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. If the backtests have not accounted for these very important factors, then the results could be completely different. I have seen the same trading systems go from winning to losing strategies once the spreads and commission have been included, not to mention the slippage. When choosing a suitable forex robot, I would always be on the lookout for a developer that publishes 99% modelling quality backtests to get a more accurate idea of past performance. Most of the top forex robots nowadays have 99% modelling quality tests, including the Forex Robotron EA.
Forex EA Trader Live Results
If the lack of 99% modelling quality backtests wasn’t a big enough let down, the developer isn’t even sharing any real live verified accounts of the robot. Without them, we don’t have any idea of how good or bad the Forex EA Trader forex robot has been performing in the current market conditions which are constantly evolving. For this reason alone, I would consider looking at another trading robot such as the Forex Flex EA. They have 99% modelling quality backtests that are also backed up by verified results on multiple trading accounts. 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. However, I see many areas in which the developer of this forex software could improve it significantly. Mainly, I believe they should provide potential users with 99% modelling quality backtests that include real variable spreads, commission and slippage. I think that they should show Forex EA Trader results on multiple currency pairs and chart timeframes to give us a better idea of how versatile (or not) the system actually is. Most importantly, they should certainly add some real verified trading accounts that show how the Forex EA Trader has been performing. Without these important things, there is no way to draw an accurate conclusion to the quality of this particular trading robot. However, some would argue that the lack of these factors would give them an inclination as do what they should expect.
Forex EA Trader
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Pros
- Customisable Settings
- Fully Automated Forex System
- Versatile Trading Robot
- Free Download
- Broker Protection System
- Broker Spy Module
- Stealth Mode
- Profit Protection System
- High-Spread Protection System
Cons
- MetaTrader 4 Only
- No Verified Results
- Limited Backtest Quality
- Broker Sensitive
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.
