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Forex Mentor Pro from Dean Saunders

Posted on 30. Nov, 2009 by Jakob.

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50% off on All Timothy Sykes Products

Posted on 27. Nov, 2009 by Jakob.

Last night I got an email from Timothy Sykes. Today and tomorrowUntil Monday midnight he is offering 50% off everything in his webshop. So if you have thought about getting some of his products, now seems to be the right time. In addition to his Pennystocking DVD’s, he has added a bunch of new ones:  Read more... (199 words, estimated 48 secs reading time)

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Investimonials – A Review Site from Timothy Sykes

Posted on 25. Nov, 2009 by Jakob.

Timothy Sykes is a well-known pennystock trader. I have mentioned him several times here on TradeProfits before. Last night I got an email from Tim about a new site called Investimonials. The site looks cool, and navigation is easy. At the moment, there are more than 3000 financial “products” added to the site, just waiting to be reviewed; that is, brokers, blogs, websites, DVD’s, books, newsletters, software and freebies. As the site was launched last night, there are only a few reviews at this moment. However I expect that Investimonials will take off fast, due to the IV buck system. You can earn IV bucks from signing up, referring friends, writing reviews, etc. 1 IV buck equals $1 and you can use the IV bucks to buy real products.  Read more... (578 words, estimated 2:19 mins reading time)

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FXIntel.com – Compare Broker Spreads Live

Posted on 24. Nov, 2009 by Jakob.

FxIntel is a new site which lets you compare several different spreads from various brokers. The data can be tracked in real time, or you can look at the minute, hourly or daily average if you prefer. The great thing about this is that most brokers’ state “spread from”; this is at times very misleading, as the majority of brokers tend to increase spreads tremendously around fundamental news releases. One example is Oanda and their 0.9 pip spread on the EUR/USD; around news releases, the spread on EUR/USD is often increased to some 10 pips or more. Now you check it out, without the need to sign up with a broker first, and then get disappointed afterwards. The best (lowest) spread on FxIntel is highlighted in green, so you can easily get an overview. FxIntel currently tracks 13 different brokers, and the site is still in beta. My guess is that they will add more brokers in the upcoming days. Obviously you need to be aware that spreads is not the only aspect which you need to take into consideration when choosing a broker. The forex industry is stuffed with scammers, and new brokers come and go all the time. Proper due diligence is needed before you throw money into an account balance. Check out FxIntel here and rate the site below the comment field.

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Don Steinitz’s HAS MTF Hedge EA = ForexRobotNoLoss?

Posted on 18. Nov, 2009 by Jakob.

Casey Lim from Best Forex EA has made a great post about a new EA called No Loss Robot. He argues that this new EA shares many similarities to Don Steinitz’s HAS MTF Hedge EA. In fact they seem so similar that it looks like an exact copy! I love the way he outlines all the details, about this. I am sure that the majority of sales pages out there use the same approach as these guys (fake testimonials, photos from istockphoto, etc.). Anyhow, it turned out that Casey was wrong about one thing; The No Loss Robot was not a copy of Don Steinitz’s HAS MTF Hedge EA. It is the exact same EA with additional features (some improved stop loss function). Casey wrote Don Steintz with questions regarding the No Loss Robot and Don said that he had entered a partnership with two guys because they had some excellent ideas on how to improve his system. Now obviously there is nothing wrong in improving his product. However, it seems fair to say that this should be mentioned both on Don Steinitz homepage as well as on the No Loss robot page. In addition to this, they should stop using fake photos and unreliable claims:  Read more... (413 words, estimated 1:39 mins reading time)

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MyFxBook – Another Social Platform for Forex Traders

Posted on 18. Nov, 2009 by Jakob.

MyFxBook is a new site for forex traders. The main purpose with the page is to give forex traders an option to analyze their trading systems in several different ways. The platform will give you an advanced overview of your trades, and show it in a visual way, making it easier for the user to interpret. In addition to this, they have a large list of forex brokers with user reviews, and discussions about systems, etc. Overall the site looks really promising. It is still in beta and new features seem to be added continuously. It is free to join, so if you’re tired of MetaTraders standard feature for analyzing past trades, you might want to look into MyFxBook. All you need to get started is to sign up and add your investor password from MetaTrader and you are ready to go. Check out MyFxBook here. I you have tried MyFxBook, please rate it below.

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Possible Short on EUR/USD

Posted on 16. Nov, 2009 by Jakob.

If you take a look at the chart below (click the picture), you will see that the EUR/USD has be climbing closer to the 1.5000 level and it has even been broken for some 60 pips back on October 26th. On November 11th the EUR/USD was once again up and above the 1.5000 level, creating a close to perfect double top formation on the daily timeframe. In addition to this we have some MACD divergence on the daily chart, which gives us some indication of a possible upcoming reversal. As the pair has bounced off the 1.5000 level two times now, it shows us a good sign of a strong resistance level. It should also be noted that the 1.5000 level act as a psychological level, which is likely to increase its resistance effect. Hence I am bias short, but I will not take another trade before I get a clear signal. I have tried to short it a couple of times now, some have played out well, and others have been recorded losses. As Bernanke will speak in a couple of hours, it is likely that I will take a trade during, or shortly after this event. Preferably I would like to see a close of the four-hour candle below 1.4713 for a possible short trade or a close of the four-hour candle above the 1.5050 for a possible long trade. However, not too far away from these areas as well, as I don’t feel like chasing these trades, specially if we get a long trigger. If I take any trade, it will be posted on twitter, with all the details.  Read more... (314 words, 1 image, estimated 1:15 mins reading time)

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Free Currency Meter

Posted on 12. Nov, 2009 by Jakob.

A currency meter can be a great advantage when trading the forex market. There are several commercial versions of currency meters on the market, all in the price range of some hundred dollars. A currency meter will basically tell you which currencies are strong and which ones are week. A first sight it might be difficult to see the true benefit of this, but it can be a great advantage when you learn to fully utilize it. Henry Liu is a forex trader who is specialized in news trading, and is known for his popular eBook “Newsprofiteer”. Henry Liu is currently in the process of a developing a new service, and in order to promote it efficiently, he has developed a free currency meter. Obviously it has a few ads, but besides from that, it is free. He has also made a short video, where he explains exactly how to use the currency meter. The only thing you need in order to use the currency meter, is MetaTrader 4 (also free). Go here and grab the free currency meter, and check out the video so you will know who this can help you in becoming a better trader.

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