In this post I will be reviewing the Forex Element Premium Robot. This is an automated forex trading strategy that has been developed to run in the industry standard forex trading platform, MetaTrader (MT4). You can download MT4 free of charge from most forex brokers. It is worth mentioning that you will need the desktop version of the MT4 platform in order to run forex robots.
You can load the Forex Element Premium Robot onto the charts in your platform and it will constantly scan the forex market for trading signals using the built-in algorithm. When the Forex Element Premium EA determines that there is an opportunity for trade, it can enter the market and manage the position on behalf of the user. Whilst this may seem like an attractive proposition for those who do not have the time or knowledge required to trade manually, there are some key advantages and disadvantages to be aware of.
In this Forex Element Premium Robot Review, I will be taking a look at the automated forex trading strategy that it implements, along with any back tests provided by the developer and most importantly, real verified account results. Hopefully, this can help you to decide if the Forex Element Premium expert advisor is a forex software that you would consider using on your own forex trading account or not.
Forex Element Premium Robot Strategy
The Forex Element Premium EA uses support and resistance levels for identifying possible buy and sell trading opportunities. It also uses a network of orders without the use of a potentially dangerous martingale money management strategy.
The Forex Element Premium Robot comes with default settings that have already been optimised by the developer on the following currency pairs: EUR/USD, AUD/USD, USD/CAD, USD/CHF, CHF/JPY. You do not need to trade all of the recommended pairs. You can choose those that you feel most comfortable with.
For me personally, I like to stick to the major currency pairs such as the EUR/USD as I find they tend to have some of the highest trading volumes which means there should be enough liquidity for low spreads and reliable execution speeds, especially when using an ECN forex broker.
If you have the skills and experience to do so, you can always run Forex Element Premium Robot optimisation in the MT4 strategy tester to come up with your own unique combination of settings on your favourite financial instruments and chart timeframes.
I can often find better settings than those provided by EA developers when I do this. The Forex Element EA can also be used “out of the box” with the default settings, but you will at least want to adjust the position size to a level that matches your risk preferences.
The Forex Element Premium Robot trades on the 1-hour chart timeframe. I think this is an advantage as the lower timeframes can be quite noisy at the best of times which often leads to false trading signals. If a forex expert advisor uses a tight stop loss, this means that it can get whipsawed in and out of the market.
The software is easy to use and comes with detailed setup instructions so that anyone can get it up and running on their MT4 platform. However, it is important to note that there are no guarantees on results and there will be good and bad trades with any manual or automated forex strategy such as this one.
Forex Element Premium Robot Features
- New Cycle – when enabled, the EA works non-stop, otherwise, the EA does not open new orders after a series of trades (enable/disable).
- Initial lot – initial lot.
- Autolot – enable/disable auto lot calculation.
- Autolot size – amount of the deposit, on which Lot is to be used when Auto lot is enabled.
- Part to close – how many parts the order will be closed by take profit.
- Dictance – distance for opening the subsequent orders.
- TP Grid – take profit in points.
- Stop Loss, point (0 not use) – stop loss in the deposit currency.
- Max spread – the maximum spread at which the adviser is allowed to open and close positions.
- Start_Hour, End_Hour – the beginning and end of the time period for the EA to open the first order.
- Show Statistics – show/hide statistics;
- Show Button Close – enable/disable the button for closing orders.
- Magic EA – magic number for the Expert Advisor to identify its positions.
- TF – timeframe to calculate levels.
- Rcolor, Scolor, TxtColor – level drawing colors.
Forex Element Premium Robot Back Testing
Unfortunately, I could not find any Forex Element Premium Robot back tests which is a disappointment. If we had back tests, then we could get a better idea of how the robot trades. There are some screenshots on the website that gives us an idea to the entry logic but I think the developer could significantly improve things by adding multi-currency back tests over many years of data. This would help us judge past performance to some extent, despite obvious back tests limitations. If you are looking for a forex robot with back tests, the Forex Robotron EA has 99% modelling quality tests across many years of tick data.
Forex Element Premium Robot Results
If the absence of back tests wasn’t disappointing enough, we also do not have any verified accounts so we cannot see the Forex Element Premium Robot results. Without these, there is no way to know how good or bad this forex EA has been holding up during recent market conditions. If you would prefer to consider a forex robot that is backed up with real verified results, then the Forex Flex EA might be worth a look as an alternative option. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Forex Element Premium Robot Summary
Overall, I do think there is some potential behind the trading strategy that the Forex Element Premium Robot implements, but it is let down vastly by a distinct lack of back tests and most importantly, real verified results. Without these, we have no idea of exactly how the EA is trading and performing as of late. For that reason, I would personally consider another forex robot. However, if you do wish to give it a go regardless, then you may want to start on a demo trading account to begin with in order to get a feel for how it trades.
Forex Element Premium Robot$67
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.