Which Karl Dittman Forex Trading Strategy Is The Best?
Over on my Youtube channel, I was asked which trading strategy that Karl Dittman has released do I think is the best.
That's a question that needs some length to answer.
I've looked at a few Forex strategies that Dittman has released and those are:
I am a little biased because Infinity Scalper is for scalping Forex on the 1 and 5 minute time frame. Scalping is not something that I do. I did scalp early in my trading career but it was not something I could get into.
If you do like to scalp and find value in it, using the 1 and 5 minute combination of Infinity Scalper is not a bad way to trade. By combining the two time frames, you will be scalping the lower time frame chart in the direction of the 5 minute setup. This is called multiple time frame trading and for scalpers, this may be something you'd want to experiment with.
The first product I ever saw from Karl Dittman was Pips Wizard Pro.
I did a review of Pips Wizard Pro and while it's a little dated since new products have come out, I do update the trading strategy on my Youtube channel.
Remember that I don't come from a short time frame perspective. While I day traded for a bit, swing trading and position trading is my game. Over the years I have found my overall profits and equity curve is in a better state because I prefer to get on the trend and enjoy the ride.
Maybe I wasn't cut out for day trading although I did alright. I just didn't want to swap one job for another. Trading is about time - time to do with life what you want. After I finish typing this out, I am headed for the gym. In the summer, I don't need to ask a boss for time off to enjoy the heat.
Back to my point.......
Pips Wizard Pro will give you the least important part of any trading strategy - the trade entry. Risk management and grabbing a hold of your emotions in trading is more important.
But it will give you entries into what could be a great trend ride. It will keep you trading objectively instead of getting sucked into momentum moves that are just about to turn!
Add trading with the trend as discussed in my videos and proper risk management, Pips Wizard Pro is a great strategy.
It's simple to learn and gives you simple trade entries. While they are not always picking the top or bottom (and nobody can do that consistently) it will give you a decent trade entry and at times it will be right at the top of the move for a short, or bottom of a move for a long.
Rapid Trend Gainer is the new kid on the block.
I immediately liked that the stops and targets (and trade entries) were printed right on the screen. The next best thing was that Rapid Trend Gainer adjusted the stops and targets depending on the volatility of the market.
In a market with large moves - you'd get larger profits along with a stop that is further away
In a consolidating market - small targets and stops.
For the average trader, this can be a great thing because it takes the objectivity out of every part of trading. You know exactly when to enter, exit, and where to limit your loss.
Be honest, you've let trades run long after you should have exited with profit and gave some back. You've moved your stop away from approaching price.
Rapid Trend Gainer just needs your "fortitude" to stick to the plan.
For day traders, having everything printed directly on the chart makes what can be an intense way to trade, a little easier. You will make less mistakes because you know in advance where you will be getting out of your trades.
To make it even easier, you can set pending orders at your profit targets to get out of your trades when price hits your target.
As with all the Dittman products I've looked at, trading with the trend is a smart play.
Which Forex trading strategy would I use if I could pick one?
Since I do not scalp and I prefer going for the bigger moves, I would choose Pips Wizard Pro. I don't day trade so having the targets printed on the screen is more a distraction than anything.
I could do a side by side comparison of Pips Wizard and Rapid Trend Gainer to compare the entries but entry is the least important part of trading.
Quite simply, you could place a moving average on the chart, take the entry in the direction of the trend and hang on until price closes below the moving average. The entry has been taken care of and there is no "fear of missing out" to force you to jump into a trade. You stick to the printed entry.
Stops for me are based on ATR. I don't believe in a set number of pips for a stop and it is dependent on the volatility of the market.
Your needs may be different than mine. The best thing for any trader to do is to download each strategy and experiment with them.
There is a 60 day refund guarantee so there is no risk to you.
You may find you like the swing trading of Pips Wizard and the scalping of Infinity Scalper.
You may find you like to scalp and day trade with Rapid Trend Gainer
It all depends on you.