Agimat FX Pro Forex EA
In this post I will be reviewing the Agimat FX Pro Forex EA. This is an expert advisor that has been developed to automatically scan the charts and trade in the popular MetaTrader 4 platform. You will need the desktop version of the platform to run the Agimat FX Pro Forex EA which you can get from most forex brokers. Interestingly, the name Agimat is the Tagalog (Filipino) word for amulet. An amulet, also known as a good luck charm, is an object believed to confer protection upon its possessor. What that has to do with forex trading I am not 100% sure, but I can only assume it is to try and protect forex traders from the significant risks involved with trading forex online using this or any other forex software. Hopefully this Agimat EA Review can help you to decide if this is a forex strategy that can bring you some good luck!
Agimat FX Pro Forex EA Trading Strategy
The Agimat FX Pro Forex EA is based on the Agimat FX Trading System from the same developer. I have been aware of this strategy for a while now and studied some of the trades that it can produce. The Agimat FX Strategy uses a combination of technical analysis along with price action analysis. This can help to identify both trending and ranging markets. However, I feel like it could benefit from implementing some form of fundamental analysis such as a forex news calendar to avoid highly volatile market conditions.
One of the key things about the Agimat EA and Agimat FX Pro Strategy is that it is very versatile. You can trade with the software on any currency pair (or other financial instrument), any chart timeframe and at a time that works for you. The Agimat System can be used for scalping, day trading, swing trading and holding positions for the long term. Therefore, it can be used by all types of trader.
The main concern that I have with the Agimat Forex EA is that it does require some user initiative. I would probably not call this a set and forget type system. If that is what you are looking for, then perhaps you might want to consider another option from my forex robot reviews. The Agimat EA will need the user to set the money management according to their own goals. Every trader is different so I do not think that it would be a great idea to use the Agimat Forex Strategy out of the box without first adjusting the settings as per your own preferences.
The trading logic behind the Agimat Expert Advisor is based upon a Neural Network, which decides artificially and independently whenever to execute a trade. This means that the EA does not use a mechanical code which we are so accustomed to with most other forex EA’s.
The EA will try to identify if the trade should be performed immediately or better wait for the coming pullback and then go through with the trade. The purpose of this is to try and reduce potential drawdowns as much as possible.
The developer has also implemented a hedging feature. The Agimat EA hedge will attempt to protect the trading account against significant losses. You can think of a hedge as getting insurance on your open trades. However, in my opinion this can just hide bad trades and if they never recover, things can start to get complicated. I would much prefer to use a trading robot that uses sensible money management with a good risk to reward ratio so one bad trade does not cancel out lots of winners.
Agimat FX Pro Forex EA Features
- Two MT4 account installations on demo/real
- Can be used on any MT4 forex broker
- Agimat FX EA updates
- Support via email 24/7
- Free Forex Signals via automated Trade Copier
- Video tutorials on how to install and trade the Agimat System
- Can be used on any currency pair and chart timeframe
- Optional hedging recovery system
Agimat FX Pro Forex EA Back Testing
Unfortunately, I could not find any Agimat EA back tests. This is disappointing as I would like to have seen how the Agimat Strategy may have performed across different financial instruments across years of historical data. I think the developer could certainly improve in this area by publishing some Agimat back tests for us to get a clearer inclination of how exactly the expert advisor trades. You are of course free to run your own optimisations within the MT4 strategy tester. This can be a useful way to build bespoke settings and see how the Agimat forex robot performed on your favourite currency pairs and chart timeframes.
Agimat FX Pro Forex EA Results
Despite the lack of backtests, it is great to see that the developer has published and shared some Agimat EA results that have been verified by FX Blue. This shows us how good (or bad) the Agimat FX EA has been performing in recent market conditions. At this time of me writing this Agimat Review, it is up overall but there have been substantial drawdowns.
I think this is mainly used to the dangerous money management that the expert advisor is using to try and recover from losing trades. I actually think the developer could try and improve this by implementing a tighter stop loss to cut losing trades short whilst letting good trades run. Perhaps using a break even and trailing stop to protect winning trades and attempt to maximise gains.
Agimat FX Pro Forex EA Summary
Overall, I do believe that the Agimat EA has some potential, but on the other hand I feel that it requires some user input in order for it to be customised according to your own goals. This does means that it might not be suitable for beginners who do not already have some experience with the ups and downs of trading forex.
Furthermore, I think the stop loss and take profit levels could be improved in order to give a more favourable risk to reward ratio. As it stands, a losing trade can cause significant drawdowns as evident by the Agimat FX Blue account. There are also no back tests which could be easily conducted within the MT4 strategy tester.
The Agimat EA and Agimat Strategy for manual trading are both very versatile. You will find plenty of video tutorials that do a great job of explaining the Agimat System and how it works. It is good to see the developer is constantly updating the Agimat Software and they are usually quick to respond within 24 hours. There is a limited money back guarantee if you are curious about it and want to see how it performs. However, I would only do so on a demo account to begin with as this can help to become familiar with the Agimat EA and how it works without taking any unnecessary risk.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.