In this post I will be reviewing the Wizard Forex System for the MetaTrader 4 trading platform which is free to download from most forex brokers worldwide. The Wizard Forex System is a manual forex trading system and despite sounding like something from Harry Potter or The Lord Of The Rings, it actually has a basic trading concept behind it and produces trading signals you can choose to take. Now, you do not need to blindly take all of the signals generated by the Wizard Forex System and you can use it in addition to your own forex trading system or other technical, fundamental and price action analysis you like to conduct before placing trades.
What is the Wizard Forex System?
The Wizard Forex System is a color coded indicator for MT4 that analyses multiple time frames for the overall direction of the trend. The concept is that it will check to see that the trend direction agrees on all of the different time frames and if it does, that is deemed as a strong signal. Arrows are displayed on the chart when the trend agrees all across the board and you can then choose to enter or wait for another signal. I would use common sense in accordance with Wizard Forex System – for example, if the trend agrees to buy on all time frames and a buy arrow appears but I can clearly see that on the chart I am watching the price is overbought and at a new high, then I would consider it to be a potentially risky trade entering a buy trade so high. In this instance, I would wait for a pullback before a potential continuation of the trend, look at another currency pair or wait for another signal. The Wizard Forex System works on any currency pair or time frame.
I really like how the Wizard Forex System combines analysis from multiple chart timeframes as this can help to improve the quality of the trading signals that it generates. Too often I come across forex trading strategies that only consider the one chart timeframe that they are running on. E.g. If a forex system finds an uptrend on the 5-minute chart, this could actually be during a big down trend on the 1-hour chart. I have always got the best results manually trading when using technical indicators and following the price action on both short and long-term timeframes.
I also like how versatile the Wizard Forex Strategy is. This is because it can be used on any trading instrument that you like, including forex currency pairs, stocks, indices, commodities and cryptocurrency. You can use it for scalping, day trading, swing trading or even for holding position in the long run.
However, it is very important to note that there can be no guarantee on how good or bad the signals that it produces will be. This goes for any forex trading system. You should conduct your own market analysis to confirm trades and only take those positions that you feel comfortable with. I also think you will need to have a solid money management strategy in place to try and get the most out of the Wizard Forex System.
How to use the Wizard Forex System?
The Wizard Forex System has been developed to run in the MT4 platform. It comes as a trading template along with built-in indicators that you can apply to your chosen chart symbols and timeframes. You can use the default settings or adjust them according to your own needs. I would certainly practice on a forex demo account to begin with and only use this manual forex strategy as a supplementary indicator to my own market analysis.
However, I do think the Wizard Forex System needs the user to take some initiative. Whilst you can use it straight out of the box as is, I think you would need to confirm each signal that it produces with your own chart analysis. If you are expecting to buy and sell when it says so and that will generate lots of wins, I am afraid you will be very disappointed. You need to learn how to trade in a way that works best for you and make sure that you implement sensible money management which can help you to achieve your own individual trading goals because every trader is different.
In order to use this forex system, you will need a trading account with a forex broker. 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.
Wizard Forex System Summary
Overall, the Wizard Forex System is an easy to use forex trading system that gives very basic signals and does require some consideration on behalf of the trader rather than taking all trades blindly. It is a trend trading system that could probably be duplicated with a combination of moving averages. I would be using a sensible money management strategy with losses being cut short and letting winners run, this will give me a favourable risk to reward ratio. I would also start trading online on a demo trading account to begin with until becoming familiar with the Wizard Forex System.
If you are interested in downloading the Wizard Forex System, you could always start on a demo trading account to begin with. This could be a great way to familiarise yourself with how to trade with the Wizard Forex Strategy and get the most out of it. You can get a free demo trading account from most forex brokers. Once you have built some confidence and have some success, you may then consider switching over to a real live account.
I just think there is nothing too ground breaking about this forex strategy and believe you can find something similar for free online or even build a similar system with the basic MT4 indicators. Instructions, trade examples and a money back guarantee are included.
Wizard Forex System
$87
Pros
- Versatile Forex Strategy
- Multiple Timeframe Analysis
- Any Currency Pair
- Signal Alerts
- Manual Trading System
- Easy To Use
- Detailed Instructions
- Trend Trading Strategy
- Money Back Guarantee
Cons
- MetaTrader 4 Only
- Quite Basic Forex Strategy
- Requires Some User Initiative
- Takes Time To Learn How To Use
- 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.
