Forex Killer Review – Getting Started
The user interface for Forex Killer is pretty straight forward. At the top is where you enter the price data for last 10 time periods from your broker software. You can either key this in manually or import the data (see below). Then, you set the time frame, currency pair and market. Finally, you set your stop loss and take profit margins and then press Calculate. In a few seconds, the software will determine the appropriate forex signal like Buy or No Trade for that time frame. I’m still not exactly sure what the time frame means but apparently if you get a ‘No Trade’ signal for 15 min timeframe, you can recalculate again for a longer timeframe, eg. 1 hr and maybe get a Buy signal for a longer time frame. The time frame ranges from 5 min to 1 week.
For both the short term and long term signals, Forex Killer gives you the Buy and Sell probability at the bottom of the charts. This tells you how strong the signal is. If the difference between the buy and sell signals is too small, the system will give you a ‘No Trade’ signal. This means that the current market trend is not clear and you should not open any trades now.
Entering Price Data Into Forex Killer:
Forex Killer can import price data from MetaTrader4, Trading Station, DealBook360 and SignalSoftware. So, in hindsight, signing up for Oanda’s demo account was not so smart. I’m gonna be using the MetaTrader4 trading platform for the remainder of this Forex Killer review to download price data as well as execute demo orders. You can setup a demo account and download the MetaTrader4 software for free using this link. During the demo account setup, where it says Deposit: 5000 to open an account, don’t worry. It actually refers to the amount of virtual or play money you want to use with your demo account. I left mine at $5000.
To be continued …
105 Responses to “Forex Killer Review – Getting Started”
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Hi Seun,
If you’re using MT4, you can upload the prices automatically by exporting the price data for the chart you’re working on (Choose File > Save As). Else, if you really want to input the prices manually, you can go to the History Center (F2) in MT4.
hi
I’m new to fx and would appreciate your help. if having exported the data from Metatrader4 into Killer Forex and then get a buy or sell signal, can i use easy-forex trading Platform to place a trade? Or do i have to Metatrader platform to place a trade?
thanks
Hi Chris,
Yes, you can use easy-forex or any other trading platform to make your trades. Forex Killer works independently of any broker.
Hi Admin,
I purchase the software yesterday and try to download the export data from FXCM trading platformfor the input data, for some reason the data on the last 10 closed position do not tally with the candle stick value in the chart.
Please assist to advise.
I recommend forex-killer to any forex trader…(I heard it works with futures or stocks but I have only tried it with forex particularly the EUR/USD).