In this post I will review the Steady Trend Trading Indicator for the MetaTrader 4 (MT4) and MetaTrader 5 (mt5) trading platforms. MetaTrader is free to download from most online forex brokers. You will probably find that more brokerages offer MT4 than they do mt5.
With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
Traders of all experience levels can use the Steady Trend Trading Indicator to spot market trends that they can take as standalone trading signals or use them in conjunction with their own additional market analysis.
This is another trading system from the team over at Trading Strategy Guides who have releases plenty of systems, indicators and tools over the years. Some of which I have previously reviewed and find very useful, this includes the Savvy MACD Dashboard.
Steady Trend Trading Indicator Features
The main purpose of the Steady Trend Trading Indicator is to spot trends for manual trading. The steady trend has a built-in strategy that will help you determine when and where to enter a trending trade.
I would be using it with good money management for the best possible results where a winning trade is greater than a losing trade so that one loss does not wipe out lots of wins. I would shoot for a risk to reward ratio of at least 1:3 where a winning trade is 3 times greater than a losing trade.
It can be used on any currency pair or trading instrument available in your brokers platform. You can also use it on any time frame that you wish.
I would tend to choose major currency pairs such as the EURUSD and GBPUSD as I tend to find that they have the most liquidity and plenty of movements that create trend trading opportunities. They can also have some of the tightest spreads provided you use a reputable ECN forex broker. I also prefer the higher time frame as I find they tend to filter out some of the noise from the lower time frames.
What is Trend Trading?
As a trader, you have probably heard the old adage that it is best to “trade with the trend.” The trend, say all the pundits, is your friend. As mentioned, this is a trend trading forex strategy. Trend trading is a trading style that attempts to capture gains through the analysis of an asset’s momentum in a particular direction. When the price is moving in one overall direction, such as up or down, that is called a trend. Trend traders enter into a long position when a security is trending upward.
Traders can identify a trend using various forms of technical analysis, including trendlines, price action, and technical indicators. For example, trendlines might show the direction of a trend while the relative strength index (RSI) is designed to show the strength of a trend at any given point in time.
Trend trading is usually considered a mid to long-term trading strategy, but it can in theory cover any timeframe, depending on how long the trend lasts. It is usually adopted by traders who prefer a position trading or swing trading style. Position traders are those who will hold a trade for the entirety of the prevailing trend, ignoring day-to-day fluctuations, while swing traders are those who will identify a trend and ride it from start to finish.
When a market price is increasing in value, it is called an uptrend. A trader seeking to take advantage of these movements would enter a long position when the market is reaching increasingly high price levels. When a market price is decreasing in value, it is said to be in a downtrend. A trend trader would enter a short position when the asset is falling to lower price points.
Steady Trend Trading Indicator Summary
Overall, I feel that the Steady Trend Trading Indicator is a very flexible trading system that can be used on any time frame or trading instrument. It is suitable for traders of all experience levels and is based upon a trend trading strategy.
In financial markets, a trend is the general direction in which the price of an asset moves. Trend trading is a method used by investors to identify these broad price movements in order to capture gains.
I would always like to keep the losing trades short and let the winning trades run – some of the key principles of a trend trading strategy. As they say, the trend is your friend!
You may wish to practice with the Steady Trend Trading Indicator on a demo account to start with until you familiarise yourself with the strategy and continuously produce good results.
If you find that it is working well, you could always implement it within your own trading strategy to help you achieve your individual trading goals or even use it as a standalone forex system. There are many ways in which the Steady Trend Trading Indicator can be used, so it is important to try and see if it can work for you before making any commitment.
The Steady Trend Trading Indicator comes with support, updates, instructions and a money back guarantee. I do think that it will require you to use the initiative as there are many ways in which the signal can be interpreted. A trend on one timeframe, may not be a trend on another timeframe. Therefore, you should adjust the trading strategy according to your own preferred trading style because each trader is different in that respect.
To be honest, 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 Steady Trend Trading Indicator download you can visit the website by using the link below.
Steady Trend Trading Indicator
$97
Pros
- Trend Trading System
- Technical Indicator
- MetaTrader 4 & MetaTrader 5
- Manual Trading Signals
- Any Trading Instrument
- Any Chart Time Frame
- Detailed Instructions
- Money Back Guarantee
Cons
- Quite Basic Forex Strategy
- Takes Time To Learn How To Use
- Requires Some User Initiative
- Not Very Innovative
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.
