Generally speaking, when it comes to forex software I am quite skeptical. The reason for that is my 3 years of experience as a forex trader. I have worked very hard to develop my own trading strategy and it took me another painful 6 months just to become break even with my trading. I began to earn constantly from forex only after I acquired the discipline to follow my own set of rules. So when I encounter forex software that promises you the moon instantly I just find it hard to believe. However, every now and then I do try new forex products for two reasons: 1. If there is an unusual hype around a certain product, I am curious to find out whether it is a scam or not. If the product is popular, I tend to give at least some credit to the intelligence of the crowd. 2. In most cases the price of the product worth the risk - most forex trading software cost between $50 to $199, equal to approximately 5 to20 pips gain trading one regular lot. For me, it means almost no risk at all. Considering the above, I decided to test forex killer. Here are some of my insights:

Forex Killer is NOT for scalping:

I demo traded with forex killer using 1 min. and 5 min. charts together with a scalping strategy. The results were not so great and in my opinion there are couple of reasons for that:

1. Scalping requires a very fast and accurate decision making. The market moves fast and there is no room for hesitation. Timing is everything. Inexperienced traders who are new to forex often fail in scalping because they tend to hesitate when the opportunity appears or place the position too slowly. The Forex Killer software requires you to fill in some data in order to get the trading signal. This process takes too much time for scalping.

2. Scalping is about trading a very small time-frames. For example, 1 minute charts are commonly used for scalping. It is well known that the shorter the time-frame, the less accurate the market analysis and signals become. As Forex Killer consists of a technical analysis formula, it is less accurate or at least gives no particular edge in small time frames such as 1 and 5 minutes.

The good news is that if you are new to forex all of this should not deter you as scalping is for professional traders anyway.

Forex Killer performs better in larger time-frames:

At the same time I demo traded Forex killer using larger time frames such as 1 and 4 hours. As Forex Killer is a trading signal generator, I used it together with some of my swing trading strategies. That means that the set-up for a trade had to meet my strategy rules but the decision whether to enter the trade was made exclusively according to the Forex Killer software. After a trial and error process, my conclusion is that Forex Killer is an efficient filter, provided it is used properly. The percentage of successful positions was increased thanks to Forex Killer under some market conditions. There are still periods of time during the day and certain market conditions where the software is less accurate.