In this post I will be reviewing the FXGoodway EA which is another fully automated forex trading robot that trades in the MetaTrader 4 trading platform. FXGoodway EA (expert advisor) can handle all of the trading for you so you simply set it up in MT4 and it will look for trades. This is a grid trading robot which is too dangerous for my tastes.
FXGoodway EA Trading Strategy
The FXGoodway EA is a forex robot that automatically decides when to open or close positions on your account if you want it to. The FXGoodway EA is compatible with any broker that provides the hugely popular and free to us MetaTrader 4 trading platform. For best results and trading conditions, I would be using an ECN forex broker.
The FXGoodway EA uses algorithms to open and close trades. It uses a combination of several different logics to try to adjust and adapt to the current market conditions. It can trade in ranging and trending markets.
FXGoodway was developed for trading on EURUSD currency pair. It is based on a Grid strategy. It trades only in the direction of the trend using certain patterns (sessions) of settings. The FXGoodway EA has a unique system of recognition of the Market conditions. Every day FXGoodway decides which pattern to use in the current Market situation, and if there are no open orders of the same pattern, the EA opens a new session. Every pattern works independently of each other and opens a grid of orders when the price moves in the opposite direction. If that does not make sense to you I will sum it up in my opinion as dangerous.
FXGoodway EA Back Testing
The FXGoodway EA official website includes back testing results which are at 90% modelling quality so I would have preferred to have seen 99.9% modelling quality back tests using Birts Tick Data Suite along with real spreads, real tick data and commissions included. Especially considering this is a grid trading strategy where one wrong trade can have damaging implications.
FXGoodway EA Live Results
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FXGoodway EA Summary
Overall, I would personally avoid using this particular forex robot. I find that it is too risky for my personal taste. I have conducted many forex robot reviews and there are alternative options that I would prefer over this EA. It does however come with instructions, full support and a money back guarantee.