Forex Killer is a popular trading signal generator that can be used for a wide range of currency pairs and time frames. The creators of the software are kind of a "dream team" when it comes to forex trading- A professional forex trader (Andreas Kirchberger), a mathematician and a psychologist. Apparently, Forex Killer is currently one of the most popular forex trading software. Maybe it is the relatively low price together with the temptation to trade from day one with a straight forward - no guessing - system. However, I do have some concerns when I am thinking about what can happen if forex killer finds its way to the wrong (newbie) hands.
There is a lot of hype around Forex Killer. Hence, I conducted an on-line research on the subject. I encountered lots of supporting testimonials but naturally, the bad feedbacks were more interesting. Most of Forex Killer unhappy customers say something like "I am using Forex Killer but could not make consistent profits" or even "Forex Killer is a total scam, I lost a lot of money using it". When I went even dipper with my research I corresponded with some unhappy Forex Killer customers over a few respectable forex forums. I found out that traders who did not succeed with Forex Killer have something in common: First, in most cases they are newbie forex traders - most of them have trading experience of 3 months or less; Additionally, the vast majority of them traded only on the basis of the Forex Killer signals without using any trading strategy; Finally, they all purchased Forex Killer with the expectation to make piles of money in a very short period of time. It also appears, that the satisfied Forex Killer customers are probably more experienced and sophisticated traders.
The conclusion is that Forex Killer can make you money only if you are PREPARED to make money as a trader. A trader is prepared to trade for a living only when he really masters the 3 golden rules of forex trading:
#1 - Knowledge: You cannot expect to beat the professionals over night without understanding the basics of forex trading. You must learn every aspect of the forex arena BEFORE you start applying any trading software. The best traders never stop learning.
#2 - Trading System: There are a lot of decent forex trading systems out there. A good system includes rules for entry, exit, stop loss (risk management) and money management. You can either buy one that somebody else developed and tested or create one by yourself through a process of trial and error. It does not matter which system you use as long as you tested it with a demo account and decided that it works for you. Happy customers of Forex Killer are using the software TOGETHER with their trusted and proven trading system.
#3 - Discipline: Winning traders have the discipline to stick with their proven strategy no matter what. There is no use of purchasing Forex Killer if you cannot follow your own rules. Be honest with yourself - Are you disciplined enough to trade your strategy? Do not underestimate this question. The truth is, being a disciplined trader is one of the hardest things you will ever face and the biggest obstacle for successful trading.
