In this post I will be reviewing the Forex Trend Rider Strategy which is another manual forex trading system that has been developed specifically for trading forex in the industry standard MetaTrader 4 (MT4) platform which you can download from the majority of forex brokers free of charge. You will need the MT4 desktop platform to use the Forex Trend Rider System as it includes templates and indicators for generating optional buy and sell signals which can be used for entry and exit points in and out of the market.
Hopefully, this Forex Trend Rider 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. If not, you can always wait for the next opportunity to come along.
Forex Trend Rider Strategy
The Forex Trend Rider System uses a combination of technical indicators for analysing the charts in your MT4 platform for possible trading signals. The trading algorithm is programmed behind the scenes into the code, so you will just see simple to understand colour coded signals on your chart. The aim of the Forex Trend Rider Strategy is to take the guess work away from trading and conduct all of the complex market analysis on your behalf.
However, there are some significant limitations that you should be ware of. Firstly, the Forex Trend Rider Strategy or any other forex system for that matter, cannot guarantee you good results. There will be good and bad signal, which is why I think that it is very important to confirm each buy or sell signal with your own market analysis before taking a position. Otherwise, I think that there will be too many losing trades as you could get whipsawed in and out of the market.
Not to mention, by studying the markets, you can improve your own trading skill and give yourself the chance to become a better trader in the long term. Granted, that may not be possible if you do not have the time to dedicate to trading forex manually, but you should still manage your expectations when using an automated forex system for generating forex signals.
You will also need to think about your money management strategy when using the Forex Trend Rider. You will have to decide where you want to put your stop loss and take profit levels. This can determine the success or failure that you have with the system. I have seen the exact same forex strategy give a completely different set of results simply due to trades having a different perspective on money management.
For me personally, I would only be looking to take trades that I believe can give me a favourable risk to reward ratio, ideally of at least 1:3. This would mean that a winning trade is 3 times the size of a losing trade, minus any brokerage fees. It can be quite frustrating if you see one bad trade cancel out a good run of consecutive winners. Of course, you should only ever use a forex money management strategy that you feel comfortable with as everyone is different in that respect.
As the name rightly eludes to, the Forex Trend Rider Strategy is utilising a trend trading system based on the well know saying – “the trend is your friend”. It looks to spot when there is an emerging uptrend or downtrend then enter at the earliest opportunity.
This does mean it can catch some good moves if you time the entry correctly, but it is also important to understand that the forex markets are not always trending. Hence, why I think it is necessary for the user to conduct additional chart analysis to filter out ranging markets.
One of the key advantages of the Forex Trend Rider System is that you do not need to be studying charts all day waiting for trade setups to appear. This is because it has a signal alert feature that you can easily setup to send you a notification when there is a Forex Trend Rider Signal. These signal alerts can be via SMS, email and the MT4 platform.
Forex Trend Rider Features
- Developed for the MetaTrader 4 (MT4) desktop platform
- Easy to understand buy and sell signals
- Combines technical analysis to identify trend trading signals
- Set alert notification via SMS, email and platform pop-ups
- Can be used on any trading instrument and chart timeframe
- Can work with any MT4 forex brokerage firm
Forex Trend Rider Summary
Overall, I think that the Forex Trend Rider is a quite basic forex trading system. This means that it is limited in terms of the analysis that it does. For instance, it does not take into account fundamental analysis which can have a major impact on the forex market, especially around major news releases. However, it is very easy to use and the trading signals it generates are very clear. This means even beginners can understand it but I think it is limited when used exactly as it is.
I believe that the Forex Trend Rider Signals need to be confirmed with your own forex analysis in order to try and filter out some of the bad signals. You will also need to have your money management in check along with your forex traders’ discipline and psychology. If you use it “straight out of the box”, I do not think it is that much different from simply firing up a moving average indicator which you can get free of charge in the MT4 platform.
The Forex Trend Rider does come with easy to follow setup instructions, plenty of trade examples, full support and free updates. If you do want to give it a try, you might want to start on a demo account first to see if it can meet your expectations.
Forex Trend Rider
$102
Pros
- BUY/SELL Signals
- Combination of Market Analysis
- Set Signal Alert Notifications
- Any Trading Instrument
- Any Chart Time Frame
- Any MT4 Forex Broker
- Easy To Use
- Detailed Instructions
- Free Updates
- Full Support
Cons
- MetaTrader 4 Only
- Requires Some User Initiative
- Not Very Innovative
- No Verified Results
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.
