In this post I will be reviewing the Scalping Detector manual forex trading system by Karl Dittmann which has been designed as a combination of colour coded indicators to be used in the hugely popular and widely used forex trading platform, MetaTrader 4 (MT4). You can download MT4 for free from the best forex brokers and setup a demo trading account to practice trading with the Scalping Detector indicator.
It is always a wise idea to practice on a demo account before live real trading so that you can master your trading skills, emotion and the forex trading system that you are using. Scalping Detector is very easy to setup and the entry / exit signals are very clearly with the indicators thus making this forex system suitable for both starter and advanced forex traders. You do not need to take every trading signals it gives and can add your own verification of each trade before entering the position.
Scalping Detector Trading System
The Scalping Detector can analyse multiple currency pairs and multiple time frames for you without you needing to watch all the charts or conduct any complex analysis although you can of course add your own technical, price action or fundamental analysis should you wish to filter the signals.
Whilst the Scalping Detector is designed for scalping trades on the lower time frames such as the 5 minute charts, it can also give trading signals on higher time frames which I find can help to filter out some noise of the lower time frames.
If I did use the 5 minute charts, I would perhaps use a long term moving average to determine the overall trend and make sure that I am only trading in that direction.
The Scalping Detector can give sound, mobile and / or email alerts when there is a trading signal so you do not need to sit on your computer all the time and can even take trades on the MT4 app for your phone if you wish.
Scalping Detector Summary
The Scalping Detector can produce trading signals although your success rate will most likely depend on the money management strategy that you have in place and your trading emotions.
I would always try to make sure winning trades are larger than losing trades so that there is a good risk to reward ratio so one losing trade does not wipe out all of the gains. I may even lock profitable trades in at break even so a winning trade does not turn into a losing one and would consider using a trailing stop. I would try not to let fear, anger and greed get in the way of my trading.
The Scalping Detector is very flexible thus can be used around your schedule. It comes with detailed instructions, trade examples for you to learn from, support, bonuses and a money back guarantee.