In this post I will be reviewing the aptly named “Forex EA Trader” which is a fully automated trading system that runs in the popular MetaTrader 4 (MT4) trading platform. For those who may not be aware, an EA refers to an expert advisor which is the technical term used for forex robots in MT4.
In order to use this forex robot, you will need a trading account with a forex broker. With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
The Forex EA Trader website is available in English & Italian, with the option provided to sign up and receive the latest performance results of this particular forex robot and to get a free copy.
Forex EA Trader Trading Strategy
The Forex EA Trader utilises a fully automated trading algorithm that constantly analyses the charts to look for potential trades. Once it finds such an opportunity, it will enter a trade and place a stop loss and take profit on your behalf.
You can specify in the settings the lot size to use and you may also choose to close trades manually or only run it during certain time periods. A Forex VPS can be useful if you wish to run a robot 24/7 without needing to have your desktop switched on. You can check how the robot is performing when it suits you.
The developers have implemented what they call a “Broker Spy Module” which they say took them over 2,000 hours to develop and refine. The purpose of this tool is to help try to protect the account from unethical brokers who conduct activities such as unnecessary slippage, artificially high spreads and delayed execution speeds.
There is also a “profit protection system” implemented with the Forex EA Trader. This aims to lock in a position as soon as possible with minimum profits secured just in case the market turns against the trade. In addition to this, there is a special algorithm which monitors for the optimum time to close a position with maximal profits.
The “broker protection system” in the Forex EA Trader is a built-in system that is claimed to hide your stop loss from brokers who may trade against clients. Using a true ECN forex broker can help ensure there is no dealing desk intervention as well as give tighter spreads and superior execution speeds.
The Forex EA Trader also incorporates what the developers call a “Stealth Mode” which is in place to try and help protect against broker stop hunting. In Stealth Mode, the EAs stop loss and take profit levels are not displayed to the broker. There is however an emergency stop loss placed just in case there is a disconnection or unexpected market move.
There is a “High-Spread Protection System” which will prevent the Forex EA Trader from entering positions where the spread may be too high. The “Advanced Money Management” option is a unique built-in algorithm which allows you to activate effective current drawdown compensation.
Forex EA Trader Back Testing
There is an MT4 strategy tester back test on the EURCHF 15-minute chart from 1999-2011 that is shown on the official Forex EA Trader website. It has 90% modelling quality which is disappointing.
It would have been useful for potential users to see 99% modelling quality back tests using Birts TDS in the MT4 strategy tester. This could have given an idea of the historical performance but of course would be no guarantee of future performance. For the upmost accuracy, back tests can be conducted using real tick data, variable spreads and including commission, swaps and slippage.
Forex EA Trader Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Forex EA Trader Summary
The Forex EA Trader has a number of advanced and distinctive features that seem very useful on the surface. I would be interested to test it on multiple currency pairs and time frames, perhaps starting on a demo account to begin with and making sure I use a suitable lot size. Furthermore, there is an opt-in box in the Forex EA Trader website where you can subscribe for a free download.