In this post I will be reviewing the Daily Pips Machine which is another manual forex trading system for the popular and free to download forex trading platform MetaTrader 4. Daily Pips Machine is suitable for any level of forex trader no matter how much experience you may have. It is a combination of custom built indicators that will visually display color coded entry and exit points in the market. It is very flexible and will suit around any hours you have to trade whether you are trading on the smaller, mid or longer term time frames. It can be used on any currency pair but I would stick with the major currency pairs such as the EURUSD and GBPUSD for the low spreads and an ECN forex broker.
In order to use the Daily Pips Machine forex strategy, you will need a trading account with a forex broker. With so many forex brokers to choose from nowadays, it can seem very difficult to find a suitable option. If you are new to forex trading online and looking for some ideas, please feel free to browse my best forex brokers for some inspiration along the way.
Daily Pips Machine
The Daily Pips Machine customised indicator do a combination of filtering the trend and also identifying overbought and oversold market conditions. Now the good thing about using a complete system such as the Daily Pips Machine is that all of the analysis is done for you and you just follow the simple color coded entry signals. These signals can also be used for exiting traders. You can of course add your own extra technical, fundamental or price action analysis should you wish. The signals can generate alerts so you do not need to screen watch all day and it can monitor multiple currency charts all at once which saves you a lot of time.
This system even includes a Trade Assistant feature that automatically sends you Entry, Exit, SL and TP Signals. You’ll be alerted to their arrival by email or sound. You do not have to use the money management provides by the Daily Pips Machine software. You should do your own market analysis and decide if you would like to take a trade or wait for the next signal to arrive.
I would look to use a sensible risk to reward ratio where my winning trades are greater than my losing trades. Otherwise, I would probably want to avoid taking a position. Nothing can be more frustrating than seeing a good run of winning trades being cancelled out by one bad entry. This is also why some forex traders like to cut losing trades short and lock in good trades at break even. They may then use a trailing stop to try and maximise the move from each good trade as much as possible.
Daily Pips Machine Features
Some of the key Daily Pips Machine features include:
- 100% mechanical trade signals
- Complete money-management system
- All the hard work done for you – no research or chart study required
- Super easy to use interface
- Includes optional entry, stop loss and take profit
- Can be used in all market conditions
- Can be used on any financial instrument
- Can be used on any chart timeframe
- No minimum trading amount required
Daily Pips Machine Summary
Overall, Daily Pips Machine is a manual forex trading system which may be useful if you are just starting out and looking to build confidence with your forex trading. It is relatively cheap and will require good money management and for you to control your emotions not letting fear or greed get in the way. I would always make a trading plan and stick to it! It comes with detailed instructions explaining the Daily Pips Machine system with screenshots, full support and a money back guarantee.
The Daily Pips Machine system can help to take traders emotion out of the equation as it gives you clear visual signals of not just went to enter a trade but when to exit. However, I think that it required much more than simply blindly following the forex signals that it generates. I would say you should always do your own market analysis to confirm each signal and have a money management strategy in place that works for you. This is becasue every trader is different, with different risk preferences and goals.
That being said, the Daily Pips Machine strategy is versatile and can be used on any financial instrument or chart timeframe that you wish. Just go careful and do not expect miracles. Trading online with good results can take many years of practice and experience.
If you are interested in downloading the Daily Pips Machine 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 Daily Pips Machine 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.
If you find that it is working well, you could always implement it within your own trading strategy to help you achieve your individual trading goals or even use it as a standalone forex system. There are many ways in which the Daily Pips Machine can be used, so it is important to try and see if it can work for you before making any commitment.
To be honest, I actually feel like this is a basic forex strategy, and 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 Daily Pips Machine download you can visit the website using the link below.
Daily Pips Machine
$37
Pros
- Any Currency Pair
- Any Timeframe
- Custom Indicators
- 30 Day Money Back Guarantee
- Full Support
- Lifetime Updates
- Quick & Easy Setup
- Manual Forex Trading System
- MetaTrader 4
Cons
- MetaTrader 4 Only
- Quite Basic Forex Strategy
- Requires Some User Initiative
- Not Very Innovative
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.
