Archive for the ‘Forex Killer Review’ Category
Wednesday, October 15th, 2008
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Forex Killer has just been overhauled. It’s now optimized for the latest market conditions to profit even more! There is a new Moving Average Line Builder that is used to determine which way the market is trending. This will allow you to check whether the buy or sell signal generated by the software is inline with the market trend and give you a higher profit probability.
Check out the new version of Forex Killer today!
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Wednesday, March 5th, 2008
Here’s a simple forex trading strategy using Forex Killer that can be used by everyone, even newbies.
1. Choose a day between Mon - Thurs for trading. Avoid Fridays.
2. Choose a time to trade. Recommended time is the overlap between London and New York markets, which is 1pm - 5pm (GMT) or 8am to 12PM (EST). The currency markets tend to be most active when market overlaps.
3. Open a 1hr chart for all the currency pairs available in Forex Killer. Try to avoid volatile currency pair such as the GBP/JPY or USD/JPY. Export the price data for all the currency pairs into a dedicated folder on your PC.
4. Select a currency pair, open Forex Killer and load that currency pair data into Forex Killer.
5. Configure Forex Killer for the appropriate timeframe, decimal, currency pair and press Calculate.
6. Check the short term and long term signals generate in Forex Killer. There are 2 things to look out for:
a. The short term and long term signals must match. ie. Either both Sell or Buy.
b. Look at the probabilities below each signal. One of them must be above 70%
7. Now, look at the chart for the currency pair, EUR/USD. The daily trend on the chart must match the signal given in Forex Killer. If your signal is in the direction of the trend, then and only then do you enter into a trade.
8. Set the Take Profit and Stop Loss values given in Forex Killer. Additionally, set a 35 pip trailing stop for your order.
9. If the above criteria don’t match up, don’t take the trade. Try another currency pair and repeat steps 3 - 7.
10. The next day, at the same time, check on your open trades. Do not close any trades until they are closed by one of your preset stops or take profit stops.
11. Repeat the above steps daily to look for new trades to enter.
As always, try out the above strategy on a demo account first to familiarize yourself. Thanks to Daniel from FXreviews for this great Forex Killer strategy.
Posted in Forex Killer Review, Trades | 27 Comments »
Wednesday, December 12th, 2007
Here are some trading strategies to make full, effective use of Forex Killer:
1) Check signals in 2 timeframes in Forex Killer before opening a position.
Enter the closing prices from 2 timeframes into Forex Killer to get better forex buy/sell signals. You can do this by opening a second window in Forex Killer.
eg. For GBP/JPY, I use the 15min and 60min timeframes. The use of two timeframes helps to confirm the trading trend in the currency pair. Enter into a position only when the signals from the two timeframe agrees.
2) Don’t trade during News events.
News events like interest rates announcements are periods of high volatility in the markets. Don’t trade 30min before and 30mins after the news announcement. Goto www.forexfactory.com to get a free economic calendar that can be customised to your timezone. That way, you know when the news will be announced in your local timezone.
3) Don’t trade when the market is slow.
Best is to have 2 markets open at a time. If you’re trading EUR/USD, most active trading is done during the overlap when both the London and New York exchanges are open. Get a world time clock widget for your desktop and have a clock open for each of the major forex markets: Sydney, Tokyo, London and New York.
Posted in Forex Killer Review | 3 Comments »
Saturday, November 17th, 2007
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 …
Posted in Forex Killer Review | 7 Comments »
Friday, November 16th, 2007
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 …
Posted in Forex Killer Review | 105 Comments »
Thursday, November 15th, 2007
I bought my copy of Forex Killer from www.secretforexsignals.com but you can also buy direct using this link. The photo of the guy in the website is NOT Andreas Kirchberger but a paid actor. The video pitch is cool nonetheless. The normal price of the Forex Killer software is $89 after the 50% discount code at the end of the sales page. But wait till you try to close the sale page, a pop up box comes up offering you a greater discount!
After you’ve entered your payment details, you’re taken to the software download page. The Forex Killer software and bonuses are all downloaded as one zipped file. Important! Do not close the page after you download the software. You need to activate it on the same page. The first time you run the program, it will present you a program key. This key needs to be entered into that download page and generate an activation key for your software. Else, the program will not work.
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