Anyone with experience with Forex trading, particularly with Forex Tracer. Does it work?
Saturday, September 4th, 2010 at
9:34 pm
I know its an automated trading system for the currency markets, and that makes me nervous. Is it worth buying?
Tagged with: Automated trading • currency markets
Filed under: Forex Trading Systems
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If you do not have experience trading Forex DO NOT start with an automated trading system. I know that there are hundreds of "traders" running around the internet saying otherwise but their only intention is to sell you something. An automated trading system can be a very powerful tool IF you know how to trade Forex, you understand the fundamental reason an auto trader works, and know how to adjust the auto trader to meet the changes in market movement.
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I have used forex killer but not forex tracer. I was seeing mixed reviews on tracer out there that were not looking so promising. You should understand that each Forex Expert Adviser software has a different "personality" if you will.
Each uses different trading strategies and tactics for instance some use pivot point and Fibonacci’s in their systems while others are more trend following systems using moving averages and breakouts.
Additionally each has its own method of risk management. Some use tight stops that work in trending markets and others have loose stops that allow choppy markets (like the current markets) to move a bit and become profitable.
Also some have money management faculties and some do not. So consider first what you need as a trader, and what style of trader you are and then find the system that best fits your own personality.
There is a ton of info on the net about the various systems including the manufacturers sites, there is one site that has actual user reviews of each product you can check it out in the reference section below.
Forex tracer is basically a script that works with MetaTrader4 to give you "profit signals" automatically. It does this by "tracing" the charts to find pre-determined patterns and correlations.
According to this Forex Tracer review: http://www.fxsystemscompared.com/rev_forex_tracer.html – the software is pretty easy to use but it’s not 100% automated.
It does give consistent signals which is what you want but you need to be careful because all of what they’ve said on the homepage of FXT isn’t actually true.
Hope this helps?
I’ve personally liked using Forex Tracer. unfortunately it’s very tough to find a legitimate forex tracer review. I went through the website http://forex-reviews.info , where it compared the top three selling programs.
I actually bought two different ones, and returned the one I didn’t like. Easy, simple. and Forex Tracer is making me money.
Many years ago, I discovered a very powerful predictive relationship between two of the indicators presented on the weekly charts at:
http://www.pricecharts.com
You can get an inexpensive trial subscription at that site.
Observe the relationship between the 7-Bar ADX line and the Market Sentiment line on any weekly chart. You will notice what I have labeled the Widen/Buy and Narrow/Sell Effect.
When you see those two indicator lines significantly widen away from each other, a major bottom buy point is imminent usually within three to four weeks.
When you see those two indicator lines significantly narrow towards each other, a major top sell point is imminent usually within three to four weeks.
Combining this information with a careful reading of extreme bullish or bearish indications observed in the Commercials line of the Net Traders Positions chart is another important confirming element. When commercials are building extreme long positions, it is a sign that the market is in strong hands and potentially bullish. The opposite is true for extreme short positions.
When I see these signals occurring, I then apply Kenison Counting Numbers to the monthly, weekly, daily and intra-day charts to determine long-term put or call buying entry points. Then all you need do is wait for the inevitable favorable price explosion. Kenison Counting Numbers subsequently can then be used to determine the exit point when the profitable new trend exhausts itself.
Copyright (c) 2008 Bruce Kenison. All Rights Reserved.
———— –
Bruce Kenison is the founder of several market timing advisory services employing the Kenison Counting Numbers precision market timing method and is the editor of Bruce Kenison’s Market Timing Signals ezine and newsletter available FREE to investors and hedgers. He is also president of a publishing and seminar production company that recently published the 5th Edition of Bruce Kenison’s Market Timing Home Study Course. For a FREE subscription to the ezine or newsletter and information on products and services, send a blank e-mail with "Subscribe" in the subject line to: brucekenison1@yahoo.com
I actually bought the forex tracer and have had it running on a demo account for one week now. Currently, I have 6 profitable trades completed by the system as follows:
Proftits:
$9
$273
$45
$190
$11
$80
It currently has one open trade that hasn’t closed yet, but so far so good. I have close to 50 days left on my trial period, so if it keeps going at this rate, I’m thinking about investing some real money into an account. If it tanks and starts showing losses, I’ll probably just request my refund.
Regards,
B
you must trust yourself n learn about forex.. Go diamond!
ragga
http://forexgolden.blogspot.com/