In this post I will be reviewing The Profit Taker semi-automated forex trading system for use in the MetaTrader 4 (MT4) trading platform. MT4 is widely available by nearly all forex brokers around the globe and is free to download and open a demo account so that you can practice with a forex trading system such as The Profit Taker until you feel confident to trade on a real trading account.
The Profit Taker system is suitable for any level of trader from beginner to the more advanced as it is very easy to use with easy to follow setup instructions included so that you can get started in just minutes.
In order to use this forex system, you will need a trading account with a forex broker. 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.
The Profit Taker Trading System
The Profit Taker is semi-automated in the sense that you set it to trade for you when you want – the developer of this forex trading system recommends to turn it on in trending markets. Well, that sounds easy enough right but you need to first identify a trending market which can be done by using a moving average indicator on your charts.
I find trends easier to spot on the higher time frames from 1 hour charts and above whilst the major and more liquid currency pairs such as the EURUSD & GBPUSD can sometime tend to trend the most and have big moves.
The official The Profit Taker website shows myfxbook results across a multi currency portfolio although I was slightly disappointed to see that the myfxbook link is broken – it would be nice if the developer could provide some up to date results for us to analyse.
The Profit Taker Summary
Overall, there is not much information provided on The Profit Taker forex trading system, it may be wise to start out with it on a free demo trading account before judging it’s performance. That being said it is unique in the sense that it is semi-automated and will require some thought on behalf of the user. The Profit Taker system comes with instructions, support and a money back guarantee.