In this post I will review the Forex Enigma EA. For those who may be unaware, an expert advisor (EA) is a fully automated trading system that runs in the MT4 platform, also known as a forex robot.
These are popular amongst traders of all experience levels as they are a complete set and forget trading solution. You simply follow the setup instructions and the Forex Enigma EA will analyse the chart for trading opportunities.
That being said, you should have a clear understanding of the significant risks involved with trading online and only ever trade with what you can afford.
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.
Forex Enigma EA Trading Strategy
The Forex Enigma EA is fully automated and the parameters can be customised to meet different traders’ requirements, including the lot size.
This is very important as this particular forex robot seems to use a dangerous money management system that increases lot sizes to try and compensate for losing trades.
As I am sure you can appreciate, this can get messy really quick, especially if using lot sizes too big and over leveraging your account. Proceed with great caution if at all! I personally would not trade a system that I consider to be so risky.
The developer states that it runs on the EURUSD 1-hour charts although the more experienced traders amongst you may wish to optimise Forex Enigma in the MT4 strategy tester to try and find set files for alternative pairs and time frames.
The EURUSD is considered a major currency pair and thus tends to have some of the lowest spreads and the most liquidity when compared to more exotic currency pairs. I would prefer to use an ECN forex broker for the best possible trading conditions with any forex trading system.
Forex Enigma EA Back Testing
There are some back tests with 99% modelling quality on the Forex Enigma EA website although they are only over a period of 1 year and show significant drawdowns.
Forex Enigma EA Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Forex Enigma EA Summary
Overall, this would not be my choice of forex robot due to the fact I would not be comfortable with the money management strategy used and the significant drawdowns. The lack of clarity on the strategy implemented along with the very limited back tests would also deter me personally.
The Forex Enigma EA does include instructions, support and a money back guarantee.