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Cheatcode System v2 Review

Cheatcode System v2 is a forex trading system designed for the MetaTrader 4 platform. While the developer of this system is unknown, it aims to provide traders with accurate buy and sell signals to boost trading performance.

Cheatcode System v2

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Overview

The Cheatcode System v2 is an updated version of the original Cheatcode trading system. It is based on a unique algorithm that analyzes current market conditions across 28 currency pairs and provides trading signals when certain criteria are met.

Some key features of the system include:

  • Automated trading signals and trade execution
  • Suitable for beginner and experienced traders
  • Works on multiple currency pairs
  • Customizable settings and risk management options

Using the System

Cheatcode System v2 is simple to install and use. After purchasing, traders get access to the files needed to set up the system on MT4. This includes the EA (Expert Advisor) file as well as instructions for installation and optimization.

Once installed, the system can be configured based on personal trading preferences. Settings like trade size, stop loss, take profit, and trading hours can all be adjusted as desired. The system then runs in the background, continuously scanning currency pairs and providing alerts when a trading opportunity is detected.

The EA can also automatically place and manage trades on behalf of the user. This hands-free approach allows traders to go about their daily activities while the algorithm trades the markets for them.

Performance

According to available sales material, Cheatcode System v2 has a win rate of over 80% during live trading sessions. However, it is difficult to independently verify these claims since the developer is unknown.

The system uses intelligent logic to identify high-probability setups across multiple currency pairs. This diversification aims to provide more regular trading opportunities and smooth equity curves. The algorithm is also adaptive, meaning it can adjust to changing market conditions and maintain accuracy over time.

Published monthly returns range from 10% to 15% on average. But as with any EA, results can vary significantly based on usage, settings, and market conditions at the time. Proper risk management is essential when using any automated trading system.

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Cheatcode System v2 Pros

  • Automated trading and signal alerts
  • Works on multiple currency pairs
  • Customizable settings for risk management
  • Adaptive algorithm aims to maintain accuracy
  • Developer claims 80%+ win rate

Cheatcode System v2 Cons

  • Identity and reputation of developer unknown
  • Independent verification of performance claims unavailable
  • Requires monitoring and optimization for best results
  • Carries inherent risks of automated trading systems

Cost

Cheatcode System v2 is available for a one-time fee of $97 on the developer’s website. This includes lifetime access to any updates or new versions released in the future.

There are no recurring fees or commissions associated with using the system. The cost provides full ownership rather than a monthly subscription model.

Cheatcode System v2 Verdict

In summary, Cheatcode System v2 provides an intriguing automated trading solution for forex traders. The adaptive algorithm and ability to trade multiple currency pairs are notable features. However, the lack of verified performance data and anonymous developer raises some questions. As with any EA, conducting proper backtesting and using prudent risk management is strongly advised. While it may require optimization, Cheatcode System v2 can serve as a potential tool for traders looking to automate their trading activities.

Author: Dominic Walsh
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I am a highly regarded trader, author & coach with over 16 years of experience trading financial markets. Today I am recognized by many as a forex strategy developer. After starting blogging in 2014, I became one of the world's most widely followed forex trading coaches, with a monthly readership of more than 40,000 traders! Make sure to follow me on social media: Instagram | Facebook | Linkedin | Youtube| Twitter | Pinterest | Medium | Quora | Reddit | Telegram Channel

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