In this post I will be reviewing the Flywheel Forex EA. This is a fully automated forex trading system developed to run on the MetaTrader 4 trading platform. There is no prior trading experience required to use this forex robot so it is suitable for novice and advanced traders. It includes detailed instructions for a quick and easy 5 minute setup.
Flywheel Forex EA Trading Strategy
The Flywheel Forex EA has a unique money management system. The developers can give you the ideal parameters depending on your needs and trading style (conservative, normal or aggressive). It trades 6 of the major currency pairs: EURUSD, GBPUSD, AUDUSD, USDCAD, USDCHF and USDJPY. That is a good selection of currency pairs to trade as they usually have low spreads and plenty of liquidity.
You can choose to trade all pairs to diversify your portfolio and spread your risk or if you prefer, you can trade your preferred pair(s). Settings are slightly different for each pair which is completely normal as they have different behaviours.
I would ensure as with any forex trading system that I am using an ECN forex broker for the best possible trading conditions.
Flywheel Forex EA Back Testing
There are no back tests on the Flywheel Forex EA website which is disappointing.
Flywheel Forex EA Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Flywheel Forex EA Summary
Overall, this forex robot can analyse currency pairs and place trades for you but it does have some limitations. I have conducted many forex robot reviews and there are other alternative automated trading options that I would consider over this EA. It does come with instructions, support and a money back guarantee. It should be noted that there are no guarantees on how any system will perform and historical results are by no means an indication of future performance.