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The FXRapidEA is an automated forex robot that is powered by Forex Store who promote a range of forex software including this one. This particular trading software has been developed for the MetaTrader desktop platforms where it can scan currency pair charts for trading signals and place/manage trades on behalf of the user. It can also be used to send forex signals via SMS or email notifications if you would like to check each trade manually with your own additional market analysis. You will need to have the MT4 or MT5 platform running for it to work correctly. Some traders use a Forex VPS as a way to remotely run their platforms 24/7.

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, MyForexPath EA, FXGoodway EA, Forex Truck 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 FXRapidEA 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.

FXRapidEA Trading Strategy

The FXRapidEA implements a unique trading algorithm that attempts to identify and trade in the direction of the market trend and close trades that go against the trend. Trend trading is a trading style that attempts to capture gains through the analysis of an asset’s momentum in a particular direction. When the price is moving in one overall direction, such as up or down, that is called a trend. Trend traders enter into a long position (buy) when a security is trending upward or a short position (sell) when it is moving downwards.

Generally speaking, there are three types of primary trend: uptrends, downtrends and sideways trends. Trend trades can be divided into three classes of trading styles or segments: the intra-day, the swing, and the position trade. Trend trading is usually considered a mid to long-term trading strategy, but it can in theory cover any timeframe, depending on how long the trend lasts. Some of the most common trend trading strategies use technical indicators, including moving averages, the relative strength index (RSI) and the average directional index (ADX).

Using its built-in trading algorithms, the FXRapidEA determines a direction of the trend and opens a trade in that direction. Sometimes it happens that before the price moves further along the direction of a trend, a slight pullback of the price action occurs. In such a situation, this forex robot opens another order (or multiple orders) in the direction of the expected trend, to increase the overall position size. It can trade rapidly with positions usually lasting a few days at most based on historical data. FXRapidEA can trade on 4 currency pairs which are as follows: EUR/USD, NZD/USD, AUD/USD, USD/JPY.

In cases when a direction of the forex market has changed, and the trades of FXRapidEA are against the trend, the EA can close all of the open trades as they are, more often than not they will be closed at a loss. When a new trend is formed, the EA opens trades as a way to try and cover all of the previous losses. When you keep in mind that this can happen even several times, it shows just how risky the trading strategy is in my opinion and something I would personally avoid. If this robot gets on the wrong side of a big trend, things can get ugly and fast.

FXRapidEA Features

Now that we have considered the trading strategy that is used by the software, here we can take a look at some of the more prominent features of the expert advisor.

Automated Forex Robot

As with the majority of forex software provided by Forex Store, this is a forex robot which trades automatically on behalf of the user based on the underlying algorithm and specific input settings. It can conduct everything from market analysis to place, managing and exiting positions.

Customisable Settings

The FXRapidEA settings can be amended according to the needs of each forex trader. You may set the risk or lot size for the software to use on each position and change any of the other input settings made externally available by the developer. That being said, they have also provided default settings if you wish to just use the EA out of the box as is. Regardless, you should check the risk level is suitable according to your tolerance level and I would only experiment with my own settings on a demo trading account to begin with.

Risk Management

The FXRapidEA has a built-in drawdown control system. This means that you can specify in the settings of the EA what that the maximum risk that you are prepared to take is. For example, if the risk amount is set to 10%, the system will calculate a lot size in such a way so that the strategy would close all trades if this level of drawdown is reached. As always, it is imperative that you only trade with a risk and drawdown level that you feel comfortable with because every trader is different.

MetaTrader Brokers

The FXRapidEA can be used on any forex broker that offers the desktop versions of the highly popular MetaTrader 4 (MT4) an MetaTrader 5 (MT5) platforms. These platforms are free to download and use. It is good that this software is compatible with both as quite often you will only see a particular forex robot being developed for either platform which can frustrate traders. It is also compatible with NFA regulated brokers and brokers with FIFO rule.

Although the bot can be used on any forex broker, I would always look for a forex broker that has competitive trading conditions which can include tight spreads, good commission fees and reliable execution at the best possible prices with minimal slippage. This helps to save on trading costs in the long run. Other broker features worth considering include regulation, education, trading tools, support, accounts, funding methods and more. You can always take a look at my best forex brokers for some inspiration if need be.

FXRapidEA Options

There are 2 purchase options of this expert advisor, both come with 1 lifetime license for any account, free updates, support and a money back guarantee.

FXRapidEA DUE trades on 2 currency pairs: EUR/USD, NZD/USD. Cost is $269
FXRapidEA QUATTRO trades on 4 currency pairs: EUR/USD, NZD/USD, AUD/USD, USD/JPY. Cost is $349

To start trading with this forex robot, you will need to take a couple of minutes to setup and configure the EA to your own needs. If you have any difficulties or questions along the way, there is a friendly support team who will be happy to help you with any problems.

FXRapidEA Back Testing

There is a collection of FXRapidEA backtests available on the website which is supposed to give us an inclination into the historical performance of the EA based on the MetaTrader strategy tester over a number of years and various market conditions. Unfortunately, these backtests are only conducted with 90% modelling quality which means that they are not as accurate as can be. The developer has not used tick data, they have not included commissions and they have not used variable spreads. These are important elements that would have a significant impact on most trading strategies so I cannot draw any conclusion from these results other than I am left wondering why the developer does not provide 99% modelling quality backtests when they have the ability to do so.

FXRapidEA Results

Credit where it is due, the Forex Store who power this EA have published and shared a verified by Myfxbook trading account where you can see the latest performance of the FXRapidEA. Despite that, the results are concerning considering the significant drawdown on the account. This system is way too risky for my personal taste. I think that it is only a matter of time before the account is blown up as there is no way any trading system can sustain that type of poor money management in the long term. You can click the graph for more detailed stats and to make your own judgement on the performance of this automated forex system. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.

FXRapidEA Summary

The FXRapidEA is an auto forex system for MT4/5 that tries to trade in the direction of the trend but uses a dangerous money management strategy if it gets caught on the wrong side as is evident from the significant drawdowns on the developers Myfxbook account running the EA. Overall, I would skip this forex robot as it is too risky for my trading style. Please feel free to browse my forex robot reviews for some alternative options.

FXRapidEA

$269

3.7

Strategy

3.0/10

Backtesting

5.0/10

Results