Forex Killer Review – Trading Day 1 – Up $648.76!
Here are the results of my first ever forex trades and first time using Forex Killer. I used a MetaTrader4 – Demo Account with US $5,000 virtual money as an initial deposit. Take a look at the screenshot from my MetaTrader Account History.
Trade #1 – USD/CHF – Profit $0.00
My first trade was to buy US Dollar / Swiss Franc currency pair at a price of 1.1221. Initially, I didn’t know how to set the Stop Loss (S/L) or Take Profit (T/P) level for the order. After playing around with the MetaTrader order management screens, I learned how to set the S/L at 1.1212 and for some reason, I set the T/P at the same level as the ask price of 1.1221. So, MetaTrader automatically closed my position at 1.1221 and so I only broke even.
Trade #2 – AUD/USD – Loss $80.00
My next trade was the Australian Dollar / US Dollar at a bid/ask price of 0.8856/0.8859. For a 30min timeframe chart, Forex Killer recommends a stop loss of 40 pips or 0.8849 for this order. Unfortunately, I only selected 5 pips stop loss for the position at 0.8851. About 3 seconds later, MetaTrader closed my position at 0.8851 costing me $80.00!
Lesson learned: Forex rates fluctuate by the second. You have to allow a reasonable stop loss and take profit setting for your position.
Trade #3 – AUD/USD – Profit $140.00
Same currency pair as before, but this time I set my stop loss at 10 pips. Still a bit low but enough to survive the rate fluctuations. After about 2 hours, my position reached my take profit level and I made $140.00
Trade #4 – GBP/USD – Loss $260.00
Traded the British pound against the US Dollar but again I set my stop loss too low -10 pips. Within 2 minutes, my position automatically closed and I lost $260.00. Will I ever learn?
Trade #5 – USD/JPY – Profit $848.76
Ok, this time I bit the bullet and set my stop loss at 40 pips! Forex Killer recommends the take profit level to be 50 pips, so I set the T/L at 110.75. Low and behold, some 5 hours later, I closed my position at 110.75 and made $848.76!!!
Lesson learned: Follow the recommendations in Forex Killer.
Summary of Day 1
As a complete newbie starting to learn to trade in Forex, I would say the Forex Killer signals are pretty impressive. Feed it with good data, follow the instructions step-by-step and voila! For the last trade, I didn’t even monitor it. After entering the position, I went out for dinner, came back and was pleasantly surprised .
To be continued …
7 Responses to “Forex Killer Review – Trading Day 1 – Up $648.76!”
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Hi,
My name’s Eric, I really enjoy using the program, although I have been trying to take courses, free ebooks and basically I was just doing nothing short of gambling, until I downloaded the program, the program tells you what the price will be, at first I was trying to incorporate some “strategy” of my own, but that was ruining my trades, instead I recomend actually following the take profit mark the program tells you about, also use the stoploss it recomends. I have acutally found this program to be very accurate, I was sceptical at first but it really does seem to work quite well. On the other hand i 100% recomend you trade with it on demo to build up your confidence, then do it real world!
Hello Eric
I am interest in earning money online and I do not want to venture down “The Get Rich Quick Rubbish”. I am interested in the Forex and especially the Forex Killer program.
A few questions.
1. Have you used it live yet?
2. When you do start up what sort of capital do you need.
3. Can you recommend any websites where I can learn about tradind Forex.
Thanks for your Help
Regards
Darren
Interesting results. I’ve heard a lot about this program, but haven’t got round to purchasing it yet to decide whether it’s good enough to promote on my blog.
Is it still profitable for you?
Just wanted to add a little about the forex-killer program. I purchased it to enhanced my forex trading. So far, so good. First two trades +217 pips using (daily long term signals). Using proper money management, I think this has potential.
Hi Darran,
Your question was – 3. Can you recommend any websites where I can learn about tradind Forex?
Go to http://www.babypips.com, there you will be able to take a small course that will help you.
Cheers
the question I have is: I have 4 buy signals on the 1hr and 15min. I am using meta trader 4 for the signals. I am also using a 62EMA and a 200SMA. both these trends are opposite to the trade indicators.. does that mean NO TRADE. Next: Do I need to use both of the trend indicators, or is just one of them sufficient?
There are times when the 62 may follow the trade indicator, but the 200 is the opposite.
which one would be the best indicator to follow????
Please advise
thanx
Gary
I am a non-professional trader but I find that Forex Killer is a very user friendly software even if u got no trading knowledge. You can check my site on how I do it. I got step-by-step shown on my blog.