The Forex Killer Review
from Andreas Kirschberger
The Forex Killer Review - Product description
The Forex Killer software is a standalone product that allows traders to use any brokers. It was put together by Andreas Kirschberger and his team to provide forex trading signals without the trader having to do any technical analysis.
The Forex Killer is a very simple trading software to use. You simply need to enter the closing prices of the last 10 periods, and click on a button to generate your trading signal. Based on its proprietary algorithm, you will get one of the 3 following signals:
- BUY
- SELL
- NO TRADE
To improve your probability of profit, it also comes with a simple trend line analysis program to identify the current trend. If your trade signal is in line with the trend, it increases your chance of the signal being a profitable one.
You can use the Forex Killer to identify trade signals from the 5 minute time frame all the way up. And when it generates a signal, it shows you the probability of profit on both the short term and long term trades.
Visit the Official Forex Killer Website Here >>
Product Research on The Forex Killer Software
Since the Forex Killer is designed as a standalone software, you are not stuck to using any specific broker. You can still generate trading signals and then place the order with whichever broker you are using.
Using the Forex Killer also requires you to decide what level of probability you are willing to settle for and stick with it. For example, if you have decided to use a minimum 60% probability, then if a trade signal comes up that has less than 60% probability of profit, you will need the discipline to not trade the signal. Sometimes, you also may get conflicting signals on both the short and long term trades. In this case, you may want to stand aside.
One way to improve your trading results with the Forex Killer software is to do your own technical analysis when it gives you a trading signal, and then use the signal as a confirmation of your trade.
If you have a solid money management system for managing your trades, the Forex Killer may be all you need to make profits over the long run.
Drawbacks with the Forex Killer
When you are using the Forex Killer to identify trades, you still have to manually enter the orders into your trading platform. This can be a hassle especially if you are trading on the shorter time frames like the 5 or 15 minutes time frame and you want to do additional technical analysis.
It is also difficult to find a track record with the Forex Killer since traders will manage their trades differently in terms of entry, stop losses and profit targets.
Other Comments about The Forex Killer Software
When it comes to automating your trading signals, the Forex Killer does the job. However, there is still a certain amount of discretion when it comes to taking the signals, as well as setting the appropriate stop losses and profit targets. To improve your trading results, you do need a basic understanding of forex trading, support and resistance as well as identifying trends to make the most of the Forex Killer.
In our opinion, there are better forex trading products out in the marketplace. However, you can still check out the Forex Killer Website if you are curious.
Visit the Official Forex Killer Website Here >>
User Feedback and Comments on the Forex Killer Software
I purchased this software recently and it does work quite well. It is not an automatic system, it is a signal software, so most of the results are up to your choices. All of the choices of whether to take the signal and ultimately how you manage your stops and targets are up to you, all it does is offer advice. Choosing the time frame, and time of day, in reference to the pair traded is quite important. As is the basic chart pattern, and how you choose to manage ongoing trades.
Ken Long ~ http://www.forexpeacearmy.com/public/review/www.forex-killer.com (comment on 2008-11-26)
Tested on Demo account and thorough backtesting,great results initially then went bad then good so very inconsistent. Bases it's decision by using historical data for "x" periods so definitely no expert. Is easy to install and use but beware when running the calculation that you run it after the last period is closed otherwise it will calculate inconsistently. If you must use it, use it with other tools...
Chris Demaana, Australia ~ http://www.forexpeacearmy.com/public/review/www.forex-killer.com
Have you used this product?
If so please leave a comment below.