In this post I will be reviewing the Forex Pips Magnet Indicator. As the name suggests, this manual forex trading system that gives you signal alerts in the form of arrows for potential trade entry and exits. The Forex Pips Magnet Indicator is a trading indicator that runs in the free to download MetaTrader 4 trading platform which is provided by nearly all forex brokers worldwide. 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.
You can start trading with the Forex Pips Magnet Indicator in a demo account to begin with until you become familiar with how it works. Whatever level of forex trader you are, the Forex Pips Magnet Indicator is easy to use. You simply attach it to the currency pair charts and time frames that you wish to trade and it will give you trading signals.
Forex Pips Magnet Indicator
The Forex Pips Magnet Indicator is a flexible manual forex trading system as you can use it on any forex currency cross that you prefer and also on any time frame. Thus, this makes it suitable if you want to scalp the market for a few pips or hold trades for longer (swing trade) and shoot for more pips.
Personally, I believe that the signals on the longer-term time frames like the 1 hour charts and above are more reliable and also means that I have to spent less times watching the charts.
The Forex Pips Magnet Indicator even includes email, SMS and pop up alerts when there is a valid buy or sell signal so that you do not have to stare at a screen all day!
You can add your own additional technical analysis, fundamental analysis and price action analysis to filter trades if you wish. You can also use an opposite signal as a point of exit for an existing trade.
I would make sure that I use a sensible risk to reward ratio and aim for winning trades to be greater than losing trades. That way, even with a win rate less than 50%, I can still do well.
A large part of trading online is discipline and money management so I would make sure that I stick to the trading plan that I have set out when using the Forex Pips Magnet Indicator or any other forex system.
This forex trading indicator can be used in trending or ranging markets. I would trade it on major currency pairs such as the EURUSD & GBPUSD.
Forex Pips Magnet Summary
Overall, the Forex Pips Magnet Indicator can give manual forex trading signals that cater to your trading style. Also, I would not try to take every single signal as I would not want to overtrade and certainly wouldn’t want to take a buy trade if a signal appears at a new peak of the chart – that could be buying into an overbought market. I would filter the trading signals with my own market analysis. It includes easy to follow instructions, full support and a money back guarantee.