The FXGoodway EA is an expert advisor that has been programmed to trade automatically in the MetaTrader 4 desktop platform. FXGoodway will scan the forex market for potential trade setups according to its built-in trading strategy. When the FXGoodway robot finds a trading signal, it can enter, manage and exit the trade on behalf of the user. Whilst this does make it a hands-off solution, there are some important things to consider before using this or any other forex robot for that matter. In this FXGoodway EA Review, I will be covering the forex strategy that it uses along with back tests and any live results. This should help you to decide if his is a forex robot that you would consider using on your trading account or not.
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, FXCharger, FXParabol EA, FxStabilizer, FXQuaser EA, FXConstant EA, FXHelix, FXZipper EA, FXTrackPRO, FXRapid EA, MyForexPath EA, Forex Truck EA and the FXCipher EA.
FXGoodway EA Trading Strategy
The FXGoodway EA is based on a Grid trading strategy. It trades only in the direction of the trend using certain patterns (sessions) of settings to try and identify in which direction the market may be heading. The FXGoodway expert advisor was originally developed for primarily trading on the EUR/USD currency pair and there is now also a version available for the less popular USD/CHF pair.
If you do not know what grid trading is, Grid trading is when orders are placed above and below a set price, creating a grid of orders at incrementally increasing and decreasing prices. This type of trading strategy can be very risky when not done correctly. Even a perfect grid system can still have big drawdowns and blow accounts up. I think that they are done to try and compensate for bad entries that I would much rather cut short. I think that trying to “trap” the market is not something that is sustainable in the long term. Moe often then not, a grid trading robot will cause a margin call from my experience.
Every day FXGoodway decides which pattern to use depending on the current market situation, and if there are no open orders of the same pattern, the EA opens a new session. Every pattern trades independently of each other and opens a grid of orders when the price moves in the opposite direction. Each basket of orders is being closed only by a preset take profit level. The most important, is that the patterns (sessions) are designed in such a way as to trade differently from each other, even in case of using two sets at the same time.
I find this type of money management to be dangerous and quite rigid. I think they could significantly improve the EA by adding more sensible stop losses and dynamic take profit levels if they want the EA to stay inline with what is happening in the forex market at any given time.
The FXGoodway EA includes 2 set files that have already been optimised by the developer. In the settings of the FXGoodway robot it is possible to choose whether to trade using Set 1, Set 2, or both sets at the same time. Set 1 is basically the old version of FXGOODWAY. Set 2 – consists of new settings which have also been tested for a long time on a real account, the results of which you can find in the Statistics section. Set 1 uses up to 10 patterns; Set 2 – up to 7 patterns.
FXGoodway EA Features
- Fully automated forex robot
- Grid trading strategy
- EUR/USD and USD/CHF currency pairs
- MetaTrader 4 (MT4) expert advisor
- 2 preset files provided
- Different trading sessions
FXGoodway EA Back Testing
Credit where it is due, the developers have shared some FXGoodway back tests. They show the historical performance of the software over 6 years of data on the currency pairs that it trades. However, the modelling quality is only 90% which is very limited. This means that the bot has not been tested with real tick data, real variable spreads and does not account for commission. These are all very important factors that could have had a huge impact on the results. Therefore, I would take them with a pinch of salt. If you are looking for a forex expert advisor that has better quality back testing, you might want to take a look at the Forex Robotron EA.
FXGoodway EA Results
Although the back tests are limited, the developers have gone some way to making up for this by providing us with multiple accounts showing FXGoodway EA results that have been verified by Myfxbook. This is one of the best ways to get an idea of what to expect from a particular automated trading strategy such as this one. The main issue I have is that the drawdown on the accounts are very high. This backs up what I was saying earlier about the robot using dangerous money management. In my humble opinion, it is only a matter of time before one (or all) of the accounts can no longer sustain the drawdown and get a margin call. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
FXGoodway EA Summary
The FXGoodway EA does have a unique automated system of recognition for attempting to identify the current market condition but as with any trading strategy, it cannot be right all of the time. It is also using a very high-risk grid trading strategy that I would not feel comfortable with personally. Therefore, it is very important that you adjust the lot/risk size to a level that you feel comfortable with. Never risk more than you can afford to lose. If you do want to see what this forex robot can do, I would only start on a demo account to begin with. This way you can get a feel for how it trades without taking any risk. It does include full support, free updates, instructions and a money back guarantee.
FXGoodway EA
$275
Pros
- Multiple Currency Pairs
- Fully Automated Forex Strategy
- Verified Results
- Back Tests
- Customisable Settings
- Free Updates
- Full Support
- Money Back Guarantee
Cons
- MetaTrader 4 Only
- Dangerous Money Management
- Grid Trading Strategy
- Limited Back Test Quality
- 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.
