In this post I will be reviewing the Forex GT Scalper Strategy which is another manual forex trading strategy that has been created for the popular forex trading platform in MetaTrader 4 (MT4). You can load the Forex GT Scalper Strategy template onto your charts in the MT4 desktop platform and it will constantly analyse the markets looking for buy and sell trading signals.
When this forex software’s built-in trading algorithm detects a possible trade setup, you can decide if you would like to enter the market or wait for another signal to come along. You don’t even need to be sat at your computer as the Forex GT Scalper Strategy can send alerts via SMS and email to keep you informed.
Whilst this being a semi-automated forex trading system, it may seem like a good solution for those of you who do not have the time or knowledge required to trade online as all of the analysis is done for you. However, there are some important advantages and disadvantages to be wary of when using any forex strategy including this one. In this Forex GT Scalper Strategy Review, I will take a closer look at the trading strategy that it uses, along with the key features, pros and cons.
Forex GT Scalper Strategy
The Forex GT Scalper Strategy is a versatile forex system. You can use it on any currency pair, any chart timeframe and for any trading strategy including scalping, day trading and swing trading. It is suitable for beginners in the sense that it is very easy to use and understand the signals.
However, I think it does require significant input on behalf of the user in order to filter the good signals from the bad and to have exceptional money management in place according to your individual preferences.
I would personally be looking to confirm each and every Forex GT Scalper Strategy signal with my own form of technical analysis, fundamental analysis and price action analysis. I think there will be too many false signals if you were to blindly take each and every buy or sell signal that the trading strategy was sending.
You also need to make sure that you have sensible stop loss and take profit levels. Granted, you could simply use the default entry and exit signals all of the time so that it is an “out of the box” solution, but these levels may not be suitable for all traders as everyone has a different opinion when it comes to risk appetite.
For instance, one forex trader may only want to take those forex signals that give a risk to reward ratio of at least 1:3. On the other hand, another forex trader might be happy to take all of the signals regardless of the risk to reward ratio. As I said, the Forex GT Scalper Strategy is very flexible and can cater to different trader’s needs, you just need to use it in a way that works for you.
One of the key features that I like about the Forex GT Scalper Strategy is that is has multiple confirmation modes that you can choose from. The mode that you opt for, will determine how many filters are used for the trading signals that the indicators within the template use. Thus, it can be suitable for aggressive, normal and conservative trading styles.
The GT Scalper Matrix can help you to get a quick overview of the market and makes it convenient to follow any trading instrument you want to, including currency pairs, stocks, indices, commodities and cryptos. It clearly displays if there is a “matrix buy mode”, ” matrix sell mode” or “no trade due to consolidation in the market”.
Interestingly, the Forex GT Scalper Strategy developer is calling this a forex scalping system but they show trade examples on the 1-hour charts which I would not consider to be a scalping timeframe. Generally speaking, the 15-minute charts and below are commonly used for scalping the forex market. In theory, you could use this forex strategy on any timeframe that you wish, depending on your trading style and how much time you have to dedicated to trading forex online.
I do find the lower timeframes to have a lot more noise, which can make it difficult to filter the good from the bad trading signals. Also, forex scalping strategies can be highly dependent on the brokers trading conditions. They usually need very tight spreads, low commission fees and quick execution speeds. This is because they are usually only targeting a few pips which all of these factors can have a huge impact on.
When it comes to using a forex scalping robot or manual forex scalping strategies such as this one, IC Markets are one of the best forex brokers based on my experience. This is because they have deep liuqidity pools which means that you can get your trades executed at some of the best prices on the market at all times. I also find them to have excellent 24/7 customer support whilst there are plenty of convenient funding options that you can choose from.
Forex GT Scalper Strategy Features
- Designed for all types of forex trader
- Non repainting forex indicator
- Built-in trading signal alerts
- Unique entry/exit mechanism
- Versatile for scalping, day trading and swing trading
- Multiple confirmation modes to choose from
- Easy to use with clear colour coded buy/sell signals
- Can be used on any MT4 forex broker
Forex GT Scalper Strategy Summary
Overall, I think that the Forex GT Scalper Strategy is a basic forex trading system. It is easy to use and very versatile. The buy and sell signals are clear and colour coded. You don’t need to sit at your desk all day because the forex signals can be sent via handy SMS and email alerts. You can simultaneously scan any financial instrument and timeframe in your MT4 platform without needing to constantly switch between charts.
Despite the positives, I believe it will require you to have some understanding of the financial markets so that you can try to filter out the good and bad signals. I would not take each and every Forex GT Scalper Strategy signal without first confirming them. You will also need to have your money management in place along with a good forex trading plan and try to keep your trading discipline in check.
If you are interested in downloading the Forex GT Scalper Strategy, you could always start on a demo trading account to begin with. This could be a great way to familiarise yourself with how to trade with the Forex GT Scalper Strategy and get the most out of it. You can get a free demo trading account from most forex brokers. Once you have built some confidence and have some success, you may then consider switching over to a real live account.
Forex GT Scalper Strategy
$37
Pros
- BUY/SELL Signals
- Signal Alert Notifications
- Combination of Technical Analysis
- Colour Coded Indicators
- Easy To Use
- Any MT4 Forex Broker
- Any Financial Instrument
- Any Chart Time Frame
- Detailed Instructions
- Full Support
Cons
- MetaTrader 4 Only
- Takes Time To Learn How To Use
- Not Very Innovative
- Requires Some User Input
- No Verified Results
- Requires Ideal Conditions
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.
