Rating: 3.2/5 stars
Price: $99
The Forex Killer Software promoted by Andreas Kerchberger was co-developed by a mathematics professor, a behavioral scientist, and an experienced forex trader. It utilizes various mathematical algorithms to analyze the buy and sell signals in the foreign currencies market. Andreas Kerchberger, who is a home-based forex trader, gained his experience in forex trading while working at Deutsch Bank.
The software works by breaking down the percentage in PIP change and computing the ideal buy/sell timing. All you need to do is enter the market data and it will automatically compute the ideal buy/sell timing for you, thus allowing you to generate your own forex signals. While the software is very user-friendly, it tends to remove much of the hands-on aspect of trading and may take some getting used to by veteran traders who are accustomed to using their own combination of charts and technical indicator tools. This fact may preclude its use by those traders who prefer a more hands-on approach to risking their money in forex trades.
The software has been tested by several customers who report that like any forecasting tool, sometimes you find a winning trade and other times you back into a losing trade. These testers stress that money management is the key to a successful trading experience. As to the question "Who would find this software useful?" The answer is that the main group of people who could benefit from the software are absolute beginners to trading. Also a certain number of intermediate traders may find it helpful, although no doubt they would apply other elements of their experience to improve their success rate.
One unbiased report comes from a veteran trader who has used the software and who quite candidly admitted that "after many years and thousands of hours of studying charts, this software tells me nothing which 2 seconds of looking at the chart already tells me." But if you are someone who is not as experienced as this person is, the software might definitely have some value in your trading arsenal. Although you should be cautious with this as the signals may be too well developed to be of any profitable use.
This same veteran trader offers the following advice to beginners who are considering purchasing the software: "[Forex Killer] actually gives you a buy or a sell signal when the trend is strong and when the trend has been moving in the same direction for the last 10 bars. This is good as it means that you are going to be trading 'with the trend,' but there is also the high risk that the price is about to reach a major level of support or resistance and could reverse in the very near future."
Perhaps the downside to Forex Killer is its apparent flaw in being able to find a winning trade close enough to the beginning of the trend such that a trader is able to enter with plenty of upside still left in the trade. As some experienced traders who have tested it have stated: "This software still needs to be used in conjuction with other indicators for confirmation and at least a working knowledge of the forex." Good advice, overall. Be this as it may, this has not stopped other users who have reported a decent and consistent return while using the software.
One such user reported that: "As a part time trader, I have been trading in Forex market for years. I have realised that it is not very difficult to make money in this market. But the most difficult thing for the individual investor or trader is to continuously do well. I started using Forex Killer signal program last August, and since then I have been able to profit consistently. I gained 117 pips the first month, then 86 pips in September, and 265 in October 2007."
One of the advantages of a purchase is that the Forex Killer Software comes with free updates for the life of the product. For some, this may be enough of a reason to tip the scales in favor of a purchase. It is certainly a good sign that the company is willing to stand behind its product and to support its loyal users with a series of upgrades to improve productivity.
While we cannot give this forex trading system product our unequivocal vote of confidence, for those who do choose to purchase Forex Killer, we can only echo the sentiments of other veteran testers who have stated that a trader's ongoing education in forex trading is of utmost importance and not something to take lightly or give over totally to any trading program, automated or not. Learn your craft and spend enough time in practice trading to gain the confidence you will need to successfully trade the markets.
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