In this post I will be reviewing the Morning Pips manual forex trading system that is for trading before breakfast! Now this is a great idea and wherever you are in the world the time you eat breakfast will differentiate but it doesn’t matter as this manual forex trading system can be used at any time during the day or is it night where you are?! In essence, it is another forex system that will show you when to enter and exit the market based on the trading criteria that it incorporates. Just keep in mind that this is not a magical trading system, it does require you to do some market analysis and make your own decisions. As with all manual and automates forex strategies, there will be winning and losing trades. In this Morning Pips review, we will take a close look at what it is and how it works, to help you decide if it is something that you would like to include in your day trading routine.
What is Morning Pips?
The Morning Pips strategy is very simple to use and can be used by any level of forex trader no matter how much experience you may or may not have. Once you know the idea behind picking entry and exit points it becomes a breeze and can give signals which you can filter and confirm before trading them. It can be used on any currency pair or time frame that you wish. I would trade the higher time frames to help filter out some of the noise from the lower time frames but you can also scalp and day trade with the Morning Pips system should you wish.
For the best possible trading conditions possible I would be using an ECN forex broker. Morning Pips is based on price action analysis which means that is does not have any lagging indicators or contradicting signals, price action tells you what the market is doing now, not what it has done in the past and may do in the future. Being able to spot price action is an essential part of manual forex trading. There are also some additional filters included that can help filter different market conditions.
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.
How to use Morning Pips?
The Morning Pips strategy has been developed for the MT4 platform. You simply download it and attach the Morning Pips trading template to your charts. It will then use its built-in algorithm to search for possible entry and exit signals for you to consider. I would personally make sure that I filter the signals using my own market analysis. I would also only look to take the trades that I feel can give me a good risk to reward ratio. I would not want to waste a good run of winning trades by using poor money management where one bad trade can wipe out many good trades. It is important to note that you will need to decide your own money management with the Morning Pips strategy. Yes, it can give you some ideas of where to place your stop loss and take profit levels, but it is you who needs to make the final decision.
One of the positive aspects of the Morning Pips forex trading system 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 Morning Pips forex strategy 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.
Morning Pips Summary
Overall, the Morning Pips forex system is an option for the manual forex trader who likes to maintain control over their entries and exits. The fact that it incorporates range/trend filters combined with price action analysis makes it a decent strategy. You may add additional technical and/or fundamental analysis should you wish, I would ensure that I have a good risk to reward ratio so my winning trades are not wiped out by one losing trade! It comes with detailed instructions, real trade examples, but unfortunately there is no money back guarantee.
If you are interested in downloading the Morning Pips system, you could always start on a demo trading account to begin with. This could be a great way to familiarise yourself with how to trade with the Morning Pips strategy and get the most out of it. You can get a free demo trading account from most forex brokers. Once you have built some confidence and have some success, you may then consider switching over to a real live account.
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 Morning Pips can be used, so it is important to try and see if it can work for you before making any commitment.
Overall, this is a basic forex strategy, and I do not think it 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 Morning Pips download you can visit the website using the link below.
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.