Don't forget that this Friday is the 4th of July in the U.S., so not only will the market volume be down during the NY session, but the Non-Farm Payroll report due out on Friday will be released early on Thursday this week! Don't get caught off guard trading on Thursday as that report will cause low volumes before it is released followed by extremely high volatility during/after the release!

For more information about FPM and how it works, visit the website at http://www.forexprofitmonster.com/.

Best of luck in your trading and may many pips flow into your account!

Jim

http://www.forexprofitmonster.com/

First Post of FDM System

After months of developing, backtesting and forward testing the often mentioned "Forex Day Monster" system, I'm posting the first chart of a trade I took using FDM the other day. For those of you unfamiliar with my concept for this system, it came out of many traders who asked me about using Forex Profit Monster on low time frames like 5 and 15 minute charts. I developed the original Forex Profit Monster system to trade on higher time frames (1 Hour and above) and it is quite successful at that, but it was never really designed to handle the fast cycles and "noise" that you find on the lower time frames. The requests from those short term traders did however give me the idea to put the same principles to use in a new system designed for short term daytrading and that's how Forex Day Monster came to be. After developing some new proprietary indicators and using them in conjunction with some of the Forex Profit Monster indicators, here's the new system:

As you can see it looks similar to FPM, but FDM is made for daytrading. I've gone through several versions of this system already... and truth be told it looks NOTHING like the original version, but I am very happy with the way it works. It's designed to be used on the 15 and 30 minute charts and can be used on any pair, although I've found it works best on the majors because they have the best combination of volume, volatility and stability. The trade above was taken just the other day on the USD/CHF and is a good example of a trade you may find once or twice a week on a pair. The other trades you may get may give you smaller wins of 10-50 pips closing at support/resistance. Losers are usually 10-30 pips and are on average about 2.5 to 3 times smaller than winners, giving you an excellent risk/reward ratio. I've been backtesting and forward testing this system the most on the EUR/USD as it offers the smallest spread along with the volume, volatility and stability mentioned above which is extremely important when you are daytrading. Also, this system because it is a daytrading system relies heavily upon time of day. I only trade this system from well after the Tokyo open until the New York close... in other words mostly during the European session.

I'm very excited at the possibilities of combining the Forex Profit Monster system for my long term trading and the new Forex Day Monster for short term day trading!

For those interested in the FDM daytrading system, it should be available for sale within the next week or so... keep checking this blog! For those of you who haven't used the Forex Profit Monster system, I recommend you try this system first... you'll find more information about it on the website... www.forexprofitmonster.com.

Best of luck in your trading...

Jim

May Ends Up Being An Above Average Month

Final results are in for the month of May and I've finished with 879 pips of profit for the month. This is great news considering the average return has been between 650-700 pips a month and I've been trading a little less because of the demands of other projects (including developing the new short term "Forex Day Monster" system).

Speaking of that system I continue to get emails from people interested in purchasing it. I feel that after several months of conceiving, developing and testing this system it is about ready to be made available for others to use. I've ended up reducing the number of indicators that were originally to be used in this system without affecting the performance. This will make it almost as easy to use as Forex Profit Monster... although I would still recommend having some trading experience since this is a short term system and Forex is such a fast moving market. I've had very good success "scalping" 10 - 20 pip moves on the 5, 15 and 30 minute charts (I prefer the 15 and 30 minute charts) and have also done well using support and resistance and indicator based exit strategies to grab 30 - 100 pip moves. Now I have to write an instruction manual and finish cleaning up the code for the indicators and templates.

A lot of work has gone into this system... even though it's based on the same principles as Forex Profit Monster, I have developed two more proprietary indicators for Forex Day Monster. One of these indicators is called "Buy Sell Pressure" and is an excellent entry and exit tool on its own, but when used in conjunction with the other FDM indicators it does a great job of keeping losers small and letting winners run while still closing out trades in a single day. Even though I'm not the biggest fan of "daytrading" (I've always found that longer term trading generates the best profits by keeping your broker's fees low), I can see some real potential to being able to generate some stable weekly profits using this system. Trading at high volume times for a currency pair will usually only generate 1-3 signals a day... so you still won't be "overtrading" and giving your profits back to the broker in the form of the spread. While not every day (or week) has been profitable using FDM, the system does show a positive expectancy over time. It's hard for me to give exact win ratios as I've been testing different exit strategies, but my trading logs currently show the system generating a 50-67% win rate. The rate varies depending upon the exit strategy. This along with winning trades being bigger than losing trades provides excellent long term potential for day trading with Forex Day Monster!

Well, back to work... I need to start working on the User Guide/Installation Manual and cleaning up the code for the finalized versions of the new indicators. If you're interested in this system please send me an email to info@forexprofitmonster.com or just keep an eye on this blog for information on when it will be available to the public. I'll post some screen shots of this system once the final version is ready.

Thanks for reading... and may many pips flow into your account!!!

Jim