Created by Rich Fitton and offered through Canonbury Publishing, Overnight Momentum Trader is a Forex trading system based around spread betting.
What is the product?
Overnight Momentum Trader is a tradeing strategy for Forex, allegedly developed by Rich Fitton over a rather substantial career starting out trading in his spare time and “’ethically bribing’” his way into the Chicago Stock Exchange. It has been published through Canonbury Publishing (which means that a physical copy will be sent out to you). The strategy is based around spread betting which is, put very crudely, trading based on whether you think something will go up or down in value with the spread being the difference between the high and low point. Whilst I cannot disclose the full details of how Overnight Momentum Trader works, I can explain some things. Trading is on a number of different currency pairs, all of which are well known examples (such as the Euro and Pound against the Dollar) with the general focus being on longer term trades with some having the potential to be open all week (although they can also be closed within a day if the circumstances are right). There are actually two variations of Overnight Momentum Trader, one which favours a higher risk (but higher yielding) approach and one that is designed with longer term profits in mind. Checking up on trades is a simple enough affair to be carried out at night.
What is the investment vs. the rate of return?
Purchasing Overnight Momentum Trader comes in at a rather hefty £247 which is fortunately a one off cost. Rich Fitton and Canonbury Publishing also provide a 60 day money back guarantee should you find that you are unhappy with Overnight Momentum Trader. In terms of the income potential, Rich Fitton says that you can expect to make an average of 44 pips per week (based off result for 2014) which equates £220 per week based on £5 pips and the less aggressive strategy. With the riskier version of Overnight Momentum Trader employed, this could be as much as £321.
Does the product provide value for money?
For reasons that I shall explore below, I unfortunately don’t believe that Overnight Momentum Trader does represent value for money.
There is some potential in Overnight Momentum Trader and that is fundamentally good. The strategies are pretty sound and whilst there is an option to play hard and fast, the focus very much seems to be on the long term game. There is one point that I find to be rather concerning when it comes to Overnight Momentum Trader which is this. In some published results, Rich Fitton refers to some stakes that are between 10 and 30 pence as being right for a £500 account. This means that order to be trading on £5 per pup you need around £10,000 to trade with. Whilst Overnight Momentum Trader isn’t a bad product, this is a lot of money to risk. Keeping that in mind, I am inclined to say that if you are experienced with trading and are looking to add an easy feather to your bow. If you are entirely new to trading, I would treat Overnight Momentum Trader with caution and not invest too much until you are entirely comfortable.