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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Great program forex Killer! I made over 260 pips last week! Thanks to Forex Killer
Thanks for your comment about forex killer.I have the software but I lost the instructions that came with it and so I don’t know how to use it.I will appreciate it if you could pass the guide that came with it to me.My difficulty really is how to set the stop loss and profit target after the software might have given the indication to buy or sell with their percentage respectively.Please do help out
Dear Samson,
I’ve emailed you the Forex-Killer instruction manual.
i don’t quite understand with long term signal & short term signal of killer forex software. Must it shows both ‘buy signal’ or both ’sell signal’ then we can proceed the trade?
Secondly, after we get the data from metatrader, input it in the software where it suggest ‘take profit’ & ’stop loss’. My question is where to put them in fxcm coz the ebook only shows where to put them in metatrader.
pls.how effective and reliable is the signals generated from the forex kiler software.and what about the effect of economic news releases on it. Thanks
akin olu
Hi rohani,
Both the long term and short term signals do not have to agree before you can place an order. I usually trade the 5 min or 15 min timeframes. So, i use the short term signals for my trades. In the FAQ ebook, short term signals refer to 5m,15m,30m and 1h timeframe. Long term signals refer to 4h,1d and 1week timeframe.
I’m not familiar with the fxcm trading platform. Perhaps you can refer to their user guide.
Hi akin,
It is recommended that you do not trade with Forex Killer before important economic news releases. The market can be very volatile. No trading system is perfect but Forex Killer is best used in conjunction with common trading practices, such as not trading against the market trend, etc..
Hi,
thaks alot for your response.Attept to purchase the software yesterday was rejected using my mastercard on the account that my mastercard did not have the last 3 digits validation code.Pls.can you help me out.thanks
Perhaps you can contact your credit card bank for the validation code.
Hey im totaly new to this trading thing i got a automatic EA from another web site where i payed 250 for it and looking in to buying this program since the other EA was not that good. How can i trust this forex killer program? why is it better then the rest? How hard is it to input date from the MT4 plate form? Please email me back.
Hi there
First off – thanks for the excellent review!
Would you pls answer a couple questions about Forex killer?
When you say above that “Forex Killer can import data from MetaTrader4, Trading Station, DealBook360 and SignalSoftware” – how hard is it to import the data?
I have used MT4 (which I like very much) and I know that it has a DDE feed server which can supply quotes to othe applications, is that how FK gets the data from MT4?
I have also used DealBook 360 by GFT which I find quite complicated and difficult to use. How do you import data from DealBook into FK?
Trading Station – do you mean the FXCM Trading Station? How do you import data from the Trading Station?
Signal Software – never heard of this one. Could you please provide more info or a link so I could take a look at it please? (and again – what’s the data import procedure?)
And my other question is: how are the TP and StopLoss levels decided – does the software tell you these levels based on the trade probablity and your account balance you have to somehow calculate them yourself?
Thanks and have Great Holidays!
correction to typo in the last sentence of my prev. post:
“does the software tell you these levels based on the trade probability and your account balance, or you have to somehow calculate the TP and SL levels yourself?
thanks agains…
Hi Edin,
Please take a look at the reviews section in the Forex Killer website. This gives you the trading experiences of other FK users. No software alone is going to guarantee you success in forex trading. That’s why when you purchase Forex Killer, they bundle a Forex Learning eBook together. You need to understand how the forex market works, some charting knowledge, candlestick charts are a must, news events that affect currency exchange rates, etc. Forex Killer will help to identify the entry and exit points when trading but even they admit that you won’t win every trade. What Forex Killer promises is to help you be profitable in the long run.
It is very easy to input price data from MetaTrader. Simply select the timeframe for the chart you wish to trade, goto File -> Save As and click Save. Then, goto Forex Killer and click Load.
Hi Jack,
It’s very simple to import data into Forex Killer. See my previous comment for MetaTrader. MetaTrader exports the closing prices into a CSV (comma separated) text file which Forex Killer is programmed to read. There is no DDE feed involved.
The procedures for Trading Station, DealBook360 and Signal Station are much the same and are covered in the Forex Killer instruction manual.
The Stop Loss and Take Profit levels in Forex Killer are predetermined levels for the timeframe you are evaluating. ie. For the 15min timeframe, the default SL is 25 pips and TP is 30 pips. You have to manually enter these SL and TP levels into each trade that you make. As it’s just a recommendation, Forex Killer does not do it automatically for you.
I really confused with the software that resulting in loss for several trading that i have trades. Prior trading, i download data from MT4 as instructed in the manual. The result i get are as follows;
1. RED line instead of GREEN at the tailing edge.
2. Manual input and auto input of price data from MT4(GBP/USD) give me different results with similar time frame (15 mins.). Manual input give me Buy signal and the probability to Buy-55.81%/sell-44.19% and auto input give me NO TRADE signal.
3. The Predicted Price of manual input are higher than 14pips compare to the current “ASK or BID” price.
Please help me to sort out this problem.
Thanks.
Am using MT4 to learn forex currency trading but the data feed is not accurate since their server where my demo account connects to – seems to be experiencing some problems.
My 2nd choice is DB360 but it is not as user-friendly as MT4 – am completely lost as to where to input the data (SL and TP) from ForexKiller2 to DB360. I hope you can help me with this matter.
Thanks
pls.send the forex-killer manual to me and at what time of the day can i trade the signals generated by the software.i mean the last ten closed trades thanks.
akin olu
Hi Hashim,
If you doing manual input of price data, make sure to use closing prices. I compared the results from using manual input versus auto input and they are the same. The 15min timeframe is quite short and the signal can change quickly from buy to no trade in one period.
As stated in the manual, the predicted price is just for information and should not be used an an indication of price movement.
Hi Akin,
The forex killer manual is in the same folder that came with the software. Else, click the help button in the software. It will launch the manual automatically. The time of day to trade depends on which currency pair you are trading. eg. the EUR/USD pair is most active when the London market overlaps with the US market, which is around 1300 – 1700 GMT
Hi Ram,
I personally prefer MT4 as my trading platform. If your MT4 broker server is unreliable, you should give FXcast a try. http://learn-forex-online.com/goto/fxcast/
I am currently downloading data from FX trade station 2 and another data provider just to compare. I get these signals with FX trade station 2:
Short term: BUY
Long term BUY
Using the data from another provider is get:
Short term: Buy
Long term: Sell.
So this is very confusing for me. I am looking at USD/JPY daily.
Which signal I have to use?
Dos the short term signal and long term signal has to correspond to BUY or SELL to enter a trade on any currency using the daily charts?
Please advice.
Thanks
Hi,
I imported data from tow different places (FXCM Trading Station and some other provider)
I found that FXCM gave me:
Short term: buy
Long term: sell
The other data gave me:
Short term: buy
Long term: buy
Please advice why there is a discrepancy between the long term signals?
Greatly appreciated,
Hi Ali,
Please check the closing price data from the 2 sources. If they are the same, you will get the same result in Forex Killer. Sometimes, if you are trading very short time frames, like 5min, by the time you input the second set of price data into Forex Killer, you may have crossed over into a new time period and hence the signal may have changed.
The short term and long term signals do not have to correspond before you enter a trade. As mentioned in a previous comment, short term signals refer to 5m,15m,30m and 1h timeframe. Long term signals refer to 4h,1d and 1week timeframe. So, if you are trading the 15min timeframe, just look at the short term signal.
When we download data fron MQ4 chart,do we have to put the chart in candle format before?
Thank
I got a buy signal last night 8:30 EST for GBP/USD. The trend is down! How can I get a buy signal when the trend is down? This morning the trend was down and I was in -1300?? My question is; when is the best time to use the signals from the software? Is it when both markets overlap each other? i.e., London and NY. Please advice.
When I click on Help tab or on “Detailed Instructions…” on Help menu nothing happens. Why?
i have account with Lite forex which is mini account but i want to grow it to somthing bigger can i use the forex killer to trade miniaccount of about $50 but in cent which c5000 pls i will be very happy for the quick response
Hi Jacque,
1. No, you don’t have to put MT4 chart in candle format before exporting price data. The chart formats doesn’t matter, only the timeframe.
2.The “Detailed Instructions” actually is the Forex Killer Instruction PDF file. It must be in the same folder as Forex Killer for the tab to work correcly.
Hi Ali, the best time to use Forex Killer depends on your trading profile, whether you are a scalper or position trader.
Scalper prefer the time overlap between the New York and London markets as it is the most volatile. Here, you have to be on your toes as the signals can change suddenly.
I am a position trader not a scalper. I use the day signal to enter. My question is; is it preferable to use the signal early in the morning when both markets overlap each other (8:30 am EST)? Or when the market is not very active ie; after 5 pm EST?
Thank for help. Another question: When I change Time Frame in Option Tab or in Option menu, there is no change in time frame in Step 2: Set Parameters. Is it normal? The “Sys” file is in the same folder than the Forex Killer program. I also observe that if I don’t change currency pair in currency in step 2, this does not affect calculations???
I started demo trading this past Monday.
Up to yesterday afternoon I couldn’t believe my eyes: $7000 dollars in 3 1/2 days on a $10000 account !!! 70% in under 4 days ….INCREDIBLE !!!
Then yesterday evening I lost 5k.
I am now up 3000 at the time of this writing. So I am still impressed with the software.
The reason I lost and made all that money is because I am trading all signals on all pairs. I am doing this to find the best, and most reliable, pairs and times to trade.
Then I will only trade live on the consistent ones. Also looking at ways to improve the Profit Factor. Using a trailing stop set at 45 pips ruined most of the good runs.
I trade on the 4hour TF so my SL is 70 and TP is 90. You can understand that if a trailing stop is activated is because price went 45 pips in your favour. And that is a good move (in my book), so maybe profits should be taken when there.
I am open to receiving advice, and maybe work together, on how to get the most out of this good software.
NOOB alert!!! I just purchased forex-killer, and I cant seem to get it working properly. I input all the data, but it says it cant perform the operation do to the sys file that is included. I dont know how to include this sys file, as it is a self exploding exe program, and has no folder (am I wrong?) Do I put the sys file in my windows dir, or what is the freaking story? Do I ask mr guru for a refund?
t
Hi Admin, are you still there???
Hi Jacques,
When you change time frame options in the Options menu, you are actually setting the default stop loss, take profit and decimal values for Step 3.
That’s why there’s no change in Step 2 parameters.
When you change the currency pair, take a look at the Buy and Sell probability percentages. They change according to the currency selected.
Hi Ali,
If you’re trading longer timeframes like the 4hr, it doesn’t really matter what time you calculate your signals. Just avoid 30mins before and after major news announcements.
Hello,
I was wondering if you could help me with something I noticed:
Why is it that sometimes the software generates a buy signal and the red part of the line on chart is actually pointing downwards ? Is there any difference between this situation and when it actually points upwards ?
Dear Admin,
Is there a trial version of the forex killer software. Just to make that sure that it really works as describe in the website.
Thank you.
Hi Jihadi,
No, there’s no trial version available.
Great software i must confess. made 240USD last nite. wow! impressed. but would be glad if another merchant would be introduced so that credit cards from country like nigeria would be accepted.
Too bad people want to buy it but can’t…..
I would advice that worldpay should be included in the payment platform because they accept nigerians’ credit cards.
I’m glad man!
Hello. I use CQG and my partner uses E-signal. Can either of these datafeeds be used with FoexKiller? Thanks
Dear Sir,
Being a complete novice and knowing nothing about Forex trading, I purchased Forex Killer and downloaded MT4 as it’s partner but after reading the FK manuals, I still don’t know if I should set things up for 30M, 1H, 4H, 1D or 1W! (I reside in Australia and believe 5M and 15M would be of little use to me…But I don’t know)
I have FK in three seperate folders covering 1-USD/CHF, 2-EUR/USD and 3-GBP/USD and I import data charts from MT4 for 30M and 60M for each set of currencies, I have also tried importing data for 240M and 1440M for each lot of currencies but I’m feeling lost because I know nothing about the Forex market…Apart from the fact that even experts can loose their shirts if they are not careful.
As a novice, which timeframe would you say I would be best working with and should the data for that timeframe be updated at the chosen timeframe? For instance, if I was to start at 9am each morning and had FK set for 1H, I import the 1H data file from MT4, then load it in FK, should I then update the 1H data file again at 10am, 11am, 12noon and so on? Then work from the advice given by FK…i.e. BUY, SELL or NOTRADE?
Thanking you in advance for your advice.
Sincerely,
Bill W
Australia
i recently bought forex killer software and i thought it is easy to use;i don’t know, maybe i am dumb and don’t konw how to use it, hopefully i can find some answers from someone with experience with this software.
1.how to input long term signal data if i save a chart of 15 minute and export to short term signal data?
2.what is the difference between from file and manual in the box above long term signal data? how to use it?
please i want to ask does forex killer gives a future signal or its an immediate one becos wen i run the software it may say buy will the market is trending down, on the other hand when the market is trending upward n i run the FK it will be saying sell. wat exactly are the signal is it a future trend or present tread.
thanks
Hi Matt,
I don’t think Forex Killer accepts datafeeds from CQG or E-Signal directly. However, you can still input the data manually. FK only uses the last 10 closing prices for calculations.
Hi Nelson,
Forex Killer gives you buy/sell signals for future trends. Shorter timeframes like 5min & 15min are much more volatile and the signals can quickly change from buy to sell and vice versa even in trending markets.
Hi Mike,
When you export 15 min price data from MetaTrader4, you actually get several years of price data. Forex Killer uses this for both the short term and long term signal calculation. There is no need to key in the long term data separately. If you really want to, then select the Manual option above the long term signal data.
Hi Bill,
When you bought Forex Killer, you will have received a free e-book on Forex trading. I highly recommend that you read that first. It will give you background knowledge on forex markets, forex terms, etc.
Choosing a timeframe to work with really depends on your trading style. Shorter timeframes like the 5, 15 and 30 min are more volatile and require constant monitoring. ie. you have to watch the charts all the time while your trades are open. If you can’t be at your computer all the time, try a longer timeframe like 1 hr or 4 hr. After the timeframe period closes for the 1hr or 4hr, you don’t have to export the data again to load into Forex Killer. Just manually enter the last closing price into the New box at the end of the short term data row and click add. Then click Calculate again to get a new signal.
thanks admin for the reply to my mail i appreciate but i still have questions been that i wanna be successful using FK and havin u by my side. do u think using signals from 1hr short term and signals from daily also short term to correspond is a good deal for entryin a market position for example if 1hr short term is sayin buy and the daily short term is also saying buy then i wait for the market to trend buy. do u think is a good tradin system cos i only want successful trades.but if they both disagree i dont execute a trade. wat do u think about this method
thanks admin;now i have few hours watching market at night (LA) so i can monitor a little;and i usually watch 5 and 15 minute chart on gbpusd;mostly closely monitor 5 minute just in case ready to enter the price;i am just asking for your own opinion (i am not saying that you will be responsible for what you answer to my question,ok);if you were to watch 5 minute chart gbpusd every night and try to find the signal and now you have forex killer as a signal generator;my question is 1)what timeframe would you save and export to forex killer software (step 1);2)which timeframe will you set as parameter for currency gbpusd (step 2) and 3)which term (short or long) of signal you would trigger and for how long would you use that term data (step 3);i would really appreciate for your thought and help,thanks.