Product Review: Forex Renewal System

Written by on August 12, 2009 1 Comment

Barry let me test his Forex Renewal System so I could do another product review. I admit that I am impressed – this strategy is the real deal. I will share the basics but not give any details because then I would be giving the strategy away and I can’t do that.

This is a very simple support and resistance strategy that anyone can use. I tested it for two weeks and I was successful every day except for two days and on those days I had a break even trade and one loss for 10 pips.

Here are the key benefits.

* The strategy is profitable
* Easy to use
* Doesn’t take a lot of time

There are not many negatives here but I will mention them to do a fair and objective review.

Here are the negatives:

* Limited profits, some of my trade gains were small (I know, how can I complain, they were still profits)
* Limited time frame, you can only trade this strategy at a certain time

Overall this is a great strategy and I recommend it for traders that are looking for a profitable trading strategy. If you use a trading plan with good money management this strategy will be a winner for you.

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  • Straight

    I would argue that the system is very subjective, and open to interpretation. There are rules as put forth by Barry, but they are not followed. One day a trade isn’t entered because a setup candle was over the limit in pips, the next day, it is entered – with the reason being “intuition”. The risk/reward is also out of whack. Barry claims to have over 500 winning trades in a row. I find that extremely hard to believe, when he doesn’t follow his own set of “rules”.

    The cost of this method isn’t a lot, so it’s not a big risk, but it’s not going to get you what you’re looking for in my opinion.