MyFX Trend Trading is a new Forex tool built to help traders learn how to trade like professional traders while cutting down losses and improving trading profits. This is a simple trend trading system that when applied correctly can generate over 90% winning trades.
Today I will review the claims of this developer and let the Forex Robot Nation readers understand if this system can truly achieve what the myfx trading team tells us that it can.
MyFX Trend Trading Review
The MyFX Trend Trading system uses 3 identifying indicators designed to monitor fast, medium and major trends. The system is built to work on shorter time frame charts and trades all the major currency pairs. I assume this means this system works best with the M1 and M5 timeframes. The instructions required to follow the system are on the site. They tell us that we have to look at the color of the trend direction bands at the bottom of the chart. Blue is buy and red is sell. We look to see if all three indicators show one color, if they all show the one color then we progress with the trade. My assumption about timeframe above is correct, the system is built to work on the M5 timeframe and this is the second stop.
To profit successfully from a MyFX Trend Trading signal traders also need to understand how to take profits. When the trend bands color changes opposite to the signal color this is when we look to take profit. So, from what I’m getting out of this is that traders really have to pay close attention to the chart to make sure they don’t miss opportunities and shifting trends. The examples on their site are clear to follow so I don’t feel the system is very difficult to use. The only thing missing on the site is some sort of long track record of trading. The only results we see are a one month period where the tool gained 250 pips. The problem with this is that that one month came in 2013 so there’s no saying whether or not this system is still profitable.
I won’t be giving a final conclusion for the MyFX Trend Trading system at this point in time. I do like the way the system works and how easily they’ve explained it to us but there’s no way of knowing if this is actually profitable and that’s a pretty important element. If you want to contribute to this article please leave a comment below. Thanks for spending time here on Forex Robot Nation, I appreciate your readership.