In this post I will be reviewing the FX Trend Stalker manual forex trading strategy developed to send buy and sell signals in the MetaTrader 4 (MT4) platform which you can download free of charge from most forex brokers. The FX Trend Stalker strategy includes a simple technical indicator and chart template that you can load onto all of the charts that you want it to analyse for potential trading opportunities.
When this automated trading software finds a signal, it will send you an alert. From there, you can decide if you would like to take a buy/sell position or wait for the next signal to come alone. Whilst this may seem like a possible solution for those of you who do not have the time or skills required to trade manually, it is not a magical system that will always send good signals.
There will be both good and bad trades following the FX Trend Stalker system, which is why it is important that you have excellent money management and trading discipline in place. I would want to filter each forex signal that it sends with my own market analysis before taking a trade.
FX Trend Stalker Strategy
The FX Trend Stalker indicator uses a combination of built-in technical indicators to try and detect the change of a trend. The indicator has been created to specifically trade currency pairs on the M1-M15 chart timeframes.
That being said, you could use the FX Trend Stalker system on any financial instrument and timeframe that you wish. It is a flexible forex strategy but does require the user to take some initiative when it comes to filtering out the trading signals that the software generates.
I do like the fact that this is a trend trading system as I feel that trading in the direction of the overall trend can help to improve entries over the long term. I like to check the trend on all timeframes, from the short to the mid and long term.
The use of several trading periods in trading allows you to quickly respond to market volatility and find changes, trend reversals or predicted flat market as early as possible. Working with several trading periods allows you to filter signals, thereby increasing the chances of trading with the overall trend.
However, you could quite easily check the trend by using a basic moving average indicator which means that the FX Trend Stalker trading strategy is not really bringing anything ground breaking to the table.
Yes, it can be nice to have everything well packaged in a ready to use forex strategy, especially for beginners. But I do not think this is a trading system that you would want to use blindly without first confirming each signal that it generates.
This is because it does not take into account some other vital forex market aspects such as fundamental analysis. It is well known that major news releases can have a significant impact on the direction price may be heading.
The FX Trend Stalker system does also not take into account price action analysis such as candlestick patterns which can limit how good the timing of the entry/exit is. Therefore, I feel there are areas in which the FX Trend Stalker strategy can be improved.
Trend Power Detector
This is one of the better features of this forex software. The Trend Power Detector shows the current (buy/sell) trend strength and the probability of price movement in the appropriate direction due to the wave theory and smart algorithms.
The greater its value, the more probability a new wave of strong price movement appears according to the algorithm and developer. That’s why when Trend Power Detector shows 5-8 bars, they call it a Powerful Entry.
FX Trend Stalker Assistant
The FX Trend Stalker Assistant is a useful feature that can help to save you time and streamline the process of finding and taking signals that are generated by the forex trend stalker system. When the “FX Trend Stalker” Indicator generates a BUY/SELL signal, the Assistant window pops up immediately on your chart offering 2 options to buy or sell. However, it’s up to you choosing when to exit the trade whether at the Opposite Signal or with the Chosen Take Profit – it all depends on your trading style.
Trading Signal Alerts
The FX Trend Stalker indicator equipped with the special alert system will help you not to miss any trade. The Indicator will notify you when there is a trading signal to consider via SMS, email and/or platform pop-ups.
FX Trend Stalker Features
- Manual forex trading strategy
- Unique Trend Power Detector
- Handy FX Trend Stalker Assistant
- Can be used on any currency pair and chart timeframe
- Easy to understand colour coded buy and sell signals
- MT4 trading template including custom technical indicator
- Works with any MT4 forex broker
FX Trend Stalker Summary
Overall, the FX Trend Stalker is a simple forex system that doesn’t do anything ground-breaking in all honesty. I think that you could probably create something quite similar in the MT4 platform by using some of the free indicators that are already built-in. It does follow the trend which as many professional traders will state, “the trend is your friend”.
However, if you are looking for something that is versatile and very easy to use, then you might wish to give it a try on a free demo account. That way, you can practice trading with the FX Trend Stalker strategy to see if you have any success without needing to make any commitment. If results go well, you may then consider switching over to a live account. I would always start on a demo account when using any automated or manual forex system to see how things go at first.
FX Trend Stalker
$129
Pros
- Versatile Forex System
- Trend Trading Strategy
- Customisable Settings
- Easy To Use
- Trade Assistant
- Trend Power Detector
- Any Currency Pair
- Any Chart Time Frame
- Detailed Instructions
- Full Support
Cons
- MetaTrader 4 Only
- Not Very Innovative
- No Verified Results
- Requires Some User Initiative
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.
