After receiving many inquiries from traders about developing a day trading system based on the same winning principles used in Forex Profit Monster, I'm proud to introduce... FOREX DAY MONSTER!
Forex Day Monster is designed for the trader who likes to trade smaller time frames like 5, 15 and 30 minute charts. Three new proprietary indicators were developed for use with this system. FDM Buy/Sell Pressure, FDM Multi-Trend and FDM Oscillator. The first two are used for entries and indicator based exit strategies while the FDM Oscillators are a filter to help filter out bad trades but also get you into strong moves early.
Like Forex Profit Monster, Forex Day Monster is a custom day trading system designed for the free MT4 professional trading platform. If you do not have the MT4 platform, you can download it for free from www.metaquotes.net or through any of dozens of brokers that support the platform. (You'll receive a list of brokers that support MT4 along with your copy of Forex Day Monster.) Most brokers also supply a free "demo" account including real time streaming data so you can test the platform (and Forex Day Monster) under real market conditions without risking a penny of your own money!
Below are some screenshots of the system in action. The first picture shows you generally how the system works:
The entry criteria is simple... wait until all FDM indicators are green at the close of a candle after a large green FDM Alert Arrow for a long trade (or all indicators are red after a large red FDM Alert Arrow for a short trade.)
As you can see, there is no discretion involved in how to enter a trade, but there is a little involved in how to exit a trade. The trading plan in the Forex Day Monster Installation & User Guide explains a few different exit scenarios depending upon how much risk a trader is willing to take. These include indicator based strategies like shown above.
Just like in Forex Profit Monster you can choose to use Support or Resistance as an exit strategy. Below is an example in a trade taken on the USD/CHF on the 15 minute chart:
See how Forex Day Monster filters out some bad entries and quickly identifies a newly established trend? And unlike other day trading systems, you won't be overtrading. Even though this is a short term system, you may only get 1-3 valid signals a day trading the higher volume hours of just before and during the European session and during the New York session (2 am to 5 pm EST).
Forex Day Monster also keeps the losing trades small... so far in my experience you can have three losers per winning trade and still show a profit! You've always heard the advice "minimize your losses and let your winners run" but you didn't know how to do it, especially day trading? Forex Day Monster does it for you!
What about stop losses? Forex Day Monster uses a "safety stop" like Forex Profit Monster... although this stop loss is "tighter" than the FPM stop loss. Here's an example of where a stop is set in the chart below. (Again, this isn't a traditional stop loss... it's only there to protect the account in case of a catastrophe. It's not designed to be hit; all exit signals are to be generated by the Forex Day Monster system.
Because this is a manual trading system, I've built in audio/visual alarms for Forex Day Monster so you're less likely to miss a trade:
Your computer system should be relatively up to date to use the Forex Day Monster system because the number of indicators and calculations may tax the CPU and RAM of older computers. (Users with older computers may have to limit the number of charts they are able to keep open to one or two during live streaming data).
To purchase your copy of the Forex Day Monster System, click on "Purchase" in the navigation bar at the top of this page, or visit my eBay page at http://myworld.ebay.com/jimsgr8stuff4less. If you'd like to ask a question about Forex Day Monster, click here.