Indicator Review: FX Magnetic

FX Magnetic is a Forex indicator built to provide traders with specific trade advice, “that tells you when to buy or sell.” The vendor believes that the system is perfect for new Forex traders, and beginners in general because the system bypasses any requirements for trading experience. The indicator will provide the exact trading signal for the trader, and thus the only responsibility for the trader is to place the trade in their MT4 platform, after they receive it.

The vendor doesn’t provide any information about who they are, or where they are located, but our research suggests that the system is developed by Rimantas Petrauskas. Petrauskas is a well-known Forex developer who’s created and collaborated on multiple projects including the Trendline Trader, Hedge EA, Local Trade copier, and more recently the Equity Sentry EA. It’s clear that he has a fair bit of knowledge about the markets, and is a very talented coder.

In order to get in touch with support, traders can fill out a contact form on the website. No direct email address is provided at this time.

FX Magnetic Review

Petrauskas doesn’t really give us much insight into the trade logic behind the FX Magnetic indicator. In fact, the methodology and trading approach isn’t discussed by the vendor at all. Hopefully, after seeing are requested this review, the vendor decides to add some of this to the website.

Instead of focusing on strategy, Petrauskas gives us a few reasons why we should choose this Forex indicator, over other indicators currently in the marketplace. These reasons are essentially made up of features and on chart figures with provide a level of transparency others don’t. The indicator will show the statistics of the last hundred trading signals, the details about the last close signal, the details of the current open signal and the outcome of the previous 100 signals on the chart. It’s also worth noting that the system does not repaint, and does not hide any losing trades.

These are certainly helpful features, and important when it comes to testing in analyzing different pairs to trade. This type of on chart data is impressive, and is the type of technology we hope to see in all the best Forex indicators.

Indicator Breakdown

• Type: Forex Indicator
• Price: €197/year
• Strategy: Undisclosed
• Timeframe: All Timeframes
• Pairs: EURUSD, GBPUSD, EURJPY, GBPJPY

In terms of price, the FX Magnetic indicator, is the most expensive we’ve ever seen. There are 4 different annual plans, each of which costs €197 and gives you access to use the indicator on a single pair. So, if you want to use the software on all 4 pairs the indicator will cost you €788 per year. This is by far the most expensive indicator we’ve ever come across.

There is a 30 day moneyback guarantee, so traders can test the system and get their money back if they feel it’s priced too high. There is also a 14 day trial available, so this can be used to test the system as well.

Tutorials

The development team provides a handful of tutorials which can be viewed before purchasing the software, which is a plus. These tutorials give traders feedback on how to trade the indicator, how to change the settings, and a few other aspects, which gives some basic insight into the trading process.

Generally this information is provided in the members area, but we see nothing wrong with having it available for traders before they purchase.

Trading Results

Despite the exorbitant price, there doesn’t seem to be any real FX Magnetic trading accounts provided. With the price tag being as high as it is, we were expecting to see some long term Myfxbook accounts at the very least.

We understand that because this isn’t an automated system that it is more difficult provide trading results, but that’s really not an excuse. If the product was priced at a one time fee of $99, it would be such a big deal, but at €197/year have much higher expectations from the vendor.

Hopefully some trading results can be added to this website in the near future.

Client Feedback

Without any real trading results, we have to rely on me client feedback a little more than we would like to. As it stands though, the client feedback is very favorable with a 4.1 star rating out of 5 on FPA. Anything over 2.5 stars is usually very difficult to achieve with the high amount of fake negative reviews posted on this platform, so this is quite impressive.

Conclusion

The presentation is professional, and the client feedback is very positive, but we aren’t totally on board with the FX Magnetic indicator at this point. While a few aspects of the service are heavily favorable, the 2 most important elements in the trading strategy and trading results section are severely lacking. That being said, there is a 14 day trial so the indicator can be tested, if you are truly interested in it.

If you have anything you would like to add to the review, please leave your questions and remarks below the article.