This Set Forget Pattern Profit (SFPP) software features a trading indicator that is used by Forex traders to place an entry position. The software can be accessed through http://www.setforgetpatternprofit.net/. You can easily get the trading setup in the forex chart. The indicator will show the signal, where to sell, and where to buy. Set Forget Pattern Profit platform will also provide you with the signal of entry, stop loss area, and target profits. The software is straightforward to use, as is depicted in its name. You only need to set the entry before leaving the chart and letting it reach the profit target.
Pros of Set Forget Pattern Profit
1. Entry Setup
The SFPP will offer you a trading signal for trading. What makes it a great tool is that it does not need Forex analysis and only requires you to set the entry setup. The entry setup that is viewed in the chart features the entry position, buy and sell, target profits, and stop loss. Hence, it will be easy for you to do Forex trading since the SFPP reveals the entry setup that is required to enter.
2. Set and Forget Style
The SFPP indicator works just like the name suggests. You only require setting the entry setup and leaving the chart. You will get a notification for you to know when to set the entry position, which will display with target profits, stop loss, where to sell, and where to buy. You don’t need to put much thought into Forex fundamentals and do Forex analysis.
3. Risk vs. Reward Ratio
The risk vs. reward ratio is crucial in forex trading for those forex traders who care about account growth and money management. The signal alert will have three target profit options. The stop loss, target profits, and entry are reward ratio friendly. This means that the stop loss is less than the target profits. Hence, if you lose the setup, you can still offset the losses with a profitable setup. Risk vs. reward ratio that the SFPP indicator offers is practically meant for a trader who sticks to money management rules.
4. Signal Entry Alert
The software also includes an entry alert on the MetaTrader platform. Moreover, you can receive signal notifications in your email and smartphone. These features make it easy to use the software as you can do your own things as you wait for opportunities to arise through alerts. The notifications will inform you where to sell, where to buy, the target profits, and stop loss. This feature ensures you keep up with the entry setup. You only need to set and forget the trade.
Cons of SFPP
1. Lack of Expert Advice
This software is not an Expert Advisor. It only shows the entry setup and where to set the entry. Since it does not do the entry on your behalf, you require doing it yourself.
2. Lengthy Loading Time of the Chart
The indicator depends on the SFPP provider system. When you are looking to switch the current currency pair to another, it takes a lot of time to load the chart. Hence, you require a powerful internet connection to load the entry setup and the chart.
3. SFPP is Unsuitable for Scalping
Although the indicator offers you the entry alert and the signal setup for buying and selling, it is not ideal for use in a small time frame. Hence, if you are looking to use it for scalping, it is not a great idea. The smallest time frame for use in a trade is 15 minutes. But with a time frame of 15 minutes, the aggressive option’s target profits can reach up to 50 pips while the stop loss can reach 15 pips.
Tips for Using SFPP
1. Specific Account
What is meant by specific account is to open and utilize one account for trading with SFPP only. This makes sure that you analyze and review your trading setup for account growth. Avoid mixing the entry setup with another trading style, strategy, and indicator.
2. Employ Few Entry Setups
When it comes to entry setup strategy, the SFPP does not have limited currency pairs for trading. Hence you can utilize as many currency pairs as you want. However, it is advisable to use a few currency pairs for trading and stick to those. For example, search for entry setup on eight pairs or four pairs for trading. You can then set an entry setup of two pairs daily. In this way, you will be in control of the number of entry setups you win and the number you lose. Hence, you will avoid overtrading.
3. Use Good Money Management Strategy
Money management is crucial for the growth of the forex account. Use of the indicator shows the setup’s stop loss average. For instance, if you use the H1 time frame, you will experience an average stop loss of 25 pips. In case you restrict the setup to 50 pips per day, you can use two currency pairs for the entry setup.
4. Use a Single Time Frame
There are not so many time frames available for use with the SFPP. They include Daily, H4, M15, H1, and M30 time frame. The best way is to focus on a single time frame only by finding the one that suits you. This is because different time frames have different stop loss and different target profits. This might affect your strategy for money management.
5. Take Profits All Aggressive
There are three target profit options when you use the SFPP. The best option is the aggressive take profits one since it has the greatest reward ratio that you can obtain and is ideal for covering any losses.
6. H4 and H1 Time Frame Recommendations
When using the SFPP, you should limit yourself to the H4 and H1 time frames. This is because these time frames are perfect for swing and you won’t wait for long before the entry reaches target profits.
SFPP is Suitable for?
This indicator for Forex trading is ideal for Forex traders who prefer to swing since it has greater target profits than stop loss offered by the entry signal. The aggressive target profits feature is really massive. Hence, it will be suitable for any novice Forex trader to use SFPP. The indicator is also perfect for beginners due to its ease of use. You need not know Forex fundamental and do Forex analysis.
SFPP is not for the Professionals
The SFPP is unsuitable for those Forex traders who are advanced with a lot of trading knowledge and experience. The indicator offers a trading setup, and you don’t need to do Forex analysis. Hence, it is unsuitable for professionals who want to do a lot of analysis.
How to Use SFPP
First, open your preferred trading chart. Second, pick the time frame you like from the five options. Third, you will see a yellow arrow for selling and a blue one for buying. Fourth, you exit after the price gets to any of the three Take Profits. Fifth, earn money.
Easy Profits features the intraday strategy of trading where you place entry daily entry order. It only involves the euro usd currency pair. The strategy aims to leverage the US market movement and the euro market movement as well. Since it is straightforward to set the market entry, the software is ideal for beginners.
The Easy Profits package includes Trading Strategy Bonus, Market Trading Structure, and Forex for Beginner Video. To obtain the SFPP with Easy Profits bonus, you require clearing your cookies on your browser.