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.
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.
However, I do think that this is a manual forex strategy that requires some input on behalf of the user. This is because you will need to decide what signals you want to take from those that it generates. You will also need to decide on the money management that you will use. Therefore, I think it is better for traders who have more experience and would like to use it alongside their existing trading strategy. That being said, it can also be used on a demo account to help beginners learn more about using different forex strategies to see what works best for them.
The Onyx Scalper indicator is another forex trading strategy 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, 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, Forex Spectrum and FX Meta Scalper.
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.
Forex Scalping
Forex scalping is a day trading style used by forex traders that involves buying or selling currency pairs with only a brief holding time in an attempt to make a series of quick profits. Essentially, you’re looking to make money on tiny ‘micro trends’. You open your position as one begins and close it the moment it turns against you.
Like day traders, forex scalpers will aim to never leave a position open overnight. But they’ll open and close trades at a much faster rate, meaning scalping requires even more discipline and focus than day trading. It’s the opposite of position trading, where you look to make large gains from a handful of long-term positions.
Scaping forex can be highly profitable; but it requires a lot of time, dedication and patience. When the profit margins are so tight on each trade, a single mistake can wipe out the gains from several winning trades, so risk management and discipline are essential to your success.
A day trader, for example, might look to open 5-10 positions over a single session. A scalper might do that in a single hour, on a single market – keeping each trade open for minutes or even seconds at a time, to capture a handful of pips of profit.
You don’t have to use indicators when scalping forex. Lots of traders use price action alone, looking for certain candlestick patterns that have previously led to a specific movement.
I have seen many manual forex scalping systems and forex scalping robots over the years, with the main thing they have in common being that they need a good broker in order to reach their true potential. IC Markets are my top choice of forex broker for manual and automated scalping 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.
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.
Onyx Scalper
$147
Pros
- Manual Trading System
- Technical Indicators
- Easy To Use
- Signal Alerts
- Versatile Trading System
- Any Trading Instrument
- Any Chart Time Frame
- Detailed Instructions
- Money Back Guarantee
Cons
- MetaTrader 4 Only
- Requires Some User Initiative
- Takes Time To Learn How To Use
- Requires Ideal Trading Conditions
- Broker Sensitive
- Not Ideal For Beginners
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.
