In this post I will be reviewing the Momentum Trader Pro forex trading indicator. This is a forex trading indicator that runs in the MT4 trading platform and will help the trader find entry and exit points into the market. It is super simple to use, simply follow the colours for buy and sell trades. You do not need to take every single trade, you can filter them as you wish and trade at any time that suits you.
Momentum Trader Pro System
As the name suggest, the Momentum Trader Pro indicator is based on momentum, duh! Who would have thought! Well, momentum based forex trading systems look to enter into a trend as early as possible which is what the Momentum Trader Pro indicator will try and do.
You can of course add your own additional fundamental, technical and/or price action analysis should you wish for extra filters although this momentum indicator can be used stand alone.
I would use it with sensible money management and a good risk to reward ratio. I try to always ensure that winning trades will be greater than losing trades.
One of the good things about trading with momentum is that you can pick up market trends for mid-long term trades.
Momentum Trader Pro Summary
The Momentum Trader Pro is an indicator that will try to identify the overall market direction and trade on the right side. I would try and not buy in overbought markets (tops) or sell in oversold markets (bottoms). I would be trading major currency pairs such as the EURUSD and GBPUSD as I find that they tend to have some good momentum/trends. I would be using an ECN forex broker for low commissions, spreads and slippage.
The Momentum Trader Pro indicator includes instructions, trade examples, support, updates and a money back guarantee. You can always practice on a demo account for a while and monitor multiple currency pairs using this indicator to find some possible momentum based trades.