Is Forex Pip Taker truly a profitable Forex trading system like what is promised on its website? This new currency trading system is one that requires only a few minutes of work analytical work every day. This is very much in contrast to many other traditional Forex trading systems that I have been using before that would require me to spend as much as half a day staring at my computer screen every day. Some of the commonly used technical analysis tools that the owner of this system is not using include Fibonacci retracement indicators and neural network equations.
Why is There So Little Use of the Traditional Technical Indicator Tools in Forex Pip Taker?
These tools have been tested and proven to be not useful throughout the trading tests. In fact, there is very little technical analysis work involved with using this trading system. Instead, it analyzes more important indicators that reflect more on the fundamentals. Therefore, I do not have to analyze any complicated charts while using this tool and certainly do not have to sit in front of the computer staring at 1 minute charts for hours every day.
What Are Some of the Skills That You Can Learn by Using the Forex Pip Taker Trading System?
One of the most important skills that I have picked up from this trading method is how to identify false breakouts and therefore not place a trade that is destined to lose money. This is a skill that most other trading courses have not taught me before and has helped me cut out a significant number of losing trades already.
Once you enter your trade, you will need to know immediately where to place your stops so as to cut losses as quickly as possible if it still turns out to be a bad market signal. Traders will be taught how to identify true support and resistance levels instead of short term ones that are not powerful enough affect the strength of the trends.
By analyzing all these factors before I place a trade, I usually have a very good ‘feel’ as to how the trade will turn out based on these indicators that are using, allowing me to anticipate which positions would end up as the most profitable ones. Every trade aims to make about 300 to 500 pips based on long time frame charts such as the 4hour instead of focusing on the shorter time frames. Therefore, traders are not expected to be scalping the markets looking for small 10 to 50 pip gains.
Source by William Barnes