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.
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 Review
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.
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. Instructions, trade examples and a money back guarantee are included.