In this post I will be reviewing the Forex Firebrand Strategy. This is a manual forex trading system that consists of a combination of technical indicators and chart template for the popular MetaTrader 4 (MT4) platform.
If you haven’t already, you can download the MT4 platform and open a trading account from most online forex brokers. 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.
I always prefer to use an ECN forex broker as I find that they have some of the best trading conditions possible including tight spreads, low commissions and reliable executions speeds.
You can even open a demo trading account with virtual funds to practice using the Forex Firebrand Strategy in MT4.
Forex Firebrand Strategy
The Forex Firebrand Strategy conducts market analysis behind the scenes using the built-in algorithm in order to try and find buy and sell entry signals into trends.
The changes in market sentiment are indicated by a change in colour of line.
The indicators will display a cyan line if it believes there is a buy market and a purple line if it deems there to be a sell market.
You can take the signals as they are for entries and exits or you can add your own additional technical, fundamental, sentiment and price action analysis to filter the signals.
The Forex Firebrand Strategy can be used on any chart time frame thus it is suitable for scalping, swing trading and day trading. I prefer to trade on the larger time frames (1hour+) as I find that they tend to pick up some of the bigger trend movements and it also means I have to spent less time studying the charts.
You can use the Forex Firebrand Strategy on any forex currency pair or other trading instruments including stocks, commodities, cryptocurrencies, previous metals, energies, etc. I usually trade major currency pairs such as the EURUSD and GBPUSD as they can have some of the most liquidity and tighter spreads, especially when using an ECN forex broker.
The Forex Firebrand Strategy can be set to send you alerts when it finds a trading signal which is useful if you cannot or don’t want to be sat at your computer all of the time. The trading signals can be sent via email, SMS and platform pop-up alerts.
Forex Firebrand Strategy Summary
The Forex Firebrand Strategy is a flexible and user-friendly manual trading system that can be adapted to suit the needs of different types of trader.
Its success rate can depend on the money management and filtering used when considering the trading signals that it produces.
As a general rule of thumb, I would be looking to take trades that offer a favourable risk to reward ratio of at least 1:3 so a winning trade would be at least 3 times that of a losing trade.
As always, I would ensure my trading discipline is in check and only trade when my mind set is on point.
The Forex Firebrand Strategy comes with detailed instructions, full support and free updates.