In this post I will be reviewing the BuySellTrend Indicator which is a manual forex trading strategy for use in the MetaTrader 4 trading platform (mt4) Mt4 is the most popular forex trading platform and is free to download and use from most good ECN forex brokers across the world. You can open a free demo account to practice your manual trading until you feel comfortable to trade on a real live account – usually once you consistently make profit. The BuySellTrend Indicator is a colour coded indicator that you place on your mt4 currency pair charts and it will analyse the market for trading signals. When the BuySellTrend Indicator finds a buy or sell signal, it will place an arrow on your chart. From there, you can decide if you should take the trade or not. The ease of setup and use makes BuySellTrend Indicator suitable for any level of forex trader.
BuySellTrend Indicator Trading System
The BuySellTrend Indicator gives colour coded entry signals in the form of arrows – you can take them blindly as they are or add further technical, fundamental or price action analysis to confirm the signals. This is highly recommended as the BuySellTrend Indicator tends to give a lot of signals through ranging and trending markets. It would probably be best to use a trend filter to try and trade in the direction of the trend and perhaps use the higher 1 hour charts and above to filter out some of the noise from the lower timeframes. Furthermore, if you trade major currency pairs such as the EURUSD and GBPUSD, you will find the spreads and slippage are lower due to the liquidity of the major currency pairs.
BuySellTrend Indicator Summary
The BuySellTrend Indicator is a very basic forex trading system and doesn’t really do much that the default indicator provided within mt4 cannot. I believe that a moving average with an oscillator to catch pullbacks into the trend would be just as efficient and is completely free! If you do use the BuySellTrend Indicator or any other forex trading system for that matter, make sure you have smart money management with a good risk to reward ratio so your winning trades outweigh your losing ones. Some traders like to set the trade at break even once they have reached a decent amount of pips to prevent a winning trade from turning into a losing one whilst some also incorporate a trailing stop loss to ride moves for as long as possible before the market turns. The BuySellTrend Indicator comes with instructions, support and a money back guarantee.