Featured > Manual Systems
Profx (from ForexEASystems)
11
Jan
Written by Daddy Forex
ProFX comes from ForexEASystems who have a professional business like web site that seems to give the perception that they produce quality products.   We have had many good reports from members both experienced traders and newbie’s.Â
We have done a duel test on this system with Mommy Forex using it for her first attempt at manual trading and myself looking more in depth.
ProFX is easy to install with a self installing programme that puts it into Metatrader 4 and with a couple of mouse clicks on an open chart you are away. There are four colour schemes from a very classic blue/grey through gold, green and hot pink. This was a little too pink even for Mommy forex! The indicators can all be adjusted to a colour scheme to suite your requirements this is especially useful if you have dyslexia or difficulty reading computer screens as it customises it to your requirements. Each colour variation has a choice of adding resistance and support level lines if you us these.
The screen looks crowded with lots of information however as you read through the manual and begin your demo trades the whole thing becomes very clear and extremely user friendly. There is a whole host of useful information in the 23 page manual that takes the beginner through from setting up MT4 to developing a sensible trading strategy with many examples given on when to trade. Mommy Forex has made a healthy profit over the last few weeks in a flat market trading EURGBP and GBPUSD.
There are eight indicators 01 & 02 are trend based indicators on the main chart.
Indicators 03&04 measure market trend and strength in a window below the main chart.
Indicators 05&06 measures market strength and overbought and oversold levels in the window below.
Indicator 07 measures market pressure up or down and finally 08 shows trading on the main chart displayed according to the broker server time.
The manual concludes with a list of general trading rules followed by a set of rules for trading Profx recognising when to put a trade on and when to exit a trade.
ProFX is available for $110. Their website shows their own trading history/results over an extended period of time (their results range from just under 400 up to 1400 pips per month).
ProFX Trading Diary
All the trades were placed as per the instructions in the ProFx manual using the 50/100 pip rule. The following diary entries show the reasons why trades were placed buy or sell, pips gained or lost and why they were closed, all the times are in GMT at 0.01 lots.
Day 1 I made four trades two buy trades and two sell trades with a net gain of 18 pips.
Day 2 one but and one sell trade making 46 pips.
Â
“MommyForex”‘ Test trading results:-
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28 Comments
This system is profitable & user friendly?
I agree even someone who has never traded before can achieve good results i.e. Mommy Forex already has done so far.
Do you think this is the best trading system out of others?
What is your recommendation of the system compare to others?If 5 star is the highest in term of profitable, how many you rate it?
It is one of the better systems I have seen but there are many systems I have not yet tried I would give it a **** rating
Is this a system that could be used as a daily system, as I work and would not be able to take trades all day.
Do you plan to build up an EA based on ProFX like you are doing for Sniper Forex ? Do you think it would possible and efficient ? I have no time to trade my self because of my job.
It can be traded at all times I do not know your time zone but I have found 16.00-22.00GMT the best. We have traded this one at various times leaving trades on overnight. The important part making sure you have a stop loss and take profit set. The resistance and support lines are good for this
In the online Forex trading one should need the help of different kind of softwares .According me it is really a nice software everyone should use it.
Great review. I learned about ProFx in the forum and bought it October 09.
What can i say about 3 month of usage:
1) Easy to use
2) Very profitable. (Personally i made more then 500 Pips per month but there are lot of forum members like ricky who make much more with)
3) Good risk/reward ratio from 1/2 and often better.
Happy trading !
trader_john
I purchased ProFx after reading the review two days ago. Thank you for the review.
ProFx works great and paid already for itself.
I just bought ProFX via the link on Donna’s site. Well I have to say this is one of the worst manuals I have seen with any Forex product. It is written in really poor english, open to sa fair bit of misinterpretation and it’s typed all in capitals which also not the best thing to read. Either this system is so simple that it almost doesn’t need a manual or the people who are having success with the system are pretty experienced manual traders and can fill in the gaps. I’m still finding out (:-(
Why doesn’t Donna answer?
I bought the system and the Timeframe is 30M. This makes it a kind of profitable system… if you want to open trades at 4am.
Backtesting has not been profitable, and most of the trades are lost because I can’t be trading 24 hours.
Use support & resistance… I saw that system somewhere…
Donna, can you post your trades?
Sorry, i don’t trade ProFX myself, – i’ll get my father “daddyforex” on here to answer when i can though.
I agree the manual isn’t the best.
The results we are getting can be seen in our stats in the article.
Out of all the systems, this is one which I personally get a lot of positive mail about from traders who use it – perhaps the number one manual system i get positive feedback about actually. It is not going to be suitable for everyone though, sometimes if you don’t “click” with a manual system it just won’t work for you.
Regarding “use support and resistance” to trade – this is a very common method of trading. Essentially you only have a very limited number of methods you can use with which to trade, the key as with all manual trading is the specifics (exactly how you use that support and resistance perhaps in this case). Whether it is easy to see or not, pretty much all systems i have ever seen apart from maybe mathematical ones such as the EA robominer uses, are based around concepts of support and resistance (breakouts, range trading, fibonacci, trend following – you name it, all could be categorised ’support and resistance’). This is probably why you have seen it somewhere else.
The manual is not very clear it assumes a knowledge of terms such as market strength indicator.
It would be a good idea for the newer traders to have this explained. However if you carry on down the manual it does give you examples of when to place and exit a trade.
I have found when one of the indicators changes color that is time to look at exiting a trade.
The time frames can be adjusted by altering the setting in Profx07 indicator to match the time frame on your chart.
After i bought many other systems i bought PROFX after i was reading great reviews in the forum. Important is that you follow the rules exactly. Example: When you use it (or do backtesting) round the clock, ignore the 4 hour main trend it will not work out.
Keep it simple guys and use the basic rules from the user manual.
I tried a lot of systems. This one is clearly a winner!!
The system doesn’t work. At all.
Sure, you can wait for 30m signals and stay awake for 2 days until eventually, at 3am, you get one. You loose some pips, you get another at 5pm, you win some, another one 2 days later at 1am, etc…
I showed to a fellow experienced trader, he just laughed.
If you know what the 4hr trend is you can have a good system using a simple MA… duh!
I’m 100% sure, absolutely positive, that I’ve lost my money with this.
I’m just a guy who just wants to make a living out of trading. If you’re in the same position, don’t buy this product.
Has this been profitable?
Anyone who doesn’t work for the company and doesn’t receive a commission as affiliate, raise your hand and tell me how!
#profx, #ForexEASystems
This system doesn’t actually pay that much in affiliate commission compared to most other forex products, which is why you don’t see it around the net all that much. Honestly, i haven’t heard hardly anything negative about this system and a lot of people do indeed like it a lot – which is why it got brought to our attention to test.
As with any manual system, not all manual systems are gong to suit all people at all times. If your personality or trading style or time available, whatever it is, if there is something that doesn’t quite match up with your trading personality then it is not going to work for you. This is exactly why we see a system being almost like a holy grail to some people yet for others it just doesn’t work.
I must say you have a point, and your response is good.
I think the system is a piece of crap and honestly think it doesn’t work at all.
Your work is great. My complaint is against the system but it has nothing to do with your good work in this site.
If I may ask: if the system works, how is it that you guys stopped trading it? I only see the results for the first days.
Our ProFX indicators got de-activated and we had to get them re-instated, but asides from that i’ll need to get my mum or dad on here as they are the ones trading it and they can give you an update, i know my mum in particular likes this system a lot and is continuing to trade it so i’m sure we can dig up some further results to share – allbeit whilst bearing in mind they are ‘newbie trader’ accounts and not those of an experienced trader therefore there may be more errors than one could normally expect. But anyway, seeing newbie trader results is probably the best and most realistic look at a system (which is partly why i get my family looking at manual systems for me!).
@ Daniel
As there are so many members in the forum from donnaforex and also tons of good reviews all over the internet it is most likely not the guilt from the system that you dont make money with.
Think about it
I am also far away from a PRO trader but with some discipline it is not difficult to make 600 – 800 pips per month with this system. Some make even much more.
But the best system will not help you to make money when you use it blind, without money management, overtrade your account or have no basic knowledge about trading at all.
After 3 month usage i can say the system works great when used correct. When you have basically no idea about trading it will most likely not work out.
Thank you donna for providing information about this forex system.
I got my copy last week and it work very well.
User manual is not the best but also not so bad as some write here. And hey…when i have a ferrari, why i should be interesting in the user manual.
Thanks again donna !
Vitali,
I disagree on your comment about “not having any idea about trading, then the system will not work for you.”
To use the system properly, you don’t need to have an idea about trading, but just need to follow the rules of the system. Perhaps the people who are making consistent pips on the system are not necessarily following the rules, but adding an indicator here and a MA there. This then becomes another system.
I still have not found good solid evidence that following the rules of the system to the letter will end up in +700, 600 500 or 300 pips month over month.
I, for example have not seen success on the system. There are too many false signals and not enough large gainers to make up for the lag of profits when the market turns.
Hi Guys,
I thought I should leave some input about this system and had use it for a couple of months. Following the rules of the systems does not give you the results as they present on the screenshots. My results are not near what they claimed. I actually anaylize all the screens shot they posted for the entire year of 2009 and notice in many days they get in and exit the trades that does not following according to the rules they presented on the manuals. So I am not sure they are not giving out all the info on the system. However I do say that its a profit system with maybe about 1/3 of the the profits on what they stated on the performance report. This systme would average about 200 pips a month instead of 800 to 1400 as they clamied.
DonnaFX and DaddyFX,
I think it would help the members if you can post your daily results trading this system so that in the next few months everyone can have a true view of the performance on the systme.
Will look into doing that, thanks for the feedback
Just to add to the debate. As newbie and not an expert on indicators, I have followed the rules as I interpret them. Results are about 50% wins and my demo account is about 14% up over 3 weeks. Not outstanding.
On support, I have tried to raise a question using the web portal, no reply and used iChat, no reply. So with some confidence I can say that the support sucks!
14% in 3 weeks IS good!
Keep doing that and $5k will turn into $46k in one year (compounding 14% every 3 weeks).
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