It may be that I did not give it enough time or did not fully grasp it and maybe it can work if you persevere but I can only speak for my experience. I would be happy if a few people out there made it work and convinced me to try it again though as, in principle, it does seem a good product that uses multiple time frames and 60 MA that is called the power line.
I will watch this space with interest to hear other comments about the product. I bought this back in July when it first came out. This is not to say that its a rubbish system — I can see that it may well suit some people — but I have two big problems with it. The first problem is the amount of time you need to spend at the pc waiting for a signal.
During the trial period I had a couple of winning trades which must have lulled me into a false sense of expectation, because since then the number of times that I have actually been at my pc when a trade has been available to take have been few and far between. You can trade whenever you have a spare moment. This problem of sitting and waiting for a signal applies to a lot of systems of course, but most manage to get around the problem by incorporating some sort of alert system for when a trade is setting up — either a simple audible alert on the pc or email or SMS message to your mobile.
Not so with FPP, unfortunately. The other big problem I have with FPP is that it is not backtest-able. So you cannot see what trades have occurred in the past — not even an hour ago! You have no idea how successful or otherwise you would have been. Bizarrely, on the members website Alex Ong has posted a video extolling the virtues of back-testing, and encouraging members to do so.
It is an excellent video, but Alex seems totally oblivious to the fact that it is utterly inapplicable to the FPP system! A member did post the inevitable query — over five months ago now — asking how the back-testing is meant to happen, but so far, no reply. So much for support. I have always considered the Ong brothers to be honest and helpful, and still do, but I really think they need to go the extra mile here to tackle to alert and back-testing issues, because in its present form I think that it is grossly overpriced.
First and foremost about the backtesting… We did have the programmer work on a version where you could see the previous signals. This obviously then made it difficult to trade as you need a stable charting platform to be able to trade properly. You can then set your orders and walk away.
Often the opportunity will present itself by about 10am and lots of times even before that. With regards to having a full time job, no we do not think this is an issue at all as we have many members who do this.
They check their charts quickly in the evening and then again in the morning before they leave for work and they have been doing quite well. Obviously this is swing trading and not day trading. The audible alert is something that we can look into but you would still need your MT4 on and you would need to be within range of your PC.
We have looked into SMS and email alerts before and have been advised against it as apparently in can cause more issues than it solves. Finally about the price… We believe that our price is more than fair. This system works, it makes money. We are on the other end of a phone to assist if needed as well. We provide webinars to help our members learn and get up to speed quicker.
We send out trade of the day posts, we send out analysis of our longer term plays. If you take advantage of all of this you have a much better chance of being successful. I am happy to say that the first trade hit its profit target at 1. The second trade is up by about pips. Now I am not sure who else provides a service like we do for the price we offer it but I am pretty sure they are few and far between. Ultimately we want to help all of our members and we feel bad that you feel we have not delivered for you.
I have only been trading with the 5 minute Power Play so my comments are related to this part of the system only. I have tasked Alex with regard to this. If I had experienced the latter month I would have sent it back for a refund. Having had communication with Alex, here is the heads up — the signals given on the system ARE NOT signals to trade but simply indicators that there may be a trade there!
I questioned the validity of the signals given with the system with Alex, his reply was that they were valid but you had to look at the bigger picture and analyse where the market was and whether the trade was valid and worth taking based upon your view of the market you were looking to trade.
If you are a more experienced trader perhaps there is greater value in the system than I am seeing. I would welcome comment. The signals are signals on the direction to look for the trade and then you need to follow the other rules for the system. The signals look at multiple different timeframes so there will be times when the market goes in the opposite direction to the signal but most of the time you would not be in a trade to start with so you would not have lost anything but an opportunity.
We are only interested in the high probability ones that pay you more often than not. That is why I referred to the bigger picture. For example one of your trades you asked why it lost and I simply said that the pair was trading in a huge level which we would not be taking a trade into. We said we would be looking for short opportunities and currently we are about pips up on the trade. I had this when it was launched last year and sent it back within 2 weeks.
Shame as it promised so much as usual! I think I need to cover something though because it seems to me that a lot of people are interested in quantity of trades rather than quality. We want to help you all and I understand that it can be frustrating if you only have a few trades and you work full time but please understand that profitable trading is about quality and not quantity.
Thought it useful to other individuals looking at the Forex Power Play System to give you an update on my second month using it —. Well, proof of the pudding as they say……. You have to take the judgement call based on other criteria your own whether the signals that are given are for a valid trade.
I have had contact with Alex and sent screen shots and details of my trades. I have requested a refund from Alex but it has been refused as its a way outside the trial period. As with most every Forex system the historical results are not indicative of future results. As Andy stated in his comment, my experience has not been in line with what the system sales pitch promised.
Unfortunately for me it looks like the first month of my trading with the system was simply luck. Take the trial but make a better judgement call than I did. Alex has replied to all my emails in fairness and has said that my run of losses with the system is something we must expect with trading.
I know we have spoken via email but I just wanted to give a quick reply here as I think the inference that we have done something wrong with regards to the refund is a little unfair. We process ALL refunds that are requested within a reasonable amount of time, even if sometimes it is outside of the 30 day period.
You registered with us back in mid December. You had a good January then February was a little tough for you and you requested a refund on the last day on February which is a month and a half after the 30 day trial period ended. With regards to the trading we did bounce a few emails back and forth and we are still more than willing to work with you and help you out if you want.
One of the pieces of advice was to wait for the signals in the direction of the daily trends. Now I know this would mean days of doing nothing but on the days when you do get the right signals you would do very well indeed.
I think you got into a bit of a negative spiral after taking a few losses and ended up getting into other trades which were not great setups. Even taking into account your negative February where a lot of the trades should have been avoided you are still up overall. Please think about that for a moment.
You had a bad month and you are still up overall. Does that not show you a little about the potential of what we teach? Please drop us and email and we will see what we can do to get you back on track again and hitting the types of trades you were taking in January. Firstly, Alex and Nick Ong are really nice genuine people. I joined FPP back in November.
Even though I am a reasonably experienced trader I went through the information several times, especially the actual trade charts Trade of the Day etc. Initially I was concerned that Christmas and New Year would be wasted time in terms of my trial period so they agreed to extend it. Personally I have had good success with the method. I am steadily making progress. What Alex has mentioned in previous posts and on the FPP website is dead right… You cannot simply take every signal, a certain degree of other analysis is always required.
Over the last couple of months my eyes have really been opened as to how important this is. I think that sometimes people expect a system or method to do all the work for them. This is never going to happen. Trading is one of the most difficult jobs in the world. All I can suggest is that people who initially struggle should work through the material again, especially the charts.
Remember also that not everyone will see a chart in exactly the same way. Most of all stick to the trades 5 min PPs which are in keeping with the current trends of the higher time frames. One of the hardest parts of trading is the sitting and waiting. Sometimes I sit here until It took me a long time to learn that skill. Some mornings the paperboy earns more than I do! I see Forex Power Play is doing the rounds again, anyone who still uses it have any updates as to performance etc?
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