In this post, I will be reviewing the FX Meta Scalper. This is a technical indicator for trading forex in the MetaTrader 4 (MT4) platform. You will need the desktop version of the platform to use this indicator which has a built-in algorithm that analysis the forex market for buy and sell signals. When the FX Meta Scalper indicator finds a trading signal, you can choose to enter the market or wait for the next opportunity to come along.
The Forex Equilibrium indicator is another forex trading system from the 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 Starlight and Forex Spectrum.
In this FX Meta Scalper Review, I will be taking a look at what type of strategy it uses, along with the key features. Hopefully this will help you to decide if it is something that you would like to include in your day trading routine. With that being said, lets get right to it!
FX Meta Scalper Strategy
As the name rightly eludes to, the FX Meta Scalper uses a scalping strategy that aims to take at least a few pips per trades. Scalping systems are popular amongst forex traders who like lots of action. They try to take lots of trades in order to build an account quicker than say holding a position for weeks or even months.
However, scalping the forex market is very difficult to do, which is where the FX Meta Scalper indicator comes in. The problem is, even if you had the best forex indictor in the world, you still need exceptional money management and arguably even better trading discipline. I have seen the same exact forex system give a completely different set of results depending on the trader.
The FX Meta Scalper is more geared towards the 1-minute, 5-minute, 15-minute and 30-minute chart timeframes which is completely logical given that it is a scalping system. You can use it on any forex currency pair or other financial instrument that you wish. This means that you will have plenty of opportunity for finding trades. I would however be filtering each FX Meta Scalper signal with my own market analysis and never take the trades blindly.
I would personally be looking at major currency pairs such as the EUR/USD as they tend to have some of the lowest spreads which is important when using a scalping system. In order to get tight spreads and quick execution speeds, you might want to consider an ECN forex broker such as IC Markets. They are one of my top choices of forex broker for both manual and automated forex systems.
The FX Meta Scalper is very easy to use. It is colour coded and visually appealing when looking at it on the chart. Anyone would be able to spot the buy and sell signals. It can also send you alert signals via email, SMS and platform pop-ups. This is good as it means you do not necessarily need to be starting at your charts all day long. Just keep in mind that it is a scalping strategy so you will need to react quick as even a few seconds delay can have a huge impact on the results of scalping for a few pips here and there.
FX Meta Scalper Assistant
The FX Meta Scalper comes with the FX Meta Scalper Trade Assistant which aims to help speed up the process of placing, managing and exiting trades. It offers 3 Exit options: “Exit at Meta Exit”, “Exit at Opposite Signal” and “Exit at Take Profit Level”.
When you choose the “Exit at Meta Exit” option, the Assistant exits the trade as soon as Meta Exit pops up. If you choose the “Exit at Opposite Signal” option, an order is closed automatically once the opposite signal is generated. Choosing the option “Exit at Take Profit Level” you can set the TP value or use the default one. The Assistant exits the trade itself when the TP level is reached.
You do not have to use the provided stop loss and take profit levels. You are of course free to use your own. I would always try to aim for a favourable risk to reward ratio where one bad trade will not wipe out a good run of consecutive winners.
FX Meta Scalper Features
- The FX Meta Scalper is fitted with trading algorithms that analyse the market and do all the calculations for delivering optional trading signals
- You can select a Trading Style that suits you: Conservative, Medium, Aggressive, or Custom (it allows you to manually alter the frequency and range parameters)
- You can enter a Buy trade when you receive an alert and see 2 PURPLE dotted lines on the chart. When a signal changes, 2 BLUE dotted lines appear on the chart, indicating that a Sell order could be placed and a Buy order might be closed
FX Meta Scalper Summary
I certainly see some potential with the FX Meta Scalper indicator. I do like that it has a trade assistant which certainly speeds things up which can be important when using a forex scalping strategy. I also like that it gives optional entry and exit points that are very easy to interpret.
However, there are many false signals that I think will require the user to have some experience so they know what trades to filter out. I would want to do my own additional market analysis before taking any of the trades which could become a problem as scalping needs quick actions.
You could of course use it as it is but I think it is important to always know why a trade was taken. That way you can learn from your mistakes and improve your trading skills in the long term. Not to mention, you will need to have a solid money management strategy ion place and keep your trading discipline top notch.
If you are curious to give it a try, you could always start on a demo account. The problem with that is demo account conditions are not going to be the same as what you get on a real live account, and therefore might give unrealistic expectations. It does come with full support, easy to follow instructions and a money back guarantee.
FX Meta Scalper
$147
Pros
- Trade Assistant
- Clear Buy/Sell Signals
- Easy To Use
- Any Trading Instrument
- Any Chart Time Frame
- Customisable Settings
- Versatile System
- Detailed Instructions
- Free Updates
- Money Back Guarantee
Cons
- Requires Some User Input
- Broker Sensitive
- Not Ideal For Beginners
- Takes Time To Learn How To Use
- MetaTrader 4 Only
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.
