In this post I will be reviewing the Forex Trend Hunter forex robot. This is a fully automated forex trading system that runs in the popular MetaTrader 4 (MT4) platform which is free to download from most forex brokers. 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. This robot is from the same developer who brought you the Dynamic Pro Scalper and Forex Pulse Detector automated forex trading systems that I have previously reviewed. It has some advantages and disadvantages over other forex robots which I will cover within this Forex Trend Hunter review. The main positives are that it can catch some big moves whereas the downside is that it requires specific market conditions and I feel like the developer could improve on the provided backtests. Read on to find out more and see if the Forex Trend Hunter EA is something that you would consider using on your own forex account.
Forex Trend Hunter Trading Strategy
Forex Trend Hunter is a fully automated forex trading system so you can set it up in just 5 minutes with relative ease. It is a long-term automated trading system which aims to trade with the trend – the old saying “the trend is your friend” applies here. These types of system are look to move with the overall direction of the market and aim for mid to long term trades. Despite being a long-term automated forex trading system, the developer states that it trades on the m15 charts. Usually a long-term system would use a higher time frame as this can help to filter out some of the noise from the lower chart timeframes and usually makes trends more obvious to spot. That being said, the Forex Trend Hunter EA is capable of catching some big moves provided the market conditions are right.
The Forex Trend Hunter EA uses a recovery system that will enter additional trades if the market moves against the original position. The purpose of this advanced feature is to try and capitalise on the market regardless of the direction in which it is moving. Whilst this can work well in a range bound market, if the trend continues to move against the original order and multiple orders are opened to try and recover, things can get messy. You could end up with lots of trades open against the trend which actually defeats the purpose of a trend trading robot. I would prefer if the Forex Trend Hunter robot was using a sensible stop loss to cut losing trades short and wait for a new opportunity to enter the trade. Once it discovers a trend and gets in at the right opportunity, it could lock the trade in at breakeven point and use a trailing stop loss to try and maximise profits.
Although the Forex Trend Hunter EA is a fully automated forex trading robot, you could always set the software to semi-automated mode in which instance it would send you an alert when it finds a trading signal and you could decide from there if you would like to enter the market or wait for the next opportunity to come along. I would always like to perform my own additional market analysis where possible as extra confirmation for all trades. This could include technical analysis, fundamental analysis and price action analysis. Generally speaking, the more aspects of market analysis that you have covered, the more informed your trade decisions can be.
The developer has made all of the Forex Trend Hunter expert advisor 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.
For those of you who have the experience, you are free to experiment with the Forex Trend Hunter robot settings to develop your own bespoke set files. I would use the MT4 strategy tester to backtest the software across different currency pairs and chart timeframes to discover unique combination of settings that match my trading style and goals.
Forex Trend Hunter Back Testing
Looking at the Forex Trend Hunter website there are 12 year back tests on the EURJPY, GBPJPY and EURUSD currency pairs. However, tick data was not used so the modelling quality is 90%. We must also consider that real spreads, swaps, slippage and commissions were not incorporated in the testing. Therefore, I do not think these Forex Trend Hunter backtests are reliable and believe that the developer could improve on them significantly. It would have been useful for potential users to see 99% modelling quality back tests using Birts TDS in the MT4 strategy tester. This could have given an idea of the historical performance but of course would be no guarantee of future performance.
Forex Trend Hunter Live Results
Despite the limitations in terms of backtesting, it is good to see that the developer has shared some verified by Myfxbook accounts showing the latest Forex Trend Hunter EA results. This helps to give you an idea of how the forex robot has been performing in recent market conditions. I must say these are not the worst results that I have seen, provided you don’t mind waiting for trades to come along as it is not as active as say a forex scalping EA is. I should mention that some of the accounts have been deleted which may be due to poor performance but I cannot say for sure so only have the current Myfxbook accounts to go by which is more than many forex robots provide. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Forex Trend Hunter Summary
Overall, I think that the Forex Trend Hunter robot does have some potential when used correctly although there are also some key areas where there is room for improvement. Specifically, I would like to see better quality backtests and the recovery mode is quite risky as it can cause significant drawdowns should the market keep trending against the multiple open positions. However, full support, updates and 60-day money back guarantee are included. The Forex Trend Hunter developers actually have 3 forex robots currently available on the website with more coming soon. I also have the developer’s other forex robots in my forex robot reviews section, whereas you can see all live results from the Forex Trend Hunter EA and the developer’s other robots on the Forex Trend Hunter website which you can visit by using the link below.
Forex Trend Hunter
$69
Pros
- Multiple Currency Pairs
- Customisable Settings
- Versatile Forex Robot
- 60 Day Money Back Guarantee
- Full Support
- Lifetime Updates
- Detailed Instructions
- Fully Automated Forex System
- Verified Results Provided
- Backtests Available
Cons
- Limited Backtest Quality
- Requires User Input
- Potentially High Drawdowns
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.
