In this post I will review the ElementFX forex trading system that has been designed to be used in the ever popular MetaTrader 4 (MT4) platform which you can download for free from most online forex brokers. You can even get a free demo trading account if you wish to practice trading with the ElementFX system until you become confident and produce consistent results.
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.
This particular forex system can be used by both beginner and advanced traders. It is very user friendly and comes with easy to follow setup instructions and trade examples for clarity on how to use it.
ElementFX Trading Strategy
The ElementFX forex system uses a combination of technical indicators to produce optional buy and sell trading signals. It claims to identify price action on multiple time frames whilst it also gives projected stop loss and take profit levels. The system incorporates Fibonacci levels along with support and resistance levels.
There is a user-friendly trading dashboard that show the trend and momentum according to the system on different time frames along with a message stating the current conditions the ElementFX strategy analysis finds. You can specify the time frames you want to see the momentum of and trade according to that. You have full control of this. The system can give 3 different strength signals for you to interpret as you wish.
When you receive a signal from ElementFX, you can choose to take it as is or to add your own analysis to further confirmation. You do not of course have to take every signal if you don’t want to. I would personally filter every single signal with my own market analysis.
ElementFX can be used on any forex currency pair or other trading instruments that you have in your MT4 platform. Other assets frequently traded online include stocks, indices, commodities, cryptocurrencies, precious metals, oil, gas, etc.
I would prefer to trade on major FX currency pairs such as the EURUSD and GBPUSD as I tend to find that they have some of the tightest spreads and most liquidity available, especially if using a reliable ECN forex broker.
The ElementFX system can run on any chart time frame that you wish, from 1-minute through to 1-month charts. It can be used for scalping, day trading and swing trading. I prefer to trade on the long-term charts as they can help to filter out some of the noise that can occur in the lower time frames, thus making it easier for me to spot trends and ranges.
Overall, ElementFX is a very basic manual forex trading system is that is easy to use. It can be used on any trading instrument and chart time frame. The system will analyse multiple time frames which can help improve signal strength whilst it also implements an easy to understand trader’s dashboard and sends signal alerts to the trader which they can then decide what to do next.
For me the key to success using ElementFX would be to have a good trading plan in place, primarily sensible money management and bullet proof trading discipline.
I would only take trades that present a favourable risk to reward ratio so that the losing trades don’t wipe out the winners. Ideally, I would want a 1:3 ratio on each signal that I decide to take. Patience and discipline will be required as with any forex trading system.
I could probably be able to come up with something very similar by just using the indicators already freely available in the MT4 platform and that is just being straight up!