Get Profit Strategy For MT4
Table Of Contents:
- Get Profit Strategy For MT4
- The Get Profit Strategy For MT4 – Long positions
- The Get Profit Strategy For MT4 – Short positions
- Is the Get Profit Strategy For MT4 profitable?
Please note: This strategy was publicly published in the trading community and is free to use. We do NOT make an attempt to decide if this strategy is profitable or not, because we know that the major factors regarding trading results are the skills/experience of the trader who executes the strategy. Therefore, we are mainly explaining the components and rules of the strategy. If applicable, we are highlighting advantages, disadvantages and possible improvements of the strategy.
The Get Profit Strategy For MT4 is a short term scalping system that allows you to trade regardless of the trends in the market. This trading system utilizes the concept of channel breakouts and therefore signals the traders to potential trading opportunities. This is a very short term scalping and therefore traders should not be looking at holding their positions open beyond the close of the intraday session.
There are quite a few indicators that are used in the get profit forex trading strategy. As you can see, the main driving force behind this trading strategy is the channel indicator. This channel indicator blocks the highs and lows in the price. As and when price breaks out from the upper or the lower price channel, trading opportunities are found. To complement the breakouts, we also have the intraday pivot levels as denoted by the yellow dotted lines on the price chart.
On the price chart, we also have the up and down arrows which signaled the swing high and the swing low points on price. These arrows usually coincide when price makes a new law or a new high after it breaks out from the upper or the lower channels of the price band. When this appears, traders should be ready to take a long or short position in the market accordingly.
On the price chart, as you might have also noticed on the top left corner, we have a couple of informative comments, you can disable this to make the charts look a bit more cleaner. As you can see the choice of indicators used in the get profit forex trading strategy are highly customized. Still, each of these indicators complement each other very well offering you a full fledged yet a simple forex trading strategy.
Some traders might feel the need for using an additional indicator. This can usually be the oscillator which is missing. For traders who feel this way, you can add a similar oscillator such as the stochastics oscillator or the relative strength index oscillator. However, we do not find a need for this indicator at this point. But this is very subjective and can therefore depend on one trader to another.
A combination of all these indicators together, make up for the get profit forex trading strategy. This trading template is quite efficient and allows you the opportunity to make consistent profits.
Let's now take a look at how you can trade long and short positions using the get profit forex trading strategy with filter for MT4.
The Get Profit Strategy For MT4 – Long positions
To take a long position using the get profit forex trading strategy, we should wait for price action to break out to the upside from the channel indicator. What this means is that price should be making a low hi or moving in a downtrend before breaking out higher.
Therefore, the first step here is to wait for price action trading near one of the lower support levels. Wait for price to make a low and watch price action gradually make a retreat. Once this happens, identify the swing high point on the price chart near the lows.
You can now wait for price to break this swing high and set your pending long order at this level. You should now set your stop loss to the previous swing low that formed. Looking at the various price levels above, you can set your take profit level at each of these price points. Alternately, you can simply trail your stop loss across the lower price channel until your trade gets stopped out with a profit.
The Get Profit Strategy For MT4 – Short positions
To take a short position using the get profit forex trading strategy, we should wait for price action to break out to the downside from the channel indicator. What this means is that price should be making a high or moving in an uptrend before breaking down lower.
Therefore, the first step here is to wait for price action trading near one of the upper resistance levels. Wait for price to make a high and watch price action gradually make a retreat. Once this happens, identify the swing low point on the price chart near the highs.
You can now wait for price to break this swing low and set your pending short order at this level. You should now set your stop loss to the previous swing high that formed. Looking at the various price levels below, you can set your take profit level at each of these price points. Alternately, you can simply trail your stop loss across the upper price channel until your trade gets stopped out with a profit.
Is the Get Profit Strategy For MT4 profitable?
In conclusion, the get profit forex trading strategy is a simple channel based scalping trading system. This makes the trading strategy rather easy to trade even for beginners. The choice of indicators used are quite simple and because of the trading concept that comes with this strategy there are many opportunities for trading that present itself to the traders.
Note that there could be a risk of over trading if traders use this template on multiple instruments at the same time. Therefore, it is essential that traders need to exhibit a bit of discipline and patience when it comes to trading with the get profit forex trading strategy. Experienced traders could look at further customizing this trading system. For example, including an oscillator that can help traders to time the trade can greatly improve the success of making money with the get profit forex trading strategy.
Overall, the get profit forex trading strategy offers a balanced approach to traders. You can use this trading system on the short term charts and look at making a couple of types of profit on a consistent basis. Utilizing concepts of price patterns can also help you too find potential trading opportunities.
For the above mentioned reasons, we recommend the get profit forex trading strategy.
Download the complete system description and the files here:
Partially Automated Trading Besides Your Day Job
Alerts In Real-Time When Divergences Occur
