In this post I will be reviewing the Fibonacci Expert Advisor. As you may be aware an Expert Advisor (EA) is a fully automated forex trading robot. Forex robots do all the trading for you so that you can enjoy hands off trading results. It takes only a few minutes to setup and runs on the popular and free to download Meta Trader 4 trading platform. It is suitable for all levels of traders including complete novices. There is no manual trading required which is great for those that do not have the time nor the knowledge to do so. Especially when you consider the technicalities and complexities required to learn Fibonacci indicators this is very beneficial for those who want to take advantage of the Fibonacci’s reliability without all the years of hard work needed to learn how to utilise it. I will say that it is currently running on 3 verified real accounts with up to 500%+ in returns but the draw down is very high. If you do not mind the risk that is fine but I would certainly suggest minimise the lots when using this. If you have optimization skills with Meta Trader 4 then there is great potential to find less risky settings and making a real beast of an EA.
Fibonacci Expert Advisor Strategy
As the name suggests, this forex robot uses principles derived from the Fibonacci indicator which is basically a sequence of numbers found in nature and trading. The beauty of the mathematics behind Fibonacci is that it produces predictable and accurate patterns. There is a reason it is one of the most widely used indicator in trading today. Professional traders use the Fibonacci levels to help determine potential support and resistance levels which can be very beneficial for entering and exiting trades. The Fibonacci Expert Advisor includes 3 different versions of the robot – each with a different money management strategy and suitable for different pairs. I would say this border lines on over optimization as universal settings in one expert advisor is usually a sign of a solid trading system although one could argue due to the different behaviours of various pairs it is absolutely fine to optimize them for different settings. There are hedging and averaging in options should you wish to utilise them. It runs on the 1 hour charts and has other useful features such as news and time filters. In fact, there are a lot of additional settings you can play with if you wish like daily profit target, close all at target profit, maximum orders and much more. Do not worry if that seems too complex for you as it can be used with the default settings recommended by the developer.
Fibonacci Expert Advisor Back Testing
There is a back test shared on the Fibonacci Expert Advisor website that shows it produced staggering 99,000%+ profit in just one year. Now we have to take these results with a large pinch of salt but to be honest, even a small fraction of these gains would be amazing and so far the real accounts are doing very well. This back test was running on the EURUSD only with over 13,700 trades however the draw down is also over 70% and the average loss twice that of the average win. On the face of it this would seem very like a very risky strategy but perhaps if the lots/risk used was smaller than the draw down would have been less and the profits still fantastic. Finally, the modelling quality is 90% whereas I would always suggest real tick data and real spreads for 99% modelling quality. Furthermore, we do not know what spread was used in this back test nor if the liquidity would have been available to execute all of the positions.
Fibonacci Expert Advisor Live Results
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Fibonacci Expert Advisor Summary
With extraordinary back tests that are not done in the best conditions and real results that despite turning over a good profit have huge draw downs, I would tread carefully with this one. That is not to say it is not good but I would advise starting on demo to begin with so you know what to expect and so that you can configure the lots to a risk that is suitable for you – what is great is that the developer does offer a free version for back testing and demo accounts. Keep in mind that by reducing the lot size you will significantly reduce profits, it really depends on what your trading style is – conservative, medium or aggressive. There are different versions depending on your preferences. You get 3 versions of the Fibonacci Expert Advisor for Meta Trader 4 and some bonus indicators for manual trading. You can choose to run one or all of the Fibonacci Expert Advisor’s. The package also includes Ebooks and videos that explain the very basics of forex trading as well as useful Fibonacci principles. It comes with full support, detailed setup instructions, free lifetime updates and a 60 day money back guarantee.