Rating: 4/5 stars
Price: $97–$119 (depending upon which version is purchased)
Adam Burgoyne, author of the 5EMAs Forex System, makes what appears to be a startling claim in the opening sentence of his sales page: "Finally, a time-tested Forex trading system, with DOCUMENTED PROOF, that has the potential to turn $1,000 into $1,000,000 in just 24 months." Those are certainly words of high praise; but does his system live up to its claims?
The 5EMAs Forex System is a 160 page ebook designed primarily for beginners, but also can serve as a supplement from which seasoned traders might learn a thing or two. The five EMAs refer to "Exponental Moving Averages," a charting tool which puts more weight on recent prices and therefore will react quicker to recent price changes than a simle moving average. Overall this system is intended for scalping, day-trading and short-term forex trading. So if you're looking for a set-it-and-forget-it system, this is not the system for you.
The 5EMAs Forex System is a method designed to trade against a regression (or pull-backs) of a main trend. The system is based on two distinct parts: the first part is the logic used for entry into the trade and the second part relates to the three exit strategies.
This forex trading system teaches how to enter the market against the prevalent trend when certain conditions are met. This way the trader will not join the trend, but will enter at a better and more profitable entry point. The entry logic technique is combined with the exit strategies, so a profit can be realized no matter what the intensity or duration of the market move is.
One of the beneficial features of the 5EMAs Forex System for beginners is the Expert Advisor program which comes as a bonus with the system. The expert advisor requires the MetaTrader4 charting platform (available free); but it is not necessary to change from an existing broker or to open a live (funded) trading account.
You will be alerted by an audio signal and a popup box whenever the Expert Advisor identified the criteria for an entry point. Just set the Expert Advisor timing functionality you will get alerts right before a potential trade is possible. Be aware, though, that the EA program does not auto-trade for you. Those decisions are still left for you to take.
One of the main advantages of the 5EMAs Forex System is that the trader will be able to make the determination himself, based upon the data entered and analyzed, just when to trade, eliminating the need to subscribe to an expensive "signal provider" service. By following the rules provided in the system, you will have complete control over your trading.
One experienced trader who has used the system has reported that he likes it because "it is very concise and easy to apply," finding its signals quite effective. In three months of testing he has banked over $2500. This same trader also reports that "amongst all the potential trade opportunities presented by these price swings [in the volatile forex market], the 5EMAs Forex System identifies those with the highest probability for success."
This trader also reports that the 5EMAs Forex System can be set to provide longer-term signals for those who cannot afford to sit in front of their computer all day in order to find profitable trade opportunities. This makes possible for those wishing to transition from their day jobs to full-time forex trading the possibility of being able to eventually make a seamless transition.
Experienced traders who try out the system but find it not compatible with their current trading habits will delight in its eight-week refund policy. One such user recently reported that: "If I was able (or willing) to monitor the markets more closely, I would seriously spend more time backtesting this system. For the low cost and money back refund, I would recommend this system for anyone wanting to move from a beginner to an intermediate level. Oh, and the support was very good."
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