In this post I will be reviewing the Alfa Scalper manual forex trading system that generates buy and sell signals on the ever popular MetaTrader 4 (MT4) platform which you can download for free from most online forex brokers. You can load Alfa Scalper onto your MT4 charts and it will send you alert signals when it finds potential trade opportunities. This makes it suitable for traders of all experience levels. Traders may wish to practice trading with the Alfa Scalper on an MT4 demo account until they familiarise themselves with the strategy and consistently produce good results.
The Alfa Scalper indicator is another forex trading system from the Karl Dittmann whose previous forex software I have reviewed including Fibo Quantum, Super Profit Scalper, Pips Wizard Pro, Forex Enigma, Forex Monarch, Forex Resolut, Exynox Scalper System, Onyx Scalper, DNA Scalper, X Trend Premium, FX Atom Pro, X Scalper, Set Forget Pattern Profit, Rapid Trend Gainer, Infinity Scalper, Forex Equilibrium, Triumph Scalper, Forex Starlight, Forex Spectrum and FX Meta Scalper.
Hopefully, this Alfa Scalper Review will help you to decide if this is a forex trading strategy that you would like to try out. I think that it has some potential but does require the user to take some initiative. This means that you will need to confirm each trading signal with your own market analysis to make sure that you are happy to take the trade. If not, you can always wait for the next opportunity to come along.
What is the Alfa Scalper?
As the name suggest, the Alfa Scalper is primarily a scalping strategy for the 1-minute and 5-minute charts but it can also be applied to long term time frame charts for day trading and even swing trading.
It uses a unique adaptive scaping algorithm that will constantly monitor the charts for potential entries.
You can choose to take the signals as they are or to add your own preferred chart analysis to confirm each signal the Alfa Scalper generates.
A buy or sell arrow will appear with a recommended stop loss, and then you will get up to 3 adaptive take profit levels. You can of course implement your own stop loss and take profit levels if you wish.
You do not need to take every signal that the Alfa Scalper finds, personally I would only take those trading signals that offer a risk to reward ratio of at least 1:3 where the take profit target is 3 times great then the stop loss distance. This will help to ensure that 1 losing trade does not cancel out consecutive winning trades.
The Alfa Scalper system has 3 different trading modes for you to choose from depending on your trading style. There is the conservative mode, medium mode and aggressive mode. The main difference between each mode is the number of signals generated and the sensitivity of the trend detection aspect of the Alfa Scalper.
You can set the Alfa Scalper to send you alert notifications when it finds a signal via SMS, email and platform pop-ups. This is beneficial as it means that you do not need to stare at charts all day and can effortlessly monitor multiple charts at the same time.
The Alfa Scalper can be used on any FX currency pair or other trading instruments in the MT4 platform including stocks, indices, commodities, energies, metals, cryptocurrencies, etc.
I would usually look to trade a liquid major currency pair such as the EURUSD and GBPUSD. I tend to find that these present some good trend trading opportunities and have some of the lowest spreads, especially on an ECN forex broker.
How to use the Alfa Scalper?
The Alfa Scalper system has been developed to run in the MT4 platform. It comes as a trading template along with built-in indicators that you can apply to your chosen chart symbols and timeframes. You can use the default settings or adjust them according to your own needs. I would certainly practice on a forex demo account to begin with and only use this manual forex strategy as supplementary indicators to my own market analysis.
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.
Alfa Scalper Summary
Overall, I would say that the Alfa Scalper is a very flexible manual trading system that can produce basic trading signals that I would want to confirm with my own chart analysis. It is however super easy to use and the alert notification are very useful.
I would cherry pick what I deem to be the best signals according to the underlying market trend and risk to reward ratio on offer.
As always, its important to remain patient and discipline whilst sticking to your trading plan, something often over looked by many traders.
If you are interested in downloading the Alfa Scalper system, you could always start on a demo trading account to begin with. This could be a great way to familiarise yourself with how to trade with the Alfa Scalper strategy and get the most out of it. You can get a free demo trading account from most forex brokers. Once you have built some confidence and have some success, you may then consider switching over to a real live account.
The Alfa Scalper comes with detailed instructions, full support and a money back guarantee. I do not think it is much different from a trading strategy template that you could build yourself in the MetaTrader platform by simply using the default technical indicators and drawing objects that are included within the platform free of charge. If you want to learn more and get the Alfa Scalper download you can visit the website by using the link below.
- Manual Trading System
- Scalping Strategy
- Signal Alerts
- Technical Indicators
- Any Trading Instrument
- Any Chart Time Frame
- Detailed Instructions
- Full Support
- Versatile Forex Strategy
- Money Back Guarantee
- MetaTrader 4 Only
- Quite Basic Forex Strategy
- Takes Time To Learn How To Use
- Not Very Innovative
- Requires Some User Initiative
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.