In this post I will review the FXShooter EA for the MetaTrader 4 (MT4) trading platform. For those who may not be familiar with the term “EA”, it is short hand for expert advisor which is basically a fancy name used by the MT4 platform for forex robots such as FXShooter.
As this EA is fully automated, it does not require any user intervention as it can scan the markets for potential trading opportunities and place/manage trades when it finds them. This makes is suitable for traders of all experience levels and can be setup in around 5 minutes using the provided instructions.
All you need to start using the FXShooter EA is a trading account and the MT4 platform which is freely available to download from most reputable forex brokers. I always prefer to use an ECN forex broker for some of the best possible trading conditions including low spreads, commissions and good trade execution speeds.
With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
FXShooter Trading Strategy
The developer has not provided much information on the trading strategy used by the FXShooter EA but they do state that it uses adaptive market analysis in order to try and adjust to dynamic market conditions.
The FXShooter forex robot trades multiple FX currency pairs. I would personally want to reoptimize the FXShooter EA in the MT4 strategy tester with Birts TDS to try and find my own settings for major currency pairs and different time frames.
The expert advisor (EA) will analyse charts for potential trading signals based on the built-in algorithm. When it finds a signal, it can place and manage trades on behalf of the user. The settings can be customised to the user preferences.
FXShooter Back Testing
On the official FXShooter EA website, there are back tests on the EURUSD, GBPUSD, EURCHF, EURGBP and USDCHF. The problem with these back tests is that the modelling quality is only 90% and therefore they do not use real tick data or real spreads. They also do not account for commissions, swaps or slippage.
Thus, these back tests are not as accurate as they would be had the developer back tested the robot with 99% modelling quality by implementing Birts TDS into the MT4 strategy tester.
It should be noted that there are no guarantees on how any system will perform and historical results are by no means an indication of future performance.
FXShooter Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Overall, the FXShooter EA would certainly not be on my list of forex robots due to the fact that I personally do not find it very consistent and I am not a big fan of the risk to reward ratio.
Furthermore, the lack of clarity regarding the strategy incorporated by this forex robot does not fill me with confidence. I would like to have some idea of how it is trading rather than setting it up and hoping for the best!
I have conducted many forex robot reviews and there are other alternative automated trading options that I would consider over this EA.
That being said, the FXShooter EA does come with setup instructions, full support and a money back guarantee.