Yo, Willie’s back. In this update, let’s examine what our Forex Morning Trade Review picked up in terms of pros and cons of this GBP/USD Forex trading system.

Not unlike other Forex trading products, Mark Fric‘s Forex Morning Trade Forex trading system has its good and bad points, all of which are presented here:

Pros of Forex Morning Trade

Overall, Forex Morning Trade ranks very high as a good Forex trading system. The following good points reveal why it is so:

  • This simple GBP/USD trading system works very well. Indeed, little effort is required for checking trade setups and entering trades. In fact, much more time is spent booting up the PC than making trades.
  • The included MT4 chart template and trade indicator files install easily and without errors. These tools are very handy and makes for easy and fast trade decisions and order entries.
  • More importantly, the number of winners far outweigh losers, thereby mitigating the “limitation” of the system’s 1:1 risk/reward ratio. This brings forth a net positive outcome, as recorded in the equity curve shown earlier.
  • Even the leading Forex competitor, Forex Rebellion, is singing praises about this product. Watch Russ Horn’s video review of Forex Morning Trade to see what he really thinks.
  • As for trade automation, the Expert Advisor works beautifully. A separate manual is provided which gives step-by-step instructions for loading the EA. For those who are new and/or interested in this topic, Mark even includes two free eBooks on EA setup and test/optimization in his Forex package. (Oops, I spilled the beans on the goodies…)
  • Access to Mark’s live trading journal is a gem. Very few Forex traders would readily open up their books to let you see how their trading really is. As Mark himself trades the Forex Morning Trade system, his idea of sharing his trade journal is to let his “students” compare notes while learning to use the system.
  • Last but definitely not least, every customer can join and participate in the forum dedicated to “Morning” traders. Here, you can get up to speed fast and also trade (pun intended :-) ideas with like-minded Forex traders.

Cons of Forex Morning Trade

While Forex Morning Trade does a good job, it does not seem to be suitable for every Forex trader. Here are some of its imperfections:

  • Working the pre-London open does not suit everyone, depending on the time zone they are in. This also means that affected newbie traders won’t have the chance to trade manually and learn the system. The workaround for this problem is to deploy automated trading, but bear in mind the attendant costs to host and manage such activities (think VPS).
  • As the included “Forex robot” is programmed only for MetaTrader 4, traders on non-MT platforms are not able to enjoy automated trading. Some traders may be able to write code to create their specific versions of the robot, but chances are insufficient system testing and coding errors could cost them by way of wrong trades. To alleviate this problem, perhaps the trader should open an MT4-based trading account and deploy the Expert Advisor provided.

All said, no Forex trading system is perfect, so what was revealed by Forex Morning Trade comes as no surprise. Always evaluate the pros and cons to determine if a system matches your trading style and requirements. Do this always, and trade well!

Willie
ForexMorningTradeReviewed.org