Description
Forex Mobster
The Forex Mobster comes in a clear and easy to read 55 page manual. The first 30 pages or so are taken up with overviews of Forex, Trading psychology and Brokers.
Then we get into the system. As per the website, it is confirmed that the system is “mainly designed for day trading the 1 hour chart” but can also be used for swing trading on a 4 hour chart. In actual fact the 4 hour and 1 hour must line up and agree in order to enter a signal.
The system relies on identifying and riding a trend using 2 industry standard indicators with specific settings and as promised, entry is 100% clear and 100% mechanical. Exits are also 100% mechanical. Some discretion is required for Stops, with “Last resistance level or 70 pips” being recommended.
Ben recommends a maximum of 3% of account balance per trade but stresses that he personally prefers 1%. We always go in between and apply 2% for all of our day trading.
There is some advice on when not to trade, e.g. around news, and also to take note of correlations if trading more than one Forex pair. Both, common sense and pretty sound advice, the latter being something often overlooked in many manuals.
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