Wouldn’t it be great if you could focus on the analysis part of trading and let the tool do all the other work for you?
Well, there is a tool like that called forex magic keys. It’s like an Aladdin’s lamp for traders. You can use it to automate your whole trading process.
I almost hear you saying, "Oh, can you tell me more about this tool?"
That’s exactly what I am going to talk about in this comprehensive guide. I’ll go through each and every detail about forex magic keys.
So, make sure to stick till the end, as the tool you have been looking for is about to unveil.
1. Introduction to Forex magic keys
Forex magic keys is a lot size calculator with a magic touch. It not only calculates lot sizes but also comes with tons of risk management features.
It has 28 built-in keys, each representing distinct features including risk management, trade execution, trading limits, analytical capabilities, and more.
The good thing about forex magic keys is, it come in physical and digital forms and it is compatible with MetaTrader, and cTrader. As far as the operating system is concerned, it is compatible with Windows and Mac. Truly magical, isn’t it?
You can learn more about the tool and buy it here.
Forex magic keys physical tool
What makes it special?
But you would be thinking, oh great, this is some kind of internet product gimmick, and I have seen tools like these.
Let me tell you some key points about forex magic keys.
Firstly, have you seen any lot size calculators that offer risk management and automation features?
Do a Google search, and then come back to this guide. I’ll wait.
So, you see, there isn’t any lot size calculator in the market that offers such functionalities.
Secondly, you can literally enter and exit your trades using forex magic keys. I don’t see any lot size calculator doing this.
From chart zooming to timeframe changes, and from pip counters to stats based on past, the tool lets you do this without any hassle. I have been trading for the past 10 years, and I haven’t seen any lot size calculator doing this.
If you aren’t convinced yet, let’s learn more about forex magic keys.
2. Understanding Forex magic keys for Trading Success
Here, I want to tell you the core concepts behind forex magic keys. What key principles are used in this simple, yet effective tool?
Risk management
The core concept of any lot size calculator is to tell you about position sizing according to your account balance.
But forex magic keys not only does that, it also gives advanced options like automatic break-even prices, partial stop-loss, and trading limit panels. So, you can automate trading risks completely.
Trade execution
These keys are designed to streamline entering and exiting trades. It has features such as instant open/close trade, fast pending orders, and a quick action button for trade-level adjustments.
Comprehensive analysis
Many beginners feel that they are missing out on the analysis part. Forex magic keys analytical features like chart zooming, pip counters, timeframe changes, and stats based on historical data.
You can use these features to quickly identify market trends and patterns, boosting your trading strategy.
Automation
Nowadays, everything is automated, so why not your trades? Forex magic keys has some of the best automation features. These include custom scripts and price locking.
So with all these features, I don’t see any reason not to add this tool to your trading arsenal.
3. How to Apply Forex Magic Keys in Market Analysis?
Now that you know about what forex magic keys can do for you, it’s time to get practical. How can you apply this in a market analysis? How can the tool be part of your trading strategies?
Here are some of the key tips for using forex magic keys:
Implementing risk management
At its core, forex magic keys is a lot size calculator. However, with special features like automatic break-even prices, and partial stop-losses, you can use the tool in your trading plan.
Identify key levels
You can use fast pending orders to set limits or stop orders at key support and resistance levels. It is super helpful in case of news events or major policy decisions.
Monitor trade performance
You can also monitor trade performance with the help of statistics based on past performance. It’s like a time machine taking you back to time and giving you real-time historical analysis.
Doing technical analysis
With features like zooming in, you can see the price movements in more detail than regular pricing. You can also switch between different timeframes. So, if you are a scalper, day trader, or long-term trader, this tool caters for everyone.
The cool thing is for a limited time, you can get forex magic keys at a 20% discount.
4. Role of Forex magic keys in Technical Analysis
I mentioned technical analysis in the previous section, let me hone in more on the role of magic keys in technical analysis.
I know traditional technical analysis methods are good, but adding the magic to them can boost your strategy.
These keys can help you find out support and resistance levels, price trends and patterns. I would set a fast pending order at key price levels, so I can enter trade at optimal points and make some cool profit on price breakouts and reversals.
You can also integrate custom scrips with the tool to do complex trading strategies effectively. For instance, I’ll combine EA with forex magic keys to do instance trades and be adaptable to market conditions.
5. Identifying Market Trends with Forex magic keys
Market trends can change in an instant. One news and here we go. As a trader, it’s super important to identify these trends. You can easily mark these trends with forex magic keys. Here’s how:
- You can use the quick timeframe change feature to switch between different timeframes to confirm the trend's direction. For this, you can use MA (moving average) with forex magic keys.
- Look out for key chart patterns like head and shoulders, flag, triangle, etc., then set fast pending orders at breakout points so you don’t miss out on the trend.
- You can also use fast pending orders along with indicators like the RSI (relative strength index) Stochastics to find the direction of the trend.
6. Strategies for Utilizing Forex magic keys in Trading
Ok, you have understood everything so far in this guide and want to use forex magic keys in your strategies.
But how can you do that?
It’s simpler than you think.
- First, you need to determine the lot size using forex magic keys.
- Then, you need to analyze the direction of the trend using forex magic keys with the trend-following indicator like the RSI.
- Next, you can identify the support and resistance levels and set fast pending orders.
- After that, you can set partial stop-loss and automatic breakeven prices.
- Then you can scale in and out of trades at favorable positions.
- You can also set trailing stops to lock in profits at specific points from the entry point.
7. Backtesting and Validating Forex magic keys Signals
Backtesting is an important part of any strategy, allowing you to verify and validate analysis.
While writing this guide, I thought it’d be helpful if I told you how to backtest forex magic keys signals.
- First, you need to gather historical data on the currency pair you want to backtest.
- Then, you can use the built-in backtesting feature of MT4 and MT5. You can use the forex magic keys signals and the defined strategy to backtest.
- After that, you can run backtesting to analyze the results and identify key patterns to check if your strategy with forex magic keys is effective. You can also refine your strategy and fine-tune forex magic key settings.
8. Common Misconceptions about Forex magic keys
A tool like forex magic keys attracts lot of eyeballs, so it’s natural to have misconceptions about the tool. Let’s address some of the common misconceptions:
Forex magic keys is only for beginners
Forex magic keys isn’t only for beginners, it is helpful for pro traders. As a beginner, you can use the tool to manage risks effectively, while as a pro trader, you can optimize and streamline your trading strategies.
It guarantees profit
While all of us are here for the profits, I am sorry to break the bad news; forex magic keys doesn’t generate profits. No tool in the world can.
It can help you automate your trading strategies and manage trading risks effectively. So, if you aren’t losing money, then that’s as good as making money.
I don’t need to know anything
Yes, forex magic keys can automate your trading process, still, you need to understand some basic terms like trailing stops, breakeven prices, scale in/out, etc.
9. Real-life Examples of Successful Trading with Forex magic keys
I have talked about the benefits of forex magic keys, but if you are still skeptical, let me give you examples of the people who used the tool.
Emily from Mindfully Trading said Magic Keys is a helpful trade and risk management tool. She said this is her favorite tool when it comes to trading.
In her video, she said, you can do a lot with this tool, and what’s great is you can buy a physical and a digital version.
You can check her full video below:
https://www.youtube.com/watch?v=fK2LkPtWjRk
10. Conclusion
So, there you have it! A comprehensive guide on forex magic keys. If you are concerned about risk management and want to automate your trading process, then forex magic keys is the go-to tool.
If you didn’t grasp the tool's features for the first time, go back and read the guide again, and explore the magical features of forex magic keys.
