In this post I will be reviewing the Wizard Forex System for the MetaTrader 4 trading platform which is free to download from most forex brokers worldwide. The Wizard Forex System is a manual forex trading system and despite sounding like something from Harry Potter or The Lord Of The Rings, it actually has a good concept behind who it produces its trading signals for you to take. Now, you do not need to blindly take all of the signals generated by the Wizard Forex System and you can use it in addition to your own forex trading system or other technical, fundamental and price action analysis you like to conduct before placing trades.
Wizard Forex System Review
The Wizard Forex System is a color coded indicator for mt4 that analyses multiple timeframes for the overall direction of the trend. The concept is that it will check to see that the trend direction agrees on all of the different timeframes and if it does, that is deemed as a strong entry signal. Arrows are displayed on the chart when the trend agrees all across the board and you can then choose to enter or wait for another signal. I would say use your common sense in accordance with Wizard Forex System – for example, if the trend agrees to buy on all timeframes and a buy arrow appears but you can clearly see that on the chart you are watching the price is overbought and at a new high, then it would be a potentially risky trade entering a buy trade so high. In this instance you could wait for a pullback before a potential continuation of the trend or look at another currency pair. The Wizard Forex System works on any currency pair and for best trading conditions make sure that you are using a true ECN forex broker. This will give you low spreads and fast execution with minimal slippage.
Wizard Forex System Summary
Overall, the Wizard Forex System is an extremely easy forex trading system to use that can give accurate signals but would require some consideration on behalf of the trader rather than taking all trades blindly. It is good in the aspect that it can catch big trend and hence bag you a good amount of pips which will grow your trading account over the mid to long term provided you are using a sensible money management strategy with your losses being cut short and letting your winners run, this will give you a favourable risk to reward ratio. I would recommend starting on a demo trading account to begin with until you become familiar with the Wizard Forex System. Instructions, trade examples and a money back guarantee are included.