A London Forex Rush Report
I had asked Ben Jaspers to report on London the Rush system. He has purchased it and I felt it would be valuable for readers to hear his experiences. Ben was reluctant to post his thoughts knowing that I had an affiliate relationship with London Rush. Thank you Ben for your concern but to me truthful reports about real life experiences far outweigh any relationship I have with a product. So, here is Ben’s report in his own words.
Hello Jeff,
Here are my final thoughts about the “London Rush”.As tomorrow, Monday, I am going to ask for a refund.
I did not want to send this DIRECTLY to your site, it is up to you if you want to use itor put some “revised version” on the Noob.
London Rush is very “very simple”, a nice looking but expensive indicator, not more notless than that.
But what is very ….., really very bad about it:it is indicating trades after Tokyo closes and the London market opens.
As everybody knows the first 2 (maybe 3) hours in London are very volatile.The London Rush however is still following “the trends” (in 6 GBP currencies) from Tokyo.
For example: “the trend” in Tokyo was Long and in London at first this continues.Then the London Rush indicator will tell you:
LONG TRADE and tell you to enter at a lower level, when it will get there again !!(that can still be okay of course)
Some days: (for example) it indicates 2 Long and 2 Short Trades in GBP, just after London opens.
So ………. we follow the Rush ………BUT…… MOST IMPORTANT …….. the London Rush doesn’t give a sh …. about all kinds of very volatile UK economic news, what is going to be announced 1 hour or 2 hours later !!!
Really !! How possible ??
It does not care of any news at all, from whatever country !! Not only the U.K.Every trader knows, that he or she should wait until AFTER the announcements, but the London Rush ……… ?? (is sending you to hell).
You can imagine what can and will happen when you follow this London Rush indicator?You will blowup a 10K account easy in less than 1 month time.
Of course, I myself know about the exact time of all the important news-announcements, but I thought let’s give the London Rush a try / chance.Well ……, I saw already enough, just after using it for one week.
Yes, the London Rush of course is not some EA and is not a scalper, but nobody needs to buy a $ 97,00 luxury indicator !! (and even a bad one).Some of the free indicators from “Kreslik” are even much and much better.
Jeff, you can really waste a lot of time with things like this, first you think ……. yes, can be good,and SOON you find out that it is Bull ….
Anyway, for me the London Rush is history.Still I hope some of this information is usefull for you (and maybe some other people are CRAZY about the London Rush, but I cannot imagine that).
Okay Jeff, later,
BEN
If you use the London Rush let us know your experiance. If you have a favorite system, EA or site please share.
Thanks for your time,
The Forex Noob
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May 5th, 2009 at 12:01 pm
Jeff -
Joe DiNapoli contends that all mechanical trading systems eventually fail. It seems that someone will stumble onto some combination of indicators that works for a while, but DiNapoli asserts that, in time and inevitably, it will blow up. I have noted that some system sellers include the London Rush free now — a clear indication that it has lost its usefulness.
DiNapoli’s contention is disheartening for the noob, because it means you simply have to last through enough experience (and losses) to be able to trade markets successfully. However, he does not discourage using effective mechanical systems in the meantime. He just wants us to be aware that they will “wear out,” and often suddenly, with unpleasant results.
Of course, DiNapoli sells a system, too. His copyrighted book can be found as an illegally free pdf file various places on the internet. His primary tools — not in the book — are proprietary and must be bought from him or leased from GFT. But he seems to rely on experience as much as indicators in his trading, e.g., on a 5M chart of EUR/USD, his indicators will give a range of 10 pips or more for an entry point, same for an exit point, leaving lots of room for error. Many folk swear by his system, though, and it impresses me that GFT leases it to their clients.
Joe W
May 26th, 2009 at 10:24 am
[...] j4j’s comment about all forex robots eventually failing is interesting.At first I thought “That Makes since.” but as I continued to think I started to change my mind. [...]