In this post I will be reviewing the Algo Trend EA. This is an automated forex trading strategy that has been programmed to run in the popular forex trading platform, MetaTrader. You can download MetaTrader free of charge from most forex brokers. It is worth mentioning that you will need the desktop version of the MetaTrader platform in order to run forex robots.
You can load the Algo Trend EA onto the charts in your platform and it will constantly scan the forex market for trading signals using the built-in algorithm. When the expert advisor determines that there is an opportunity for trade, it can enter the market and manage the position on behalf of the user. Whilst this may seem like an attractive proposition for those who do not have the time or knowledge required to trade manually, there are some key advantages and disadvantages to be aware of.
In this Algo Trend EA Review, I will be taking a look at the automated forex trading strategy that it implements, along with any back tests provided by the developer and most importantly, real verified account results. Hopefully, this can help you to decide if this is a forex EA that you would consider using on your own forex account or not.
Algo Trend EA Trading Strategy
The Algo Trend EA uses a trend trading strategy. It can trade up to 28 currency pairs from a single currency chart which means you do not need lot of charts open and hogging your computer resources unnecessarily. It can also trade on other financial instruments including XAU/USD. You can even use it for prop firm challenges if you wish whilst it includes preset files that have been pre optimised by the developer. You are free to adjust the settings according to your own preferences should you wish.
This forex software has been developed by the Algo Trading Group who have a range of trading products and services, including automated strategies and forex signals. There is a free 7-day trial and the developer claims to update the Algo Trend expert advisor every 2 months to help it stay relevant to the current market conditions. I feel that this can lead to an over optimised strategy but appreciate that it is something not many other forex robots do.
Taking a look over the Algo Trend EA Myfxbook account, I can see that despite being a trend trading strategy, it only targets around 15 pips per trade. This is borderline scalping in my opinion and thus, it will require a high win rate and ideal broker conditions in order to have a chance of performing well in the long term. The drawdown does look decent so far, but I am not too keen on how the average loss is greater than the average win. This means that a couple of bad trades could take longer to recover from.
Algo Trend EA Features
- Can trade up to 28 currency pairs and gold
- Fully customisable settings
- Preset files included
- Automated trading strategy
- MetaTrader platforms
- Includes stop loss, take profit and trailing stop
- Updated every 2 months
- Free 7-day trial
Algo Trend EA Back Testing
When it comes to choosing a forex robot, I like to check to make sure the developer has provided back tests that show how the forex expert advisor may have traded over a good amount of historical data across various currency pairs. This can help us to understand how the automated trading strategy works and performed over different market conditions. Of course, historical performance is by no means any guarantee of future results, but it can be a good way to get a rough idea of what we might expect.
Unfortunately, the Algo Trading Group have not provided any Algo Trend EA back tests, so we cannot really get an idea of how it could have traded over historical data. I am quite surprised at this considering the expertise that they have and would certainly like to see back tests added. This is something I would be happy to add to the review at a later date but otherwise, you can take a look at the Forex Scalping EA if you would prefer a forex robot that has back tests readily available.
Algo Trend EA Results
Whilst back tests are useful to some extent, the most important thing to look for in a forex robot in my opinion are real account results. This would enable us to see exactly how the Algo Trend EA has been performing through recent market conditions. That way you can determine if you are happy with the various statistics such as profit factor, drawdown, average win, average loss, trade duration, trading volume and more. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Algo Trend EA Summary
Overall, I think there is some potential with the Algo Trend expert advisor as is evident by the limited verified account results that the developers have published. However, I would like to see them provide back tests on all the 28 currency pairs (and gold) that they state the EA can trade on. I would also like to learn more about the trading strategy that the software is using. There is a free 7-day trial but I do not think this is anywhere near enough time to draw an accurate conclusion of any forex strategy. I also feel like the risk to reward ratio could be improved so that the average win is greater than the average loss.
If you would like to give the Algo Trend EA a try, you could run it on a demo trading account to get a feel for how it trades without taking any risk. I would always test a forex robot on a demo account to begin with. Just keep in mind that demo account results can differ compared to live accounts. This is due to factors that can be different between a simulated and real trading environment including liquidity, slippage and spreads.
To use the Algo Trend EA, you will need an account with a forex broker. With so many forex brokers to choose from nowadays, it can be had to decide which is the best forex broker for you. From my many years of experience in the forex industry, IC Markets are one of the best forex brokers when it comes to manual and automated trading. This is because they have tight spreads, low commission fees, reliable execution speeds, multiple funding options and excellent 24/7 customer support.
You can find out more about the Algo Trend EA by visiting the website using the link below. It does come with instructions, full support, free updates and a money back guarantee.
Algo Trend EAFree Trial
- Automatic trend trading strategy
- Can trade 28 currency pairs and gold
- Verified results available
- Free 7 day trial option
- Can be used for prop firm challenges
- Money management features
- Set files provided
- Customisable settings
- Frequent updates
- Full support
- MetaTrader platform only
- Limited live account results
- Lack of backtests
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.