Overnight Momentum Trader is a Forex trading strategy from Rich Fitton that shows users his own personal method of spread betting.
What does the product offer?
According to the promotional material for Overnight Momentum Trader, you are purchasing a method of making guaranteed weekly income with minimal work and effort. Overnight Momentum Trader is marketed through Canonbury Publishing which means that purchasing the product means a hard copy being sent out to you. You also gain full access to a member’s site as well as twice weekly emails from Rich Fitton. There are two strategies provided with Overnight Momentum Trader, one is an aggressive approach which is designed mostly to build your bank up (and as such does carry a higher risk) after which it is recommended that you switch to the lower risk strategy. Overnight Momentum Trader is sold as being ideal for those who want to make money through trading but don’t have the time, namely down to its “set and forget” approach.
How does the product work?
At the core of Overnight Momentum Trader is spread betting, essentially guessing which way the markets will go. This is one of the more popular methods of trading and is well known to most Forex traders. Whilst the exact methods cannot be disclosed, Overnight Momentum Trader involves spread betting on certain currency pairs (these are all well known examples such as GBPUSD and EURUSD) with a longer term viewpoint, something that is evidenced in the fact that some trades will run all week and be closed manually on the Friday.
What is the initial investment?
Canonbury Publishing are selling Overnight Momentum Trader at a one time cost of £247. Also provided is a 60 day money back guarantee should you find that you are unhappy with the product.
What is the rate of return?
Income for Overnight Momentum Trader is advertised on the back of £220-£321 per week. This figure is in turn based on an average of 44 pips per week and stakes of at least £5 per pip and the lower risk strategy.
Conclusion
All things considered, Overnight Momentum Trader is not an inherently bad product. There is some merit to the strategy that Rich Fitton presents and at its core, this is the most important thing. There are some niggling little doubts that I have however, namely about what investment is going to be required to trade at £5 per pip to get the results advertised. Published results for Overnight Momentum Trader show that with a £500 account, staking is advised at around 10p to 30p which means that you will likely need in the region of £10,000 to attain this which makes for a very hefty investment in a strategy that whilst reasonable, still carries an inherent risk (as does all trading). Personally, I don’t think that Overnight Momentum Trader is necessarily a bad product per se, but I do feel that to get the most out of it you should already have an idea about trading as those who go in blind will likely end up losing out.
