In this post I will review the Onyx Scalper trading strategy which has been designed to run in the ever popular MetaTrader 4 trading platform which is free to download from most online forex brokers. If you are looking for a forex broker then you may wish to check out my best forex brokers for some inspiration.
The Onyx Scalper is another forex system from Karl Dittmann whose previous forex software I have also reviewed including Forex Resolut, Forex Monarch, Alfa Scalper, Scalping Detector, FX Atom Pro, X Trend Premium, Fibo Quantum, DNA Scalper and more.
You can even get a free demo trading account if you wish to practice trading with the Onyx Scalper system until you become confident and produce consistent results. The Onyx Scalper can be used by both beginner and advanced traders. It is user friendly and includes setup instructions with trade examples for clarity on how to use it as the developer intended.
Onyx Scalper Trading Strategy
The Onyx Scalper uses a built-in trading algorithm that combines technical indictors to display data on your charts. There is an easy to interpret trader’s dashboard and clear colour coded trading signals. It can alert you when it finds a buy or sell trading signal via platform pop-ups, SMS and email.
You do not need to take every signal that the Onyx Scalper generates. I would personally be confirming every single signal with my own market analysis. I would also only consider taking trades that present a favourable risk to reward ratio so that one bad trade does not wipe out consecutive winners.
The Onyx Scalper system can be used on any currency pair and any chart time frame. It can also be used on other asset classes such as stocks, indices, commodities, cryptocurrencies, metals and energies.
I usually prefer to trade major currency pairs such as the EURUSD and GBPUSD due to their liquidity and also the higher chart time frames as I find that this helps to filter out some of the noise from the lower chart time frames. You should trade in a way that suits your own trading style and personality.
The Onyx Scalper system has 3 different modes which are conservative, medium and aggressive. Each mode has a different risk level and frequency of trades. The Onyx Scalper has been designed for the lower time frames (1-minute, 5-minute and 15-minute) but can be used for forex scalping, forex day trading and forex swing trading.
Onyx Scalper Summary
Onyx Scalper is a basic forex trading system that would probably be more appealing to beginners. Reason being, is that the more experienced traders could probably quite easily create a very similar system using the technical indicators built-in the MetaTrader platform, free of charge.
The being said, it is an easy to understand and ready-made trading strategy that is flexible across multiple instruments and timeframes. It will require the user to take some initiative along with sound money management and trading discipline.
The Onyx Scalper includes detailed setup instructions, full support, free updates, a remote setup service if required and a money back guarantee.