If you trade forex online, I'm sure you've probably heard about Andreas Kirchbergers' Forex Killer software by now. There has been a lot of exciement and controversy over this automated forex trading signal generator.
Before purchasing this or any other automated trading software, you really need to understand what are thinking about buying and whether or not it truly suits your needs. I am going to give you some honest feedback on the popular Forex Killer software. I'll tell you what I do and don't like about this foreign exchange trading system.
To many people it appears that Forex Killer is a scam because it is being marketed as a "get rich quick" system. That is unfortunate because I feel the software does have great potiental with proper usage. Most conservative traders, myself included, generally research the market they wish to trade and then begin the technical analysis of the trade itself. This software, however, allows you to speed up the technical analysis portion of your trades.
Should you decide to buy Forex Killer, the very first thing I recommend that you do is read the manual and learn how to download your data from your broker's trading platform. If you don't, the time consuming task of manually entering this data will drive you up the walls. It's much faster and easier to allow the software to do it for you.
Once you have the data entered into the software, identify the timeframe, the number of decimals in your quote and the instrument you are trading. The software will calculate a percentage probablility of whether or not you should trade with one of three signals. You will see "buy, "sell", or "flat"(this means no trade should occur). You will also see a short term or long term signal, but Forex Killer does not designate a time frame of what is considered to be short or long term. It would be nice to see this improved upon in future versions.
Combined with your own market research, the software gives you an objective second opinion and allows you to make a more educated trade. All in all, I do recommend this product as an addition to, rather than a replacement for, you own technical analysis and research.
My Personal Forex Killer Software Feedback
1. It's easy to use
2. Quickly generates trading signals for multiple currency pairs
3. Excellent addition to your own market research
4. Very Affordable - It's cheaper than paying for a professional consultant.
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