As a new user of Concept and now on the 4th trade it seems that whilst it has a good record over a 12 month period...it often breaks even for sometimes up to 6 months of the year. The way I am using it is by taking the signal and suggested stop size but if I feel the projected target is not going to be met (due to support/resitance levels) then I'll close and take profit a little earlier as I did with the EUR/JPY trade. If you check the Concept results ...they did the same thing. I also think it's important to not put all the eggs in the proverbial baskets so am using different signal providers as the market is going through a strange time and many people I am aware of are struggling to find the direction/levels to trade confidently off. It should all become clearer in September once the summer is officially over, at least by the US calendar. It's important to remeber that we can't always profit on a monthly basis...but as long as the yearly outcome is good then we're making profit from our investment.
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The daily swings on the pairs at the moment is large, and does see the stop loss hit very quickly.
I always check the history on the charts to see if it is going to break any 1 year high or low, to double check in my mind if the stop is in the right place. Unless concept were to rework the product to use a lower stake per trade, and larger stop loss, then it may work, but the risk / reward would not be close the 2:1 that concept want.
We just need to stick with it, and watch the trades and come good on the other side.
I always check the history on the charts to see if it is going to break any 1 year high or low, to double check in my mind if the stop is in the right place. Unless concept were to rework the product to use a lower stake per trade, and larger stop loss, then it may work, but the risk / reward would not be close the 2:1 that concept want.
We just need to stick with it, and watch the trades and come good on the other side.
We just need to stick with it, and watch the trades and come good on the other side.
Having completed my first 13 trades my account is now up by 9%.
Of the 13, I have actively managed 8 of them, rather than just trust Concept. The other 5 I just let run, and I wish I hadn't.
If I had left all the trades in Concept's tender care, I would now be 11% down on my account. So we are talkng a difference of around 20% on the bank. This is not a marginal improvement.
I suggest that everyone on here should stop talking about just sticking with the signals, and instead actively develop a method of improving their results. What point is there in just letting the bank drain, on the basis that eventually the market will turn on the tap? Put the plug in.
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You are, of course, correct if you are on here all day watching the markets. In which case, there was little point paying Concept 8000 bucks.........
You may just as well watch the market all day and watch support and resistance, await confirmation of the direction and trade.........
Hey, a successful trader is born!
You may just as well watch the market all day and watch support and resistance, await confirmation of the direction and trade.........
Hey, a successful trader is born!
Hi Sandy
I completely agree. My point was that it is a profitable system over a long time period (12 months) but as I mentioned to Concept when I bought it...can always be improved on by taking profits earlier if price is stalling and failure occurs close to projected T/P level...also moving stops to clear support resistance rather than blindly following Concepts directions ...and of course profits can be conpounded ad infinitum...they laughed at that idea and said they preferd to just use their 25k bank and take profits at end of each year...personally...I want to keep re-investing and then go and buy an Island in 5 years...
I completely agree. My point was that it is a profitable system over a long time period (12 months) but as I mentioned to Concept when I bought it...can always be improved on by taking profits earlier if price is stalling and failure occurs close to projected T/P level...also moving stops to clear support resistance rather than blindly following Concepts directions ...and of course profits can be conpounded ad infinitum...they laughed at that idea and said they preferd to just use their 25k bank and take profits at end of each year...personally...I want to keep re-investing and then go and buy an Island in 5 years...
stevespray
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Personally I am happy with the current scheme of things. When I bought Concept I set out a business plan. The whole idea was that I would be completely flexible and therefore be free to get on with the running of my other day to day businesses as well as being free of any real stress when I am away on holiday. As far as I am concerned the system is doing 'exactly what is says on the tin'! I've been following the rules to the letter from my very first trade which occured on 28th May 08. I started with a modest £10,000 bank while I got used to the way things worked. My account balance currently sits at £13,023.10p and this includes all rolling costs. This is an increase of some 30% in less than 3 months so I am pretty pleased generally. Now that I am used to how things work it takes me around 1 minute per day to maintain and there is no need to watch intraday if I am busy.
What Sandy says is correct is some ways but there is a need for care. What you'll find with results is that winners will come in fits and starts. This is why 'active management' is tricky. When you have a lossing run management will save you money (draw down) and there is no question about that. The problem comes when you get a winning run - because the market, during the bad run, conditioned your thinking you will struggle to let the winners run. This potentially kills the edge of and 'End Of Day' (EoD) strategy.
Please be careful.
Steve.
What Sandy says is correct is some ways but there is a need for care. What you'll find with results is that winners will come in fits and starts. This is why 'active management' is tricky. When you have a lossing run management will save you money (draw down) and there is no question about that. The problem comes when you get a winning run - because the market, during the bad run, conditioned your thinking you will struggle to let the winners run. This potentially kills the edge of and 'End Of Day' (EoD) strategy.
Please be careful.
Steve.
Hey, a successful trader is born!
Scanjet,
I have no regrets about buying in to Concept. And you don't actually know how much it cost me, although you think you do.
It has provided a new starting point for developing my trading, however disparaging you feel you want to be. And I know that is true for many users.
Over the years I have explored many ways of trading which seemed to offer me the answers I wanted, but in the end failed me (or maybe I failed them). Each of us has to develop our own way of trading.
In fact I continue to believe Concept is valuable in itself as a trading system. All I am doing is suggesting that others may find it worthwhile to do more than blindly follow it. It would be ridiculous for me to claim I have all the answers, and I may yet once again fall flat on my face.
Your ideas of how to trade are no doubt valid for you, and you are as sure as anything now very very rich, but sadly with nothing better to do than voyeuristically watch this thread, on which the lesser mortals tease out their doubts.
What I find strange is that you started this thread, and continue to post on it, but generally your comment is negative, or sarky. I cannot help wondering why you bother. There is a certain personal insecurity coming through in your tone.
If you have a fantastically successful alternative system, why not set it out in detail, and share it with us. Become our guru.
stevespray
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Okay.... quick maths lesson....
The basis of Concept's trades are a £25,000 bank so all profits must be measured against £25,000 and not the rolling balance.
£98,220 - £87,310 = £10,910 increase.
£10,910 / £25,000 = 0.4364
Multiply 0.4364 x 100 to give us percentage figure
= 43.6% increase basis a £25,000 bank.
Since the last result was posted there has been a loss of £1,250. This means that the profit in this period has been reduced slightly to £9,660.
Hope this helps your calcs.
Steve.
The basis of Concept's trades are a £25,000 bank so all profits must be measured against £25,000 and not the rolling balance.
£98,220 - £87,310 = £10,910 increase.
£10,910 / £25,000 = 0.4364
Multiply 0.4364 x 100 to give us percentage figure
= 43.6% increase basis a £25,000 bank.
Since the last result was posted there has been a loss of £1,250. This means that the profit in this period has been reduced slightly to £9,660.
Hope this helps your calcs.
Steve.
............. problem comes when you get a winning run - because the market, during the bad run, conditioned your thinking you will struggle to let the winners run. This potentially kills the edge of and 'End Of Day' (EoD) strategy.
Steve.
Steve,
The way I am working is to cut losses and let profits run. There is nothing I am doing which would prevent profits running.
I have not analysed every historical Concept trade, but I have looked at some trades, and find Concept's exit strategy can be quite poor. Neil at Concept agrees it could be improved, and that many users do manage it. But this must be done systematically, not emotionally! That is where the risk lies.
concept fx latest results
Hi Andy,
I have been looking at concept fx for the last couple of months and have read through several posts on this forum.
How are things going with concept fx?
Thanks,
Gordon
Apology accepted but not needed on my behalf...i just wanted to share my views as i have 'actually' bought the system..and i will start to use it in earnest on monday..and i will give it an honest review..as far as tradewin goes....give it time as its not working well with volotilaty of the markets where as Concept FX is possibly easier to judge..dunno..time will tell
Hi Andy,
I have been looking at concept fx for the last couple of months and have read through several posts on this forum.
How are things going with concept fx?
Thanks,
Gordon
SandyW
I have NO idea why some insist on knocking any system until they have thoroughly analyzed the system. I guess in most instances it is human nature to ridicule something we don't understand. I find that your comment, "Each of us has to find our on trading style is RIGHT on!" I also have come to find that the price you pay for knowledge is secondary, if you find something that helps you find your way! I have said this before, Forex is NOT an easy get rich quick opportunity. Like life, you will get knocked down constantly during your journey. The people that get back up and overcome all obstacles are the ones that will survive and become successful! Although I cannot personally talk for ConceptFx, if it gives your trading any edge, it is worth whatever you paid! Keep STRONG! We WILL persevere!
I have NO idea why some insist on knocking any system until they have thoroughly analyzed the system. I guess in most instances it is human nature to ridicule something we don't understand. I find that your comment, "Each of us has to find our on trading style is RIGHT on!" I also have come to find that the price you pay for knowledge is secondary, if you find something that helps you find your way! I have said this before, Forex is NOT an easy get rich quick opportunity. Like life, you will get knocked down constantly during your journey. The people that get back up and overcome all obstacles are the ones that will survive and become successful! Although I cannot personally talk for ConceptFx, if it gives your trading any edge, it is worth whatever you paid! Keep STRONG! We WILL persevere!
And before everyone gets totally the wrong impression - I'm not against any system whatsoever. What I'm against is unecessary expenditure etc, when you really could do as well yourself and save a lot of cash. Virtually all these systems are designed to make profits for their owners - not you. Remember that.
There is nothing magical about Forex. It operates on participent fear and greed. My interest extends towards sports betting and stock dealing in addition to Forex. I'm inundated with systems that state that 'between June and Dec 2007 this system made 91 points etc.' 91 points? Most gamblers go $200 per point....... etc. What the marketeer doesn't tell you is that the following 6 months the system made a loss.....
It's easy to fit systems to historical results. I do it all the time on share trading using Metastock.
Sorry to **** on your parade.
There is nothing magical about Forex. It operates on participent fear and greed. My interest extends towards sports betting and stock dealing in addition to Forex. I'm inundated with systems that state that 'between June and Dec 2007 this system made 91 points etc.' 91 points? Most gamblers go $200 per point....... etc. What the marketeer doesn't tell you is that the following 6 months the system made a loss.....
It's easy to fit systems to historical results. I do it all the time on share trading using Metastock.
Sorry to **** on your parade.
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For those of you who can only logon each evening I am sure Concept FX and other daily systems may well perform reasonably well for you. But, If you're on here all day why not learn support, resistance, fib retracements, trend channels, breakouts and japenese candlesticks? It's all you need, and once learned you will be a better trader than 90% of the system sellers.
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For those of you who can only logon each evening I am sure Concept FX and other daily systems may well perform reasonably well for you. But, If you're on here all day why not learn support, resistance, fib retracements, trend channels, breakouts and japenese candlesticks? It's all you need, and once learned you will be a better trader than 90% of the system sellers.
Ok then teach us and put up some live calls then we'll see for ourselves how good(or bad) you are!
Edward
And if you really couldn't be bothered, leg over to Phil Newton's thread on here. He will demonstrate some excellent principles that have stood the test of time. Mind you, his altruistic principles are tempered with a desire to lure you to his website and extract £120 per month to look over his shoulder in his live trading room. Nothing wrong with that. Just be aware that it's less expensive to apply the well accepted trading principles yourself.
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