In this post I will be reviewing the Forex Starlight system that has been programmed to generate buy and sell signals for you in the MetaTrader 4 (MT4) platform. The Forex Starlight indicator has a built-in trading algorithm that will constantly analyse the charts for trade setups according to a combination of technical analysis.
When there is a potential opportunity, the software will send you an alert. You can then decide if you would like to enter the forex market or wait until the next signal comes along. It is versatile and easy to use, but is it any good? Read my Forex Starlight Review to find out more about the trading strategy that it uses and features, to help you decide if it is something you would like to try out.
The Forex Starlight indicator is another forex trading system from Karl Dittmann whose previous forex software I have reviewed including Fibo Quantum, Super Profit Scalper, Pips Wizard Pro, Forex Enigma, Forex Monarch, 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 Spectrum, FX Meta Scalper, Fibo Winner, Instant Buy Sell Signal, 5 Star Trend Profit, FX Trend Evolution and Nova Scalper.
Forex Starlight Strategy
The Forex Starlight displays clear buy and sell signals on all of your chosen charts and timeframes. You can use it to simultaneously scan all of your favourite instruments for trading signals which can save you from needing to manually analyse multiple charts which can take years of practice master.
However, these are not magic trading signals. There will be good and bad trades as with any forex system. For that reason, I would want to confirm each and every Forex Starlight signal with my own market analysis before taking any trade. I think it is important to understand the markets and learn why each trade is taken. This can help to improve your trading knowledge and skills in the long run.
Yes, you could blindly take each Forex Starlight trade as is, but I do not think the results would be that great. This is because the Forex Starlight indicator cannot see some things that the human eye can. It does no also account for economic news events which can have a significant impact on volatility and the direction of the market.
No to mention, you will also need to have your money management plan in place. Yes, the Forex Starlight system does give you optional stop loss and take profit levels, but these may not be suitable for all forex traders as we all have different risk preferences.
I would personally only look for signals that have been filtered by my own analysis and have a favourable risk to reward ratio. Even then, I would probably still use my own stop loss and take profit levels. I would look to try and lock good trades in at break even point and move the stop loss with a trailing stop to try and maximize each move. I would also want to cut losing trades short, rather than holding onto them and hoping the market will turn back around, something that I see many novice traders doing.
Forex Starlight is designed for the M15-D1 timeframes and all major currency pairs. However, you could in theory use it on any chart timeframe and financial instrument that you wish, including stocks, indices, commodities, cryptos and more. I would look to trade major currency pairs such as the EUR/USD and GBP/USD as they tend to have good trading volume which means there is often ample opportunity to catch some good moves. You can also save on trading costs in the long run when using an ECN broker as they have tight spreads and quick execution speeds.
One of the main advantages of the Forex Starlight system from my perspective is that you can set it to send you trading signal alerts which means that you do not need to sit and watch charts all day long waiting for signals to appear. Forex Starlight signals can be sent via platform pop-ups, SMS and email. This allows you to go about your business whilst waiting for possible opportunities to occur.
Forex Starlight Assistant
The Forex Starlight Assistant is an additional tool that is designed exclusively for the Forex Starlight system to help users save time and speed up the trading process. Once the Indicator generates a new signal, the Assistant window pops up on the chart and enables you to enter a trade with only a few clicks for a couple of seconds.
All you have to is select which criteria you desire and click one of the buttons. The Forex Starlight Assistant will take care of the rest by controlling the entire process and closing an order for you (with the chosen settings). Everything is very simple and they do provide more detailed information and examples in the User Guide. However, you are free to manage trades according to your own plan.
There are 3 Entry Options available: “Enter now”, “Enter at Optimal Entry” and “Enter now and at Optimal Entry”. Once you choose the “Enter Now” option, a trade will be entered immediately. If you choose the “Enter at Optimal Entry” option, a trade will be entered automatically once the Optimal Entry is generated. Choosing the option “Enter now and at Optimal Entry” an order will be opened twice: when a new signal is generated and when the Optimal Entry is generated.
You can use Optimal Entry as a confirmation of a trend direction and enter a trade once it appears, ignoring the Main Signals if you’re a cautious trader. Such an Optimal Entry signal appears after the main BUY or SELL signal.
Forex Starlight Features
- User-friendly visual interface
- Buy and sell signals in the MetaTrader 4 platform
- Suitable for multiple trading styles
- Can be used on any financial instrument and chart timeframe
- Non-repainting signals (do not change after the fact)
- Forex Starlight Assistant
- Optional stop loss and take profit levels
- Includes detailed user guides, updates and support
Forex Starlight Summary
Overall, Forex Starlight is a very versatile manual forex trading strategy but does require the user to have some experience in order to filter the trading signals and to choose sensible money management. This forex trading strategy can be used for scalping, day trading, swing trading and holding positions for the long term. Not all signals will be good, so it is important you have an understanding of the forex market. You could even practice using the Forex Starlight indicator on a demo account to begin with until you become familiar with how it works and start seeing good results.
I actually do not think that the Forex Starlight strategy is that different from a forex strategy that you could build yourself using the default MT4 indicators. Granted, it is a ready to use out of box solution for those of you who are short on time, but do not expect miracles. Furthermore, I do not think anything can replace learning the forex market and trying out different forms of market analysis to see which works best according to your own needs, as every forex trader is different in that respect.
- Trade Assistant
- Automatic Buy & Sell Signals
- Optional TP/SL Levels
- Set Signal Alert Notifications
- Versatile Forex System
- Any Trading Instrument
- Any Chart Time Frame
- Any Forex Broker
- Detailed Instructions
- Money Back Guarantee
- 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.