In this post I will be reviewing the Forex Forager software for the ever popular MetaTrader 4 (MT4) trading platform. For those who may not be familiar with the term “forager”, the dictionary definition is “someone who hunts for food and provisions”. As this is the forex market that we are talking about here I am going to assume this was named as Forex Forager as it will “forage” for trades. In this Forex Forager review we will take a look the trading strategy that it uses along with the backtests and most importantly, any verified results. Hopefully this will help you to decide if the Forex Forager Robot is something that you would consider using on your forex trading account.
Forex Forager Trading Strategy
To be clear, Forex Forager is different from your typical “plug and play” forex robot. With most fully automated forex trading systems, you set them up on your charts and leave them to analyse the markets and place/manage trades as and when the implemented algorithm finds them.
Forex Forager comes with a free membership to the “Friends of Forager” telegram group where the developers provide 24/7 guidance in its usage. They state that you will spend no more than 15 minutes a night getting Forager ready for the next day’s trading. The Forex Forager team will provide you with the trading “signals” to enter into the Forager.
I will admit straight away that I am not a fan of this setup. Nothing against the developers it’s just my personal preference. If I was going to use an automated system such as Forex Forager then I would prefer for it to be fully automated.
The developers could implement a remote server connectivity where trades are sent directly into the EA but instead, they require the user to make sure they are available every day to enter the trading signals.
This forex software could easily have made it into my forex signal section instead. If the developers are conducting their own market analysis to find trades then I would personally prefer to do my own manual trading.
That being said, this may be a suitable solution for some of you reading this Forex Forager review and you are free to test it on a demo account to see how it performs for you.
For those interested in the inner workings of Forex Forager, here is how it operates:
- It enters a trade at a specific price; usually a pivot point from where a price move is expected.
- It defines and controls risk; it can attempt to enter a trade any number of times at the same or different prices.
- Once in the trade, it takes partial profits at a predetermined level; and puts breakeven stops on the portion that is kept.
- As profits grow, trailing stops are placed.
- Forager can play both sides of the market simultaneously which means it can hedge.
The developer has made all of the Forex Forager settings externally available which means that you can adjust them via the inputs window when you attach this robot to the charts in your trading platform. You can always just use the default settings provided by the developer that have already been optimised but you should always check to make sure that the lot or risk size is set to a suitable level for your risk preferences as every trader is different in that respect.
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.
IC Markets are one of my top forex brokers for running automated forex trading robots. This is because they are an ECN broker with lots of liquidity which means that you can trade with tight spreads, low commission fees and rapid trade execution speeds at the best available prices.
Forex Forager Back Testing
There are no back tests on the official Forex Forager official website which is disappointing but I feel that due to the “semi-automated” nature of this particular forex robot, it wouldn’t actually be possible to run a back test in the MT4 strategy tester. That being said, the developer might want to consider creating a fully automated version so we could test the trading strategy across various financial instruments and chart timeframes to see how it may perform. This could also be a good way to experiment with various combinations of settings to see which work best together. 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.
Forex Forager Live Results
If the lack of top quality backtests wasn’t limiting enough, the developer isn’t sharing any real live verified accounts of the robot. Without them, we don’t have any idea of how good or bad this 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. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Forex Forager Summary
Overall, it is honestly hard for me to draw an accurate conclusion on the Forex Forager EA at this time. There are no Myfxbook or FX Blue verified accounts currently on the official Forex Forager EA website for us to check performance and no back tests.
If I am simply judging it based on usability, I would have preferred it to be fully automated as the searching around for price levels to insert into the EA defeat the purpose of a forex robot for my taste.
Furthermore, I would conduct my own technical, fundamental, price action and sentiment analysis in addition to the signals provided by Forex Forager.
I certainly would like more information to be provided along with statistics on historical performance before proceeding any further. I have conducted many forex robot reviews over the years and there are other alternative automated trading options that I would consider over this EA.
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.