This review is about the FX Prime V2 mechanical/manual trading system. I purchased this system from
here. I have no affiliation with anyone in conjunction with this review.
This trading system originates from the original free trading system
FX Prime V1 at forexfactory.com which was presented in 2008. The system's author then added some needed trade filtering and commercialized the system at which
point 
FX Prime V2 was born.
The author describes the system as a
Quote:
|
powerful 1 minute scalping system
|
To me, this is not a scalper as it aims for pips in the 30 and up category. I would describe the system as a
short -term
trend trader.
The system as delivered consists of four indicators and a template. The system can be traded with any
currency pair but the author has a stated preference for GBPUSD (because of it's tremendous
volatility ). The system is traded on a 1 minute chart.
The system works by waiting for a trade setup which consists of a price breakout followed by a
confirmation filter. Once you get
confirmation , you enter the trade and wait for the exit signal. The rules are very clearly laid out in the manual. The trade setup does require some subjective interpretation (looking at the distance between two MA's and counting the number of bars) and making a decision whether or not to open the trade.
The author recommends trading only two hours from one hour before the market open. It is highly recommended to trade the London or New York open. Since I am commuting during the New York open, I cannot trade this. It will have to be the London open which means from 7am-9am GMT. This means I will have to get out of bed at 3am (2am after their DST kicks in next weekend). I hope this is something I can do on a regular basis and I hope it's worth the time.
I will trade this manual system for the usual 3 month demo period (unless the system fails before the end of that period) and then make a decision whether to trade this on my live/real money account.
My target is 30 pips a day but I'll settle for 10. All trades will be opened at 2% risk. Hard stop at 10 pips.
The trading manual is well laid out, written well but has a couple of points of confusion (for me anyway). The material is covered properly but the author does not discuss:
1. hard stop
2. risk
3. position sizing
Which are more important IMHO than the entry and exit.
Link:
http://www.myfxbook.com/members/rsmereka/fx-prime-v2/95846
Rick
Be smart! Read the 
FX Prime V2 
Linear Mode
