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Thursday, January 10, 2008
REVIEW: 5emas website is rather simple and clean, not overloaded with bulshit and junk text, just main points and features, I like that stuff. System is complicated to get into. You have to take the necessary steps to understand forex to its core. I suggest you take a free forex course before you try this one out. The Bonus books are a nice read. Im a big fan of the "art of war". Have read it in college and it was nice to check it out again ;) System is based on 5 five moving averages with different periods. Signals to enter or exit can be different. It may be the intersection of 2 or 3 EMAs, or maybe a intersection of the price and EMA. I think everybody knows one great signal: if the price crosses the moving average from the bottom - it time to buy, if from the top - time to sell. It's written about this "signal" in every Forex trading book. But if it is so easy, why not all the traders makes profit? The answer is clear: the MA is just an indicator showing an average price of any currency pair. And no wonder that you cannot say that it's 100% right signal.
And it's practically all the system. No magic. Nothing new. But underwater rock is that it does not always work, cause it doesn't take into account the fundamental factors, the volumes, the ratio of "bulls" and "bears" and technical figures. So, I can advise it only to experienced traders, as an addition to their system with other indicators or like a foundation for their system, but not more. The novices at Forex will not be able to use it and make their trading profitable. The system is too crude. Their advisor is a kind of very long way to margin call, like a standard MetaTrader4 MA advisor. And even the bonus books will not help you.
Update August 2008 I dont use this system for a long time and recently I got rather bad feedback about it from my readers. Brian Watt wrote "..here some examples of 5emas. As you can see from graphs that whenever the alert says sell you should buy & vice versa. in your review you gave it a high rating. they do say that they only give an alert but this is rediculous. In 5 days I am down $7400, luckily only demo money. The only way their system can work is to do opposite of what they say.
Click to view Example1 or Example2