Today I’m analyzing a new Forex indicator the promises traders the capability of 150 pips on a daily basis in 100% scalping mode, Forex Magic Scalper. The strategy is built to provide traders with accurate signals, and chart tips to make sure that it is as user-friendly as possible. Relying on an Asian trading approach, the developers believe that their polished strategy will maintain consistent results, and all market conditions.
The software is developed by Alex Tanuka, the CEO of Forex Pacific”. Inc., located in Singapore. There is no address provided for the head offices of this company, and while there is no email address provided either, I did find a generic support email in one of my other reviews, email@example.com.
Forex Magic Scalper Review
In the past, Alex has produced many automated systems, but this time around he claims that the Forex Magic Scalper provides much more security than expert advisors, by giving more control to the client. The system relies on 2 oscillators, RSI and Stoachastic, in order to generate trading signals. Alex tells us that in using these 2 coefficients, it “allows you to filter full signals and receive new entry point with minimum delay.” I’m not exactly sure what this means, because there is no detail as to how we are supposed to filter fall signals, and it does mean that we will have to use our own Forex trading knowledge in order to get the most of the software. If you do not have adequate Forex trading experience, this will likely become increasingly difficult for you to manage, and you should consider an automated Forex robot instead.
Despite required analysis, Alex claims that the software is for professional traders, novices and experts. I have a hard time believing that this software is going to be reliable for novices, considering that traders are expected to play a role in eliminating false signals.
There are thousands of words written on the sales page, but there is actually very little written about the strategy the software is utilizing to generate signals. Above, we are told that it utilizes a couple of indicators, but this isn’t elaborated on whatsoever. I hope that the developers put more thought into the discussion of their strategy and trading approach moving forward.
- Type: Forex Indicator
- Price: $99
- Strategy: Scalper
- Timeframe: M1, M5, M15
- Pairs: All
When it comes to compatibility, systems like the Forex Magic Scalper frequently taken approach that is too wide, and all-encompassing. With 3 time frames, and every single pair being made compatible with this system, it puts a lot of the weight on the clients shoulders. Instead of focusing on one time frame and a couple of proven pairs, we essentially have to analyze the software with all of these different scenarios in order to figure out what works best. Generally, I prefer when the developer does this work for us.
Alex Tanuka History
It’s really unknown if Alex Tanuka actually exists, or if he is just some alias being utilized to produce Forex products. If I had to guess, the latter would be my leaning. Here are a few of his most recent releases.
One of the main issues that I have with Alex’s products, is with the trading results, and that’s no different with the Forex Magic Scalper. Instead of utilizing a statement sharing service like FX Blue, or Myfxbook, to show us exactly how the software performs, we are provided with six screenshots. The issue with screenshots as the main method of proof, is that you can easily cherry picked trades, and moments where the software worked very well.
This type of trading results does not show us how the software works in the short or long-term.
Alex needs to greatly improve the transparency of these trading results, before we can take this product seriously.
At just $99, the Forex Magic Scalper is certainly priced at a range that makes it in just about everyone’s price range, but that doesn’t mean that you should purchase it. The developer is not providing us with real trading results, or an in-depth analysis of their strategy. Without either of these elements, I don’t see a clear reason why we should sign up with the software today.
If there is anything you would like to add to the review, please leave your comments and questions below the article now.