FX Classic Trader is an automated forex system developed to run in the MetaTrader 4 platform. You can download and use the MT4 platform from the majority of forex brokers, completely free of charge. It supports demo trading so you can test out forex robots such as FX Classic Trader. Before you get started, hopefully this FX Classic Trader Review can help you discover more about this particular expert advisor (EA) to see if it is something that you would like to use.
FX Classic Trader$109
What is the FX Classic Trader?
FX Classic Trader is a forex robot that can automatically analyse the markets, enter and exit trades. It is developed specifically for MT4. Users can attach it to their charts in the platform and it will conduct all trading activity on their behalf.
FX Classic Trader has a unique trading algorithm based on technical indicators, that aims to trade price swings between support and resistance. It constantly performs complex calculation for market analysis before it opens and closes transactions.
FX Classic Trader implements auto money management, designed to try and cut losses early and allow good trades to run in order to try and maximize gains. It does not use any dangerous martingale money management system and complies with NFA/FIFO rules.
The FX Classic Trader EA can be used on any MT4 forex broker. I would personally be using an ECN forex broker. I find that they have some of the best trading conditions available to retail forex traders, including tight spreads, low commission fees and reliable trade execution speeds with minimal slippage.
According to the developer, “FX Classic Trader is the result of years of hard work day and night, programming, testing to develop a fully automated trading solution. Thousands upon thousands of hours of programming and testing has gone into the research and development of FX Classic Trader.”
How do I use the FX Classic Trader?
You can follow the provided step by step instruction guide which explains how to attach the FX Classic Trader to your MT4 charts. You can even set MT4 to give you an alert when the FX Classic Trader EA wants to place a trade so that you can confirm it beforehand.
Keep in mind that when using an automated system such as FX Classic Trader, the human element is removed. Whilst this can help to avoid mistakes that humans may make due to fear, anger, greed or inexperience, it also means that a forex robot cannot identify certain things that the human eye can.
There may be a big news event coming up that could cause significant volatility that an automated system is not aware of. This is one of the reasons it is important to understand the risks involved when using any automated forex system.
In order to use the FX Classic Trader forex robot, you will need the MT4 desktop platform. The MT4 platform needs to be up and running in order for any forex robot to be able to analyse the market and place/manage trades. If it is not always feasible to have your MT4 platform up and running on your home computer or laptop, you may consider a Forex VPS.
A Forex VPS will allow you to run MT4 24/7 around the clock, without needing your own computer switched on. This is because the VPS will remotely host MT4 and you can just login to it when it is most convenient for you. There are many Forex VPS providers to choose from. Some forex brokers even offer a Free Forex VPS.
FX Classic Trader Features
By now, you should have an idea of what the FX Classic Trader is and how it works. Here we will take a look at some of the key FX Classic Trader features:
- Fully automated forex system
- Developed for the MT4 platform
- Enter and exit trade positions on autopilot
- Built-in trading algorithm
- Built-in money management
- Following FIFO rules
- Can be used on any MT4 forex broker
- Full support from the developer
- Free upgrades for life
- 1 – 3 trading account licenses
FX Classic Trader Back Testing
You will find a single EUR/USD back test on the FX Classic Trader website at the moment. This back test covers a few years and shows good historical performance. However, there are some significant problems with it, which makes it very inaccurate from my perspective.
Firstly, it is not using tick data and therefore the modelling quality is only 90%. The spread is set fixed to 2 pips in the back test, which is not realistic, especially for the EUR/GBP currency pair which can often increase above 2 pips on many forex brokers. Trade commission has also not been accounted for in the back test, which could also have a significant impact on historical performance. That is not to mention the possible slippage.
If any developer is sharing back tests of a forex robot, the bare minimum for me, should be a 99% modelling quality test. It should use tick data and real variable spreads. It should include a sensible commission fee and also slippage. Whilst back tests are never going to be perfect, using a back-testing software such as Birts TDS, can certainly help to improve things.
FX Classic Trader Verified Results
Whilst the FX Classic Trader developer has shared some FX Blue verified trading account results, there is by far not enough data for me to draw an accurate conclusion. It has currently only been running a few months and has had very limited trading activity during this time.
I would like to see real results over a long period of time to see how the FX Classic Trader EA held up over different market conditions before deciding if it is something I would like to pursue further.
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
FX Classic Trader Summary
In my humble opinion, there is just not enough for me to consider using the FX Classic Trader EA. It doesn’t have sufficient back tests and there is very limited real account data to draw on accurate conclusion from. At the very most, this would only make it to a demo trading account for me, if that.
I think the developer could improve greatly on the FX Classic Trader website and provide us with much more information, especially on the actual trading strategy implemented within this forex robot.
Despite that, if you are curious to find out more and to see if those improvements have been made, feel free to head on over to the FX Classic Trader website using the link below.