In this post I will be reviewing the EFC EA Robot developed by the experienced trading team over at trading strategy guides. They have a vast range of manual and automated forex trading systems that I have previously reviewed. They are also frequently launching new forex trading products such as the EFC EA Robot which runs in the MetaTrader 4 (MT4) trading platform and will place, manage and exit trades for you fully automated.
You simply setup the EFC EA Robot on your charts using the provided instructions and let EFC EA Robot analyse the markets for you. Just make sure you set a sensible lot size in the robot’s settings when attaching it to your charts and that you are aware of the risks of trading online with any automated or manual trading system. The fully automated nature of the EFC EA Robot makes it suitable for both beginner and advance traders alike.
Although a forex robot can be a hands-off solution for those of you who might not have the time or knowledge required to trade manually, there are some key advantages and disadvantages to consider. In this EFC EA Robot review we will take a look the trading strategy that it uses along with the backtests and most importantly, any verified results. Hopefully this will help you to decide if the EFC EA software is something that you would consider using on your own trading account.
EFC EA Robot Trading Strategy
The EFC EA Robot is based on the manual forex trading strategy of the same name from the same developer. It will take reversal trades based on the EFC Reversal Indicator. It has built in money management that you cna customise to your own needs.
It will of course place the stop loss and take profit levels for you. You can use the EFC EA Robot if you are a scalper, day trader or swing trader thus it will fit around your schedule and is very flexible.
It may be used on any currency pair and any time frame. I like to use the major currency pairs like the EURUSD & GBPUSD due to the liquidity they have whilst I find the h1 charts and above can help to filter out ranging markets and noise from the lower time frames.
There is an option to purchase the EFC EA Robot with the indicator and some other forex trading tools included.
The developer has made all of the EFC EA Robot settings externally available which means that you can adjust them via the inputs window when you attach this robot to the charts in your trading platform. You can always just use the default settings provided by the developer that have already been optimised but you should always check to make sure that the lot or risk size is set to a suitable level for your risk preferences as every trader is different in that respect.
As I always say, for best trading conditions I would personally use an ECN forex broker for low spreads, low commission and low slippage, thus also saving me on trading costs in the mid to long term. IC Markets are one of my top forex brokers for running automated forex trading robots. This is because they are an ECN broker with lots of liquidity which means that you can trade with tight spreads, low commission fees and rapid trade execution speeds at the best available prices.
EFC EA Robot Back Testing
The EFC EA Robot official website has a back test although we should not draw conclusions from this at all because the modelling quality is very low and it is over a very short period of time. I would like to see it back tested with Birts Tick Data Suite (Birts TDS) using real tick data, real spreads, real commissions and real slippage. Without including these very important factors, results can be very different. Most of the top forex robots nowadays have 99% modelling quality tests, including the Forex Robotron EA.
EFC EA Robot Live Results
If the lack of top quality backtests wasn’t bad enough, the developer isn’t even sharing any real live verified accounts of the EFC EA Robot. Without them, we don’t have any idea of how good or bad this trading robot has been performing in the current market conditions which are constantly changing. For this reason alone, I would consider looking at another trading robot such as the Forex Flex EA. This is a powerful forex software that has 99% modelling quality backtests that are also backed up by verified results. Two things that the EFC EA Robot is lacking. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
EFC EA Robot Summary
Whilst it is flexible, I would need to do a significant amount of testing and dig a lot deeper before drawing an accurate conclusion on the EFC EA Robot. I believe there should also be slightly more direction as to which pairs and time frames EFC EA Robot runs on which would be discovered by doing the back testing. I think there is lots of room for improvement on this forex software, mainly I would like to see some top-quality back tests added that show what it can do across different financial instrument and chart timeframes. Most importantly, the lack of real verified EFC EA Robot results is going to be a deal breaker for most traders looking for a reliable automated trading system.
That being said, if you want to go ahead then proceed with caution and perhaps start on a demo trading account to judge its performance before going live. You could always try it on a demo account to see if the results live up to your expectations. Just keep in mind that demo trading account conditions can vary greatly from a real live trading environment. The EFC EA Robot comes with instructions, bonuses, full support and a money back guarantee. Otherwise, please feel free to browse my forex robot reviews for some alternative options.
EFC EA Robot$149
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.