I spent one month trading the LMT Forex Formula System and the results were actually reasonable. The LMT Forex Formula is a forex trading expert advisor that can be run on the MetaTrader Platform. The software will instruct you on when to buy or sell a currency pair and how to set your stop loss orders and take profit orders.
I found the software to be very clear about what trades it recommended.
It’s important to note that this trading system is not automated. It is a manual trading system that does leave some discretion to the actual trader.
The one issue that I did not like about the software is that it seemed to give a few signals when currency pairs were at extremes. That is, the system had a reasonable amount of signals on some pairs that would signal to go long on a pair that was currently overbought or signal to go short on a pair that was currently oversold. In order to really be successful, I found it necessary to use my own judgment as a filter.
My rules of thumb for filtering were
The results were actually just fine. Using the rules above and trading only minilots, after one month of trading I had a gain of 2.22 percent. You can obviously make more if you want to increase your risk levels. I prefer to use conservative risk management.
It’s important to note that this trading system is not automated. It is a manual trading system that does leave some discretion to the actual trader.
The one issue that I did not like about the software is that it seemed to give a few signals when currency pairs were at extremes. That is, the system had a reasonable amount of signals on some pairs that would signal to go long on a pair that was currently overbought or signal to go short on a pair that was currently oversold. In order to really be successful, I found it necessary to use my own judgment as a filter.
My rules of thumb for filtering were
- Ignore long signals on overbought pairs
- Ignore short signals on oversold pairs
- No more than 3 trades open at a time on any pair
- Trade only 4 pairs with minimum relation to each other
- Immediately close all trades for a currency pair of the system indicated a change of trend
- Only use signals from the 4 hour chart
The results were actually just fine. Using the rules above and trading only minilots, after one month of trading I had a gain of 2.22 percent. You can obviously make more if you want to increase your risk levels. I prefer to use conservative risk management.
You can see the results in the statement from the Interbank FX Metatrader Demo Account. The account started with $5000, and at the end of the month the Net Balance including all losses and gains was $5110.93.
My final take on this software is that it’s useful if you have no trading system and want to have a place to start. The only drawback is that you have to have some trading experience to know which signals to throw away. If you plan to trade using this system, try it out on a demo account for awhile until you feel comfortable and show reliable gains.
My final take on this software is that it’s useful if you have no trading system and want to have a place to start. The only drawback is that you have to have some trading experience to know which signals to throw away. If you plan to trade using this system, try it out on a demo account for awhile until you feel comfortable and show reliable gains.