In this post I will be reviewing the automated trading system Free Fx Trading Robot. Despite the name, this is not a free forex robot and actual comes at a one off purchase price. This can be quite deceiving at first as it makes you wonder why they would call it the Free Fx Trading Robot when it is not actually free?! This immediately raises some red flags but I gave the developer the benefit of the doubt as they may have just chose poorly on the robots name and decided to go ahead and review it in any case to see what it can offer forex traders.
Free Fx Trading Robot Trading Strategy
This forex robot looks for a common pattern that often occurs in the forex market and claims to not use technical indicators but price action which is logical as patterns are usually formed with candlesticks (spinning tops, dojis, inside bar, hammers, shooting star, etc).
However it may filter these signals using technical indicators which I think is good for any forex trading strategy. You have the price action analysis in the candlestick patterns and can verify these with overbought/sold markets and trends with the technical indicators.
Free Fx Trading Robot Back Testing
The developers of the Free Fx Trading Robot saved us a lot of time as they have thoroughly tested the robot on 41 currency pairs and came to the conclusion that it performs best on the EURSUD, USDCHF, EURCHF and USDCAD. That is a good selection of major pairs there which will usually have competitive spreads and a decent amount of liquidity.
The problem is that the modelling quality on these back tests is only 90%. 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 a more accurate idea of the historical performance but of course would be no guarantee of future performance. For the upmost accuracy back tests can be conducted using real tick data, variable spreads and including commission, swaps and slippage.
Free Fx Trading Robot Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Free Fx Trading Robot Summary
This is a fully automated forex trading system for MetaTrader 4 and includes detailed instructions, support and free updates.