Greetings, this is Willie reporting back on the first part of our test drive of Forex Morning Trade, a critical item in my review of this GBP/USD Forex trading system.

As mentioned in my earlier test drive post, I started doing some paper trading using this Forex trading system on 3rd March. Trading execution was based exactly on the method described in the Forex Morning Trade System Manual, using a set-and-forget approach with the following parameters*: Stop loss of 40 pips, Profit target of 35 pips.

*Note: System parameters have since changed, as Mark Fric has tweaked his trading system to address the near-miss trades of early April 2011. Read about it at the “Breaking News” section of the full review post.

The paper trading exercise ended last Friday (11th March) and overall we “made” money. For this 7-day trading period, there were 3 winners and 2 losers; on two other days no trades were taken as there weren’t any signals.

Paper Trade Detailed Results

Here are the trade details:

  • Thursday 3/3 — Trade Type: Short
    • Entry: 1.6320; Stop Loss: 1.6360; Exit: 1.6285
    • Result: Profit of 35 pips
  • Friday 3/4 — Trade Type: No trade

  • Monday 3/7 — Trade Type: Short
    • Entry: 1.6254; Stop Loss: 1.6294; Exit: 1.6294
    • Result: Loss of 40 pips
  • Tuesday 3/8 — Trade Type: No trade

  • Wednesday 3/9 — Trade Type: Short
    • Entry: 1.6151; Stop Loss: 1.6191; Exit: 1.6191
    • Result: Loss of 40 pips
  • Thursday 3/10 — Trade Type: Short
    • Entry: 1.6163; Stop Loss: 1.6203; Exit: 1.6128
    • Result: Profit of 35 pips
  • Friday 3/11 — Trade Type: Short
    • Entry: 1.6050; Stop Loss: 1.6090; Exit: 1.6015
    • Result: Profit of 35 pips

Overall result: Total profit of 25 pips

Not a bad start at all, with this straightforward style of Forex trading. No watching the trading monitor, no emotions involved, no second guessing, but just plain set and forget. No wonder Mark Fric can claim that his Forex Morning Trade system takes 10 mins or less to trade GBP/USD.

Next stop, I will complete the live trading portion of the test drive. While we await the results, take care and trade well!

Willie
ForexMorningTradeReviewed.org