The Exynox Scalper System is a forex trading indicator that you can load onto your charts in the popular MetaTrader 4 platform. It is designed to help with technical analysis of the forex market to help with making informed trading decisions. The Exynox Scalper System can be used as is, but it can also be combined with other technical indicators and method of analysis to create a more complete forex trading system.
Exynox Scalper System is yet another manual forex trading system from Karl Dittmann whose previous forex software I have also reviewed including Forex Millennium, Forex Resolut, Forex Monarch, Onyx Scalper, Alfa Scalper, Scalping Detector, FX Atom Pro, X Trend Premium, Fibo Quantum, DNA Scalper, the list goes on.
In this Exynox Scalper System Review, we will take a look at some of the indicators key features to help you decide if it is something that you may find useful as part of your day trading routine. Let’s get into it!
What is the Exynox Scalper System?
The Exynox Scalper System is a manual forex trading indicator. It aims to pin-point potential turning points in the market, generating buy/sell signals based on its built-in algorithm. The Exynox Scalper indicator is super easy to interpret, making it suitable for traders of all experience levels. It simply changes colour and displays an arrow in the direction it believes the market is heading.
The developer states that it does not repaint. This means that the signals that it displays should not change after the fact. I have noticed that some forex indicators look excellent when visually back testing over historical charts, but that is only because they have automatically adjusted to fit the data set. In real-time, the outlook may have been a lot different. Thus, I always like to make sure an indicator is not repainting.
You can set the software to send you an alert when it finds a signal. This means that you do not need to sit and chart watch all day. You can simply wait for a signal then check your charts on the MT4 platform for desktop, web or mobile. Exynox Scalper can send the following alerts:
- MT4 Platform Pop-up Notifications
- Push Notification to Your Mobile Phone
- Instant Email Alerts
You do not have to take the Exynox Scalper signals immediately as they are. I wouldn’t take them blindly. Instead, I would add my own additional forex market analysis, including additional technical analysis, fundamental analysis, sentiment analysis and price action analysis.
This way, I can filter out trading signals according to those which I believe have the highest probability based on a range of analysis rather than relying solely on the one indicator. That being said, you can trade the Exynox Scalper System as it is, straight out of the box if you wish.
Just remember that no forex system can guarantee good results 100% of the time. I would avoid anyone who does at all costs. There is always an element of risk when trading online using any trading strategy.
Exynox Scalper System Settings
The Exynox Scalper System has 3 different trading modes that users can choose from. They are as follows:
- Signals FREQUENCY = NORMAL
- Safety = Maximum
- Trend Detection = Standard
- Signals FREQUENCY = HIGH
- Safety = Optimal
- Trend Detection = Sensitive
- Signals FREQUENCY = EXTREME
- Safety = Low
- Trend Detection = Highly Sensitive
How to use the Exynox Scalper System?
The Exynox Scalper can be used on all major currency pairs and was designed specifically for the 1-minute to 30-minute timeframes. However, you can use it on any trading instrument you wish and also any timeframe. I like the higher chart timeframes as they seem to filter out a lot of the market noise that can occur on the lower chart timeframes. That being said, this is a forex scalping system and therefore one would assume it is more suitable for the lower chart timeframes.
I personally prefer to trade major currency pairs such as the EUR/USD. I find that they have the most liquidity and thus lower spreads with faster execution speeds. This can help to save on trading costs in the long-term. I would always consider using an ECN forex broker as they should not have any dealing desk interference and thus, faster execution speeds and the best available prices from their liquidity providers (LPs).
Money management can play a huge part in how well the Exynox Scalper System will perform. I have seen the same system give completely different results, simply down to a difference in money management. The best forex system in the world can perform badly with poor money management.
I would want to use a favourable risk to reward ratio so that one losing trade would not wipe out a consecutive run of wins. Nothing sucks as bad as seeing a winning streak cancelled out by one loss, simply because the stop loss was too wide.
I would go for a risk to reward ratio of at least 1:2 with a scalping system, ideally more. I may even lock in the trade at break even around 1:1 and use a trailing stop loss on the reminder to try and make the most out of each move.
Another important factor to be aware of is trading psychology. There are many forex traders who cannot succeed because they let negative emotions get in the way, such as fear, anger and greed. I find having a trading plan in place and sticking to it, can help to eradicate some of the negative emotions.
Exynox Scalper System Features
Now, you should have an understand of what the Exynox Scalper System is, so let’s take a quick look at some of the indicators key features:
- Trading algorithm based on technical analysis
- Manual trading signals (entry and exit)
- User-friendly visual interface
- Any currency pairs
- Any chart timeframe (designed specifically for M1, M5, M15 and M30)
- Versatile, flexible, for any trading style
- Conservative, Medium and Aggressive trading modes
- Built-in signal alerts
- Built-in Smart Exit Technology
What is included with the Exynox Scalper System?
When you purchase the Exynox Scalper System, you get the following:
- Exynox Scalper Indicator for manual forex trading on the MT4 platform
- An easy to understand user guide with illustrations that will help you get the most out of the indicator
- Unlimited Exynox Scalper License for 1 Real Live Account
- Free lifetime updates
- Free 24/7 lifetime support
- 60 Days Full Money Back Guarantee
Exynox Scalper System Overview
The Exynox Scalper System has a fancy sales page. It says all of the right things and shows some good-looking trades. In my opinion, there is no way to validate if these trades were actually taken or they were just cherry picked over past data. There is a bit too much sales talk for my liking. A verified Myfxbook account showing real trades taken by the Exynox Scalper would have said a lot more.
I feel that whilst the Exynox Scalper indicator may be capable of finding some decent entry and exit signals into the forex market, it will need the user to take some initiative. By this, I mean for them to conduct their own market analysis and have their own money management in place. Every trader is different, with different risk preferences and goals.
For this reason, I see the Exynox Scalper as an additional forex trading tool to be used as another filter, rather than a complete system in itself. There are just too many other factors to consider, the impact of economic events on the market being just one of them. In all honesty, anyone could put together a system similar to this one by loading a few of the built-in MT4 indicators on their charts.
With any manual or automated forex trading system, I would always start on a demo trading account to begin with. This will enable me to familiarise myself with how it works and if I feel comfortable using it. Once I have had some success with a particular strategy (if at all), I may then consider switching over to a live account.
If you like a fancy packaged product that make a lot of promises, then feel free to head on over to the Exynox Scalper System website by using the link below. Let me know how you get on!