The Forex Truck EA (expert advisor) is an automated forex trading system developed to run in the MetaTrader 4 (MT4) and MetaTrader (MT5) platforms. MetaTrader is a popular platform used by millions of traders across the globe that is free to download and use from most forex brokers. You will need the desktop/laptop version of the platform to run forex robots such as Forex Truck.
This is another forex robot from the same development team who have a range of other forex software that I have previously reviewed including Forex inControl, FxDiverse, FXCharger, FXParabol EA, FxStabilizer, FXQuaser EA, FXConstant EA, FXHelix, FXZipper EA, FXTrackPRO, FXRapid EA, MyForexPath EA, FXGoodway EA, Forex Extract EA and the FXCipher EA.
You may ask yourself why do these developers sell so many forex robots when they claim each of them can perform so well. Surely, they should be using them on their own accounts and raking in pips rather than selling them and dealing with customer support issues.
Hopefully this Forex Truck EA review will help you decide if these claims are backed up with solid trading strategies, top-quality backtests and verified real account results. We will look at the most important aspects to consider when choosing a forex robot to see if this is a forex expert advisor (EA) that you would consider running on your own trading account.
Forex Truck EA Features
Forex Truck is completely automated meaning you can load it onto your charts in MT4 and it will analyse the markets for trading opportunities. When it finds them, it will place, manage and close trades on your behalf.
Forex Truck has been developed and optimised for the USDCAD currency pair. This could be considered a major currency pair which means it should have reasonable spreads and decent liquidity. I would use an ECN forex broker for the tightest possible spreads with low commissions and plenty of liquidity for rapid trade execution speeds. This ensures that trades get executed at the best possible prices and that I can save on my trading costs over the long term.
The Forex Truck EA uses a “block feature” where it can open multiple orders if the market turns against a position. Whilst this can get dangerous if lot sizes are too high and there are too many positions, there is a stop loss and close all function if things get messy. Of course, only ever trade with a lot/risk size that you feel happy with and never ever risk more than you can afford to lose.
The developer has shared a verified Myfxbook account which shows the latest performance of the Forex Truck EA. It should be duly noted that past performance is by no means any indication of future results. You can visit the Forex Truck website for the latest results.
The developer has made all of the Forex Truck 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.
Forex Truck EA Back Testing
The Forex Truck EA has some back tests on the USDCAD currency pair, in aggressive and normal mode. These tests run over a 5+ year period but are limited to 90% modelling quality. This basically means that they are not as accurate as they can be. I would like to have seen the developer use Birts Tick Data Suite (TDS) for back testing with 99% modelling quality using tick data, variable spreads, commissions and slippage. Otherwise, I think the backtests are pretty pointless as these are all very important factors that can have a signficant impact on the performance of any auomtated forex trading strategy.
Whilst the developer is running the Forex Truck EA on the USDCAD currency pair, I would also be tempted to optimise the settings on various instruments and timeframes in order to create some customised set files that are suited towards my own individual trading style, preference and goals. There are recommend currency pairs to use but that does not mean you cannot run it on other financial instruments. However, if you do wish to experiment with the Forex Truck robot, then you may want to do so on a demo account to begin with and see how things go.
Forex Truck EA Live Results
It is good to see that the developer has provided us with a Myfxbook verified account where we can see the latest Forex Truck EA results. This can be a good way for you to get an idea of how the robot trades and analyse the latest statistics. Up to date results are one of the most important things too look for when choosing a suitable forex robot. Without them, we wouldn’t have any idea of how good or bad a system has been performing in the current market conditions which are constantly evolving. I think that the Forex Truck EA has been doing reasonably well, although perhaps they could work on trying to reduce the drawdown. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Forex Truck EA Conclusion
Overall, I think that the Forex Truck EA has some potential as is shown by the back tests (albeit limited quality) and verified Myfxbook account. I am personally slightly cautious about the fact that it enters multiple positions if trades go against the EA. Without the correct money management, things could go south very quickly. Whilst the Forex Truck EA can go on a long consectuive run of winning trades, the nature of the money management implemented does mean that there will always be that potential risk. That being said, you may consider giving it a go on a demo account and see how it performs. The Forex Truck EA comes with instructions, support, updates and a money back guarantee. Please feel free to browse my forex robot reviews for some alternative options.
Forex Truck EA
$277
Pros
- Fully Automated Trading System
- MetaTrader 4 & MetaTrader 5 platforms
- Customisable Settings
- Detailed Instructions
- Free Updates
- Full Support
- Money Back Guarantee
- Verified Results Provided
- Backtests Available
- Any Forex Broker
Cons
- Limited Currency Pairs
- Limited Backtest Quality
- 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.
