The system is a buy low sell high type system and most trades will be taken shortly after a reversal. It is a semi mechanical system as you have fixed targets and stops at entry and given criteria for entry but ultimately you have chose whether to enter a trade and which markets to trade. This needs to be addressed in future re-writes of the manual in our opinion. Luckily I was provided with a link to videos of example trades which makes it very simple.
As for the system itself. The indicators are not anything new or not at least to anyone who has been using MT4 for a while and no doubt we will now get countless emails asking what the MBFX timing indicator is.
But that is not an issue in itself as all we are interested in is whether the system will make money. I am assuming that is using the 2: This is very hard to verify on a system where one person may take on trade and one may not and as the MBFX system indicator only draws 6 days back so it is virtually impossible to test beyond this period without sitting watching every pair on the 1 hour chart for several months.
Also, this statistic does not say whether it is for one pair or all pairs and over what period and number of trades. On analysis, I noticed that as an example the USDJPY on the 1 hour did not throw up any entries at all during displayed data but on the 4 hour it produced a loss over 2 trades. However on 5 min frame an even spread of wins and losses.
Obviously other pairs did better. So you will have to decide for yourself which pair to trade and on which time frame. The biggest worry is the the fact that the target price due to what it is based on is always moving and whilst it could be higher than it was when you entered the trade it could have well fallen closer to your entry. In short your take profit will often be less than your target.
This system is nice and simple and think it is possible to make money over time with it, assuming you stick to the 2: Entry and exit is straight forward and ideal for a new trader.
And the system could be set up as an expert advisor for the more advance trader. A system like this, which has different sized targets and stops each trade might not suit everyone. Whilst you could have a great risk to reward ratio, if your losses come on the trades when the targets are large and your winners come on the trades where the targets are small which logically will happen you may not get the full benefit of the risk to reward ratio.
Obviously this is a feature of a lot of trading systems and certainly could be worse than it is with MBFX but it is something worth thinking about.
I guess if you are totally new to forex, MT4 and trading then it might be good place to start but there is no cast iron guarantee you will be able to make money with it. If you already are trading well you will probably be a little disappointed with the content and would have probably come across the concept before in a similar form. But I have to say it makes a nice change with a system retailer coming forward and offering their system for review knowing fully that any issues will get highlighted.
Many system designers would not do this as they know that their system has no real foundations for success. You will chose the pair, you will chose the time frame and you will chose whether to take every trade I am not sure it is profitable taking every trade on every pair on every time frame.
I have to say I do not believe that these indicators cost that much to program as they are based on established FREE indicators, in my opinion, and would only cost a few hundred dollars to coded them into their current form. I just wanted to make this clear as I would not want this review to influence someones decision to buy the MBFX website as it is not something I would endorse. MBFX Timing gives you the right moment to execute the order. I tested this system and all indicators and i find this amazing.
Is there anyone who tested this new forex trading system? They look quite similar to most but if you want to submit or get them to submit trial versions we can happily review them for everybody. I tested mbfx system, it repaints because of COG. The main indicator t is nothing more than polynomomial regression. The timing indicator is also a renamed version of a free indicator.
The other non-painting indicator with the yekkow 3 is 3 level zigzag, another free indicator and it does repaint the current value as it is looking for the newest high or low to paint the current 3.
Same with the 1 and 2 that are painted. I have been coding MT4 since and see this kind of thing quite oftem. Find an indicator for free. Rename and sell it to the unsuspecting newbie. The stock market is a risky and unpredictable business for there are many factors contributing to the rise and fall of stocks….
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