In this post I will review the Daily Pips Hunter manual forex trading system for the MetaTrader 4 and MetaTrader 5 platforms which are free to download from most forex brokers. If you are looking for an online forex broker, you may wish to vie my best forex brokers page.
This is a basic trading system that can be used by traders of all experience levels. You will need a trading account with a forex broker in order to trade online using such a system. Most traders start out with a demo trading account so that they can familiarise themselves with online trading platforms and practice different strategies.
Daily Pips Hunter Trading Strategy
Daily Pips Hunter is basically a trading system template that incorporates a combination of technical indicators which analyse the markets for a potential trading signal. When the system finds a signal, it can alert you. The signals are clear and easy to interpret, with colour coded indicators. When the system finds a possible trading signal, the user can then decide if they wish to take the trade or not.
I would personally prefer to conduct my own detailed technical, fundamental and price action analysis before taking any trading signal. This gives an extra confirmation and ensures that I would remain in control of my trading rather than blindly taking signals from another system.
The Daily Pips Hunter forex system can be used on any currency pair and chart time frame of your choice. The trading system is very flexible and can be customised to different trading styles such as trend trading, day trading, swing trading, forex scalping and more.
Personally, I would look to be trading the most liquid currency pairs such as the EURUSD and GBPUSD as I tend to find that they can have some of the tightest spreads and plenty of liquidity for reliable trade execution speeds at the best available prices, especially when using an ECN forex broker.
I also feel that the higher timeframe charts of 1 hour and above can help to filter out some of the market noise that can occur in the lower chart time frames. It also means less time chart watching.
As with any trading system, the money management and traders’ discipline can be important factors. I would try to ensure that I only take trades that present a favourable risk to reward ratio so that one losing trade does not wipe out consecutive winning trades.
Daily Pips Hunter can also give ideas for take profit and stop loss levels but you should always only trade according to your own ideas and remember to consider the significant risks involved with trading online.
Daily Pips Hunter Summary
Daily Pips Hunter is a basic forex system that will require the user to take the initiative. I wouldn’t personally use it as is without additional market analysis and a solid trading plan in place. The default MetaTrader indicators can be used to build a very similar trading strategy template, and they are completely free with the platform! That being said, if you wish to try the Daily Pips Hunter forex system, perhaps it may be wise to start on a demo trading account. It comes with full support, detailed instructions and a money back guarantee.