In the world of forex trading, automated trading systems have become increasingly popular as they offer convenience and flexibility to traders. One such system that has gained popularity is the Fox Trader Pro. However, with so many automated trading systems available, it can be difficult to determine which one is the right fit for your trading needs. That’s where this review of Fox Trader Pro comes in. In this article, we will provide an unbiased and comprehensive review of Fox Trader Pro, covering its features, performance, and settings. By the end of this review, you will have a better understanding of whether Fox Trader Pro is the right choice for your forex trading needs.
Fox Trader Pro Strategy
Fox Trader Pro is a trading robot developed by Michela Russo for use on the MQL platforms. This particular trading robot is designed as a trend-following indicator that is based on Moving Averages. The primary MA period used in this indicator is 50, while the secondary MA period is 25. The type of MA used is exponential, and the MA time frame is 4 hours.
Fox Trader Pro is primarily designed to trade during the Asian and NY sessions, and it is not a high-frequency trading system. As a result, it has high slippage resistance. There are two trading modes available: Forex and Binary Options. The system can be used with a PC or forex VPS with a recommended maximum latency of 100ms.
The EA has been subjected to stress tests for 16 years and uses an artificial intelligence algorithm to predict the likely future trend. It analyzes the market by looking for the main trend, entering the market based on volatility, and utilizing an artificial intelligence algorithm to predict the likely future trend. However, the platform must remain open 24 hours a day to ensure the system works properly. The developer recommends using a VPS, which is more convenient and safer than keeping the PC open all the time.
One potential weakness of Fox Trader Pro could be its reliance on trend-following strategies. This means that the EA may struggle in markets with choppy or sideways price action, leading to losses or reduced profitability. Additionally, while the EA has been stress-tested, past performance is not necessarily indicative of future results, and there is always a risk of unexpected market events that could impact the performance of the EA.
As for certain strategies, Fox Trader Pro does not use grid trading, hedging, scalping, or news trading. It does not employ a martingale strategy either, which is a popular but risky trading strategy that involves doubling the risk after each loss. The developer recommends using a minimum deposit of $2000 and a broker with low spreads and commissions, such as IC Markets.
Fox Trader Pro Features
- Trend Following Indicator: Fox Trader Pro is a trend-following indicator that uses Moving Averages to determine the direction of the trend.
- Two Trading Modes: It has the ability to trade in both Forex and Binary Options modes.
- High Slippage Resistance: As Fox Trader Pro does not use arbitrage or high-frequency trading, it is highly resistant to slippage.
- Works Without Obsolete Indicators: Fox Trader Pro analyzes the market without using obsolete indicators and patterns.
- Volatility-Based Entries: It enters the market based on volatility.
- Artificial Intelligence Algorithm: It uses an artificial intelligence algorithm to predict the likely future trend.
- Moving Averages: The primary MA period is 50, and the secondary MA period is 25. It uses exponential MA type and a time frame of 4 hours.
- Compatible with PC or VPS: Fox Trader Pro can work with PC or VPS with a latency up to a recommended maximum of 100ms.
- Recommended Symbol and Timeframe: EURUSD and M1 are the recommended symbol and timeframe, respectively.
Fox Trader Pro Settings
- Lot – Set the lot amount when autolot is disabled
- Autolot – Enable or disable automatic lot calculation
- Risk – Set the risk for autolot calculation
- Magic Number – Set the ID for identifying EA orders
- Spread Allowed – Set the spread limit for opening trades
- Enable Ma – Enable or disable the MA indicator
- Primary Ma Periods – Set the MA periods for the primary MA indicator
- Secondary Ma Periods – Set the MA periods for the secondary MA indicator
- Ma Method – Set the MA method for the MA indicators
- Ma Timeframe – Set the timeframe for the MA indicators
- Monday – Enable or disable trading on Monday
- Tuesday – Enable or disable trading on Tuesday
- Wednesday – Enable or disable trading on Wednesday
- Thursday – Enable or disable trading on Thursday
- Friday – Enable or disable trading on Friday
- Saturday – Enable or disable trading on Saturday
- Sunday – Enable or disable trading on Sunday
- Enable Buy – Enable or disable buy trades
- Enable Sell – Enable or disable sell trades
- One trade for one bar – Allow only one trade for each bar
- Order Timeframe – Set the timeframe for the EA’s first order
- Max Orders – Set the maximum number of orders that can be open
- Coeff Sum – Set the position increase coefficient
- Minimum Distance – Set the minimum distance for secondary positions
- One Trade Bar Grid – Enable or disable the opening of only one trade for each bar for grid orders
- Timeframe Secondary Order – Set the timeframe for secondary trades
- Take Profit – Set the take profit for orders
- Modify Take Profit for First Order – Use a different take profit for the first order
- Take Profit for First Order – Set the take profit for the first order
- Close only end of bar – Close trades only at the end of M1 bar
- Enable Money Max Loss – Enable or disable the loss limit in money
- Every Microlot – Multiply the amount of “money max loss” by 100 by lot
- Stop Trading When Hit – Stop trading when the maximum loss is reached
- Maximum Monetary loss – Set the maximum monetary loss amount
- Close Friday – Close all trades on Friday, only if they are in profit, and do not open any others
- Close Friday Hour – Set the closing time on Friday
- Trade Comment – Set the comment for trades
- Broker Utc – Set the broker UTC time
- Enable News Filter – Enable or disable the news filter
- News Filter Link – Set the link for the news filter
- Pause After News in Minutes – Set the trading pause after news in minutes
- Pause Before News in Minutes – Set the trading pause before news in minutes
- Enable High Impact News – Enable or disable trading in high impact news
- Enable Medium Impact News – Enable or disable trading in medium impact news
- Enable Low Impact News – Enable or disable trading in low impact news
- Broker Gmt Offset – Set the broker GMT offset
- Change Chart Color – Change the chart color in Scalper Pro Colors
- Show Panel – Show the panel in the trading interface
Fox Trader Pro Summary
In conclusion, Fox Trader Pro is a trend-following trading robot designed for use on the MQL platforms. It uses a 50-25 exponential moving average crossover strategy to enter and exit trades, and is stress-tested for 16 years. While it is primarily designed to trade during the Asian and NY sessions, it is not a high-frequency trading system and has high slippage resistance.
One potential weakness of Fox Trader Pro is its reliance on trend-following strategies, which may struggle in markets with choppy or sideways price action. Demo testing the EA and applying good risk management settings is recommended before using it with real money. The recommended minimum deposit by the developer is $2000, and a broker with low spreads and commissions, such as IC Markets, is suggested.
Overall, Fox Trader Pro may be suitable for traders who are comfortable with trend-following strategies and are looking for a relatively stable and stress-tested trading robot. However, as with any trading system, there is always a level of risk involved, and careful testing and risk management are essential for success.
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.