TAURUS Forex Trading System – An In-Depth Review

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The TAURUS Forex Trading System is a semi-automated trading tool designed to help traders make better decisions when trading currency pairs. This system aims to eliminate human error and emotion from trading by providing analysis, alerts, and trade management features.

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Overview of the TAURUS Forex Trading System

The core of the TAURUS system is the TAURUS Pro Trade Manager EA (Expert Advisor) that runs on the popular MetaTrader 4 trading platform. This EA specializes in opening, managing, and closing trades based on signals from the broader TAURUS trading strategy. Key features include:

Multiple built-in alert systems to notify traders of potential trading opportunities
Tools to help determine stop loss, take profit, and lot sizing for each trade
One-click buttons to easily enter and exit trades on the chart
Advanced trailing stop capabilities to protect profits
Flexible trade management based on percent risk, fixed lots, or indicator recommendations

In addition to the Trade Manager EA, the TAURUS package includes indicators that plot buy and sell zones on the chart. Traders can use these zones in conjunction with the EA or manually place trades.

The system aims to provide the following benefits:

Reduce emotional decisions and human errors in trading
Enable fast execution of trades when opportunities arise
Protect capital with stop losses and profit trailing
Make informed decisions on risk management for each trade

Overall, the combination of automation, alerts, and analytics makes this a powerful system for forex traders.

Assessing the Credibility of the TAURUS Forex Trading System

With any trading system, it’s important to objectively assess its credibility before risking capital. There are a few key factors to analyze:

Live Performance Verification

The best validation of a system’s profitability is a MyFXBook verified account showing real trades. TAURUS provides this through their live account tracking over $12,000 in profits with a 75% win rate. However, the drawdown is high at 59%, so proper risk management is essential.

Length of Track Record

The longer the track record, the more confidence traders can have that results are representative and not just short-term luck. The TAURUS system has over 200 trades across multiple currency pairs in its live account. However, the tracking only goes back a few months. More data would be ideal.

Transparency of Process

A trading system should provide transparency into the logic, rules, and processes behind it. TAURUS discloses some helpful details about the trading strategy and Trade Manager functionality. However, the underlying code remains proprietary. Users must trust it works as described.

Cost

Reasonable pricing suggests the focus is on providing value rather than extracting big profits. TAURUS is available for a one-time fee around $250. This is affordable relative to many other forex EAs. Ongoing subscription fees would be a concern.

Overall, TAURUS scores reasonably well on credibility factors, but traders should exercise caution as with any system making big promises. More performance data over a longer period would help substantiate the claims.

Using the TAURUS Forex Trading System

If you decide to purchase and use the TAURUS trading system, there are a few key steps to get started:

1. Install on MetaTrader 4

As mentioned, TAURUS is designed for MetaTrader 4. So the first step is ensuring you have an MT4 account with a compatible broker. Most forex brokers support MT4, but check before signing up.

Once logged into MT4, import the TAURUS ex4 expert advisor file and tpl template file. This will add the Trade Manager EA and other indicators to your platform.

2. Configure Settings

The next step is configuring the TAURUS EA settings to match your account, risk preferences, and trading plan. Key options include:

Trade comment – Useful for tracking trades
Lot sizing method – Fixed, risk %, or indicator based
Stop loss mode – Pips or indicator based
Profit trailing settings

Take time to understand how each setting impacts trading behavior before deploying the system. Conservative choices are best initially.

3. Add Charts and Alerts

With the system configured, add TAURUS indicators to your currency pair charts in MT4 to see potential trades. Also set up notifications for mobile, email, or desktop alerts so you never miss a signal.

The system can trade automatically, but oversight is still recommended when getting started.

4. Monitor Performance

Once live trading commences, closely track the performance in MT4 to see if it aligns with backtested and verified results. Look for consistency in factors like profitability, drawdown, win rate, risk-reward ratio, etc.

If performance diverges negatively, stop trading and troubleshoot or optimize settings until resolving the issue.

Pros and Cons of the TAURUS Forex Trading System

Based on capabilities and credibility evidence, the TAURUS system has the following notable pros and cons:

Pros

Semi-automated trade management saves time and effort
Multiple layers of analytics and risk metrics for informed decisions
Verified live performance over 200+ trades
Affordable one-time purchase cost
Useful as educational resource even without live trading

Cons

Limited transparency into proprietary strategy logic
Short 5-6 month performance verification period
High historical drawdown at 59%
Requires effective configuration and oversight

As with any EA, solid risk and money management are vital to long-term success. But the tools TAURUS provides can give traders an edge if used prudently.

The Verdict on TAURUS Forex Trading System

In summary, the TAURUS Forex Trading System is a robust semi-automated solution for executing a rules-based trading strategy. The combination of analytics, alerts, and trade management into a MetaTrader 4 expert advisor provides helpful decision support for traders.

The risk and drawdown metrics warrant caution. But the live performance results suggest the system can be profitable over time if configured and sized appropriately for a trading account. For traders seeking to eliminate emotional decisions or avoid sitting in front of charts all day, TAURUS offers assistance – but not a magic bullet.

As always, skepticism is warranted until seeing sustained profitability across different market conditions in a live account. But for a one-time fee of around $250, TAURUS provides an affordable package to potentially boost forex trading outcomes.