Bedtime Trader Review

| December 24, 2013 | 12 Replies

They say…

“This USB drive – that I’ll post you today – could make you £2,635 a month tax-free.”

We say…

The latest product that my team will be taking a look at in the coming weeks is Bedtime Trader by Kevin & Janet Greenhall.

So, what is Bedtime Trader? Well, it’s a simple spread betting trading strategy based on doji indicators. It is claimed that trading to £1/pip you would have made £3,163 in 2012.

We’ve just joined and our review will be along shortly – sign up to our twitter feed to be the first to hear about it.

Full membership to Bedtime Trader normally costs £347 + VAT. There is a 60 day money back guarantee.

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After joining you receive a large package in the post that contains a USB dongle, a thick manual and two Training CD’s. An impressive package although it should be for the money paid. A bit frightening really as the first impression is that there is a lot to study and learn before you can even contemplate trading and I would certainly be thinking that I would need to “paper trade” it for a while to get the feel of trading. Feedback that I’ve seen elsewhere seems to indicate that it throws up a lot of potential “bets” which need a certain amount of skill and experience to filter. There’s a lot of studying to do here followed by some practice so it will be a while until I can post any results. I will update this site with my learning experiences and get on with it.

In the meantime here is a link to a blog by someone who has been using Bedtime Trader since May 1st with collated results – interesting reading.


The original reviewer was unable to continue with this review so, for my sins, I have taken it over.
As mentioned in the introduction, this system heavily depends on the “Doji” candlesticks or candles, the “Gravestone” and the “Dragonfly” as a basis for spotting potential trades on the Forex (Fx) markets.
If you don’t know what a candlestick is in the context of Fx charting, then a quick Google search will quickly put you right.
A Doji is simply a shape of candlestick that is said to indicate indecision in the market and frequently appears just before a change in the direction of the market.
The charts used are daily ones so each candle represents the price movement of the pairing over one full day, 11PM to 11PM.
If all this sounds like so much “double-dutch” to you, don’t worry. It is possible to take this system and start trading it with absolutely no knowledge of Fx currency markets, price charts, candlesticks or spreadbetting.
The comprehensive manual and DVDs that accompany the USB drive explains everything.
However, if you do have previous experience with Fx trading then you can be up and running the same day you receive it. Well almost….
You will need a live trading account with GKFX a spreadbetting Fx broker that uses the trading and charting software, Metatrader4. This will take a day or so to get the account and the MT4 software set up.
This is absolutely essential as the software will only work with a live GKFX account.
The USB drive contains the software that sits upon MT4 and automatically searches for potential trades that fulfil the exacting criteria of the system. Bearing in mind there are over 100 Fx currency pairs that can potentially be traded, it is easy to see how time-consuming this would be if done manually. Although, the system creator does say that he did trade this system for several years before employing a MT4 programmer to code the software.
I must point out that the USB drive is not required during routine running; it’s really just a data medium for installing the MT4 software. I suppose a CD-R or DVD would have done just as well although the “USB Drive” concept does seem to have been a sharp marketting idea, it sounds cool and sexy!
Once set up, the MT4 charting package instantly jumps to life with a click of the desktop icon although initially getting it to work can sometimes be a faff as the user names and passwords needed are strong and using the logon screen can be a pain as there are a choice of several servers, the correct one needing to be chosen. Once sorted though, it remembers all the logon details and works fine.
Once started, it immediately starts displaying live currency prices and all the Fx pairs can be searched for potential trades 12 at a time by clicking on the Bedtime Trader profiles (there are 9) in the drop down menu. They can all be scanned in about 30 seconds.
There is a prominent label that alerts you to a possible trade on each chart that works out all the relevant data that you need in order to (a) decide to trade the alert and (b) the opening and stop loss prices that you need to use.

The system also displays three coloured lines on the charts. These are simply daily moving averages (DMA) for the time periods 13, 23 and 200 days.
DMAs are exactly what they say; an average of the price for that currency pair over the number of days specified. These give an indication of the recent price trend and are lagging indicators that can often provide price resistence of support. I won’t go into detail about these but the manual explains how they should be used in this system. Again Google is your friend!
The concept of where there is likely to be support or resistance is an essential aspect of deciding whether to take the trades that are highlighted by the software.
Trades are highlighted in two ways: Valid Doji, Dragonfly (indicating an up or buy trade) or Gravestone (a downward or sell trade) or Possible Doji. The valid doji indicates that the candle for that day has met the criteria in full and that the possible doji has one parameter slightly ouside specification but close enough to be considered for trading taking into account other factors.
You can see, then, that although the software is very specific in picking out trades, there are other factors that must be taken into consideration before deciding which trades to take. Some of these are dealt with in the manual and some via training videos on the members website. However, experience is likely to greatly increase the returns that can be expected.
Kevin, the creator of the system, also sends out weekly emails, usually on a Monday, documenting the previous weeks trades along with commentary and explanation of some interesting issues.

At or just after 11PM each day Monday to Thursday, MT4 is started up and all the Fx pairs scanned for possible trades. If any are indicated, they are validated according to one or two criteria e.g. proximity of possible resistance or support levels, whether the risk is acceptable etc. If all is well, the trade is immediately placed at the current live price.
Friday is a little different. The Fx week closes at 10PM on Friday evening and doesn’t open again until 10PM on Sunday evening.
Therefore, any trades that are identified at the close on Friday are not able to be placed until Sunday night. This poses a potential problem in that quite often the market price will “gap” between Friday and Sunday. This means that there is sometimes a significant difference between the closing price on Friday and the opening price on Sunday. This may well reflect any important news in that period or simply a technical movement due to the number of orders that exist.
Kevin has identified this as a problem and recommends waiting until Sunday evening or even Monday morning before decided to place the trade. However, recently he has experimented with placing the trades to see if any gaps will be in favour of the trade or not.

I will document trades as they happen Monday to Friday, any trades identified on Friday will be placed on Sunday night and will be included in the following week.
When the email from Kevin is received, I will add his comments to my results.

Kevin sends out his results as a number or pips or points gained or lost without regard to the amount at risk on each trade.
The manual recommends that a maximum of 3% of the starting bank is risked on each trade.
Some of the stop losses recommended are quite substantial, up to 1000 pips! although 400 to 500 are more usual. With this amount at risk, it is inconceivable to be betting “pounds” per pip, the starting bank would need to be enormous and an incredible amount would need to be deposited to cover the margin.
However, GKFX allows trades down to only 10 pence per pip which gives us some flexibity.
I have decided, therefore, to start with a notional bank of £5000 and to only risk a maximum of 3% as Kevin recommends i.e. £150 per trade.

Final Thoughts

In a nutshell, this system works. It uses proven indicators that can show with a reasonable degree of probability that a change in price direction will occur.
However, there are a number of caveats that must be taken into account that govern whether this product is suitable for an individual trader and how successful it will prove to be.
Judging by the past results claimed, performance is quite consistent with very few losing months. Therefore, it should be possible to use this system as the basis for a long term successful trading venture.
However, it does need the trader to be at the computer at around 11 pm Sunday to Thursday so if you cannot manage this, this product is not for you.

The basis of the system is a software solution that alerts the trader to DoJi candles. These can be “valid” signals where all parameters are within set limits or “possible” signals where all these are not completely correct but near enough to still have a good probability of success.
The devil is in the detail; all signals need to be validated against several other factors to decide whether to take the trades or not.
This validation is not an exact science; some judgement and experience need to be employed. Therefore, not everyone will have the same success or otherwise using this system and it is highly unlikely that most traders will be able to replicate the results that Kevin, the system creator, can achieve with his many year’s experience.
So if you’re not prepared to put in some work and learn some aspects of Forex charting theory, this product is not really for you.
However, it is possible to beat him as his reported results are generally strictly constrained by the system rules whereas the individual trader can develop subtle strategies that can outperform.

One major gripe I do have is with the way the system is advertised. They use the raw number of pips gained and say how much you could have won by trading at £1 or higher per pip.
This is totally impractical as by far the biggest winners come from some of the minor currency pairings that can have massive volatility and equally large spreads and stop losses.
To trade these at £1 per pip would require a massive starting bank, far beyond what even an experienced trader would be able to use.
However, it should be possible to start using small stakes and to build up the bank by re-investing profits until trading at £1 per pip is possible. Compounding is a wonderful thing!

Kevin is prone to experimenting with some of his trades and reporting his results as “system” and this is another reason why most people will not be able to match his results.

Customer service is quite good although the awkward questions may not be answered as well or as quickly as straightforward ones.


PIPS + 5123
PROFIT + £1423.41
Two Month ROI +28.5%


Week 8 W/E 24th December 2013
A slightly extended week to cover the short trading period up to Christmas.

Month Two Return: +2044 pips +£658.57

In general, a very strange week’s action. In his email, Kevin points out the dangers of trading at this time of year with large institutional investors closing positions. The resultant decrease in liquidity often makes the markets behave in unexpected ways.

Weekly Totals

Review: +299 pips +£109.86 (made good use of rolled over positions, neutral otherwise)
Kevin: +1016 pips (Contentious, see commentary, should have been -566 pips)

Tuesday 24th December 2013

A few trades indicated at close of business on Christmas eve (19.00 hrs). As they can’t be executed until Boxing Day evening, I will not include them in the review, which finishes today. I will, however, be looking at them with interest and see how they perform.

Monday 23rd December 2013

No trades indicated

Friday 20th December 2013

GBP/MXN Sell, 252 pips risk £0.60. OTO set below DMA, not activated.

Thursday 19th December 2013

CHF/SEK Buy, 612 pips risk £0.20 pp. I took this one but really should have set an OTO above the DMA. Looking back it must have been the sharp rebound off the lower DMA that influenced me (Lucky). +69 pips +£13.80 (Kevin correctly set OTO above DMA, activated then fell slightly for -27 pips)

Wednesday 18th December 2013

CHF/TRY Sell, 271 pips risk £0.70 pp, -124 pips -£62.00. (Kevin -113 pips)
EUR/AUD Sell, 118 pips risk £1.20. Trade taken even though the Doji setup not ideal as price had bounced off previous support/resistance. End of day profit +43 pips but rolled over as current price action downwards, with stop reduced to below entry price for further 96 pips. Total +139 pips +£166.80 (Kevin didn’t roll over +44 pips)
EUR/THB Sell, 74 pips risk £2.00 pp. OTO below DMA not activated (Kevin agrees)
GBP/MXN Sell, 327 pips risk £0.40 pp. -132 pips -£52.80. (Kevin same)
USD/SEK Buy, 642 pips risk £0.20 pp. Doji setup not ideal but price had struggled to get below 3 closely spaced DMA lines on consecutive days so taken. +261 pips +£52.20 (Kevin +260)
AUD/DKK Buy, 420 pips risk £0.30 pp. Rolled over to Friday for further gain with stop raised to just below entry. +113 pips first day, further 314 pips. Total +427 pips +£128.10 (Kevin +113 first day profit)

Tuesday 17th December 2013
No trades indicated

Monday 16th December 2013

USD/JPY Buy, 56.4 pips risk £2.60 pp, not activated (Kevin also)
SAR/JPY Buy, 1339 pips risk £0.10 pp, not activated (Kevin not taken as too large a stop loss and 150 pip spread)
SGD/JPY Buy, 52 pips risk £2.80 pp, not activated (Kevin also)
THB/JPY Buy, Not taken as spread 175 and ATR 254 (Kevin notes these points but has OTO above previous high, not activated)
USD/SEK Buy, 341 pips risk £0.40 pp, Stopped out -341 pips -£136.24 (Kevin had his stop further away below a DMA, approx 45 pips below, so wasn’t stopped out, price recovered to close of day, – 285 pips)
GBP/SEK Buy, This was not identified by my system on the night but I have looked back to get as much data as possible. 426 pips risk £0.30 pp. Not taken as doji location very close to limit and candle range too small. (Kevin took this one, I’m surprised, stopped out -426 pips)
HKD/JPY Buy, Not identified as above. 613 pips risk £0.20 pp. However, the close proximity of a DMA below the candle means the stop would have needed to have been placed below this. This would have entailed a stop loss risk of over 1000 pips, deemed to be too much, therefore would not have been taken.

Kevin’s take on this one: Originally not taken for reasons I have stated above, extended stop etc.
However, he has gone completely off piste here and explains how he kept his eye on the action the following day and placed an OTO which activated and made a profit of 1582 pips. This is justified by saying that sometimes the reversal predicted by the Doji candles do not materialise the first day but the one after that. He noticed the price action was stalling at the DMA mentioned and saw it rising, thus the OTO at the original level set by the original Doji.
This is not part of the system but maintains that experienced followers of BTT could have made the trade. He realises this is a controversial call on his part to include this in his figures.
He points out that this action occurred on 3 of the JPY pairings from Monday and that if this approach had been repeated on the SAR/JPY, it would have gained 4000 pips!

Friday 13th December 2013
No trades identified

Week 7 W/E 15th December 2013

A quiet week but this is to be expected approaching Christmas. In fact trading at this time of year is not recommended due to low volumes. However, still a profitable week.

Weekly Totals

Review: +677 pips +£131.70
Kevin: +768 pips

Thursday 12th December 2013
No Trades.

Wednesday 11th December 2013
GBP/NOK Buy, 653 pips risk £0.20 pp, +596 pips +£119.20 (Kevin +596 pips)
USD/THB Buy, 43 pips risk £3.40 pp, Not taken as ATR only 14 pips and spread 20 (Kevin: not taken for similar reasons)

Tuesday 10th December 2013
CHF/CAD Sell, 59 pips risk £2.50 pp, -19 pips -£47.50 (Kevin: rolled over as second doji formed, -27 pips)
EUR/DKK Sell, 25 pips risk £6.00 pp, Trade not activated. (Kevin same)

Monday 9th December 2013
GBP/MXN Buy, 218 pips risk, £0.60 pp, OTO above DMA line with profit limit at another DMA line which stood at 21.300. Activated with no move on Tuesday so left overnight with limit hit during Tuesday. +100 pips +£60.00
(Kevin says OTO above DMA but opening price given is actual close on Monday. Rolled over one day and closed at close on Wednesday for maximum profit possible. +162 pips. His numbers are incorrect, I will raise a question). *UPDATE* He says that because of the 70 pip spread, the recommended entry price was above the DMA therefore no need for an OTO. The mention of an OTO in his commentary was an error!)
I must admit to be confused by this reply! The charts and thus the DMA and other lines of support/resistance are based on the “sell” price. It is possible to have charts based on the “buy” price or indeed the “mid” price. It seems wrong to me to be mixing different prices into one chart as you would get differing viewpoints depending on the size of spread. In the case in question, Kevin is saying it is above the DMA because of the 70 pip spread, but if it were a major such as EUR/USD with a 1 pips spread it wouldn’t.
If anyone has any thoughts or insight into this aspect, feel free to comment.

Friday 6th December 2013
CAD/NOK Sell, 474 pips risk £0.30 pp, Gap down to Sunday open price and stuck between two DMA lines – Not taken. (Kevin has this down as opening on Sunday at quoted price for Friday close which was never actually achieved on Sunday candle! +37 pips. Upon being questioned about this, he says he was watching the price movement and took the trade at “just before 22.00 on Friday evening”. This is not part of the system and as such should not be reported in his results. He admits this.)
EUR/THB Sell, 60 pips risk £2.50 pp, Not taken as 25 pips gap to Sunday open and ATR only 28 pips. Also spread of 30 pips. (Kevin agrees entirely)
SGD/THB Sell, 273 pips risk £0.50 pp, Not taken as large gap up to Sunday open of 137 pips.
I had this down in my notes as “? Start of long term move down”. So it proved with a move of almost 400 pips during the week! (Kevin: not taken due to gap)

Week 6 W/E 8th December 2013

A strong week with some classic opportunities to rollover trades for greater profit. In fact without these, profits would be slim.

Weekly Totals

Review: +546 pips +£602.47
Kevin: +697 pips

Thursday 5th December 2013
AUD/CAD Buy, 62 pips risk £2.40 pp, Considered OTO above DMAs but decided against trade as doji setup poor . (Kevin OTO above DMA, stopped out -68 pips)
GBP/MXN Buy, 291 pips risk £0.50 pp, stopped out -291 pips -£145.50
(Kevin spotted the price immediately falling at 11PM so placed a OTO above top of doji, not activated)

Wednesday 4th December 2013
AUD/NOK Buy, 542 pips risk £0.20 pp, +122 pips +£24.40 (Kevin +123 pips)

Tuesday 3rd December 2013
GBP/AUD Sell, 132 pips risk £1.10 pp, stopped out -£145.31 (Kevin not taken as “strange” couple of days candles)
GBP/PLN Sell, 326 pips risk £0.40pp. Straightforward rollover for 2 days, limit set at even number 5.000 for +600 pips +£240 (Kevin same rollover, closed trade at end of day +655 pips)
NZD/JPN Sell, 64 pips risk £2.30 pp, set limit at DMA, +90 pips +£207 (Kevin +39 pips, closed at end of day)

Monday 2nd December 2013
GBP/USD Sell, 102 pips risk £1.40 pp. -41 pips -£57.12 (Kevin retained for 3 days as sideways movement, +5 pips) I did consider this approach.
AUD/CAD Sell, 60pips risk £2.50 pp. Doji setup poor but had bounced off DMA and also long term trend down. Decided to rollover as it didn’t quite stop out but had recovered. +38pips +£95.00
(Kevin -63 pips)
AUD/CHF Sell, 62 pips risk £2.40 pp. Doji setup poor but long term down trend. Ideal trade for rollover 3 days with trailing stop. +160 pips +£384
(Kevin rolled over for 1 day +113 pips)
Did not register on my system for some reason. Kevin’s results as follows:
N/A, N/A, +98, N/A, -543, N/A, +265, +99 Total -81 pips

Friday 29th November 2013
EUR/JPY Sell, 63 pips risk £2.30 pp. Not taken as doji setup not ideal and gap up, although price had come off resistance. (Kevin took this -26 pips)

Week 5 W/E 1st December 2013

Weekly Totals

Review: +522 pips -£185.46
Discrepancy as our one big winner this week was only at £0.10 pp and our loses were at large stakes.

Kevin: +1078 pips
Kevin continues to have great insight into how the markets will behave. His many years of experience obviously tell.

Thursday 28th November 2013

AUD/JPY Sell, 62 pips risk, £2.40 pp. Debateable trade: Doji setup not ideal but price had bounced off support and recent trend down. -32 pips -£76.80 (Kevin -33 pips)

CHF/ZAR Sell. Not taken as Doji setup poor and range low. (Kevin +262 pips. Stop set above previous resistance on 12/11/13. Again this looks good in retrospect but Kevin has consistently refused trades with poor Doji setups as this. In this case his insight proved profitable!)

USD/THB Sell. Not taken as spread a lot bigger than ATR. (Kevin +1 pip)

Wednesday 27th November 2013
No trades indicated.

Tuesday 26th November 2013

CAD/MXN Sell, 773 pips risk, £0.20pp. -28 pips -£5.60
I was unsure of this trade as price was hovering between 2 DMA lines. (Kevin rolled over another day as previous price action had held past DMA. +354pips. This looks pretty in retrospect but price had gone past DMA on day 1 and bounced off!)

HKD/MXN Sell, 146 pips risk, £1.00 pp. OTO below possible support at DMA not activated. (Kevin OTO not activated)

USD/MXN Sell, 896 pips risk, £0.10 pp. OTO as above. (Kevin agreed)

Monday 25th November 2013

EUR/JPY Sell, 81.3 pips risk, £1.80 pp. -21 pips -£38.16 (Kevin -19 pips)

AUD/USD, AUD/HKD and CAD/DKK Buys trades not taken as Doji location poor. (Kevin agrees)

AUD/TRY Buy, 226 pips risk, £0.60 pp. -95 pips -£57.00 (Kevin -95)
Taken even though not comfortable going long AUD at the moment. Trend is down. However, a valid signal.

CAD/TRY Buy, 223 pips risk, £0.60 pp. -5 pips -£3.00. Did consider rolling this over, would have gained 36pips (£21) (Kevin -5)

CAD/ZAR Buy, 1054 pips risk, £0.10 pp, +122 pips +£12.20. (Kevin +122)

EUR/CAD Sell. Not taken as Doji location set up poor. (Kevin not taken)

EUR/DKK Buy. Not taken as ATR too low compared to risk. Kevin – 10)

EUR/HUF Sell, Not taken as price just bounced off support. Could have set OTO but already had enough trades for one day. (Kevin doesn’t mention this one)

SGD/TRY Buy. 177 pips risk, £0.80 pp. -19 pips -£15.20. Did consider a rollover as price did go up (small loss due to spread), this would have gained 70 pips. (Kevin -19)

TRY/JPY Sell, 67 pips risk, £2.20 pp. +5 pips +£11.00 (Kevin +17)

USD/TRY Buy, 156.5 pips risk, £1.00 pp. +28 pips +£28.00 (Kevin +28)

ZAR/JPY Sell, 1023 pips risk, £0.10 pp. +457 pips +£45.70 (Kevin +457)

Friday 22nd November 2013

USD/CAD Sell, 67 pips risk, £2.20pp, small gap up, taken with smaller stop. Stopped out. -45 pips -99.00 (Kevin gap up on open, not activated)

CAD/HKD Buy, 416 pips risk, £0.30 pp, large 100 pip gap down.
I was undecided about this one; Pros – valid set up, gap enabled a better entry price
Cons – Against recent trend, 100 pip gap against trade.
Not Taken (Kevin gap down on open, not activated )

EUR/TRY Sell, 170 pips risk,£0.80 pp, Good entry price on Sunday night, set profit limit at last week’s low just below round number 2.7000. +198 pips +£158.40 (Kevin closed at end of day, +18 pips)

HKD/SGD Sell, Not taken as ATR 5 pips and spread 3 pips. (Kevin OTO not activated)

USD/SGD Sell, 43 pips risk, £3.40 pp, Stopped out, -43 pips -£146.20 (Kevin OTO below DMAs not activated. His explanation does not sit right with the chart, I am seeking clarification)

Week 4 W/E 24th November 2013

Month One Return: +3078 pips, +£764.84

Weekly Totals

Review: +450 pips +£79.60
Kevin: +878 pips or +2313 pips. Take your pick.

Thursday 21st November 2013

EUR/MXN Sell, Not taken as doji set up poor plus proximity of DMA. Could have set OTO below DMA.
(Kevin -28 pips)

NZD/CAD Buy, 84 pips risk, £1.70 pp, OTO above DMA not activated. (Kevin same)

USD/TRY Sell, 114 pips risk, £1.30 pp, +84 pips +£109.20 (Kevin +85 pips)

Wednesday 20th November 2013

SGD/THB Sell. Not taken as spread, 150 pips, greater than ATR (Kevin OTO not activated)

SGD/TRY Buy, Not taken as doji set up poor. (Kevin: not taken as too close to resistance)

Tuesday 19th November 2013

No trades indicated.

Monday 18th November 2013

Again, the problem of what to do with several trades on one currency. This time, 3 good setups to sell the Aussie dollar and one poor one. I took them all previously so did so again, but not the poor one. Very frustrating this time as they all gained enough to take out stops on Tuesday then tanked for the rest of the week!

AUD/USD Sell, 60 pips risk, £2.50 pp, Stopped -60 pips -£150.00 (Kevin +193 pips, closed 22/11, see below)

AUD/HKD Sell, 408 pips risk, £0.30 pp, Stopped -408 pips -£122.40 (Kevin +1452, closed 22/11, see below)

AUD/SGD Sell, 81 pips risk, £1.80 pp, -55 pips -£99.00 (Kevin +192 pips, closed 22/11, see below)
I accept I could have rolled this one over to the next day into profit.

AUD/THB Sell, 37 pips risk, not taken as proximity of DMAs and other AUD sell trades. (Kevin: OTO not activated)

CHF/ZAR Buy, 788 pips risk, £0.20 pp, +759 pips +£151.80
Large spread but took this with OTO above one DMA and limit at next DMA (Kevin 362 pips)

EUR/ZAR Buy, 108 pips risk, £1.30 pp, +68 pips +£88.40
Again, OTO above one DMA and limit at next, smallish spread 15 pips (Kevin +38 pips)

ZAR/JPY Sell, 835 pips risk, £0.10 pp, +9 pips +£0.90 (Kevin +10 pips)

Weekly email from Kevin:
He points out that the three Aussie dollar trades I mentioned could have been turned into profit by raising the initial stops to just above the 23DMA line thereby keeping all 3 trades active. They would not have been stopped out on Tuesday but instead of closing the trades and taking the loss, keeping them open and benefiting from the falls the next day. This would have meant a weekly profit of 878 pips. He justifies this by pointing out they had almost reached the extended stops on Tuesday so you may as well keep them active, hoping they will recover the next day. Fair enough.
He also points out that this is covered in the manual and so it is. However I would point out that the illustrations given show a potential resistance “just” i.e. a small amount, above or below the normal level. In the case of the trades in question, we are talking about distances much bigger than the ones in the trading manual. To illustrate:
AUD/USD: Normal stop 58 pips, extended stop 106 pips (almost double)
AUD/HKD: Normal stop 388 pips, extended stop 647 pips
AUD/SGD: Normal stop 81 pips, extended stop 105 pips. This one is more believable although it didn’t actually stop out the trade anyway, just!
Having kept the trades alive, it was then possible to move the stops down to the entry point and follow the price down until close on Friday. This would have meant a profit for the week of 2313 pips.

Friday 15th November 2013

GBP/CAD Sell, 78 pips risk £1.90pp, +53 pips +£100.70
Taken at open on Sunday evening, profit limit set at 2 DMA lines. (Kevin +9 pips)

Week 3 W/E 17th November 2013

Weekly Totals

Review: +1444 pips +£643.28

Kevin +1836 pips

A strong week with 17 trades taken; 12 winners and 5 losers, for a healthy profit.

An interesting end to the week. I did wonder whether to take the four trades on Wednesday that all relied on the Norwegian Krona strengthening. This situation is not dealt with in the manual. It could be argued that you are risking too much on one currency and just to take one, perhaps at a higher stake. The other side would argue there are four other currencies in the mix, thereby spreading the risk.

Thursday was just mad; 14 trades indicated and the dilemma, how many to take?
Kevin recommends not having more than 10-15% of your bank exposed on one day so this equates to a maximum of 5 trades. Possibly stretched to six as rounding down of stakes to multiples of £0.10 might mean each trade is less than 3%. As I had previously taken up to seven trades on one day, although this was the first day of the review and I had not realised I was stretching too far, I have decided to stick to 5 or 6 maximum per day. Therefore I took the best six trades as I judged them but this really should have been five as one was ill-advised.

Thursday 14th November 2013

NZD/USD Sell, Not taken. Candle body too large. (Kevin agreed)
CHF/CAD Sell, 85 pips risk, £1.70 pp, +1 pip +£1.70 (agreed)
CHF/NZD Buy. Price close to resistance, Not taken. (Kevin doesn’t list this one)
CHF/SEK Sell, 536 pips risk, £0.20 pp, -45 pips -£9.00 (-45)
EUR/CZK Sell, Trade against long term trend, not taken. (Not taken)
EUR/NZD Buy, price close to DMA, not taken. (Kevin: not activated)
EUR/SEK Sell, 610 pips risk, £0.20 pp, -91 pips -£18.20 (-91)
GBP/CAD Sell, Not taken. (Not taken)
GBP/NOK Sell, 962 pips risk, £0.10 pp, +237 pips +£23.70 (237)
GBP/SEK Sell, Trade not taken, candle body too large and spread 50 pips. (Not listed)
NZD/CAD Sell, 85 pips risk, £1.70 pp, -43 pips -£73.10 (OTO not activated) In retrospect I probably should have declined this one.
NZD/HKD Sell, Trade not taken as candle body not ideal. (not taken)
NZD/SGD Sell, Not taken as close proximity of DMAs. (OTO not activated)
SEK/DKK Buy, 70 pips risk, £2.10 pp, -20 PIPS -£42.00 (-20)

Wednesday 13th November 2013

CAD/NOK Sell, 406 pips risk, £0.30 pp, +148 pips +£44.40 (Kevin +148 pips)
CHF/NOK Sell, 407 pips risk, £0.30 pp, +309 pips +£92.70 (+308)
EUR/NOK Sell, 467 pips risk, £0.30 pp, +310 pips +£93.00 (+311)
NOK/DKK Buy, 63 pips risk, £2.30 pp, +26 pips +£59.80 (+22)
USD/SEK Sell, 649 pips risk, £0.20 pp, -84 pips -£16.80 (+48)
Kevin rolled this trade over as a second doji had formed on Thursday and the closing price was not too different from the night before. Strange but this was not indicated as a doji on my system. On reflection, it was a good call to roll over anyway.

Tuesday 12th November 2013

CAD/ZAR Sell, 910 pips risk £0.10 pp, +286 +£28.60 (Kevin same)

EUR/MXN Sell, 126 pips risk £1.00 pp, +142 pips +£142.00 (same)

EUR/ZAR Sell, 93 pips risk £1.00 pp, +55 pips +£55.00

NZD/CAD Buy, 65.5 pips risk £2.20 pp, +15.4 pips +£33.88 (agrees)

Monday 11th November 2013

No trades identified

Friday 8th November 2013
Trades identified on Friday placed Sunday night if appropriate.

AUD/SEK Sell, 592 pps risk £0.20 pp, +496 pips +£99.20
Kevin +424 (gapped up over weekend so I was able to take entry at better price with reduced stop)

CAD/SGD Buy, 56 pips risk £2.60 pp, +29 pips +£75.40
Kevin +20

Week 2 W/E 10th November 2013

A rare losing week, according to Kevin’s weekly roundup.

Weekly Totals

Review: -355 pips -£154.84

Kevin -415 pips

Thursday 7th November 2013

CAD/DKK Sell, 574 pips risk £0.20 pp, -58 pips -£11.60
Kevin trade not taken as candle body out of spec.

CHF/CAD Buy, 136 pips risk £1.10 pp, -44 pips -£48.53
Kevin “not activated”

EUR/CAD Buy, 153.5 pips risk £0.90 pp, Not taken various reasons, Kevin agreed

EUR/SEK Buy, 825 pips risk £0.10 pp, + 434 pips +£43.40 NB extra 200 pips possible if a limit order set at previous resistance.
Kevin +520 No idea where his close was here, not at close of day as per system.

SEK/DKK Sell, 95 pips risk £1.50 pp, +39 +£58.50
Kevin agrees.

Wednesday 6th November 2013

AUD/NZD Buy, 55 pips risk £2.70pp, stopped out -55 pips – £149.04 Kevin -56

EUR/CAD Sell, 69.3 pips risk £2.10 pp, +53 pips +£11.30 Kevin +49

NZD/CAD Sell, 71.4 pips risk £2.10 pp, +19 pips +£39.92 Kevin +21

Tuesday 5th November 2013

THB/JPY Buy, 175 pip spread and average range 224 so trade not taken.
Kevin agreed.

Friday 1st November 2013

Friday’s indicated trades taken on market open on Sunday evening as usual, assuming no adverse gaps occuring.

AUD/MXN Sell, 778 pips at risk, £0.10 pp, +196 pips +£19.60
Trade indicated at 12.3236 but large gap to 12.3614 but as gap away from trade direction and on possible resistance I took it albeit with greatly reduced stop. Kevin didn’t take it, my bad!

GBP/DKK Sell, Not taken as I mis-calculated on this one and missed entry point. Kevin – 103 pips

GBP/EUR Sell, 50 pips risk, £3 pp. -10 pips -£30
Kevin -12 pips

NZD/CAD Buy, 59 pips risk, £2.50 pp. +27 pips +£67.50
Kevin +8 pips

CHF/NZD Buy, 98 pips risk, £1.50 pp. Stopped out -98 pips -£147
Kevin agrees.

EUR/SGD Buy, 91 pips risk, £1.60 pp, Gap down, not traded.
Kevin has this as “not activated”.

Week 1 W/E 31st October 2013

Weekly Totals

Review: +1539 pips +£196.80

Kevin +3312 pips

Thursday 31st October 2013
No trades identified today.

Wednesday 30th October 2013

AUD/MXN Buy, 1036 pips risk, £0.10 pp, +581 pips +£58.10
Kevin +964, rolled over as before.

GBP/MXN Buy, 250 pips risk, £0.60 pp, +67 pips +£40.20
Kevin +74

GBP/PLN Buy, 339 pips risk, £0.40 pp, +488 pips +£195.20
Kevin +488

GBP/TRY Buy, 207 pips risk, £0.70 pp, +15 pips +£10.50
Kevin +15

MXN/JPN Sell, 712 pips risk, £0.20 pp, +549 pips +£109.80
+682 pips. Again rolled over.

Tuesday 29th October 2013

GBP/CZK Buy, 214 pips risk, -120 pips -£84.11
Kevin has this as +263 pips. Trade rolled over one more day due to previous price action going up to resistance. Clearly worked this time.

Monday 28th October 2013

NOK/DKK Sell, 43 pips risk, £3.40 pp, -43 pips -£146.20
Kevin agrees exactly.

Friday 25th October 2013

Seven trades identified tonight. As the markets are already closed, I shall look to place the trades immediately they open on Sunday evening.

USD/JPY Buy, 60 pips at risk, £2.50 per pip (pp). Closed on Monday night, 4 pips profit +£10
Kevin has this as +24 pips probably due to different time of opening, ? Monday morning.

CHF/JPY Buy, Price large gap upwards therefore trade not taken.
Kevin has this as -10pips

GBP/CAD Sell, 79 pips risk, £1.80 pp, +39 pips +£70.20
Kevin +32 pips

GBP/AUD Sell, 87 pips risk, £1.70 pp, -53 pips -£90.10
Kevin -66pips. Again difference when trade placed.

TRY/JPY Buy, 53 pips risk, £2.80 pp, + 2 pips +£5.60
Kevin – 3 pips

HKD/JPY Buy, Price large gap up, trade not taken
Kevin has this as +312 pips, entry date 25/10 closed on 28/10. Checked and placed trade before close on Friday evening, thus caught the gap up over the weekend.
Not strictly part of system, too advanced for me yet.

SAR/JPY Buy, Price gapped up so trade not taken.
Again Kevin has this as +580 pips, same as above.



Category: Betting System Reviews

Comments (12)

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  1. Ian Atkinson says:

    I have been using Bedtime Trader since the start of April. Getting started is very easy as the installation is taken care of by the USB stick provided. The manual is very comprehensive and the training videos are excellent.
    I got off to a great start with a 390 pip profit on my 3rd day of trading. I had never ever dreamed of such a gain on one trade. many of the currency pairings covered by this system are usually ignored by the majority of trading plans I have seen (quite a lot!). Indeed some of the pairings I had never heard of before this. However Kevin does point out that some pairings have huge spreads, 25 or 35 pips is quite common, as is a massive 75 pips. He advises new traders to avoid the very high ones and to trade only very small stakes on the other big ones. I have set the background colours on the pairs with high spreads to help me ignore them and speed up my nightly check. I find that I can scan all 110 charts very quickly and set up one or two trades all within 10 to 15 minutes each night. That is all down to the Bedtime Trader software and the very clear signals that it produces.
    The markets have been very unpredictable recently, reacting sharply to news items that are not in themselves remarkable, and should not have caused the reactions we have seen in the markets. Hopefully we will get a more settled market as the holiday season kicks in very shortly.

    • SteveC says:

      Any updates on this review? I’ve been thinking of trying it for a few months now and would appreciate some more feedback before I jump.

      • Ian Atkinson says:

        It is over a month since this review started. When can we expect some results or comments?

        • Peter Williams says:

          How are your results going since your initial trades?

          • Ian Atkinson says:

            This system produces excellent, clear signals of trades, and some great results. I have traded quite profitably ever since I started. I made a couple of mistakes, trading pairs with huge spreads. After those I went through all the charts and changed the background colour on all the pairs with large spreads. Now I know not to trade those at a glance.
            Yes I have had losing trades, mainly on unusual pairings, and I have now set those to be avoided to. The choice is always yours, whether or not to follow a signal. I now find I can check all the charts (over 100) and place my trades in about 10 minutes each evening.

  2. Kevin Haselden says:

    Mike is just trying to find time to understand everything before starting this review. Please be patient and it will be up and running very soon.

  3. Ian Atkinson says:

    I already use Bedtime Trader, and found it very simple to understand, so I am not sure why it is taking so long? They had a very good week two weeks ago, (end of Auguast) profiting over 500 pips in a week. Trouble was I was away and missed it all.
    The charts are very simple to understand giving clear indications as to when you might buy or sell a currency pair, and it also tells you where to set your stop loss. There is even a popup on every page telling you that there is a trade or might be a trade on a pairing that night. Some currency pairings have huge spreads, like 50, 70 or more pips. You are advised to ignore those at first or to trade them with minimum stakes.
    The name tells you when this works, at bed time. The signals pop up after 10 pm and you are advised to place your trades after 11pm, so if those hours don’t suit you, this isn’t for you.
    Some Forex systems work on one currency pairing only, UK£/USD, others add a few more, but this system works on every currency pairing I could imagine, plus a few more I never even thought of. You don’t get buy/sell signals on them all, indeed some night there are no signals at all. I now find I can flick through the nine pages of multiple charts in a couple of minutes and place any trades that are signalled in a further few minutes each night.

    • SteveC says:

      Have you been using it long or are you in your trial period? How are you doing overall?
      I have heard people say that it rarely has a losing week, even just trading the majors but if you trade all the obscure pairs the results are even better.

      • SteveC says:

        I don’t like to be overly negative but it’s been 2 months since this review started with still no results posted.
        Assuming it’s on the standard 60 day trial, it must be coming to a close very soon!

        • Kevin Haselden says:

          Hi Steve,

          Apologies for the delay in getting back to you. Mike hasn’t been able to find the time to carry out the review so I am looking to reallocate this to someone else. Check your emails!! 🙂

      • Ian Atkinson says:

        Sorry Steve, I missed your comment earlier.
        I am passed my free trial period and happily so. However I hit a snag a few weeks ago and no one seems able or willing to help me resolve it. Agora says it is an Alpari problem, and of course Alpari say it is Agora’s software that is not performing. It started when U updated my Firefox browser, so that made me suspect the upgrade. However, Alpari had closed my account (in error it turns out) without contacting me first. When I rang them they immediately saw the problem and reopened my account. So I have Alpari but the BedTime Trader charts don’t work properly. I emailed Agora who took 3 days to reply and then sent my email back advising me to contact another of their email addresses. (Why they didn’t just forward it on I know not.) Normally I would have been on th ephone by now but we had a few days away 2 weeks ago, and on my return I had a gall stone problem. Spent a few days in agony. This week I will get around to chasing them, now that I remember! But sad to say they have not replied to my emails, despite my spelling out clearly that I am unable to use their system. I have normally found Agora to be very good, so will report later how I get on.

        • SteveC says:

          Thanks for your reply. I’m wondering if you’re been successfully using Alpari all along as the only broker BT says works with the software is GKFX. I realise Alpari use MT4 platform but assumed it would be because of the exact number of FX pairs or some coding or other.

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