PipLocker Master is a forex system for manually trading the forex market. It comes as a template for the MetaTrader 4 platform that you can load on any currency pair chart and timeframe. The PipLocker Master algorithm that combines various technical indicators will then analyse the charts for potential buy and sell trading signals. When it finds a trading signal, the user can decide if they would like to enter a trade position or not. In this PipLocker Master Review, we will look at what it does in greater detail to help you decide if it is something that you would like to include as part of your trading toolkit.
What is PipLocker Master?
PipLocker Master is a manual forex trading system for the MT4 platform, created by Norbert J. Brown, who has been a currency and stock trader for 20 years. MT4 is one of the most popular forex trading platforms that you can download from the majority of forex brokers.
The MT4 platform is free to use, keeping in mind that you will need the desktop version to use the PipLocker Master System. The MT4 app can be handy to keep track of your trading account whilst on the go but it cannot load the PipLocker Master template.
I personally prefer ECN forex brokers as I find that they have some of the best trading conditions available. This includes tight spreads, low commission fees and reliable trade execution speeds at the best available prices. This all can help to save on trading costs over the long term, especially if trading frequently using a day trading strategy such as PipLocker Master.
The PipLocker Master is overall a very easy and straight forward system to follow. As you can see, the panel is fairly easy to understand. It displays some of the important things we need to see such as:
- Currency pair
- Account balance
- Brokers spread
- Trend of the currency pair
- 2x confirmations (When both conditions are met, only then will you receive a signal)
The signal will appear right on the panel on the chart and an Audio Alert popup will show, that is when you can decide if you want to enter the trade or not. It is as simple as that.
How to use PipLocker Master?
PipLocker Master can scan any chart that is applied to for buy and sell signals. You simply attach it to your charts in the MT4 platform by following the provided step by step instructions.
PipLocker Master can be loaded on any trading instrument and timeframe that you wish. It can scan multiple chart windows and alert you when there is a signal – via SMS, email and platform pop-up. Therefore, we do not need to get a back ache and strained eyes from gazing at charts all day.
I would personally trade the major currency pairs such as the EUR/USD and GBP/USD. Why? Because I find they usually have the most liquidity and can therefore present plenty of trading activity. They generally have low spreads, especially when compared to some more exotic pairs. The forex spread can make a difference, especially if placing multiple trades each day.
In my opinion, the higher chart timeframes such as the 1-hour and above, can filter out a lot of the noise that may occur more on the lower chart timeframes. It also means less chart watching and potentially bigger moves.
Of course, only use a trading strategy that you feel comfortable with and matches your own unique trading style and individual goals. Keep in mind that any trading system comes with an element of risk and there is no guarantee on how well it will perform. That includes PipLocker Master.
I have seen the same forex system give different results, depending on the user. There are many factors other than the actual system itself that can have an impact on performance. This includes money management and trading psychology.
You should try and keep negative emotions in check, such as fear, anger and greed. A solid forex trading plan may help achieve this. I would also want to have a favourable risk to reward ratio. There is nothing more annoying than 1 losing trade wiping out a run of winners.
Therefore, I would ideally want to shoot for a risk to reward ratio of around 1:3. This means that 1 winning trade is 3 times the size of a losing trade. I may even lock in the trade at break even point around the 1:1 mark and trail the rest with a trailing stop, to try and maximize each move.
PipLocker Master Features
By now, you should have a good idea of what the PipLocker Master System is and how to use it. Let’s take a quick look at some of the key PipLocker Master features:
- Built for the MT4 platform
- Unique market analysis algorithm
- Beginners and experienced traders
- Easy to use trading template
- Can be used on any timeframe
- Can be used on any currency pair or other trading instrument
- Can be used on any broker
- Can send email, SMS and platform alerts when there are signals
- Non repainting forex signals
- 15 different colour themes included
When you purchase the PipLocker Master System, there are 2 bonuses included. These are as follows:
Mirage Forex System
PipLocker Master Conclusion
Putting this PipLocker Master Review together, I would conclude that whilst I do see some potential with this particular manual forex system, it will require some initiative on behalf of the user. By this, I mean that the user would ideally be conducting their own additional market analysis to confirm the signals that PipLocker Master generates.
Personally, I would not take them as they are, without doing my own technical analysis, fundamental analysis, sentiment analysis and price action analysis. We must also keep in mind that the money management and trading discipline can also have a significant impact on how well the PipLocker Master performs.
As with any automated or manual forex system, I would start trading with it on a demo account to begin with. This will help me come to terms with how it works and allow me to build confidence with using it. From then, I could decide if it is something that I would want to use on a live trading account, or not.
There are some good looking PipLocker Master trade setups shown on the official website. However, there is no way to verify if these trades were actually taken and not just cherry picked from historical charts. For that reason, I would have liked to have seen the developer publish a verified trading account using Myfxbook or another third-party verification.
I believe that this would have provided us with more transparency and an idea of how the PipLocker Master signals have performed on a real account for a sustained period of time.
That being said, if you wish to try out PipLocker Master on a demo account or just find out more information about this forex system, please feel free to head on over to the PipLocker Master website by using the link below.