In this post I will be reviewing the Forex Orion Scalper Strategy which is a manual forex system developed to be used in the MT4 platform which you can download free of charge from most forex brokers if you don’t already have it. You will need the MT4 desktop platform to use the Forex Orion Scalper Strategy but you can always set alert on your phone to keep track of signals whilst on the move.
The Forex Orion Scalper Strategy constantly analyses the forex market using a unique trading algorithm for potential buy and sell signals. When the software discovers an opportunity, you will see the signal clearly displayed on your chart and be alerted to it. From there, you need to decide if you would like to take a position with your own market analysis or wait until the software finds another signal and start again.
A semi-automated trading strategy such as this can seem tempting for those of you who may not have the skills or time to dedicate to trading forex online, but there are some key pros and cons to be aware of before using the Forex Orion Scalper Strategy or any other forex strategy for that matter.
In this Forex Orion Scalper Strategy Review, I will be taking a closer look at the trading strategy that it uses along with the key features. Hopefully, this will help you to decide if this forex software can help you to achieve your goals.
Forex Orion Scalper Strategy
As the name rightly eludes to, the Forex Orion Scalper Strategy is based on a forex scalping strategy. Scalping the forex market is one of the most difficult ways to trade forex in my humble opinion. This is simply because scalping relies on small pip movements. This means that they usually use a wider stop loss to avoid being whipsawed in and out of the market, whilst they also need to ideal broker and market conditions.
For instance, if a scalping strategy is targeting 4 pips per trade, the spread could easily be 2 pips and the commission 1 pip. Then there may be slippage which let’s say is 1 pip for arguments sake. That means, the scalping system would need to make just 4 pips to break even after the trading costs.
It also means that the stop loss would need to be probably around 10 pips to account for these factors which straight away gives a negative risk to reward ratio. This is why you will often see forex scalping strategies can have high win rates (due to the small targets) but a big loss can wipe out a run of consecutive winners.
For the highest chances of success with a forex scalping system, I would be looking to use an ECN forex broker with the lowest spreads and commission fees overall. IC Markets are amongst my top choices of forex brokers because they have deep liquidity pools which means that they are able to offer traders some of the best pricing on the forex market at all times. They also have multiple convenient payment methods and excellent 24/7 customer support based on my experience.
The Forex Orion Scalper Strategy has multiple built-in alert systems that promptly notify you of new trading opportunities within seconds. Each alert gives you the Currency Pair, Time frame, Price and the signal which was generated on.
In theory, you could trade with the Forex Orion Scalper Strategy on any chart timeframe and trading instrument that you wish. Generally speaking, scalping systems tend to be used on the 15-minute charts and below as they are usually only after a few pips and have frequent trading activity. However, the developer has shared some screenshots showing the software being used on the higher chart timeframes such as the 4-hour chart. This does mean that this is a versatile forex system which you can customise according to your own preferred trading style.
Forex Orion Scalper Strategy Features
- Signal alerts package (optional buy and sell signals)
- Relatively easy to use trading strategy (requires confirmation)
- 24/7 email Support for any questions you might have
- Unique trading template for the MT4 platform
- No need to constantly watch the charts all day long
- Can be used on M1, M5, M15, M30, H1, H4 and D1 time frames
- Can trade with the template on all currency pairs and other instruments
- Takes just a few minutes to get setup and start trading with it
Forex Orion Scalper Strategy Summary
Overall, I think the Forex Orion Scalper Strategy is well packaged and everything is displayed nice and clear on your charts. It is easy to use for traders of all experience levels and very versatile.
However, I think it will certainly require a user who already has some experience when it comes to trading forex online. This is because there will be good and bad signals generated by the software so you should conduct your own market analysis to confirm each and every buy or sell signal before entering the market.
Then you need to make sure that you have your forex money management in check. It is not uncommon for the exact same forex trading strategy to give a completely different set of results simply because traders are using different stop loss and take profit levels.
I think if anyone is considering using the Forex Orion Scalper Strategy, they should only start on a demo account to begin with in order to gain confidence and see how the strategy performs for them.
That being said, one of the main issues of trading with a forex scalping system is that they require the ideal broker conditions. Some brokers do not even allow scalping and it can be very hard to find a broker with suitable spreads that make it worthwhile.
Also, keep in mind that demo account conditions can vary significantly from real account conditions and will not necessarily take into account things such as forex emotions which can have an impact on your trading performance.
Forex Orion Scalper Strategy
$37
Pros
- Semi-automated BUY/SELL Signals
- Set Signal Alert Notifications
- Customisable Settings
- Any Forex Broker
- Any Chart Time Frame
- Any Trading Instrument
- Free Updates
- Full Support
Cons
- Requires Ideal Conditions
- Not Ideal For Beginners
- Takes Time To Learn How To Use
- MetaTrader 4 Only
- Requires Low Spreads
- Requires Low Commissions
- Requires Minimal Slippage
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.
