I like being open minded, I like finding things myself before making a premature conclusion despite what people are saying about something. Turns out to be a good strategy in all aspects in life.
Now, Karl Dittman got a bad rep in this business and I admit most of his systems are total crap. If he can sleep at night selling these scams, then I don't know how he can pull that off. BUT!
I think I've managed to find ONE gem out of his junk. I went through his collection over the weekend, and found this one to be the best among all of them.
It's a breakout trading strategy. His system creates a channel between the end of the forex day (2 pm EST) and the beginning of the forex day (11 pm EST). Then he put pending orders on both sides. Read the manual. It's pretty simple.
Backtesting is pretty good. I think you can make this a daily routine.
3 warnings:
1. Your timing calculation must be precise as each broker has their own server's time. You have to manually adjust this. Wrong timing can be dangerous.
2. The TP can go as far as the NY session. Sometimes it closes position on London breakout, sometimes it gets extended to later in the day. But rarely does it close in losing position. You orders either don't get triggered. Or triggered with profit.
3. The TP of 50 is only possible in the extreme cases. Don't rely on this. 10-20 Pips are most likely.
And hey, he is even courteous enough to make an EA out of this system.
I'm not suggesting for you to use this straight away. But you probably want to consider it.
I would love to hear your experience with this system.
Happy pippin!
Now, Karl Dittman got a bad rep in this business and I admit most of his systems are total crap. If he can sleep at night selling these scams, then I don't know how he can pull that off. BUT!
I think I've managed to find ONE gem out of his junk. I went through his collection over the weekend, and found this one to be the best among all of them.
It's a breakout trading strategy. His system creates a channel between the end of the forex day (2 pm EST) and the beginning of the forex day (11 pm EST). Then he put pending orders on both sides. Read the manual. It's pretty simple.
Backtesting is pretty good. I think you can make this a daily routine.
3 warnings:
1. Your timing calculation must be precise as each broker has their own server's time. You have to manually adjust this. Wrong timing can be dangerous.
2. The TP can go as far as the NY session. Sometimes it closes position on London breakout, sometimes it gets extended to later in the day. But rarely does it close in losing position. You orders either don't get triggered. Or triggered with profit.
3. The TP of 50 is only possible in the extreme cases. Don't rely on this. 10-20 Pips are most likely.
And hey, he is even courteous enough to make an EA out of this system.
I'm not suggesting for you to use this straight away. But you probably want to consider it.
I would love to hear your experience with this system.
Happy pippin!