In this post I will be reviewing Eagle Master Forex System which has been developed to be used in the highly popular MetaTrader 4 (MT4) platform which is free to download from most online forex brokers.
MT4 is used by millions of traders around the world for both automated and manual forex trading. It is popular primarily due to its user-friendly interface and abundance of built in features. You will also find that a large majority of forex software such as the Eagle Master Forex System have been designed for the MT4 platform.
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.
Eagle Master Forex System
The Eagle Master Forex System is a manual forex trading system that can be used on any currency pair and any chart time frame. I prefer to trade on major currency pairs including the EURUSD and GBPUSD as I usually find that they have plenty of liquidity and some of the tightest spreads available, provided I am using a good ECN forex broker.
I also find that the higher chart time frames such as the 1-hour and above can make manual trading less stressful and allow me to catch some big trends. Sometimes lower time frame can be quite noisy and lead to “choppy” looking charts which make it difficult to pin point trade entry and exit points.
The Eagle Master Forex System gives colour coded signals that specify potential buy and sell signals. There are colour coded candlesticks with green showing possible buy trades and red for sell trads.
The buy or sell signals is also clarified with a message on the chart along with arrows. You can trade the system as is or you can use it in conjunction with your own trading strategy.
The system can send you alerts via platform pop-ups, SMS and email. This is useful as it means you do not need to constantly watch the charts and can monitor multiple FX currency pairs simultaneously.
Whilst the Eagle Master Forex System can pick out some valid signals, I would personally not take every single one without verifying the entry for myself and ensuring that it will give a favourable risk to reward ratio.
Money management is very important as the best trading systems in the world could fail if there is poor risk to reward ratio. Nobody wants all of their winning trades to be wiped out by one loser.
That is why I would consider taking trading signals from the Eagle Master Forex System that give at least a 1:3 risk to reward ratio where a winning trade is 3 times the size of a losing one.
Eagle Master Forex System Summary
Overall, I deem the Eagle Master Forex System to have potential provided the user is filtering some of the trades and conducting their own analysis before taking each signal.
It is extremely flexible as it can be used for any short- or long-term trading style whilst it can run on any trading instrument and chart time frame.
Furthermore, the signals are clear, colour coded and even include alerts. I do perhaps feel as though you may be able to create a similar manual trading system by using the indicators already built into MT4 although having them displayed in such a user-friendly manner is also useful as are the alerts.
The Eagle Master Forex System includes setup instructions, examples of trades, full support and a money back guarantee.