In this post I will be reviewing the FX Charger fully automated forex trading system for the MetaTrader 4 trading platform. This is a set and forget forex robot that requires no previous trading experience and is suitable for both novice and advanced traders. It includes detailed setup instructions so you can be up and running in minutes.
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, FXParabol EA, FxStabilizer, FXQuaser EA, FXConstant EA, FXHelix, FXZipper EA, FXTrackPRO, FXRapid EA, MyForexPath EA, FXGoodway EA, Forex Truck 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 FX Charger 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.
FX Charger Trading Strategy
FX Charger has built in money management so it will place and manage the trades on your behalf. The take profit and stop loss is dynamic so FX Charger will update them in real time depending on the current market conditions. This helps to ensure that the EA is always up to date with the latest market movements.
It includes two different settings for novice and advanced traders – you can use FX Charger with the default settings straight out of the box or if you are more experienced and like to experiment you can customise it to your requirements.
It must be said this EA uses a dangerous money management strategy that I would not personally want to use.
Whilst the FX Charger Robot 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 FX Charger 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 FX Charger 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. 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 FX Charger software, then you may want to do so on a demo account to begin with and see how things go.
FX Charger Back Testing
The FX Charger website has published some back tests on the currency pairs it currently trades – EURUSD/AUDUSD. This is a good selection of pairs due to the low spreads and liquidity they tend to have. There are 2 trading modes used – normal mode and high profitability mode. The FX Charger has full back tests for you to view and download in further detail should you wish.
I do not think we can take anything from these FX Charger Robot backtest results simply due to the fact that they are only using 90% modelling quality and do not account for important factors that could have a significant impact on the results, most importantly the spreads and commissions. I would like to see the developer improve and update the FX Charger EA backtests, especially when you consider they have been around for years so should certainly have the skills required to do so. Most of the top forex robots nowadays have 99% modelling quality tests, including the Forex Robotron EA.
FX Charger Live Results
The robot developer has shared a verified Myfxbook account showing some FX Charger results. However, the trading account has not been updated for a long time now which is disappointing. This means that we have no way to see how the FX Charger expert advisor has been performing in recent market conditions which have changed significantly since the account was last updated. I think there is significant room for improvement here. If you are looking for a forex robot that has verified results, then you may want to consider the Forex Flex EA as an alternative option instead. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
FX Charger Summary
Overall, I would personally avoid using this particular forex robot. I find that it is too risky for my personal taste and the verified results stopped updating a few years ago which is a red flag in my opinion. I also think they could improve the backtests to have better quality. I have conducted many forex robot reviews and there are alternative options that I would prefer over this EA. Please feel free to browse my forex robot reviews for some alternative options. It does however come with instructions, full support and a money back guarantee.
FX Charger EA
$219
Pros
- Automated Forex Robot
- Multiple Currency Pairs
- Various Packages
- 30 Day Money Back Guarantee
- Full Support
- Lifetime Updates
- Detailed Instructions
- Verified Results Provided
- Backtests Available
- Customisable Settings
Cons
- Limited Backtest Quality
- Results Not Updated
- MetaTrader 4 Only
- 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.
