In this post I will be reviewing the Forex Hunter EA. Forex Hunter EA is a fully automated forex trading system that runs in the popular MetaTrader 4 (MT4) platform which is free to download. It can place and manage trades on behalf of the user. 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 Hunter EA Trading Strategy
The Forex Hunter EA is a new generation grid forex robot that works using the principle “buy cheap, sell high”. This is achieved by opening positions using signals of built-in indicators. Unfortunately, on this highly liquid market, that is FOREX, it does not always guarantee that the price will go directly to the desired direction.
If the entry happens to be not accurate enough then Forex Hunter EA controls open positions using very thought-out martingale strategy. Open orders are grouped into baskets, which are automatically closed when the target (the level of take-profit) is reached.
This strategy does not use any short-term trading or scalping. Orders are added into the so-called basket by opening market orders (in some cases – to handle with price gaps – the Adviser uses Buy-Stop/Sell-Stop orders). Using some advanced methods to control grid geometry provides an almost perfect geometry of open basket, regardless of current market conditions (slippage, increased spreads, etc.).
All that allows the Forex Hunter EA to trade in any market condition, even during really high-impact news.
Forex Hunter EA opens several orders of various sizes in the same direction. A group of such orders is called a basket. Individual orders in the basket are called levels.
If the price moves against the basket, Forex Hunter EA adds new levels to the cart. All orders in the cart have the same Take profit level, which changes when a new level is added. When the price reaches the level of trade target (Take profit) the Forex Hunter EA will close all orders in the cart simultaneously.
The first order is opened only under the appropriate market conditions – Forex Hunter EA doesn’t present in the market constantly, but always waits for the right moment to enter the market.
New levels of the basket can be opened either with increased or with the same volume because of the Forex Hunter EA flexible multiplier settings. A volume of the current Order is calculated from the base lot by applying the lot multiplier specified in the settings for this level.
Typically Forex Hunter EA trades only in one direction. However, sometimes there may be situations when a trade is conducted in both directions. If your broker prohibits hedging, allowing only to buy or sell at the same time, then you can make Forex Hunter EA work only in one direction (set a flag OneWayTradesOnly in the TRUE position – see description of Forex Hunter EA settings).
The Forex Hunter EA has several options for risk management that gives you an opportunity to customise to your needs and to regulate trading risks according to your personal style and preferences.
Firstly, the developer does not recommend using Forex Hunter EA without setting a limit of maximum drawdown. A variable MaxMarginUsagePct (see the section Settings of Forex Hunter EA`s manual) allows you to specify the maximum drawdown in % of the deposit, above that the opening of new levels is prohibited.
Also Forex Hunter EA calculates the remaining amount of available funds before opening a new order in the basket. If there are insufficient funds to open a new order then the advisor won`t open them.
The unique control indicator that comes with Forex Hunter EA provides additional options for risk management which is especially important for multi-currency trading. As you can see from reading this review, Forex Hunter EA is very flexible and fully customizable. If this seems too overwhelming for you then do not worry – it can be used as it (plug and play).
Forex Hunter EA Back Testing
The Forex Hunter EA website has someback tests showing results across multiple currency pairs. What’s more, the back tests have 99% modelling quality which suggests they used real tick data which is a major factor to ensuring the back test results are accurate. It is not clear if they used real variable spreads, swaps, slippage and commissions in testing. These factors can have a major impact on results.
Forex Hunter 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 Hunter EA Summary
Forex Hunter EA is a forex robot based on a grid system. Users should have a clear understanding on what a grid system is and how it works. It comes with support, lifetime updates and a money back guarantee. It also includes detailed instructions for a quick and easy setup whatever level of forex trader you are. The more advanced traders may wish to optimize the Forex Hunter EA in the MetaTrader 4 strategy tester to experiment with other settings, currency pairs and time frames. If you do, I can recommend Birts Tick Data Suite.
Other than that, it is ready to use straight out of the box with the default settings. I would peronally use an ECN forex broker for the best possible trading conditions, including low spreads and reliable execution.