In this post I will review the Daily Pips Hunter manual forex trading system for the MetaTrader 4 and MetaTrader 5 platforms which are free to download from most forex brokers. If you are looking for an online forex broker, you may wish to vie my best forex brokers page.
This is a basic trading system that can be used by traders of all experience levels. You will need a trading account with a forex broker in order to trade online using such a system. Most traders start out with a demo trading account so that they can familiarise themselves with online trading platforms and practice different strategies.
Hopefully, this Daily Pips Hunter 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.
Daily Pips Hunter Trading Strategy
Daily Pips Hunter is basically a trading system template that incorporates a combination of technical indicators which analyse the markets for a potential trading signal. When the system finds a signal, it can alert you. The signals are clear and easy to interpret, with colour coded indicators. When the system finds a possible trading signal, the user can then decide if they wish to take the trade or not.
I would personally prefer to conduct my own detailed technical, fundamental and price action analysis before taking any trading signal. This gives an extra confirmation and ensures that I would remain in control of my trading rather than blindly taking signals from another system.
The Daily Pips Hunter forex system can be used on any currency pair and chart time frame of your choice. The trading system is very flexible and can be customised to different trading styles such as trend trading, day trading, swing trading, forex scalping and more.
Personally, I would look to be trading the most liquid currency pairs such as the EURUSD and GBPUSD as I tend to find that they can have some of the tightest spreads and plenty of liquidity for reliable trade execution speeds at the best available prices, especially when using an ECN forex broker.
I also feel that the higher timeframe charts of 1 hour and above can help to filter out some of the market noise that can occur in the lower chart time frames. It also means less time chart watching.
As with any trading system, the money management and traders’ discipline can be important factors. I would try to ensure that I only take trades that present a favourable risk to reward ratio so that one losing trade does not wipe out consecutive winning trades.
Daily Pips Hunter can also give ideas for take profit and stop loss levels but you should always only trade according to your own ideas and remember to consider the significant risks involved with trading online.
How to use Daily Pips Hunter?
The Daily Pips Hunter 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.
The Daily Pips Hunter strategy will send you a signal alert when it finds a possible trading signal. This is good as it means that it can simultaneously scan all of your favourite trading instruments and chart timeframes without you needing to manually sift through charts all day long. When there is an alert, you can decide if you would like to take the trade or wait for the next signal to come along.
Whilst I do feel that the Daily Pips Hunter strategy is versatile and can produce some good signal, it does require significant input on behalf of the user. This is because there can be many false signals if you are not filtering them out and only taking those setups which have been confirmed with additional technical, fundamental and price action analysis.
Daily Pips Hunter Summary
Daily Pips Hunter is a basic forex system that will require the user to take the initiative. I wouldn’t personally use it as is without additional market analysis and a solid trading plan in place. The default MetaTrader indicators can be used to build a very similar trading strategy template, and they are completely free with the platform! That being said, if you wish to try the Daily Pips Hunter forex system, perhaps it may be wise to start on a demo trading account.
I think it is important you learn why each Daily Pips Hunter signal is generated, rather than taking them without having a good look at what is happening in the market to verify each trade. That way, you can learn about all of the different trading indicators and combine those which you like the best into your very own bespoke trading system that is catered towards your own needs. Yes, it is a flexible forex trading system but it is not a crystal ball. You will need to take some of the initiative and choose trades according to your own trading goals and risk preferences.
If you want to learn more and get the Daily Pips Hunter download you can visit the website by using the link below. It comes with full support, detailed instructions and a money back guarantee.
Daily Pips Hunter
$37
Pros
- Manual Forex Trading System
- Technical Indicators
- Easy To Use
- Signal Alerts
- MetaTrader Platforms
- Any Trading Instrument
- Any Chart Time Frame
- Detailed Instructions
Cons
- Not Very Innovative
- Requires Some User Initiative
- Quite Basic Forex Strategy
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.
