Forex Spectrum – A Comprehensive Review
Forex Spectrum is a popular forex trading system created by Karl Dittmann that aims to help traders make profitable trades in the forex market. This comprehensive review will examine the key features, pros and cons, and effectiveness of Forex Spectrum based on expert analysis and real user reviews.
Overview of Forex Spectrum
Forex Spectrum is a manual trading system that provides traders with buy and sell signals generated by its built-in algorithm. The algorithm scans the charts to detect trading opportunities based on technical analysis. When a signal is generated, it is clearly displayed on the chart through colored arrows and price levels.
Some key features of Forex Spectrum include:
- Built-in trading algorithm that scans for trading signals
- Clear buy and sell signals displayed on the chart
- Three adaptive take profit levels
- Colored corridors indicating strength of trend
- Works on all major currency pairs
- Timeframes ranging from M30 to Daily
Additionally, Forex Spectrum comes with the FX Spectrum Assistant which helps minimize time investment by automatically detecting optimal take profit and stop loss levels when a signal appears.
Using Forex Spectrum
Using Forex Spectrum involves four simple steps:
- Attach the Forex Spectrum indicator to the chart
- Enter a trade when a buy or sell signal appears
- Set a stop loss at the recommended level
- Exit the trade at one of the take profit levels or trailing stop
The trader is alerted to new trading opportunities through pop-up, email or SMS alerts allowing you to monitor multiple charts simultaneously.
The trading rules are easy to follow but do require some discretion and money management skills by the trader[4]. It is recommended to use a demo account first to become consistent with the system before going live.
Performance and Results
Extensive backtesting of Forex Spectrum by reviewers shows that it is capable of producing consistent profits over time. However, the quality of signals can vary across different currency pairs and timeframes[1]. Generally, performance is better on shorter timeframes like M15 and M30.
Looking at live results, one trader was able to generate over 2000 pips of profit in just a few sample trades on the Daily timeframe. Others reported consistent success using the system on a variety of pairs with an average win rate of 60-70%. Overall, most reviews indicate Forex strategy can produce steady profits if used correctly.
Pros of Forex Spectrum
- Effective and profitable trading signals
- Clear visual interface
- Works on all currency pairs and major timeframes
- Comes with detailed user guide and support
- Affordably priced compared to competitors
- FX Spectrum Assistant automates parts of trading
Cons of Forex Spectrum
- Requires some discretion and trading skills
- Quality of signals can vary across assets/timeframes
- Only available on MT4 currently
- Needs effective money management to maximize profits
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Who Is It For?
Strategy can work for traders of all skill levels. The easy to follow signals make it ideal for beginners. At the same time, experienced traders can filter the signals using their own analysis for better results.
It is a flexible system that can be used for scalping, day trading or long term positions. The ability to receive alerts makes it convenient for traders who cannot sit at the computer all day. Overall, Forex strategy is a robust system that most traders can benefit from with some practice and discipline.
Customer Support and Pricing
Forex Spectrum is currently priced at $147 and includes lifetime support and free updates. The team can be contacted via email and is responsive to user queries.
There is also a 60-day money back guarantee which allows you to test the product risk-free. Considering the features and performance, Forex Spectrum offers good value for money.
Conclusion
In summary, Forex Spectrum is a high quality forex trading system that can generate consistent profits in a variety of market conditions. The combination of accurate signals and automated features makes it an attractive option for most traders. While results can vary, the system has been profitably backtested and used by real traders. For the affordable price, Forex Spectrum is worth considering for traders wanting an edge in the forex market. Just be sure to practice proper money management and perform your own analysis too.