In this post I will be reviewing the Forex Trend Detector automated forex trading system. These particular developers have made a few other forex robots over the years. This is yet another fully automated forex trading system that runs in the popular MetaTrader 4 (MT4) platform which is free to download from the majority of forex brokers. It can place and manage trades on behalf of the user, you just load it onto your charts and it will do all of the hard work for you. However, there are advantages and disadvantages to automated trading systems which we will cover in this Forex Trend Detector review. 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.
Fxautomater are the developers of the Forex Trend Detector and have a large selection of forex robots that I have previously reviewed including News Scope EA Pro, Wall Street Forex Robot, Forex Diamond EA, Forex Gold Investor, Volatility Factor Pro, BF Scalper Pro, Grid Master Pro, Smart Scalper Pro, Gold Scalper Pro and the Omega Trend EA.
In this Forex Trend Detector review, we will take a look at the automated trading strategy that it uses along with backtests and most importantly, real verified results of the expert advisor. Hopefully this will help you to decide if this is a trading robot that you would like to use on your forex account or not.
Forex Trend Detector Trading Strategy
The Forex Trend Detector EA has 3 risk options – low, medium and high. The concept behind Forex Trend Detector robot is using a strategy that fund managers and insiders would refer to as “smart money”. They go as far to claim that a fund manager with more than 15 years’ experience was involved in the development process. There is no way to verify this but we do have some backtests and results of the EA which can speak for themselves and you can be the judge.
This forex robot has a coding algorithm and money management algorithm that is combined with a volatility breakout strategy which means it is geared towards more volatile forex currency pairs. I think that the software will work best when there is a clear market trend but it does not always do a great job in identifying them and can be susceptible to false signals from my experience. Thus, you may wish to activate and deactivate it depending on your own market analysis and when you determine there to be a prevalent trend in place.
The expert advisor (EA) will analyse charts for potential trading signals based on the built-in algorithm. When it finds a signal, it can place and manage trades on behalf of the user. The settings can be customised to the user preferences.
I would personally run forex robots with an ECN forex broker as I find that they tend to have some of tightest spreads, lowest commissions and reliable execution speeds. IC Markets are one of my top brokers for automated trading strategies as they have plenty of liquidity which means you can get your trades executed at some of the best available prices at all times.
That being said, the Forex Trend Detector EA can be used on any forex broker that provides the industry standard MT4 platform which is a popular choice for trading with forex robots. Just keep in mind that you will need the desktop version of the platform to run expert advisors (EA’s) but you can keep track of trades via the MT4 app.
Forex Trend Detector Back Testing
There are some Forex Trend Detector back tests on the official website around 2 years’ worth of testing. I would like to have seen back testing over a longer period of time and with real tick data, spreads and commissions included. This is because the modelling quality on the provided backtests is only 90% which means that the results are not accurate. If the tests were using tick by tick data and included real variable spreads along with a commission fee, the results may have been very different. I think the developer can improve significantly by adding top quality back tests over a longer time period. You are of course free to experiment with the Forex Trend Detector settings and do your own back testing in the MT4 strategy tester. This way, you could find your own bespoke combination of settings for your favourite currency pairs and chart timeframes.
Forex Trend Detector Live Results
There was a Forex Trend Detector real live verified account being shared by the developer that I did have published here but they have since deleted it. Therefore, there currently are no results available to see how good or bad the Forex Trend Detector EA has been performing. This is very disappointing and it makes me question why they deleted the account and did not replace it. I can only suggest that it is because the EA crashed. I think they could improve by updating the Myfxbook account to show latest Forex Trend Detector results. To see the latest live verified trading account performance of all forex robots please feel free to visit my best forex robots results page.
Forex Trend Detector Summary
Overall, the idea trading strategy implemented within the Forex Trend Detector EA makes complete sense. Get in at the start of a forming trend and ride it out until the ned. However, it does not always do a good job of finding these trends and filtering out false signals. However, this is not my main concern as without any verified results and poor quality backtests, we do not really have a way to get a clear indication of what to expect from this particular automated system. For that reason, I would consider an alternative forex robot such as the Forex Flex EA. This has both backtests and verified accounts for you to follow. The Forex Trend Detector automated system does come with full support and free lifetime update as well as a no questions asked 60-day money back guarantee. If you are curious and want to experiment with the default or customised settings, then you could always test the bot on a demo trading account risk free to see how things go.
Forex Trend Detector EA
$227
Pros
- Fully Automated Forex Robot
- Customisable Settings
- Backtests Available
- 60 Day Money Back Guarantee
- Full Support
- Lifetime Updates
- Detailed Instructions
Cons
- Limited Backtest Quality
- No Verified Results
- MetaTrader 4 Only
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.
