New Improved Forex Killer Strategy (long term trading)

Well, as many of you may know, I have developed a new forex killer strategy over the last three weeks with good results. This strategy is much simpler than the older one I had published and focuses mainly on the four major currencies. So we will only be trading EUR/USD, USD/JPY, GBP/USD and USD/CHF. I also recommend forex killer users to take a look at automated trading systems, as they may prove to be more profitable and more hassle free than forex killer.

The strategy uses clever money management to improve our chances of taking profit over trading positions. For this strategy, we will use our forex killer software and the daily data for the major currencies saved from metatrader.

- For this strategy you will trade at the end of each trading day.

- Save the daily data for each one of the major currencies in metatrader 4

- Load the data on forex killer

- Calculate the results for all the currencies

- We want a short and long term signal probability higher than 75%. Yes, Long AND Short term graphs MUST have a probability higher than 75% or we do not enter the trade.

- After you get a positive signal go to your trading platform and open two trades in the direction of your signal. Each trade is opened so that a 200 pip loss is equivalent to 1% of your equity.

- Both trades will have a one hundred pip stoploss, one of the trades will have a one hundred pip take profit while the other will have a 100 pip trailing stop and a 300 pip take profit. This clever management means that after the first take profit hits, the other trade is risk free.

- After the trade is opened, wait until both orders are closed through either one of the market orders.

I have tried this strategy for the past 3 weeks on a demo account with very good results. I have had about 6 positive signals which are equivalent to 12 trades. From all these trades, 9 were profitable and 3 are still opened.

I hope you enjoy this new and easier to use, long term trading strategy for the forex killer software. I also encourage you to get my ebook on automated trading systems if you are new to automated trading systems and would like to find a profitable one !

Forex Killer, More Strategy

The past few days have been quiet moved for my Forex Killer strategy. I tested some hypothesis I had concerning the trading setup and so changed some parameters pertaining to it. I tried to test the reliability of forex killer's signals without looking at the daily trend. I have to say, quiet disastrous results. Three trades I placed on Monday with apparently high success probability (higher than 75%) failed. This, of course, is due to the fact that the signals were generated at the pinnacle of a retracement. Apparently forex killer mistakes retracements for trends when they extend for medium (4-6 hour) periods on the hourly charts. The result is a high probability signal followed by a sharp reversal which quickly triggers stop loss orders.

One of the trades, however, was in agreement with the daily trend. So what happened ? It seems that the stop loss given by forex killer is suitable for the hourly ranges of less volatile pairs. More volatile pairs, like jpy crosses, trigger either stop loss or take profit targets five times faster than USD pairs.

As a consequence of this trades, I decided to implement a modification to my trading strategy. I will not trade jpy crosses anymore as this would require an increase in the stop loss which I am not willing to take. This also diminishes the time it takes me to analyze pairs, to about 5 minutes.
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I also wanted to share with you a trade I spotted a few hours ago. This trade on the USD/JPY pair, showed high probability and coherence with the daily trend. I hope it illustrates my trading strategy better so that you can better benefit from what I have learned from forex killer.

Forex Killer, Live Trading Statement

I recently wrote a review on the Forex Killer system and suggested a trading system to accompany this product. As many of you would have liked it, I executed this strategy solely on a live account during the past week (which was very volatile because of the high news density). The results pleased me a lot (they can be seen here).

Even though conditions were harsh, I managed to get a 105 pip profit on my trading strategy. I did make two mistakes, involving entering a trade on EUR/JPY with a 69.5% probability which ended as a looser and a USD/JPY trade which I closed myself too early with a 0.51 USD loss, it would have been a 0.42 USD win if I had let it stay as is.

The system was therefore capable of producing profit in excess of 200 pips but since I was testing it, I did make the above "mistakes" for the sake of experimentation. As you can see, the trailing stop does make a difference, as I had tested for the two weeks before the last one, any larger or any smaller is detrimental to my trading plan.

I will continue to test this strategy for the following week. If it remains as profitable, I may increase lot sizes and consider it seriously as a part of my trading routine.

Forex Killer Review, an Unbiased Perspective and Strategy

Please do not consider this review as a recommendation to buy forex killer, I wrote it to help people who have already purchased the product and want to get something out of it but the software is barely of any more use than most of the freely available indicators out there. You can get the same or better results with simple indicator based systems !

I was looking at several forex trading systems the other day - mainly expert advisors - when I realized that my whole focus has always been on automated trading systems. I thought - maybe I'm missing on some opportunities - so I decided to take a look at some of the most broadly known forex trading systems. I mean, the mass marketed, almost scam looking, forex systems. The ones with the testimonial filled selling pages where you are almost pushed to buy.

One almost instantly caught my attention due to the enormous amount of positive "reviews" available online. I say "reviews" because almost all of the web pages are absurdly biased. They have affiliate links all over the review, not meaning they are lying, but implying they have a concrete reason to do so, mainly getting a profit. For me, any review made on a product that includes an affiliate link is by definition not trustworthy, not necessarily dishonest.

So I decided to test it myself. It really wasn't that expensive so I guessed it wouldn't have hurt if I bought it. The forex system I bought is called Forex Killer.

The system promises heaven (sounds familiar?), telling you that you will earn thousands of dollars everyday. Quiet enough to quit your everyday job and dedicate yourself to forex trading. The website also states that the system is good for newbies (no experience required) and is easy and profitable by itself. The system basically tells you that it is the solution to all your financial problems. Well... I have a story to tell you.

At first glance, it really looked like a trading system for dummies. Big buttons, simple graphs, apparently simple interface and a simple instruction pdf. Well, I started to try and see the software through the eyes of a forex newbie trader, I was frankly lost. The instructions really don't tell you much. They don't tell you anything about actually trading, how to precisely interpret signals, make decisions, etc. This was a real turn off for me. You would have expected such an advertised piece of software to explain the whats, whys, whens and hows of the situation. What you get actually makes you feel like an abandoned child which ultimately would lead to you loosing your money.

After a while I started to figure the basics of the software. Save Metatrader data, import, calculate signals, execute signals. The problem actually has nothing to do with importing the data or calculating the signals. The missing part and the most crucial one, is forgetting to teach interpretation and discretion. What signals to ignore and which ones to execute. I'm fairly literate and experienced in forex trading so I decided to apply some very basic rules and try to make the software work.

And I did just that. You can see the rules in the ebook I am selling for 75 USD - just KIDDING ! - I want to tell everyone this rules so that you can consider them yourselves and not actually loose the money you spent on this piece of software (keep in mind they are just a suggestion, no guarantees what so ever). The rules I am going to tell you have worked for me for the past week, actually making me 55 pips per day, average, still no losing days (only tested for two weeks though). I have managed to get about an 80% winning rate, all this on a live account (trading about 0.01 lots for safety !). I have spent about 10 minutes everyday on this.

It is a simple set of instructions anyone could follow (I hope even the newest of rookies) :

- Set a time of the day to start trades (does not matter what time, I have tested this, it still works). Do not trade on Friday's.

- Start up Metatrader (which you can download for free) and Forex Killer 2 (which I guess you bought).

- Open one hour charts for all the currency pairs available on Forex Killer (the ones on the drop down menu). Now save all the data from this charts in a given directory.

- Load one of them, for example EUR/USD, on Forex Killer 2

- Choose the appropriate currency and timeframe (1H) on the drop down menus.

- Press calculate and wait until it shows you the results

- This is the important part. You are going to see if the trading signals from short and long term periods match. If they do you, then you are going to look at the probabilities (below the charts) if they are above 70% (just has to be one of them), then you will return to metatrader and look at the daily chart for that currency pair. You will see where the daily chart trend is going (up, down, sideways), if your signal is in the direction of the daily trend, then we take the trade. For that we use the long term stop loss and take profit values. Also remember to set a 35 pip trailing stop for your order.

- If any of the above criteria is not met you do not take any trades and load another currency. If you take the trade then set up the trade and return to Forex Killer 2 and continue checking currencies.

- Setup as many trades as you find are completely compliant with the above rules.

- Let the trades be and check them the next day at the time you designated for this. Do not close any trades until they are closed by one of your preset stops or take profit limits.

- Repeat the above process and open orders again. You will hardly ever open more than 4 trades each day, with most of them closing during the first day, all of them on the second day almost all of the time. You will have 7 or 8 trades opened (that is the most I've had).

The above has managed to work for me. The system seems to be quit profitable but it required a previously acquired knowledge of the forex market. No new trader could have figured that without considerable training, learning, etc.

Finally, the point you all came to this review for. I do not believe Forex Killer is a scam, neither is it what it advertises. It is definitely not what I expected in terms of the documentation that was provided with it, but I believe that with the above strategy the system has the potential to be very profitable. It is actually, profitable for the people that already have some or a lot of knowledge about forex trading. If you want to try my system do it on a demo account or on a live account with really small lot sizes, remember money management is the corner stone of success in the forex market.

I say it does deliver what it promises in a very shady way. It does not guide traders as they would have expected with a truly lacking, plain, simple instruction booklet that does not tell you anything really useful about how to use this system to trade. But the system is, as I have said, capable of generating consistent profitable signals (although signals would be very difficult to follow accurately with no trading experience).

My recommendation for you is to give it a try if you feel your knowledge on forex is not zero, you have little time for trading and you have realistic financial expectations from the forex market. That said, not thousands a day initially. It also seems to be a great system for busy people, as an example, taking me only a few minutes a day to use. So I hope this review was helpful for the people who bought fxkiller it and don't know how the heck it is used.

I wish you the best of luck in trading and thanks for reading this very long review. Please check my other reviews on automated trading systems (no affiliate links, I promise !) !