FX Smashers System Review – An In-Depth Look at This Forex Trading Tool
FX Smashers System is a forex trading tool that aims to help traders make profitable trades using technical analysis. This system utilizes custom indicators to generate trading signals and automate trades. In this comprehensive review, we will take an in-depth look at how FX Smashers System works, its features, pros and cons, and whether it is worth the investment for forex traders.
Overview of FX Smashers System
FX Smashers System was created by a team of expert traders and software developers. It is marketed as an easy-to-use forex trading tool that can help generate consistent profits.
The system consists of a set of custom indicators that analyze the charts to detect profitable trading opportunities. When the indicators align in a certain way, they generate buy and sell signals that users can follow to execute trades manually or automatically.
Some of the key features of FX Smashers System include:
- Custom indicators for trend and momentum analysis
- Automated buy and sell signal alerts
- Capability to automate trades using the signals
- Works on all currency pairs and timeframes
- Suitable for beginners and experienced traders
Users only need to install the indicators on their MetaTrader 4 or MetaTrader 5 platform to start using the system. It is designed to be simple to set up and use, without requiring any coding knowledge.
How FX Smashers System Works
FX Smashers System is based on technical analysis of the charts. It uses a combination of custom indicators to analyze price action and momentum.
The main indicators used include:
- Multi-timeframe Moving Averages – To determine the overall trend direction
- RSI Divergence Indicator – To identify divergences signaling potential reversals
- Fractal Chaos Bands – For dynamic support and resistance levels
- Volume Pressure Indicator – For gauging buying and selling pressure
These indicators work together to monitor the charts across multiple timeframes. When the indicators align and meet certain criteria, the system generates high-probability buy and sell signals.
For example, if the faster moving average is above the slower moving average, RSI is showing a bullish divergence, price is bouncing off a support level identified by the Fractal Chaos Bands, and the Volume Pressure indicator reflects increasing buying pressure – FX Smashers would generate a buy signal.
Users can choose to manually execute the signals on their platform or automate the trades using the built-in Expert Advisor that comes with FX Smashers System.
Benefits of Using FX Smashers System
Here are some of the key benefits of using FX Smashers System for forex trading:
Takes the guesswork out of trading – The indicators analyze the charts and identify high-probability trading opportunities so you don’t have to do the complex analysis yourself. This simplifies the trading process.
Provides accurate buy/sell signals – The combination of indicators used ensures accurate signals based on multiple factors coming together, rather than relying on just one indicator.
Suitable for all traders – The easy-to-use system and interface makes it suitable for beginner traders. At the same time, experienced traders can benefit from the automated signals and trading capabilities.
Allows automation of trades – The automated trading eliminates emotional interference and ensures quick order execution based on the signals. This hands-free approach is a major advantage.
Can be used on all currency pairs – The indicators work equally well on all major, minor and exotic currency pairs. Users are not limited to specific currency pairs.
Works on multiple timeframes – Traders can use the system to trade the 1-minute charts for scalping or the daily charts for long-term trading, and everything in between.
Increases consistency – Following a rules-based system with defined entry and exit criteria results in consistent trading performance. Discretionary trading decisions are minimized.
Overall, FX Smashers System simplifies forex trading with high-probability signals and automation while also allowing flexibility in usage. For traders looking to take the emotion out of trading decisions, this system offers a rules-based approach.
Using This System
Using FX Smashers System involves a simple process:
- Get access to the system by purchasing through their website. This provides login details to access the member’s area.
- Download the FX Smashers custom indicators and Expert Advisor for your MetaTrader platform. Detailed installation instructions are provided.
- Add the FX Smashers indicators to your currency pair charts on MetaTrader 4 or 5. Different indicators can be added for different timeframes as required.
- Configure the Expert Advisor settings if using automated trading, including trade size, stop loss, take profit etc.
- Analyze the charts to spot the buy and sell signals generated by the system’s indicators.
- Execute the trades manually by placing orders in your MetaTrader platform.
- Optionally, allow the Expert Advisor to automatically place the trades for you when signals occur.
The FX Smashers member’s area includes training videos explaining how to install, configure and use the system optimally. Their customer support can also help with any setup issues faced.
Pros and Cons
Here are some of the key advantages and disadvantages of using FX Smashers System for algorithmic trading:
- Generates accurate and high-probability trading signals
- Automates the entire trade execution process
- Suitable for beginners and experienced traders alike
- Can be used with any currency pair and timeframe
- Increases consistency in trading performance
- Easy to install and use with MetaTrader platforms
- Requires monitoring of trades if using automated trading
- There is a learning curve to use the system effectively
- Traders still need to manage risk properly on their trades
- Does not offer money management or position sizing features
- Lacks a robust backtesting feature
While FX Smashers System simplifies the overall trading process with its indicators and automation, traders should take the time to learn the system properly before using it with real capital. Proper risk management is still essential when using any automated trading system.
Is It Worth It?
The FX Smashers System is priced at $199 for a lifetime license, with free updates. There are no recurring fees or commissions payable.
For traders looking for an automated forex trading solution, FX Smashers System offers a viable option. The combination of accurate signals and trade automation can be beneficial if used properly.
The system can be worthwhile for beginner traders wanting to understand technical analysis or experienced traders looking to automate their strategy. With the right risk management, it can produce consistent results.
However, expectations should be realistic. As with any trading system, losses can occur. Traders should not rely on FX Smashers software alone to be profitable without applying prudent trading practices.
Overall, at $199, FX Smashers System is reasonably priced for a forex trading tool with automation capabilities. The value comes from making technical analysis simpler and removing the complexities of order execution. It can be a profitable addition for motivated forex traders.
FX Smashers System aims to make forex trading simpler for beginners while also appealing to experienced traders who wish to automate their technical trading strategies.
The accuracy of the trading signals will depend significantly on current market conditions and pairs traded. No automated system can be 100% accurate, so occasional losses are expected.
This tool can be a good stepping stone to learn forex trading with defined rules for entries and exits. The automation saves time and simplifies order execution. However, human oversight is still required for optimal results.
For the price, FX Smashers System offers reasonable value for traders given its capabilities. As with any trading product, it is important to have realistic expectations, apply prudent risk management, and stick to the rules of the system.
Overall, System is worth considering for traders interested in automated algorithmic trading strategies for forex.