Foolproof Evening Trading System launches...

In a previous post I announced that Louise Woof planned to launch a new trading system. Well, now that system named Foolproof Evening Trading System has been officially launched.

The idea behind this system is that it should suit those people who are unable to trade during normal market hours due to other commitments. To be precise the system is designed to work between 6PM and 9PM GMT so if you are in another part of the world you should check what this is in your timezone.

I'm not going into detail about the system itself, suffice to say that it works on a particular indices using a 5 minute chart. The idea is that you look for a particular signal  on the chart and once that appears you check one other indicator. Assuming all is correct you place a buy or a sell trade depending on the way the indices is moving.

Criteria for closing the trade is fairly straightforward and this can be triggered 5 minutes after opening or later. As with all good trading systems there is a stop loss employed to ensure that any trade that goes against you is managed properly.

The cost of the system currently is £157 but is likely to rise in the future. You should note that this system is based on spread betting so will not be available in all countries.

Louise recommends two companies IG Index and Capital Spreads to work with. Another that I use is Finspreads as I found the joining process fairly painless with them.

Having paper traded the system for 2 days now it's probably too early to make an informed decision but first impressions are positive. The whole Foolproof Evening Trading philosophy is based on simplicity and in that regard it scores well. Clearly you will need to dedicate the time in front of the screen to apply the system and whilst this sounds easy there are things to consider. As you are looking at working in the evening there is a risk that interruptions could impose on your focus. Also, when the signal happens you need to place the trade quickly so you will need to have a reliable internet connection. This constraint is also important when closing a trade as the indices can move quickly.

Given my limited exposure to date I would recommend this system for those who want to try working the markets in the evening as long as you can dedicate the time. There is a 30 day trial period so if it doesn't suit your needs you can always get a refund.
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