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 !) !
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 !) !
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