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.
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.
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.
Pips Wizard Pro Summary
Overall, the Pips Wizard Pro indicator can give entry signals that should be combined with good money management. 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. 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.