I’ll be blunt… the new MBFX sales pitch is probably the worst I’ve seen in a long time. The previous version was much better.
I suspect the site had been sold to a online marketer (i.e. not a real trader), who – as you will soon see – would say anything to get more sales of the product.
“If you don’t watch this video to the end, you will miss a BIG opportunity and a LOT of money.”
Pffftt… the introductory video made me cringe. It was pretty slimy.
The only reason I watched more than 8 seconds of it was to be thorough in my review of the site.
If I had to grade the site in terms of quality, I’d give it an “F”. It’s full of vague, hot air promises and hype-y vocabulary. I had a hard time going through the sales material because it sounded so full of sh*t.
This being said, there IS one thing that I like about the product (which was created by the original owner of the site, before he sold it to this slimy marketer), so read on to find out more.
MBFX Forex System Overview
System Type: Manual trading based on 2 indicators
Price: $97 one time
This trading system emphasizes a straight forward approach based on 2 indicators:
- The MBFX System indicator; and
- The MBFX Timing indicator
(the new version of MBFX now includes 2 more indicators not covered in this review – more on them later)
Basically, the MBFX System indicator [1] shows us where prices are overbought or oversold.
Once prices touch either the red or green lines, we then look at the MBFX Timing indicator [2] to decide when to trade in the opposite direction.
…and that’s pretty much it.
What I Don’t Like About This System
This is a mean-reversion strategy, so its inherent weakness lies in strongly trending markets.
All mean-reversion trading strategies will perform poorly when prices are trending, and I’m guessing that’s why Mostafa Belkhayate (the system creator) added the MBFX Timing indicator. Without this indicator, this system would definitely be a lot less effective.
Take a look at the chart above – we can see that prices have touched the green MBFX System indicator line, signalling a potential BUY opportunity.
However, the MBFX Timing indicator has not changed color, so no trade should be taken.
This second indicator pays attention to the market price action before signalling a trade opportunity. It helps to avoid taking trades when prices are trending.
In my opinion, Mr. Belkhayate has dealt very well with the biggest weakness of this system.
What I Like About This System
I’ve spent a lot of time looking at price charts in the past, and I can see that the MBFX System indicator has been pretty much designed to profit from many of the market price tendencies that are (for the most part) invisible to untrained eyes.
It’s an elegant solution to avoiding random price fluctuations and taking high-winning probability, good risk-reward ratio trades.
Not Everything Is Useful
The new version of the MBFX system includes 2 new indicators (Opportunity Snatcher & New Trend Predictor) that are for the most part, useless.
The only thing here that deserves any merit is the MBFX System indicator (those colorful lines you see on the chart), and maybe the Timing indicator. If you’ve read my Candlesticks Made Easy e-book, the Timing indicator isn’t needed.
Also, the site now offers trade signals. I’ve never tested it so I don’t have an opinion about it.
My Experience with the MBFX Forex System
How does the manual system fare in real-world trading?
Here’s a video I made while testing it on a live account:
A Warning
As much as I like this system (and the principles upon which it operates), there are a few important points you should take note of.
First, is that the system takes quite a raw approach to trading.
What I mean by this is that unless you’re already an advanced trader, chances are that you’d be suffering from a fair number of losing trades, without understanding why.
As mentioned in the video above, I pay attention to a number of factors that were not mentioned in the system manual.
The manual explains how to use the system, but unfortunately does not detail the particular situations of how and when it should not be used.
I suspect that one of the reasons I was immediately successful with this system is because I incorporated my own set of Do’s and Don’ts to it, based on my own trading experience.
Disclaimer
I will be providing you with 2 links to the site. One affiliate link, and one regular link.
If you make a purchase using the affiliate link, I will be compensated for recommending the system to you. You won’t be paying anything extra — the compensation comes from a portion of the seller’s profits.
If you decide not to purchase with the affiliate link, that’s cool. No hard feelings. I hope you enjoy trading with the system as much as I do.
An Ethical Bribe
For those who use my affiliate link, I’ve written a 10-page report with the details of the Do’s and Don’ts that I mentioned:
Again, this will not cost you anything extra.
To get this report, make sure that on the payment page, you see the words [affiliate = pipmavens] at the bottom:
After your purchase, you will be provided with a 8-character Clickbank receipt number.
Then Click here to get the bonus report (you’ll need to fill in your receipt number).
Summary
The new sales pitch is horrendous. Every time I see the video, a little part of me dies inside.
“I’m about to show you some of the most precious Forex secrets that the big guys don’t want you to know…”
It kills me every time…
Nonetheless, the MBFX indicator is effective at identifying price areas to enter a trade. This, together with the Timing indicator (or with what I’ve covered in Candlesticks Made Easy), is pretty much all you need to get started.
On it’s own, this system does have a few drawbacks, but my bonus report will eliminate most of them.
The MBFX Forex System is easy to learn, and based on my testing, reasonably profitable.
If I had absolutely no experience trading and had only $100 in my pocket, this is what I’d start with.
Affiliate link: Click Here
Regular link: Click Here
Question Received
Q: Although it seems we have simply overlooked the two new indicators, the FAQ file states that the Timing indicator has been replaced with the “MBFX Opportunity Snatcher in MBFX v2 that is more powerful and simple than MBFX Timing.” Do you think that the new “circle entry points” could really be more powerful than the previous Timing indicator? Also the New Trend Predictor looks great on the charts (due to repainting I believe) but do you think that it could actually be useful?
A: From what I’ve seen so far, the Opportunity Snatcher indicator is pretty similar to the Timing indicator. (And what does it mean to be more “powerful” anyway? I never understood this.)
The thing about this, is that all indicators will be effective to a point, but the million dollar question is whether they will be constantly effective.
Generally speaking, the more indicators the system uses, the less flexibility it has – what this new 4-indicator system encourages is complete reliance on the indicators, in fixed steps (i.e, red light = stop; green light = go). To me, this is especially dangerous because we have no idea HOW (i.e. based on what principles) the indicators generate a buy or sell signal.
Based on what I’ve observed over the years, inflexible systems tend to perform for a certain period until the market dynamics change, and then it becomes ineffective. This sets up the vicious cycle of continuously buying new trading systems that work only during certain (specific) market phases.
The reason I like the MBFX System indicator is because it applies well to practically all situations (when used in combination with the Timing indicator and/or with candlestick price action).
Please leave a comment below and let me know what you think about this post!
www.pipmavens.com
Hi Chris,
Just curious, Why you become affiliate to other Forex System ?
Which better, this system or your current system (candlestick made easy/icarus) ?
Are you also using this system ?
Regards,
Hi Gaia,
That’s a good question, and I apologize for not addressing it sooner.
As you probably know by now, there is no “best” or holy grail system out there. It’s just a matter of personal preference, assuming of course, that the systems we’re talking about are effective in the first place.
Icarus emphasizes a hands-off, relaxed way of trading. The main benefit of this (which is really important to me) is that I don’t have to be stuck in front of my computer, trading for hours and hours. Some people like doing this – it’s just that I don’t.
The MBFX System indicator operates on a principle that’s similar to one of the principles of Icarus, which is why I think there is merit to it. However, the drawback of the MBFX Forex System as a whole is that you have absolutely no idea How or Why the indicators work. That’s a very dangerous place to be as a trader. But hey, for less than $100 we really can’t ask for much, can we?
To summarize, it’s a matter of personal preference, willingness to invest in a system (and how much to invest in it), whether we want to learn how to fish for ourselves or to be continuously fed, and other such factors.
Each individual is unique and their personal circumstances will determine the trading approach that best suits them.
To date, I’ve found Icarus to be the most effective approach for me, but that doesn’t mean that it will be the same for everyone. If you agree with the posts I put out, and the Retail Forex Manifesto, chances are that Icarus will be a good fit for you.
Hi Chris,
Does the MBFX system work with MT4 which my broker uses and I am familiar with it.
Thanks.
Tuck C. Wong.
Hi Chris,
Could you tell me how long you do testing with this system and how much you win ration using this system + your report ?
It seem the indicator has a lot of repaint and blue lines value keep changing.
Did this system realy has 98% win ration on 4 hour and daily ?
Regards,
Hi Tuck,
Yes, the indicators work with the MT4 platform.
Hi Gaia,
I haven’t been following the system exactly as described, for various reasons. In the report, I mention how I actually use the MBFX System indicator.
What I did was to observe how the indicator moved in relation to price moves, and then used it in the best way I know. I’ve been doing this for the past 4-5 months.
Do note that this is not my main method of trading – this is more of a supplementary trading approach I take when I have the time.
I can’t say for sure if this is really profitable 98% of the time on D1, because I haven’t taken enough trades on that time frame to know (plus, I doubt any system will work 98% of the time).
So far, my own experience with it has been:
H4: about 75%
H1: about 65%
These percentages are based on trades that are either winners, or closed at breakeven.
Also, they’re based on how I use the indicator, not based solely on the instructions in the manual.