In this post I will review the Forex Monarch trading strategy which has been designed to run in the ever popular MetaTrader 4 trading platform which is free to download from most online forex brokers. The Forex Monarch software can be used by both beginner and advanced traders. It is user friendly and includes setup instructions with trade examples for clarity on how to use it as the developer intended.
However, I do feel like it really requires the user to have some understanding of the markets as there are many false signals that you will need to try and filter out with your own market analysis. Also, you will need to have your own sensible money management in place to try and minimise losses and maximise gains of each Forex Monarch signal that you take.
The Forex Monarch indicator is another manual forex trading system from the Karl Dittmann whose previous forex software I have reviewed including Fibo Quantum, Super Profit Scalper, Pips Wizard Pro, Forex Enigma, Forex Resolut, Exynox Scalper System, Onyx Scalper, Alfa Scalper, DNA Scalper, X Trend Premium, FX Atom Pro, X Scalper, Set Forget Pattern Profit, Rapid Trend Gainer, Infinity Scalper, Forex Equilibrium, Triumph Scalper, Forex Starlight, Forex Spectrum and FX Meta Scalper.
What is the Forex Monarch Trading Strategy?
The Forex Monarch strategy uses a built-in trading algorithm that combines technical indictors to display data on your charts. There is an easy to interpret trader’s dashboard and clear colour coded trading signals. There is also a “smart exit” feature which basically gives ideas for possible prices to exit positions. The Forex Monarch system can alert you when it finds a buy or sell trading signal via platform pop-ups, SMS and email.
You do not need to take every signal that Forex Monarch generates. I would personally be confirming every single signal with my own market analysis. I would also only consider taking trades that present a favourable risk to reward ratio so that one bad trade does not wipe out consecutive winners.
The Forex Monarch system can be used on any currency pair and any chart time frame. It can also be used on other asset classes such as stocks, indices, commodities, cryptocurrencies, metals and energies.
I usually prefer to trade major currency pairs such as the EURUSD and GBPUSD due to their liquidity and also the higher chart time frames as I find that this helps to filter out some of the noise from the lower chart time frames. You should trade in a way that suits your own trading style and personality.
The Forex Monarch system has 3 different modes which are conservative, medium and aggressive. Each mode has a different risk level and frequency of trades. Forex Monarch can be used for forex scalping, forex day trading and forex swing trading.
How to use the Forex Monarch System?
Forex Monarch runs as a trading template on your charts in the MetaTrader 4 (MT4) platform which is free to download and use from many forex brokers. If you are looking for a forex broker then you may wish to check out my best forex brokers for some inspiration. You can even get a free demo trading account if you wish to practice trading with the Forex Monarch system until you become confident and produce consistent results.
I would say this is more of a forex trend trading strategy. Trend trading is mostly a long-term strategy that involves following the trend direction. Thus, if the market shows the uptrend investors open long positions, and conversely, if the market is going down they open short positions. However, before entering the trade it’s crucial to find out not only the trend direction but also its strength and possible life span. Here it would be reasonable to apply various technical indicators such as moving averages (MA), average directional index (ADX), etc. Moreover, trend traders usually implement stop-loss orders, protecting their investments from unexpected market moves.
Sometimes a market breaks out of a range, moving below the support or above the resistance to start a trend. How does this happen? When support breaks down and a market moves to new lows, buyers begin to hold off. This is because buyers are constantly noticing cheaper prices being established and want to wait for a bottom to be reached. At the same time, there will be traders who are selling in panic or simply being forced out of their positions or building short positions because they believe it can go lower.
The trend continues until the selling is depleted and belief starts to return to buyers when it is established that the prices will not decline further. Trend-following strategies encourage traders to buy the market once it has broken through resistance and sell a market once they have fallen through support.
In addition, trends can be dramatic and prolonged, too. Because of the magnitude of moves involved, this type of system has the potential to be the most successful Forex trading strategy. Trend-following systems use indicators to inform traders when a new trend may have begun, but there’s no sure-fire way to know of course.
Forex Monarch Summary
Forex Monarch is a basic forex trading system that would probably be more appealing to beginners due to the fact that the more experienced traders could probably quite easily create a very similar system using the technical indicators built-in the MetaTrader platform, free of charge. In fact, I believe I could create a trading template not far off just by using a combination of moving averages and a basic moving average cross over system.
The being said, it is an easy to understand and ready-made trading strategy that is flexible across multiple instruments and timeframes. It will require the user to take some initiative along with sound money management and trading discipline.
The Forex Monarch package includes detailed setup instructions, full support, free updates, a remote setup service if required and a money back guarantee.
- Manual Trading System
- Technical Indicators
- Easy To Use
- Signal Alerts
- Versatile Forex Strategy
- Any Trading Instrument
- Any Chart Time Frame
- Detailed Instructions
- Money Back Guarantee
- MetaTrader 4 Only
- Quite Basic Forex Strategy
- Not Very Innovative
- Requires User Input
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.