In this post I will be reviewing the Alfa Scalper manual forex trading system that generates buy and sell signals on the ever popular MetaTrader 4 (MT4) platform which you can download for free from most online forex brokers.
In order to use this forex system, you will need a trading account with a forex broker. With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
The Alfa Scalper is another forex system from Karl Dittmann whose previous forex software I have also reviewed including Scalping Detector, FX Atom Pro, X Trend Premium, Fibo Quantum, DNA Scalper and more.
You can load Alfa Scalper onto your MT4 charts and it will send you alert signals when it finds potential trade opportunities. This makes it suitable for traders of all experience levels.
Traders may wish to practice trading with the Alfa Scalper on an MT4 demo account until they familiarise themselves with the strategy and consistently produce good results.
Alfa Scalper Trading Strategy
As the name suggest, the Alfa Scalper is primarily a scalping strategy for the 1-minute and 5-minute charts but it can also be applied to long term time frame charts for day trading and even swing trading.
It uses a unique adaptive scaping algorithm that will constantly monitor the charts for potential entries.
You can choose to take the signals as they are or to add your own preferred chart analysis to confirm each signal the Alfa Scalper generates.
A buy or sell arrow will appear with a recommended stop loss, and then you will get up to 3 adaptive take profit levels. You can of course implement your own stop loss and take profit levels if you wish.
You do not need to take every signal that the Alfa Scalper finds, personally I would only take those trading signals that offer a risk to reward ratio of at least 1:3 where the take profit target is 3 times great then the stop loss distance. This will help to ensure that 1 losing trade does not cancel out consecutive winning trades.
The Alfa Scalper system has 3 different trading modes for you to choose from depending on your trading style. There is the conservative mode, medium mode and aggressive mode. The main difference between each mode is the number of signals generated and the sensitivity of the trend detection aspect of the Alfa Scalper.
You can set the Alfa Scalper to send you alert notifications when it finds a signal via SMS, email and platform pop-ups. This is beneficial as it means that you do not need to stare at charts all day and can effortlessly monitor multiple charts at the same time.
The Alfa Scalper can be used on any FX currency pair or other trading instruments in the MT4 platform including stocks, indices, commodities, energies, metals, cryptocurrencies, etc.
I would usually look to trade a liquid major currency pair such as the EURUSD and GBPUSD. I tend to find that these present some good trend trading opportunities and have some of the lowest spreads, especially on an ECN forex broker.
Alfa Scalper Summary
Overall, I would say that the Alfa Scalper is a very flexible manual trading system that can produce basic trading signals that I would want to confirm with my own chart analysis. It is however super easy to use and the alert notification are very useful.
I would cherry pick what I deem to be the best signals according to the underlying market trend and risk to reward ratio on offer.
As always, its important to remain patient and discipline whilst sticking to your trading plan, something often over looked by many traders.
The Alfa Scalper comes with detailed instructions, full support and a money back guarantee.