In this post I will be reviewing the Forex 100 Pips A Day System. This is a manual forex trading system designed to be used on the popular and free to download MetaTrader 4 trading platform. This manual trading system is very easy to use with the color coded indicators provided although you will need to ensure you have strict money management principles and trading discipline in place.
Forex 100 Pips A Day System
Primarily, the Forex 100 Pips A Day System uses a price action trading strategy. On the surface, the developer states that this is a scalping strategy and I must say, 100 pips from scalping alone every day is very unrealistic. That is not to say it is a bad system but I do believe the expectations could be more realistic.
It is also worth considering trading costs when scalping – if you are taking multiple small trades then you are constantly paying the spread and commission over and over again. In saying that, you could switch over to the higher time frames and aim for longer term trades to try and catch bigger pip movements which can not only bring your trading costs down but can also reduce noise from the lower time frames.
Basically, this system consists of 2 customised technical indicators which filter for trending markets and aims to provide you with entry into new and established trends. I would make sure that I place stop losses sensibly (perhaps at recent highs/lows) and maintain a good risk to reward ratio.
Forex 100 Pips A Day System Summary
Overall, the Forex 100 Pips A Day System is a very basic manual trading system that could probably be achieved from just using default MetaTrader 4 indicators such as moving averages, MACD and Stochastic indicators. Essentially it is filtering for trending markets and entering on the trend which could be done with the prior mentioned technical indicators.
That being said, this system is designed to be used specifically as scalper on the lower time frames but I can’t help but feel that would lead to many false signals without any additional analysis.
It does however come with a 60 day money back guarantee and detailed instructions should you be interested in such a manual scalping system. Furthermore, consider candlestick patterns (that’s price action) around the entry signals for further confirmation.