In this post I will be reviewing the Forex Ghost Scalper Strategy. This is yet another manual forex trading strategy that has been developed for trading in the MetaTrader 4 (MT4) desktop platform. The Forex Ghost Scalper Strategy is based on a unique trading algorithm that will constantly scan your charts for potential buy and sell signals.
When the Forex Ghost Scalper indicator discover a trade setup, it will show it clearly on the chart and send you a signal alert. You can then decide after your own market analysis and confirmation if you would like to take a position in the market or wait for the next signal to come along.
Whilst the Forex Ghost Scalper Strategy may seem like a good option for beginners who are looking for something simple and do not have the time dedicated to learning how to trade, there are some distinct advantages and disadvantages to be aware of. In this Forex Ghost Scalper Strategy Review, I will take a closer look at the forex strategy that it uses along with the key features, to help you decide if this is a suitable forex trading system for your own individual needs.
Forex Ghost Scalper Strategy
The Forex Ghost Scalper Strategy is a unique trading system that generates BUY/SELL signals which aim to try and gain pips from small price movements. As with any forex scalping system, I would always look to be using a forex broker that has very tight spreads, low commission fees and reliable trade execution speeds. This is because scalping strategies depend on such small pip movements that they can be really broker sensitive. IC Markets are my top choice of broker for both manual and automated forex scalping robots that need the very best trading conditions available.
The idea behind Forex Ghost Scalper Strategy is a combination of trading algorithms and strategies that work together to try and ensure it only finds the highest probability entry points into the forex market. Of course, it does not always get it right and there will be bad trades as well as good trades.
Therefore, I think it is vital that anyone who is considering using the Forex Ghost Scalper System should conduct their own technical, fundamental and price action analysis to filter trading signals accordingly. I personally would not take all of the signals that it generates blindly without my own confirmation. This can also help you to brush up on your trading skills and knowledge of the forex market at the same time.
The Forex Ghost Scalper Strategy was designed based on 11 years of experience to try and bring more simplicity to your trading. The developer claims that the advanced trading technology makes it even smarter and faster, whilst still being easy to use. I agree, it is easy to use but it certainly requires user initiative if you want to try and get the most out of it.
For instance, money management could make or break results using the Forex Ghost Scalper Indicator. You could use an opposite signal for exiting a position but as every forex trader is different, I think the success of using this forex strategy can depend greatly on money management. I have seen the same trading strategy produce completely different results simply due to a difference in stop loss and take profit levels.
I will be looking to lock in any good trades at break even point and perhaps even use a trailing stop loss to try and make the most of each market move. I would want to cut my losing trades short and maintain a favourable risk to reward ratio. However, this can be difficult when using a forex scalping strategy as they often need a wider stop loss to avoid getting whipsawed in and out of the market. I actually find scalping the forex market one of the toughest ways to trade, compared to say swing trading.
You can use the Forex Ghost Scalper Strategy on any currency pair or chart timeframe that you wish. As it is a scalping system, you will probably be looking at anything from the 1-minute to 30-minute charts. I would personally go somewhere in the middle around the 15-minute mark as this could help filter some of the noise from the lower timeframes whilst still providing ample opportunities for a decent trade frequency.
In theory, you could also apply the Forex Ghost Scalper Strategy to other asset classes including stocks, indices, commodities and cryptocurrency. It does have a signal alert feature which means you can simultaneously scan as many charts as you like without needing to watch charts all day long. Just keep in mind that it is a scalping strategy so you will still need to be quick to react as and when necessary.
Pattern Finder Pro
One of the main things that I like about the Forex Ghost Scalper Strategy is that it includes a handy free bonus in the Pattern Finder Pro. This useful forex trading tool can recognize over 40 candlestick patterns, including bullish and bearish patterns. I think if you use this alongside the Forex Ghost Scalper Strategy, you can find better entry opportunities for trading reversals and trend trading.
Forex Ghost Scalper Features
- Manual forex trading strategy for the MetaTrader 4 platform
- Non-repainting forex signals based on market trends and reversals
- Signal notifications can be sent via SMS, email and platform alerts
- Quick and easy to setup with detailed instructions included
- Comes with full support and free updates for life
- Bonus Pattern Finder Pro software for price action analysis
Forex Ghost Scalper Summary
Overall, I think there is some good potential with the Forex Ghost Scalper Strategy, but I would not use it straight out of the box. This is because I feel that the buy and sell signals that it gives need to be filtered with additional chart analysis for confirmation. This could help to filter out some of the bad setups but even then, there will still be losing trades as with any forex trading system. Then you need to think about money management and also have a good forex trading plan with sound trading discipline whilst keeping your trader emotions in check.
I actually did not find the Forex Ghost Scalper System to be that different from something you could perhaps create in MT4 using the default technical indicators that come with the platform. Although it is relatively inexpensive and does come with a free bonus for spotting candlestick patterns. It also comes with detailed instructions for a quick and easy setup, along with full support and free updates.
Forex Ghost Scalper Strategy
$37
Pros
- Versatile Forex Trading Strategy
- Any Forex Broker
- Any Chart Time Frame
- Any Trading Instrument
- Set Signal Alert Notifications
- Pattern Trader Pro Bonus
- Detailed Instructions
- Free Updates
- Full Support
Cons
- Requires Some User Initiative
- Takes Time To Learn How To Use
- MetaTrader 4 Only
- Not Very Innovative
- Basic Trading Strategy
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.
