AX Trader is a forex robot developed by LeapFX and designed to be run on currency pair charts within the popular MetaTrader 4 platform. You may be familiar with the LeapFX team from previous reviews that I have done on the vast range of forex software products that they offer. This includes Trade Explorer, DynaScalp, The Wave Scalper, News Action Trader, Jet Trader Pro, Gold Trader, Arbitron and Econ Power Trader. Here we will take an in-depth look at the fully automated AX Trader system to see exactly what it is and how it works. Hopefully, that can help you decide if it is something that you would like to consider using on your own trading account. Now without further ado, let’s get into it!
What is the AX Trader EA?
The AX Trader EA (expert advisor) is an automated forex robot that can analyse the forex market for trading signals based on its unique trading algorithm. When it finds a buy or sell signal according to its implemented trade criteria, the EA will place and manage trades on behalf of the user. Therefore, the AX Trader EA can be used by traders of all experience levels and step by step detailed instructions are included.
Whilst it is an autopilot trade solution, do keep in mind that there can be some significant limitations to such trading systems. For instance, whilst they do remove the human emotions that can lead to mistakes, they may not be able to spot certain things that a human eye can. That could be extreme market volatility or a pending news release that could cause significant market movements and unfavourable trading conditions.
Of course, there is no guarantee with any manual or automated forex system, thus it is important to be aware of the risks involved with trading online.
What is the AX Trader Trading Strategy?
The AX Trader robot uses a high frequency trading strategy that combines Fibonacci Levels with trend trading. It is engineered to determine direction of the overall trend while dynamically adjusting its entry points utilizing data from Fibonacci calculations.
AX Trader includes pre-defined stop loss and take profit levels. However, users are free to customise the settings towards their own preferred trading styles and goals.
LeapFX specify that AX Trader can run on 6 currency pairs. You can choose to trade them all if you wish or pick a few pairs that you like. I would also tend to go for major currency pairs such as the EUR/USD. This is primarily due to the fact they can often have some of the most liquidity which can lead to some good markets moves. This could be especially useful when using a trend trading strategy.
How do I use the AX Trader EA?
AX Trader runs on the MT4 platform which you can download free of charge from most forex brokers. You can even open a free demo trading account to practice trading online if you wish to do so. This can be a useful way to test out a forex robot with virtual funds to get a feel for how it works before committing to a real live trading account.
I personally prefer ECN forex brokers as they can offer some of the best available bid/ask prices that are available from a pool of liquidity providers. This often means tighter spreads and rapid trade execution speeds. It is also worth considering that the lower the commissions costs, the more we can save on trading costs in the long term.
You will need the MT4 desktop platform up and running all of the time in order for the AX Trader EA to be able to scan the markets, place and manage trades. If it is not always feasible to have the platform running on your home computer or laptop, you could consider a Forex Virtual Private Server (VPS).
A Forex VPS will allow you to run the MT4 platform 24/7 remotely, without needing your own machine switched on. You can then just login to the VPS at a time that suits you to see how things are progressing. Some forex brokers even offer a Free Forex VPS if you meet a minimum trading requirement.
How to setup the AX Trader EA?
It is quick and easy to get setup with AX Trader EA on an MT4 trading account. The process goes as follows:
- Install the AX Trader forex robot to your brokers MT4 platform
- Open the charts for the supported currency pairs
- Attach the AX Trader software to each chart and from there, it will automatically open, manage, and close trades for you
AX Trader Features
By now, you should have a clear understanding on what AX Trader EA is and how it works. Here we will take a quick look at some of the key AX Trader features:
- Automated forex robot
- Compatible with the MT4 platform
- Trades on the following currency pairs: EURUSD, GBPUSD, AUDUSD, USDCAD, USDJPY, USDCHF
- Can open and close trades automatically on behalf of the user
- Auto money management options built in
- Built-in news detection technology to try and detect extreme volatility
- Can try to adapt to current market conditions
- Full installation setup guide provided
- Full support available
- 30-day money back guarantee
AX Trader Back Testing
Disappointingly, the LeapFX team have not shared any back tests on the AX Trader EA website. I would expect a team with their knowledge and skills to at least be able to provide some tick data back tests with 99% modelling quality on the 6 currency pairs that they recommend.
This would have given us a rough idea on how the AX Trader EA performed over historical data. We could have got plenty of statistics to get our teeth stuck into and seen how the robot held up over different market conditions.
That being said, anyone can get Birts TDS and conduct back tests on different instrument/timeframes within the MT4 strategy tester. Just keep in mind that whilst back test results can be useful to test the validity of a system and how it trades, they are by no means any reflection of future results.
AX Trader Verified Results
The LeapFX team have provided some AX Trader Myfxbook results that show its trade results over a few months at the time of me writing this AX Trader Review. Whilst I commend them for providing these, the drawdown is just too high for my liking. It seems like the stop loss is quite wide which means trades can stay open in a losing position for a sustained period of time. If the market doesn’t turn back in favour of a trade, this could lead to a blown account.
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
AX Trader Packages
There are 2 AX Trader EA packages to choose from. The only difference is that one offers a 1-year subscription for $297, whereas the other offers a lifetime subscription for $497.
AX Trader Summary
Putting it all together, whilst I do like the implementation of Fibonacci Levels, trading with the trend and news filter, I am not a fan of the money management being used by AX Trader. It allows too large a drawdown for my tastes.
I would also have like to have seen back tests across multiple currency pairs and timeframes over at least a 5-year period. This could have told us a lot more about the AX Trader EA and its potential.
That being said, if you would like to find out more or give it a try on a demo account, please feel free to visit the official AX Trader website using the link below.
- Automated forex robot
- MetaTrader 4 platform
- 6 currency pairs: EURUSD, GBPUSD, AUDUSD, USDCAD, USDJPY, USDCHF
- Myfxbook results
- Money management settings
- News filter built-in
- Full support
- Free updates
- Detailed instructions included
- Money back guarantee