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