In this post I will be reviewing the Forex X-Speed Strategy which is a manual forex trading system that has been built for generating automated buy and sell signals in the popular forex trading platform, MetaTrader 4 (MT4). You will need the MT4 desktop platform to use the Forex X-Speed Strategy. You simply attach it to the currency pairs and chart timeframes that you wish to trade, it will then constantly scan the forex market for trading signals.
When a signal occurs, you can then decide if you would like to take a position in the market or wait for another signal to come along. You don’t need to always be at your computer either, this is because the software has an alert system that can notify you of a potential trade setup via SMS, email and platform pop-ups.
Whilst getting trading signals without doing any market analysis yourself may sound like a tempting proposal to some of you, there are some very important pros and cons to be aware of which I will be covering in this Forex X-Speed Strategy Review. Hopefully, this 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.
Forex X-Speed Strategy
The Forex X-Speed Strategy uses a combination of technical indicators for analysing the markets to try and determine when there are trends forming. The trading template is clear and easy to understand, with colour coded buy and sell signals. You can take the signals as they are or conduct your own market analysis for further confirmation.
It can be used by forex traders of all experience levels and is very versatile as it can be used for forex scalping, day trading and swing trading. You can trade with the Forex X-Speed Strategy on any currency pair or chart timeframe, whilst it can even be used for other asset classes in your MT4 platform including stocks, indices, commodities and cryptocurrencies.
As mentioned, the Forex X-Speed Strategy uses a forex trend trading strategy. Trends come in many different shapes and sizes. Some are channels with parallel upper and lower trendlines, while others have only a single trendline. This is an important distinction as a trend with only one trendline will have a line acting as support in an uptrend and a line acting as resistance in a downtrend.
A trend is nothing more than a tendency, a direction of market movement, i.e. one of the most essential concepts in technical analysis. All the technical analysis tools that an analyst uses have a single purpose: to help identify the market trend.
The meaning of the Forex trend is not so much different from its general meaning – it is nothing more than the direction in which the market moves. But more precisely, the foreign exchange market does not move in a straight line, its moves are characterized by a series of zigzags that resemble successive waves with clear peaks and troughs or highs and lows, as they are often called.
The Forex X-Speed Strategy 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.
In order to use Forex X-Speed System, you will need a trading account with a forex broker. With so many forex brokers to choose from nowadays, it can seem very difficult to find a suitable option. If you are new to forex trading online and looking for some ideas, please feel free to browse my best forex brokers for some inspiration along the way.
IC Markets are my top choice of forex broker for manual and automated trading strategies. This is because I find them to have tight spreads, low commission fees and plenty of liquidity which means that you can get your trades executed at some of the best forex market prices at all times. From my experience, they also provide excellent 24/7 customer support and have a good variety of convenient account funding options for you to choose from.
Forex X-Speed Strategy Features
- Manual forex trading signals
- Intuitive traders’ dashboard
- Any MT4 forex broker
- Any financial instrument
- Any chart timeframe
- Non-repainting signals
- Signal alert notifications
- Easy to use trading template
- Includes instructions, support and updates
Forex X-Speed Strategy Summary
Overall, I feel that there is some potential with the Forex X-Speed Strategy but it will certainly require the user to take some initiative. I would not take the buy and sell signals as they are without doing my own additional market analysis to confirm each signal. This will also help you to improve your knowledge of the markets and trading skills, which can help you to become a better forex trader in the long term.
Then we need to consider the importance of money management when using the Forex X-Speed Strategy or any other manual forex strategy for that matter. A forex system can give you the best forex signals in the world, but could still fail miserably if your stop loss and take profit levels are not set correctly. This is why I often see the exact some strategies give completely different results depending on the money management used, not to mention the traders discipline.
The software comes with a very handy free bonus in the X Speed Pinbar Indicator. This is another forex indicator that scan the market for signals in one easy to interpret trading dashboard.
If you want to give the Forex X-Speed Strategy a try, I would personally start on a forex demo account to begin with and see how things go. Once you start having some success and build your confidence, you may then consider switching over to a real account.
Forex X-Speed Strategy
$37
Pros
- Automatic Buy & Sell Signals
- Any Trading Instrument
- Any Chart Time Frame
- Any MT4 Forex Broker
- Combination of Market Analysis
- Trend Trading Strategy
- Detailed Instructions
- Full Support
- Free Updates
Cons
- MetaTrader 4 Only
- Takes Time To Learn How To Use
- 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.
