In this post I will be reviewing the Elite Swing Trader manual forex trading system for the MetaTrader 4 (MT4) trading platform which is free to download and available from most forex brokers worldwide. I would always use an ECN forex broker for the lowest possible spreads, best possible executions and low commissions.
The Elite Swing Trader system is suitable for any level of forex trader as you simply follow the rules of the system and can then choose to place trades accordingly after you have verified them.
What is good about this system is that it only requires around 5 minutes per day to see if there are any signals on the currency pairs you wish to follow.
I always prefer to trade the EURUSD & GBPUSD where possible as they can have plenty of liquidity the majority of the time and tend to make big moves which can be important when swing trading.
Just to clarify for those who may not be aware – swing trading is placing and holding trades over a period of weeks or months, thus is commonly known as one of the least stressful trading styles!
What is the Elite Swing Trader?
The Elite Swing Trader provides a set of rules you can follow to make long term trades. The rules are very easy to follow and explained clearly with real trade examples.
The beauty of swing trading is it does not take much time and you can catch some market moves if you implement swing trading rules correctly – you may even add your own technical, fundamental and price action analysis to the Elite Swing Trader system in order to further improve the signals.
Make sure as well that you have good money management where your winning trades are greater than your losing trades which should be achievable especially when swing trading. The disadvantage of swing trading is it might need give enough activity for those who like more trading action.
How does the Elite Swing Trader work?
It is quite simple really; you can just follow the rules of the Elite Swing Trader strategy and apply them to your charts in your trading platform. You will need to manually scan the charts for the setup to occur, which can be quite time consuming. However, it can also be a good way to learn more about the market. I would do some additional market analysis to confirm all trading signals. This would include a combination of technical, fundamental and price action analysis.
In order to use the Elite Swing Trader system, 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.
IC Markets are my top choice of forex broker for manual and automated trading strategies. This is because I find them to have tight spreads, low commission fees and plenty of liquidity which means that you can get your trades executed at some of the best forex market prices at all times. From my experience, they also provide excellent 24/7 customer support and have a good variety of convenient account funding options for you to choose from.
What is Swing Trading?
Swing trading is a trading strategy where investors buy a stock or some other asset and hold it — known as holding a position — for a short period of time (usually between a few days and up to several weeks) in the hopes of turning a profit.
The goal of the swing trader is to capture a portion of any potential price movement or “swing” in the market. Individual gains may be smaller as the trader focuses on short-term trends and seeks to cut losses quickly. However, small gains achieved consistently over time can add up to an attractive annual return.
It’s an active trading strategy that captures the swings in market sentiment and allows you to enter and exit at key levels. Swing trading differs from day trading in that you are likely to hold your positions overnight. Your trades might last several days or even weeks.
Swing trading strategies are generally driven by technical analysis. You can employ your strategy in trending markets as well as in choppy market conditions.
You can apply a swing trading strategy to any financial market, including forex, stocks, indices, treasuries, commodities, cryptos and ETFs.
In conclusion, you can swing trade as often as you want. It all depends on how long your trades last, the number of trades your capital can carry, and how many trades you can comfortably manage at a time. There is no one size fits all as every trader is different with unique goals, trading styles and risk preferences. You should only trade in a way that works best for you.
Elite Swing Trader Summary
Overall, the Elite Swing Trader system is very simple but a decent introduction to the longer term swing trading style. It is very flexible and may be useful for those who do not have much free time to trade or those who are fed up of being whipsawed all day long trying to scalp and intra-day trade!
It is suitable for any level of trader and is reasonably priced although the majority of the information within the Elite Swing Trader system can be found online by researching swing trading in general.
You could always practice using the Elite Swing Trader strategy on a demo trading account to begin with. This will help you to get a feel for how it works and see if it is a forex strategy that can help you to pick some good trades. I think it is always a good idea to start with any new system on a demo account in order to build up your confidence.
It does come with full support, instructions, many trade examples and a money back guarantee.
Elite Swing Trader$47
- Versatile Trading System
- Multiple Currency Pairs
- Multiple Timeframes
- Manual Forex Trading System
- Detailed Instructions
- Forex Signals
- Full Support
- Money Back Guarantee
- Not Very Innovative
- Quite Basic Trading Strategy
- Takes Time To Learn How To Use
- Not Ideal For Beginners
- Information Free Elsewhere
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.