In this post I will be reviewing Karl Dittmann’s Pips Wizard Pro indicator for manual trading forex on the MetaTrader 4 trading platform. The Pips Wizard Pro signals are very easy to follow making this a manual trading system suitable for all levels of forex traders whatever your experience may be. However, this is by no means a magical trading system. It will require significant user input and you will need to spend time to learn how to use it and build your own money management strategy according to your own individual goals.
The Pips Wizard Pro indicator is another forex trading indicator from the Karl Dittmann whose previous forex software I have reviewed including Fibo Quantum, Super Profit Scalper, Forex Enigma, Forex Monarch, Forex Resolut, Exynox Scalper System, Onyx Scalper, 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.
What is the Pips Wizard Pro Indicator?
It is a very flexible forex trading system that you can use on any currency pair (stocks, bonds, commodities, etc) and time frame although I would personally use the longer term charts such as the 1 hour charts and above to try and filter out market noise that can appear on shorter time frames. You can use it to generate trading signals on all of your favourite instruments and chart time frames. If is very versatile in that sense but does require some additional filtering in my opinion as it is quite basic used as is.
Furthermore I would also use Pips Wizard Pro on the major currency pairs such as the EURUSD and GBPUSD as they have some good moves which allows me to use a favourable risk to reward ratio ensuring that winners are greater than losers. I would make sure that I am using an ECN forex broker for the best possible trading conditions, lowest spreads and plenty of liquidity for trade execution at the best possible prices.
Pips Wizard Pro Strategy
The Pips Wizard Pro strategy is basically an indicator that you place on your trading charts which will look to identify new trends before they begin. This is with the aim of getting you into moves at the earliest opportunity and thus allowing you to make the most of all significant market moves.
The entry signals are very clear and easy to follow – they are displayed as colour coded dots/lines on the chart. When one appears you can choose to enter the trade or you can even include your own additional technical, fundamental or price action analysis should you wish.
It shows two different lines: blue line indicates a buy signal and orange line – sell signal. On top of that, whenever a new signal is generated, Pips Wizard Pro can alert you via email, pop up (with sound) or push notification sent to your mobile.
I would ensure that I am using sensible money management so that winning trades are greater than losing trades – as you have probably heard many times before – cut the losers short and let the winners run.
You can also use an opposite Pips Wizard Pro signal for your exit, this could also keep you constantly in the market on a chosen currency pair – although you could get whipsawed in and out when the market ranges.
It is worth noting that the Pips Wizard Pro trading signals do not repaint which means they are fixed once they appear and will not change later on.
Another advantage of this forex trading system is that not only will it give you an entry signal but it will also tell you optional take profit and stop loss levels that it recommends but you can always use your own.
How to use Pips Wizard Pro?
The Pips Wizard Pro strategy has been developed for the MT4 platform which you can download for free from most forex brokers. You then put the forex indicator into the relevant MT4 folder and you will be able to load it onto your charts. From there, it will use the built-in algorithm to scan the charts for possible setups then send you an alert when there is a signal. You can choose if you want to take it with your own additional confirmation or simply sit back and wait for the next opportunity to come along.
In order to use the Pips Wizard Pro trading system, you will need a trading account with a forex broker. With so many forex brokers to choose from nowadays, it can seem very difficult to find a suitable option. If you are new to forex trading online and looking for some ideas, please feel free to browse my best forex brokers for some inspiration along the way.
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.
Pips Wizard Pro Summary
Overall, the Pips Wizard Pro indicator can give entry signals that should be combined with good money management in order to try and get the most out of what it can offer. It is very easy to use and thus is suitable for traders of all levels. It is also a very flexible manual trading system. It can be used on many instruments and any time frames as it is very flexible. Furthermore, it will allow you to trade at times that suits you – if that be morning, afternoon or evenings, there will always be trading signals. It comes with detailed instructions including real trading examples, full support and a 60 day money back guarantee.
To be honest, I think 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 Pips Wizard Pro download you can visit the website using the link below.
Pips Wizard Pro
$99
Pros
- Multiple Currency Pairs
- Multiple Time Frames
- Signal Alerts
- 60 Day Money Back Guarantee
- Full Support
- Lifetime Updates
- Manual Trading System
- Manual Trading Signals
- Detailed Instructions
- MetaTrader 4
Cons
- MetaTrader 4 Only
- Quite Basic Forex Strategy
- Takes Time To Learn How To Use
- Requires Some User Initiative
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.
