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Q: I just purchased Forex killer about a week ago and did a demo to get my feet wet. I know that I was not using it correctly because I was basing my entry soley on the 15 minute chart, in no mans land time around 1AM Central and using the long and short term advice. Here is the problem...it worked and it scared me to death because I know that I am not using a system that I understand. I made 10 pips and 22 pips using this system on the EUR/USD.
I don't understand what is exactly long term and short term signal. I don't understand why it would give me a Buy on both long and short term in on the 15 minute chart and then on the 1 hour chart show sell on both. I know I am missing some kind of set up system here. Would your blog help me understand the tool better and help me set up a strategy I can hang with?
A: In my opinion, using the forex killer software alone is not enough. Thru random testing, it may sometimes work or it may not, depending on how you look at it. I adopt a consistent day trading approach to trade the forex market day in day out, using the forex killer system. I also recognise the need of understanding the market trends and the latest fundamental development. Hence, I analyse the market sentiment technical data on a daily basis plus enter/exit forex-killer setups at different fixed trading sessions. I also read into in real-time the actual number of economic news releases. Thru this combined approach, I am able to gain to a better advantage in forex trading rather than simply applying the forex killer software 'randomly'.
Other relevant posts:
A Simple Trend Exploitation and Forex Killer Day Trading Strategy
Learn to Day Trade The Forex Market Using Automation
Forex Killer Related Strategies
7 comments:
You can backtest Forex Killer fairly easily if you have a program such as Forex Tester. Just edit a data file and stop just before a major rise or fall in price, then cut all the data from then to the present. Run the edited data through Forex Killer to get a signal. Then load the approprite file into Forex Tester from the cutoff date to the present. Make your trade and see what happens.
Thanks cdron. In addition, I also suggest using forward test results. It is better to generate and monitor forex killer signals live and consistently based on own system parameters and at certain fixed hours.
OK, here's my take on Forex Killer.
I had absolutely no luck at all withthe lower time frames, BUT the DAILY has brought me about 700 pips since I bought it a week ago. I only trade what the author traded (if you can see or print out that .gif picture online) which is EUR/USD, GBP/USD, USD/JPY, EUR/JPY, and GBP/JPY. I'd think something was fishy about the software, like the absence of a help file, the wierd trading history, and the trouble people have had trying to contact the author, if I hadn't made 700 pips, I have to admit that the program works, despite everything else. I also use only 80% or more probability. So, for what its worth, that's been my experience with Forex Killer.
cdron - would you please explain in greater detail how to use the Forex Tester? I took a quick look but not sure if it can actually do more than what Meta Trader can do? I can see it will provide data and charts for backtesting, which is great but you will still have to enter all the prices manually into Forex Killer and compute the signals? And then you somehow have to put the signals back into the Forex Tester file (manually, by typing?) and give that file back to Forex Tester to test?
Is that the scenario or I am way of here?
Ench0,
Now that I see Forex Killer works so well, I've lost all desire to backtest it, which would be a big hassle, generally. Lloyd is right, forward test it under different conditions. You would have had to get info from a data file, and cut it where you want to start backtesting.Run the file through FK to get a signal, then select a period under Forex Tester that would begin with the data you got the signal on. It's time consuming and laborious. Forward testing is the way. BTW, from my previous post, I only use long-term signals 80% or more probability.
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