In this post I will be reviewing the Forex Hulk Strategy which produces buy and sell signals in the popular MetaTrader 4 (MT4) platform. You will need to download and install the MT4 desktop platform in order to load the Forex Hulk Strategy template on your charts. Simple step by step instructions are included along with full support.
Once you have the Forex Hulk Strategy attached to your desired currency pairs charts, it can scan the forex market for possible trade setup. When the Forex Hulk Strategy indicator discover a trading signal, it will clearly display it on your chart and send you a signal alert. From then, you need to decide if you would like to take a trade or wait for the next forex signal to come along.
Whilst this may seem like a quick and easy solution for those of you who may not have the time or experience required to analyse the charts and trade the forex market manually, there are some certain limitations that you need to be aware of. In this Forex Hulk Strategy Review, I will take a look at some of the advantages and disadvantages of this forex system. Hopefully, that can help you to decide if it is something that you would like to implement within your forex day trading strategy.
Forex Hulk Strategy
The Forex Hulk Strategy signals are very easy to read and 100% devoid of the repaint phenomenon. This means that they should not change “after the fact”. It can be frustrating when a forex indicator tells you one thing in the moment but then shows you something afterwards. This would often cause false signals and is quite common with lagging indicators.
The Forex Hulk Strategy is based on a trend trading system. It uses a combination of technical analysis to try and filter out flat ranging markets so that the signals are generated in line with the overall market trend. As the old saying goes, the trend is your friend!
Trend trading is a strategy that involves using technical indicators to identify the direction of market momentum. It is based on the idea that markets have an element of predictability, so by analysing historical trends and price movements, a trader will be able to forecast what could happen in the future.
Trend trading is usually considered a mid to long-term trading strategy, but it can in theory cover any timeframe, depending on how long the trend lasts. It is usually adopted by traders who prefer a position trading or swing trading style. Position traders are those who will hold a trade for the entirety of the prevailing trend, ignoring day-to-day fluctuations, while swing traders are those who will usually try to identify a trend and ride it from start to finish.
Yes, the Forex Hulk Strategy is simple to use and the signals can be understood by forex traders of al experience levels. However, that does not tell the true story. Just because a forex trading system is easy to use, it does not mean that it will produce good results. I think in order to get the most out of the Forex Hulk System, you will need to have some experience simply because I feel it needs additional market analysis to confirm the signals.
Not to mention, you will need a good forex money management in place. You could take an opposite signal from the Forex Hulk Strategy as an exit point, but that may not give a risk to reward ratio that caters towards your own individual trading preferences.
I would personally look to use a tight stop loss to cut the losing trades short and lock in winning trades at break even point. I may then use a trailing stop to try and make the most out of each market move. Of course, you should always only ever use a stop loss and take profit level that you feel comfortable with because all forex traders are different in that respect.
Trading Dashboard
One of the main things that I like about the Forex Hulk Strategy is that it has an intuitive trading dashboard that clearly displays signals on your chosen currency pairs. This saves the hassle of switching between charts and makes everything easily accessible from one place. I think it could be improved further by adding buy, sell and close buttons to help speed up the trading process.
Forex Hulk Strategy Features
- Trade with the overall market direction
- Multiple timeframe analysis
- Advanced trend calculation
- Double confirmation for signals
- Easy to understand trading dashboard
- Any currency pair and chart timeframe
- Get buy and sell signal alerts
- Compatible with the MT4 platform
- Can be used with any MT4 forex broker
Forex Hulk Strategy Summary
Overall, I can certainly see some potential with the Forex Hulk Strategy and the technical indicator analysis that it uses to try and capture big market trends. It has a really handy traders’ dashboard that clearly displays all of the important statistics require by the Forex Hulk System directly on your charts. It is a very versatile forex strategy that you can use on any financial instrument and chart timeframe that you wish.
That being said, there are some quite significant limitations to the software. I do not think it is that much different from a forex strategy that you could create yourself using the default technical indicators that are already included free of charge within the MT4 platform.
It also does not consider fundamental analysis which I think is an important aspect of any trading system. I would like to see the developer improve it by adding a news calendar to help users avoid potentially volatile market conditions around major news releases.
You then need to consider money management and decide on what stop loss and take profit levels you would like to use. Even if you find a forex signal service that gives these price points, they may not be suitable for your risk preferences. Again, this leaves a lot open to interpretation in my humble opinion.
Forex Hulk Strategy
$37
Pros
- Versatile Forex System
- Any Chart Time Frame
- Any Trading Instrument
- Any Forex Broker
- BUY/SELL Signals
- Trading Dashboard
- Easy To Use
- Detailed Instructions
- Free Updates
- Full Support
Cons
- MetaTrader 4 Only
- Requires Some User Input
- No Verified Results
- 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.
