Onyx Scalper has been developed for the well-known MetaTrader 4 trading platform that can be downloaded for free from many online forex brokers.
It's a forex system coded and designed by Karl Dittmann that published many other forex software that we are planning to review here on MyFxBots.com including Forex Resolut, Forex Monarch, Alfa Scalper, Scalping Detector, FX Atom Pro, X Trend Premium, Fibo Quantum, DNA Scalper, and many other systems.
Newly purchased Onyx Scalper system should be tested on a demo account first to gain familiarity and confidence using it for live trading to make consistent results. The Onyx Scalper suitable for trading by any trader including beginners and advanced ones, user-friendly with setup instructions and trade examples to simplify its use just like its developer has made it for.
Trading Idea
Specifications
License
Broker / VPS Recommendations
Support
Manual
Forex Signals
Refund Policy
Updates
Supported Currency Pairs
MetaTrader Chart Timeframe
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Onyx Scalper Trading Strategy
Not every signal generated by the Onyx Scalper needs to be taken but should be confirmed with a good market analysis, then just the trades with favorable risk to reward ratio should be taken to prevent wiping out all the consecutive winner trades with a loser one.
EURUSD and GBPUSD major currency pairs have favorable liquidity and higher chart time frames, this helps to filter out some of the noise existing in the lower chart time frames. This is why many traders prefer to trade these pairs while everyone should trade in a way that suits his own trading style and personality.
Onyx Scalper Trading Modes
3 different modes are included in the EA; conservative, medium, and aggressive modes, each of which has its own risk level and trade frequency. While the Onyx Scalper can run on any time frame, it's most suitable for the lower ones as M1, M5, and M15 and can be used for forex scalping, forex day trading, and forex swing trading.
Bottom Line
Onyx Scalper is a basic forex trading system that would most suit beginner traders as the more experienced ones should have the ability to easily create a very similar trading system using the MetaTrader platform built-in technical indicators for free.
Although Onyx Scalper is an easy to handle and ready-made trading system that is flexible across multiple instruments and timeframes, it will still need manual money management and trading discipline by the trader using it.
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Risk
Forex trading can involve the risk of loss beyond your initial deposit. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.
Forex accounts typically offer various degrees of leverage and their elevated profit potential is counterbalanced by an equally high level of risk. You should never risk more than you are prepared to lose and you should carefully take into consideration your trading experience.
Past performance and simulated results are not necessarily indicative of future performance. All the content on this site represents the sole opinion of the author and does not constitute an express recommendation to purchase any of the products described in its pages.
