In this post I will be reviewing the Forex Venom Pro Trading Indicator for use in the widely available and most popular trading platform – MetaTrader 4 (MT4). The Forex Venom Pro Trading Indicator is suitable for any level of forex trader from beginners to advanced traders as it is simple to interpret with its colour coded red and blue signals.
If the Forex Venom Pro Trading Indicator is red then you would look to sell and if the indicator is blue then you would look to buy. You may trade the Forex Venom Pro Trading Indicator as it is stand alone although you may also wish to add your own additional technical, fundamental and / or price action analysis to further filter the signals for your own verification.
The Forex Venom Pro Trading Indicator is very flexible as it can be used on any currency pair or time frame although I personally prefer the higher time frames (1 hour and above) as they tend to filter out some of the noise that can occur in the smaller time frames.
Furthermore, I prefer the major currency pairs such as the EURUSD & GBPUSD as they usually have plenty of liquidity and when using a good ECN forex broker this can help to save on trading costs.
What is the Forex Venom Pro Trading Indicator?
The Forex Venom Pro Trading Indicator simply analyses your charts using its built in algorithm to find trading opportunities (entries and exits) across as many currency pairs and time frames as you wish.
You do not need to watch your charts as the Forex Venom Pro Trading Indicator can give you alerts using its built in 3 way alert system when it finds signals whilst it also saves you the hassle of having to constantly analyse the markets.
The Forex Venom Pro Trading Indicator also includes 3 different risk modes that can be selected to suit your trading style. Basically, depending on the risk mode you choose, the more the indicator filters out the signals.
If you are a scalper, intra-day trader or swing trader, you can use the Forex Venom Pro Trading Indicator as it is extremely flexible.
One of the positive aspects of the Forex Venom Pro Trading Indicator is that there are so many different ways in which it can be used. There is no one size fits all as every trader has a different trading style and risk preference. You can use the Forex Venom Pro Indicator to scalp, day trade, swing trade or even hold positions for the long term. It can be used on any financial instrument that your trading broker provides and can be applied to any chart timeframe. This makes it a very versatile forex strategy for traders of all experience levels.
How does the Forex Venom Pro Indicator work?
The FX Venom Pro Indicator has been developed to run in the MT4 platform. It comes as a trading template along with built-in indicators that you can apply to your chosen chart symbols and timeframes. You can use the default settings or adjust them according to your own needs. I would certainly practice on a forex demo account to begin with and only use this manual forex strategy as supplementary indicators to my own market analysis.
The FX Venom Pro Indicator attempts to catch very fast price movements and gives you optional buy or sell signals. The software provides 3-way alert feature, so that you will never miss a trade. Every trading signal is very carefully verified by the system to produce only the highest probability trades. Of course, you do not need to take all of the trading signals that it produces. Infect, I would only use it alongside additional market analysis as I think there will be too many false signals otherwise.
The FX Venom Pro System provides 3 different templates depending on your risk appetite.
FXV_RISK1 – is the safest one. The risk is less than the others, entries are a bit slower but they are more filtered than other signals.
FXV_RISK2 – is the most balanced template. The possible risk is higher, but entries are faster than previous template. This is probably the option for those who are day trading.
FXV_RISK3 – is the most aggressive template. It provides the fastest signals with increased risk. Pick this one only if you are experienced trader, or when you have spent sufficient time with trading system.
Forex Venom Pro Trading Indicator Summary
Overall, the Forex Venom Pro Trading Indicator is a decent manual forex trading system, but I believe that the signals should be picked carefully and filtered out with additional analysis.
Furthermore, I would make sure that I have sound money management in place so winning trades are greater than losing trades with a favourable risk to reward ratio.
You may want to start in a demo forex trading account with the Forex Venom Pro Trading Indicator until you familiarise yourself with it and have a good consistent success rate.
If you find that it is working well, you could always implement it within your own trading strategy to help you achieve your individual trading goals or even use it as a standalone forex system. There are many ways in which the Forex Venom Pro Indicator can be used, so it is important to try and see if it can work for you before making any commitment.
To be honest, I do not think Forex Venom Pro Indicator is much different from a trading strategy template that you could build yourself in the MetaTrader platform by simply using the default technical indicators and drawing objects that are included within the platform free of charge. If you want to learn more and get the Forex Venom Pro Indicator download you can visit the website by using the link below.
It comes with detailed instructions, support, trade examples and a money back guarantee.
Forex Venom Pro Trading Indicator
$37
Pros
- Versatile Forex Strategy
- Manual Forex Trading System
- Multiple Currency Pairs
- Multiple Timeframes
- Signal Alerts
- Full Support
- Detailed Instructions
- Money Back Guarantee
Cons
- MetaTrader 4 Only
- Quite Basic Forex Strategy
- Requires Some User Initiative
- Not Ideal For Beginners
- Not Very Innovative
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.
