In this post I will review the Steady Trend Trading Indicator for the MetaTrader 4 (MT4) and MetaTrader 5 (mt5) trading platforms. MetaTrader is free to download from most online forex brokers. You will probably find that more brokerages offer MT4 than they do mt5.
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.
Traders of all experience levels can use the Steady Trend Trading Indicator to spot market trends that they can take as standalone trading signals or use them in conjunction with their own additional market analysis.
This is another trading system from the team over at Trading Strategy Guides who have releases plenty of systems, indicators and tools over the years. Some of which I have previously reviewed and find very useful, this includes the Savvy MACD Dashboard.
Steady Trend Trading Indicator Features
The main purpose of the Steady Trend Trading Indicator is to spot trends for manual trading. The steady trend has a built-in strategy that will help you determine when and where to enter a trending trade.
I whould be using it with good money management for the best possible results where a winning trade is greater than a losing trade so that one loss does not wipe out lots of wins. I would shoot for a risk to reward ratio of at least 1:3 where a winning trade is 3 times greater than a losing trade.
It can be used on any currency pair or trading instrument available in your brokers platform. You can also use it on any time frame that you wish.
I would tend to choose major currency pairs such as the EURUSD and GBPUSD as I tend to find that they have the most liquidity and plenty of movements that create trend trading opportunities. They can also have some of the tightest spreads provided you use a reputable ECN forex broker. I also prefer the higher time frame as I find they tend to filter out some of the noise from the lower time frames.
Steady Trend Trading Indicator Summary
Overall, I feel that the Steady Trend Trading Indicator is a very flexible trading system that can be used on any time frame or trading instrument. It is suitable for traders of all experience levels and is based upon a trend trading strategy.
I would always like to keep the losing trades short and let the winning trades run – some of the key principles of a trend trading strategy. As they say, the trend is your friend!
You may wish to practice with the Steady Trend Trading Indicator on a demo account to start with until you familiarise yourself with the strategy and continuously produce good results.
The Steady Trend Trading Indicator comes with support, updates, instructions and a money back guarantee.