In this post I will be reviewing the Forex Heartbeat system that has been developed to produce buy and sell signals in the MetaTrader 4 platform. Forex traders can load the Forex Heartbeat strategy template onto their charts and it will use the built-in trading algorithm to automatically scan the forex market for trading signals. When the Forex Heartbeat indicator detects a possible trade setup, you can decide if you would like to enter the market or wait until the next signal arrives.
Hopefully, this Forex Heartbeat Review will help you to decide if this is a forex trading strategy that you would like to try out. I think that it has some potential but does require the user to take some initiative. This means that you will need to confirm each trading signal with your own market analysis to make sure that you are happy to take the trade. Forex Heartbeat has been developed by Rita Lasker. She is quite well known in the forex industry for selling a range of forex products, some of which I have previously reviewed, including Forex Triple Hit.
Forex Heartbeat Strategy
The Forex Heartbeat trading strategy implemented a combination of chart analysis to try and find good entry and exit points in the market. It will send you a signal alert when there is an opportunity for you to consider. It is convenient that you can get SMS, email and platform pop-up notifications. This is because it can save you from needing to constantly monitor charts all day long which is especially difficult if you are trying to track multiple currency pairs and chart timeframes all at once.
Whilst this may sound like an attractive option for beginners who may not have the time or knowledge required to analyse the forex markets, there are some significant limitations that it is very important to be aware of.
Firstly, there can be no guarantees on how good or bad each signal will be, regardless of what the developer may claim. I would personally want to confirm each and every Forex Heartbeat signal with my own market analysis before I even consider taking a position. I think the signals are limited when taken as is. Furthermore, additional technical analysis and fundamental analysis can help you to improve your trading skills and learn more about the markets in the long run. I think it is important to understand why each trade was taken rather than enter the market blindly.
You will also need to have a solid money management plan in place that matches your own trading preferences. I would personally be looking to cut losing trades shorts and lock in winning trades at breakeven point. I would then perhaps trail the position with a trailing stop in order to try and make the most out of each move.
The developer states that the Forex Heartbeat Indicator operates on the 1-minute and 15-minute timeframes of all major currency pairs. However, you are free to use it on any trading instrument or chart timeframe that you wish. Generally speaking, the more charts that you use it on, the more trading signals you can get. Although in saying that, I feel it is better to try and master one or two currency pairs. This way you can become familiar with how they move and limit the chances of being confused with multiple charts open at the same time.
I would like to trade with the Forex Heartbeat Indicator on major currency pairs such as the EUR/USD and GBP/USD. This is because they tend to have good amounts of trading volume, which can lead to some ample opportunity to catch some big market moves.
In order to use Forex Heartbeat 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.
Forex Heartbeat Assistant
This Forex Heartbeat Assistant software is made to maximize the effectiveness and benefit of the Indicator making your trading process easier. As soon as Forex Heartbeat indicator generates a BUY/SELL signal, Forex Heartbeat Assistant window pops up and allows you to choose the Entrance and Exit options:
- Enter Now and Exit at Take Profit
- Enter Now and Exit at Main Exit
- Enter Now and Exit at Extra Exit
After you click the button with a chosen option, the order opens. The Forex Heartbeat Assistant closes it automatically at the moment the chosen option is reached. Of course, you can set your own take profit and stop levels which will give you more control over your trading. I would always try to shoot for a favourable risk to reward ratio where my winning trades outweigh my losing trades. This way, I can still be in positive pips even with a win ratio below 50%.
Forex Heartbeat Features
Convenient division of the screen into Entry and Exit Zones. The drawing on the upper part of the chart is responsible for the signals to enter a trade, and the lower one is responsible for exiting the trade.
BUY/SELL arrows on the upper part of your screen are displayed every time a new BUY or SELL signal is generated as soon as the trend is determined.
Two Types of Exits on the lower part of your screen: Main Exit and Extra Exit. You can choose which option suits you more according to your trading style. Extra Exit appears earlier than Main Exit.
The setting of Speed of Extra Exit Generation allows you to choose how fast the Extra Exit signal should appear depending on your trading risk type, so it helps to make this Indicator really “yours”.
- User-friendly visual interface
- Manual forex trading strategy
- Clear buy and sell signals
- MetaTrader 4 platform with any broker
- Signal alert notifications
- Forex Heartbeat Assistant
- Optional money management
- Detailed instruction guide
- Free updates and full support
Forex Heartbeat Summary
Overall, it is fair to say that the Forex Heartbeat Indicator and Forex Heartbeat Assistant can form part of a useful manual forex trading strategy. However, I would not call this a “set and forget” trading system by any stretch of the imagination. This is because I think in order to get the most out of it, you will need to conduct your own market analysis to confirm each and every signal. Without this, I think the signals will be hit and miss.
Furthermore, you will need to have good money management in place. I would not be surprised to see 2 different forex traders get completely different results with the Forex Heartbeat indicators, simply by having different stop loss and take profit levels. Yes, the strategy does provide optional take profit and stop loss levels, but they may not be suitable for everyone.
I also do not feel that the Forex Heartbeat System does anything different that you cannot achieve by loading some of the default MT4 indicators onto your charts and creating your own trading template from scratch. That being said, I do understand that some aspiring traders may be looking for something well packaged and easy to follow, as a way to get started trading online. If that is the case for you, then perhaps you might want to give the Forex Heartbeat Indicator a try on a demo account to begin with and see how things go. It does include full support, free updates, user guide, trade examples and a money back guarantee.
Forex Heartbeat
$228
Pros
- Trade Assistant
- Any Trading Instrument
- Any Chart Time Frame
- Any Forex Broker
- Combination of Market Analysis
- Clear Buy/Sell Signals
- Versatile Forex System
- Detailed Instructions
- Full Support
- Money Back Guarantee
Cons
- MetaTrader 4 Only
- Requires Some User Input
- Takes Time To Learn How To Use
- Not Very Innovative
- Need To Filter Signals
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.
