Rover North Forex System

[Jake]

Hi Simon,
I am interested to whatever is short term and apparently this one trades on the 5min.
It is up for sale for 97$.
What I did not like is that they did not use any stop loss on the videos but I am certain they have something planned.
Did you buy it? Are you using it?
Regards

Hi Capsmart,

I also didn't like the fact that they didn't use any S/L on their trades. Im guessing if you had to go for a 1:1 RR. Then you'd put a 10 or 12 pip S/L depending on the spread.

But then again...price could go against you a bit and take you out before going your way...

Another thing is could you actually rely on the fact that this system really won with the surefire trading challenge...??

Thanks

[Simon]

Hi Jake,

All very good points you make there.

I don't want to comment too heavily before I have a chance to use the system in the London and New York sessions, but as I mentioned in the other posts, I've been working on my own price based system for the last year and I think I can address all the potential issues that this system may have in its "out of the box" form - and offer some solutions that the creator of the system didn't think of.

In the last 5 years I have tested literally thousands of indicators (I know...I should get out more...) and was always wondering how people could trade without them.

Then one day, something just "clicked" - call it intuition or just finally learning how to read a chart - but I realized I could trade profitably without any indicators at all.

The problems with this are fairly sizeable: 1) I haven't got the time/desire to sit in front of MetaTrader all day; 2) intuition is un-automatable (I don't think that's a word but you know what I mean... ).

I have some tools and tricks to throw into the mix - I just need some time to test in proper market conditions and then I promise I'll share them.

This includes a way of working out the optimal risk:reward per trade, what stops and targets to use, how to ensure you are trading in the right direction, how to avoid news - and an EA that makes the trade management a breeze, so you don't need to sit and watch the outcome.

As for the Surefire Trading Challenge: I monitored the last one. It seemed transparent and fair. The aim was always to turn the best system into a product, which is fair enough in my opinion from both the publishers and a punters point of view.

I remember the old EA trading competition which (going back to MetaTrader 3!), almost without fail resulted in the winner categorically refusing to sell their robot - which makes sense, if you had a robot that made a ton of money, I doubt you would share it either.

What this did create was massive frustration, as there was no point in having the competition for the public - the only person who gained anything was the winner, so the whole thing was largely a complete waste of time....

As we all know, no system is flawless, I am a firm believer that most traders are seeking the Holy Grail and will be destined to disappointment as it simply does not exist. Can we rely on the Surefire Trading Challenge as a guarantee of success? No. But it does give me a bit more confidence than normal that it might just work....

Anyway, I am excited as this would appear to be what I have been looking for - and I will do my best to help you guys get the best out of it.

Simon.

[lonetrader]

Hi Simon

I have also bought it. I'm looking forward to seeing how it goes. Thanks for all your support and input.

Mike

[patsid13]

Hi Mike

Can you not just place your own stop loss into the 'input' section and save it in presets. I have briefly flirted with it yesterday (just after I installed it) and it made 2 GBP/USD trades I inputed 30 pip stop loss and both were winning trades. I did not analyse the trades as I just wanted to see what would happen.
Let me know how you get on and any interesting worthwhile tweeks. I will start next week to really look at it in depth after NFP week.
Cheers
Patrick

[capsmart]

I just downloaded my copy. It is very easy to install. A template with the 2 emas (144 and 10) and the expert.
The system is very easy and simple. I could say simplistic. So what is worth is the EA. The reason is that it will keep you disciplined. When you trade on shorter time frames it easy to start thinking that you see things where there is no setup. This robot will protect you from this. You do not need to watch the charts all the time. When there is a setup you will hear the usual bell and then you have to decide if you will take the trade or not. So you have to avoid news, quiet times etc.
One more thing that is very interesting about the EA is that (if you want) it will keep adding trades in the direction of the trade while moving your stop loss.
Of course there is a protection for the EA, but it is a more friendly one (compared to forexgrowth). When you install the ea you have to enter your email and the clickbank receipt as username and password. That means that you can use this robot on any computer without having to decide on which computer you will install it.
So as of Monday I will check it and let you know about the results.

[capsmart]

I could not resist it and entered a short trade on Eur/Usd that is going nowhere. No doubt about it. I just wanted to see how it works. By the way I checked their FAQ page concerning authentication and it will work only on 1 real account and as many demos as you want.

[Rburke1963]

I also bought the system when it was first released and traded it live for two days. I have placed 22 trades with 20 of them being winners for a positive 133 pips. I think when there is a strong trend like there was the last couple of days this system works like a charm. The problem is when the trend does shift against you when is the proper time to get out. Not a big fan of trading without a stoploss. My two losses by the way would have eventually became winners had I not prematurely closed them. I look forward to Simon's input especially for stoploss input. All trades need room to breathe just how much is the tricky part. Looking forward to seeing this system evolve.

[Simon]

Hi Rburke1963,

I've done some initial testing and I have to say, my impressions are definitely favourable so far.

There are a few annoying things which are partly MetaTrader's fault that I don't like - the most irritating one is that when the potential trade alert pops up, you can't change the time frame on the active chart to make sure the trade is with the trend.

I'm going to do some more testing tomorrow and will try a couple of my tricks and tactics.

The system does seem well thought through and well put together but without a stop loss and a way of establishing risk:reward, it isn't quite complete. Although the manual does mention these things, it doesn't actually tell you how to incorporate them into the method, and these are the main things I will be looking at.

Simon.

[capsmart]

We have our Multiple Time Frame Ema's so we can insert the emas the system uses for the different time frames on the same chart. Something we do with Marc's system.
So on the 5 min chart we could add and MTF EMA for the 15 and the 30 min.
We could also use a multiplier. So if we want to put on a 5 min chart a 10 ema from the 15min we could add on the 5min a 30ema (since the 15min is 3x5min). It is on exact 100% but it will do the job.
Same if we want a 10ema of the 30 min on a 5 ema we could add a 60ema.
Concerning the stop loss I think I heard in one of the videos that the larger ema (144) on the 5 min is supposed to be used as the stop loss.
So after entering the trade we could set the stop loss to this level.

[raa]

Will give it a try, while asking for a refund for GrowthBot which did not trade for me for 2 weeks.