My Final Forex Killer Review

Well, it’s not much of a review, rather than a final comment on why this software really isn’t worth your time.  Like I’ve said many times, Forex Killer works just fine, but there are other things out there to help you trade that are much more worth your time and in some instances free of cost to you.

I decided to make this post because I still see a large portion of my visitors searching for Forex Killer in some way shape or form.  Most people ask, Is Forex Killer a Scam?  Well, I do believe Forex Killer does exactly what it says it does.  But perhaps it shifts focus off of a trader’s inherent responsibility to actually learn how to trade, with promises to make you rich simply and without stress.  I’ve come to appreciate a healthy amount of stress while trading, careful to not get too comfortable in any one method, following any one indicator, or any one signal provider. The market is always changing, evolving perhaps, adapting definitely, so what works one day may not work the next.

While it’s not necessary for a forex trader to be “aggressive” in his trading style, I believe just trading with Forex Killer in one’s system is not proactive enough to make “a killing” like the software promises.  The whole idea of cutting and pasting the last X amount of closing prices then calculating which way the trend is can easily be found in a number of different indicators and methods.  Seeing recently what TopGun Software can compute and graphically present, for instance, their one of a kind FX Multimap can instantly show you the strength of a pair or an individual currency vs all other currencies.  Flips of this Multimap from red to green usually indicator a change of direction or resumption of a previous upward trend.  Either way, weakness is disappearing and strength is continuing and this is shown to you in an instant and you did nothing except add this indicator to your chart. Another great thing about Topgun is the recent Narrow Range Breakout Script that intuitively adds lines above and below the levels of important ranges.  Used in concert with flips of FX MultiMaps from green to red or red to green, a successful trade becomes all the more likely.  Forex Killer could NEVER give you such amazingly simple indications of when to enter a trade.  Exiting a trade is just as simple if you just add a trailing chandelier stop.  It’s hard to do much of anything with Forex Killer except identify how likely a trade is to go up, but if you took any sort of Forex education, you’d probably hear at some point that you ought not trade on what you think “might” happen, rather, trade based on what you see is happening.  TopGun has scores of other indicators I am just learning about, so I’ll keep you updated on this software of the next few months.

The only downside to TopGun Software is that it costs approximately $250 per month to pay for E-Signal feeds and the software itself (free if you sign up for FXCM under TopGun as an Introducing Broker Client).

That is just one big “for instance” when looking for alternatives to programs such as FOREX KILLER.  Not much else to say except there is undoubtedly many things better than Forex Killer in the world today.

Forex Killer Signal February 8th

Continuing my coverage of how Forex Killer signals work for me, I wanted to document another Forex Killer Signal success story. Earlier I saw another example of how a pair read SELL in 3 different time frames, except daily had no trade. The last time I had 3 line up I had a winner except for setting too far a profit target by only a few pips. At any rate, this trade last night involved EUR/GBP at exactly 18:30 GMT and ended this morning at about 10:30 GMT.
The specifics of this trade were:
I was trading 1.22 lots which were approx 23.50 per point with a 5 pip spread, No Stop loss No Take Profit, just playing by ear. Net gain 43 pips - 5 pip spread = $890 Profit Thanks To a Forex Killer Signal and nothing else this time.

Unfortunately I did not take not of the exact Forex Killer levels, but I do know they both indicated to SELL for 15, 60, 240 minute time frames and I entered just before it took another step down 20 pips, and down another 20 to where I would have put profit target level anyway because the DiNapoli target was in this area.

I could have rode this one out a little long, it just seemed like it lost steam and might push back up a little more, so I decided to lock in my profits and go. And it appears even two hours after I exited the trade, the price is has broken resistance and on the way back up. So the exit wasn’t premature, for once :D. I believe this trade proves you need to know alot more about Forex than just how to get levels and signals from Forex Killer, simply because, I read the signal correctly, it gave me a profit, but Forex Killer doesn’t tell you when or where to exit, you need to do your own technical analysis. In this trade, I felt it was time to exit simply because the Fib target and Dinapoli Targets had been reached and found support. Why stay in this trade even longer without knowing where it might go, and after volume has dropped off? No reason really, so I got out, and not a moment too soon, if you look at the charts now, we see I would have given back at least 20 pips profit. So what I learned again is that Forex Killer helps find the trend, find which way the market is likely to go, but used by own indicators to determine if Forex Killer should be followed and where to set my exit point. Personally I am happy with this trade because while people go to harpoon that big whale (100+ pips per trade), I like to find 3 or 4 25-50 pip trades, not exactly scalps and not exactly interday trading. If I can use Forex Killer to find more trades like this, $1000 per day profit is all but certain, even with losses.

Forex Killer Signal — February 3rd-4th

(Forex Killer Signal Review @ www.mo4forex.com) I’m posting this trade in hindsight as to not give away Forex Killer signals to those who have not purchased the software.

There are two examples here how I lost money with Forex Killer’s signals, while they look like stupid entries on a 1 hour, they seem more logical on smaller time frames. In fact, Forex Killer’s signals weren’t off in these instances, as they resulted in positive pips at one point, but I set my take profit a tad too high and my stops very low. No trailing stop. So they resulted in a loss. Trade #2 was a disaster from the get go, I followed a sell signal on 15min and 60min and the market went against me after only a few pip gain, it actually spiked up just enough to hit my stop before retracing a little bit that would have let me break even.

This is why I don’t think trading Forex Killer signals without any other indicators is wise.  

This next trade I wanted to document in this post was USD/JPY again at 8PM February 3rd (Super Bowl Sunday — Go Giants), risking 1.1 standard lots, risking 51 pips and trying to gain at least 30. I set my Take Profit below the first Dinapoli level, these usually are great indicators of where price reaches and reverses on trends. In the time it took to write this intro, the price has gone almost 15 pips up, so it looks to be profitable if the trend continues as predicted by Forex Killer.

USD/JPY

15 Min — BUY – Up 75 Down 25
60 Min — BUY – Up 75 Down 25
240 Min — BUY – Up 80 Down 20
Daily — No Trade — Up 52 Down 48

—- Trade Conclusion 8:00 AM February 4th

It appears that the prediction I made about USD/JPY with help from Forex Killer and Dinapoli Level Indicator was a failiure by exactly 1 pip! The price actually touched my profit target then immediately retraced back down to 106.81. A few hours later it flirted with 107.00 but couldn’t break it. I did however did not lose money on this trade, and made a profit, although my target wasn’t reached. You can see by this example that the entry was made above at 106.78, minus 4 pip spread, would have made exactly 30 pips, but missed it by one pip as you can see in example two here. So trades like this don’t turn me off to using Forex Killer to enter trades, but it does force me to reexamine when I enter trades, how much I trust Forex Killer at what times, and to come up with better exit strategies.

Let me know if you have any comments or suggestions about my trade here. Anyone else using Forex Killer to trade this week? Comment in and we can make more pips together!

NEW FOREX KILLER REVIEWS

Another Reason Not To Trust Most Forex Killer “Reviews”

Ok, so I forgot the most important thing about blogging after writing a post… approving comments! Believe it or not, after all the banter I created about not trusting Forex Killer Reviews with links to Forex-Killer.com that go through CLICKBANK, well, sure enough, the first comment was from the owner (I’m guessing, who else would promote this .com) of which on the surface looks like a simple, fast, and unbiased review of the software. The owner is actually nice enough to give you a special offer of $10 off Forex Killer (only after you buy it and email him asking for the $10 back though). Through this review the owner of this site says he has reviewed Forex Killer and believes it to be the single greatest tool for predicting Forex market directions, but I have been to that site a few times, it is in fact perfect example of how not to trust a website that Reviews Forex Killer and puts their affiliate code all throughout the page. Please keep in mind, I wouldn’t be making this post if both I haven’t actually seen uwpReview before actually making my first post about Forex Killer (giving me the idea for the first post), and secondly if the owner hadn’t tried to spam my blog with the link to it.

It’s HILARIOUS that the headline of the website is “The Guy who hates all forex software tells you the truth about Forex Killer. Is it really worth your money?” This little comment softens up you visitors trying to find a REAL review on Forex Killer but what they’re really trying to express is, THIS GUY HATES ALL FOREX SOFTWARE, EXCEPT FOREX KILLER. Why doesn’t he hate Forex Killer, what makes it so special? The fact it finds the trend for you, or the fact its making him $30-$50 every time someone buys it through his website? Neither answer helps us much. For a guy who hates ALL Forex Software, he sure spends alot of time trying to promote it. This episode is just another tragic tale of how greed and laziness can overtake the human soul and affect the unsuspecting consumer. Greed in the sense that people will say anything (true or not true) to make a buck, and laziness because certain people don’t take the initiative and try and learn Forex and make money the “honest” way (if you can call trading Currency an honest profession, some actually call it gambling). It’s sad the entire Forex industry gets a black eye because there’s this stigma that every single piece of software is just a ruse, a trick that plays on the consumers’ desire to find the cheapest, easiest way to succeed without doing much learning.

Some people even go as far as citing such nefarious money making tactics as their rallying cry against EVERYTHING Forex: Forex Brokers, Forex Traders, Forex Mentors, Forex Websites, everything about Forex is considered a scam… gee I wonder why. This Christmas I actually got so infuriated at a family member for denouncing what I did for a living, turning to my parents at the dinner table asking if they were ready for the FBI to swoop in and arrest their son. Arrest me? For what? I trade Forex through a broker! I do absolutely nothing wrong, yet there’s this stigma associated with Forex that everyone who does it is a criminal. The proper way to describe Forex is “it makes some people so much money, it oughtta be illegal.” But anyway, this grand misunderstanding was just an example of how Forex has been demonized in the press and in the forum of public opinion. But considering there has to be at least 100K different Forex Domains, millions of individual web pages, mostly set up like UWP-PREVIEW with affiliate links, does it surprise you that people are getting upset when they never earn the millions of dollars they were promised if they used a particular piece of software?

I know what the Forex-Killer.com site tells you, which this webmaster’s review echoes:

-Get forex signals before anybody else gets.

- You will know what and when to buy

Really? Forex Killer knows what to buy and when? I actually think the opposite, that you’re basically on your own with this software, you can enter 10 close prices for any time of day, and within as little as 5 minutes, the trend can change against you, this is a simple and hopefully sobering fact, but Forex-Killer.com says as much through its disclaimers. In fact, all “Forex Forecasting Software” has some sort of disclaimer that hopefully snaps you out of the fantasy world in which you’ve heard of people making $1000 in one second.

You have to keep in mind, anything is possible in Forex, you can make $1000 today, and lose it all and then some tomorrow. So, it’s the ultimate test of one’s confidence being a successful trader and every time I fire up Forex Killer and enter in the price data, I have that awful feeling that I used to get when I was a total n00b at this, always questioning myself before I click to Buy or Sell button, “SHOULD I TRUST MY INSTINCTS ON THIS TRADE?” Now, using Forex-Killer, I have a whole other dimension of uncertainty added to this equation, “SHOULD I TRUST THIS SIGNAL ON THIS TRADE?” Well, I truly despise that feeling, it’s natural for most of us to have doubts, but even after making pips with Forex Killer a few times, I always wonder if this next trade will be my last with this software. Therefore, I made up my mind to reduce the amount of uncertainty and not use Forex Killer as the major part of my trading plan.

Nevermind the psychological aspects of using Forex Forecasting Software, where’s the updated version of Forex Killer that’s on the Forex-Killer.com site? If you do decide to boycott Forex Killer, don’t do it because you think its a scam, or its not worth it, or because of my uncertainty while using it, it might very well help you find the trends and get you into winning trades, that’s not the issue. I would say it would be wise to not buy it until we can find an answer to why you pay for the old version of Forex (left) while they are clearly using a newer version directly on their site (right). Is it that wrong to ask that? I hope I’m wrong about this, but more and more every day I feel like Forex-Killer.com is created by someone who took the idea of the software on the right and made a quicker (perhaps cheaper) version which you see on the left. Someone prove me wrong, send me a link to the updated version of Forex Killer please and I’ll admit I’m wrong, I don’t care really, I just want to make more Pips. Read more

Forex Killer Scam or No Scam?

FOREX KILLER SCAM OR NO SCAM?

If you’ve been trading Forex and you haven’t heard of FOREX KILLER, don’t feel bad. You’ve probably stumbled across my blog while trying to Google whether or not Forex Killer is a scam. First off, let me say I’m not like the 100’s of other idiot bloggers out there “reviewing” Forex Killer while putting my affiliate link to their program in somehow. I do not get paid for promoting Forex Killer, even though I belong to click bank I refrain from promoting something you might lose money with. This review is unbiased and is as fair and balanced as possible. Secondly, most of these bloggers probably didnt even purchase Forex Killer like I did, therefore I have first hand knowledge on this software as well. That being said, let me say that Forex Killer is not a scam. When used correctly, Forex Killer makes you pips, makes you money. But Forex Killer is nothing BRILLIANT, as I will discuss later on. I will say though, that Forex Killer has put itself through a mass media campaign, blanketing 1000’s of sites with their links and good reviews, which, for the most part, obscure unbiased reviews such as this one. I have yet to see someone actually try out Forex Killer in real time or without a sales pitch like this blog entry does.

I’ve even seen on Youtube a handful of videos showing “real” testimonies from people making money with Forex Killer. Interestingly enough, these videos of women testifying to the effectiveness of Forex Killer are popping up. The very attractive young lady from Mexico City seems to be reading verbatim off of a script on the screen. The other lady seems to have a basic knowledge of the software, but she fumbles around with her speech, looks at the screen a few times and regains her train of thought… talking points on the screen perhaps? All valid questions that can be posed to the makers of these videos which coincidentally are closed for commenting. The Forex-Killer.com website has pictures of Dodge Vipers, beautiful summer villas, leading you to believe that the owner’s are living it up based on predictions made by this software. Maybe they are, but most likely they are living it up from selling 1000’s of people Forex Killer, but that’s just conjecture.

The Plot Thickens (For Me At Least)
At the end of November, I emailed Forex Killer’s support department voicing concerns over why my version of Forex Killer looks so “dinky” compared to the one in the video example I saw on Youtube and in the screenshots on their site. Still haven’t gotten a response. The video was from August. I paid $97 in November for a version of Forex Killer which is clearly outdated months ago. I even read on another blog somewhere, a guy saying he got the “updated version of Forex recently” but could this have been one of their clever marketers making this post to make people who like to investigate things, like me, think they’re going crazy or just plain feel stupid for not being able to find the new version? Maybe they hope we missed the email from them? At any rate, this “dinky” version of Forex Killer prevents me from automatically feeding data into it from Meta Trader 4, rather I have to sit there trying to enter them one by one. This newer version of FOREX KILLER has a title of FOREX SIGNAL SOFTWARE in the title bar for the application and allows you to click one button and the price data is entered, no fuss. This all makes me wonder if Forex-Killer.com is the original Forex Killer or is a derivative of some other software? I hope not, I really thought I was going to get the software on the right. At any rate, I hope I am wrong and they email me soon to rectify this discrepancy, maybe there’s a secret page for a download for the newer looking version.

Above Pictures:
SCREENSHOT ON LEFT is What I Paid For And Got (From Desktop)
SCREENSHOT ON RIGHT is The Advertised Version (From Forex-Killer.com)

Enough With The Drama, Does Forex Killer Work?
As for it’s functionality, I read through the instructions a few times, and was left wondering how this can be effective at any time of day for any pair but after using it for a while I answered my own question. Forex Killer, quite simply, takes the previous 10 closes and works out if the trend is going up down, or is flat. This also begs the question, if the hour trend is up, and the 30 minute, 15 minute, and 5 minute are down, which trend should you trade? Forex Killer really doesn’t spell that out for you, nor will you be getting clear entry and exit points from them. That being said, most professional traders, guys who have been in the business for years can probably look at a chart and within 2 seconds figure out exactly what Forex Killer is going to tell a beginner for the price of $97. Inevitably, nothing can predict the final movement of any pair in the Forex market, don’t expect Forex Killer to do that either, that’s why they say X% effective trades, because even price can go against the trend from time to time.

PLEASE DON’T BE FOOLED BY OTHER PEOPLE’S “REVIEWS”
For instance, visit this page http://www.squidoo.com/forexkillerreview , this guy paints this bright picture of Forex Killer, but at the end, puts his aff code at the bottom = TOTALLY BIASED!

So be warned: Any “Review” Of Forex Killer that ends with a link that has “CLICKBANK” in it somewhere, it means the reviewer is biased. Not necessarily lying, but he has a good reason to, and that reason is financial gain. Some webmasters even redirect pages from their site to mask the link. So, rule of thumb, any review of any Forex software, without a link to the program, means its fair and balanced.

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