In this post I will be reviewing the Funnel Trader Forex Robot. This is a fully automated forex trading strategy for the MetaTrader 4 trading platform. Full detailed instructions are included so even the beginner traders can be setup and running the Funnel Trader forex robot in minutes. Once setup it is completely hands off and fully automated, you don’t need to do anything else. Although a forex robot can be a hands-off solution for those of you who might not have the time or knowledge required to trade manually, there are some key advantages and disadvantages to consider.
This is yet another forex robot from the LeapFX team whose other forex software I have previously reviewed, including Trade Explorer, AX Trader, DynaScalp, News Action Trader, Jet Trader Pro, Gold Trader, Arbitron, Econ Power Trader, Automic Trader, Auto Arb, Fund Trader, Easy Money X-Ray Robot, Skilled Trader, Pattern Trader Pro, Trend Hunter Robot, The Money Tree Robot, Wave Scalper EA, Quick Scalp Trader EA, Dax Day Trader and InstantEA. You can tell from the vast number of forex products that they have available they certainly have some experience. However, many years in the forex industry has taught me that does not exactly equal results.
In this Funnel Trader EA Review, I will be covering the trading strategy that it uses, along with analysing any backtests provided and most important, verified real results. Hopefully this will help you to decide if this forex software is suitable for your own trading goals.
Funnel Trader 2.0 Trading Strategy
The Funnel Trader EA analyses forex currency pairs for market patterns based around price action analysis, entering and exiting trades for you. The trading strategy is based on short term market trends. It trades multiple pairs at the same time so that the trading portfolio is diversified. You can choose to trade your favourite currency pairs. I would look at the EURUSD and other major currency crosses as they can have lots of trading volume which means lower spreads and lots of activity. However, if you do wish to experiment with the Funnel Trader software, then you may want to do so on a demo account to begin with and see how things go. Otherwise, you could just use the default set files that are provided by LeapFX.
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. My top broker for automated trading is IC Markets because they have deep liquidity pools which means that you can get your trades executed at some of the best possible prices on the market at all times.
The developer has made all of the Funnel Trader 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.
Funnel Trader 2.0 Back Testing
Back testing results are not published on the Funnel Trader website. 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. For the upmost accuracy, back tests can be conducted using real tick data, variable spreads and including commission, swaps and slippage. Without any Funnel Trader backtests, we cannot really get an idea of how it may have performed across various market conditions on different trading instruments and chart timeframes. In saying that, you are free to optimise the Funnel Trader EA and create your own bespoke set files. If you are looking for a forex robot with top quality backtests, you could take a look at the Forex Flex EA instead.
Funnel Trader 2.0 Live Results
Whilst the backtests are missing, the developer has shared a verified account showing some Funnel Trader results. The problem is that the Myfxbook account has not been updated in a while so we cannot see how good or bad the Funnel Trader robot has been performing in current market conditions. It also makes me wonder why the LeapFX developers stopped updating the account and if they are still actively working on the EA. I must say the results whilst the bot was running are decent, although the drawdown is quite high which leads me to believe the money management could be improved. You could consider Forex Robotron if you are looking for something with up to date results. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Funnel Trader 2.0 Summary
The Funnel Trader EA uses a trend following strategy on multiple currency pairs which gives it diversity. However, there are many areas in which I feel that it can be improved. Primarily, I would like to see the developer publish some 99% quality backtests and also update the Myfxbook account. Furthermore, I think there is room to work on getting the drawdown reduced significantly. If I was to consider this forex EA, I would want to do my own optimisations to find suitable settings on the currency pairs and timeframes that I like to trade.
The Funnel Trader robot does include free support, lifetime updates, instructions, preset files and a 60-day money back guarantee. There is also a trial version available for you to test Funnel Trader and decide if it is suitable for your trading style. You could always run it on a demo trading account risk free to see how things go and if it lives up to your expectations. Please feel free to visit the Funnel Trader website using the link below for instant access.
Funnel Trader 2.0
$497
Pros
- Multiple Currency Pairs
- Verified Results Provided
- Customisable Settings
- Any Forex Broker
- Full Support
- Lifetime Updates
- Detailed Instructions
- Fully Automated Forex System
Cons
- No Backtests
- Results Not Updated
- Potentially High Drawdowns
- 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.
