In this post I will review the Forex Mantra Strategy. This is a manual forex trading system that has been developed to be used in the ever popular MetaTrader 4 trading platform which is free to download from most online forex brokers. Please feel free to browse my best forex brokers if you are looking for some inspiration. Many traders will start on a demo trading account until they familiarise themselves with the trading platforms and become consistent using a trading strategy.
Forex Mantra Strategy Trading Strategy
The Forex Mantra Strategy system looks to identify trending market conditions by analysing the trend on multiple timeframes and will then send the user signals alerts when it finds a possible entry condition. It will also mark them on your charts using a combination of colour coded indicators. These indicators attempt to filter the market directional bias along with an entry point into the anticipated market direction.
The system includes a trader dashboard that has some buttons to quickly perform frequent operations. There is also a section where you can quickly switch between different currency pairs and time frames which is quite handy.
The Forex Mantra Strategy can be used on any currency pair and chart time frame of your choice. The indicator is very flexible and can be customised to different trading styles such as trend trading, day trading, swing trading, forex scalping and more. This forex indicator can also be used on other trading instruments such as Stocks, Futures, Commodities, Cryptocurrencies, Metals and Energies.
Personally, I would look to be trading some of 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 forex 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.
I would personally prefer to conduct my own detailed technical analysis, fundamental analysis 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 a trading signal based on a trading strategy template.
Forex Mantra Strategy Summary
The Forex Mantra Strategy is a combination of technical indicators that can be useful for spotting possible trade positions in direction with the trend on your charts. You should of course trade in a way that you feel most comfortable with and understand the risks involved with trading online.
They may not be the most solid trading signals when used alone but they can be combined as part of a more complete trading strategy. I wouldn’t personally use it as is without additional market analysis and a solid trading plan in place.
If you wish to try the Forex Mantra Strategy, perhaps it may be wise to start on a demo trading account. It comes with full support, detailed instructions, tutorials and a money back guarantee.