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FXTrackPRO is an expert advisor (EA) that trades automatically in the MT4 or MT5 desktop platforms. You can download the MetaTrader platforms free of charge from the majority of online forex brokers if you don’t already have it. This software can be placed on currency pair charts in the platform and it will scan the charts for potential trade opportunities. When there is a signal according to its built-in algorithm, the robot will enter and manage a position on behalf of the user. In this FXTrackPRO Review, we will look at how it works, what features it has and some of the published results provided by the developers.
FXTrackPRO Trading Strategy
The FXTrackPRO EA uses a completely automated forex strategy. This makes it a hands-off trading solution that can do all of the market analysis according to the trading algorithm that is built within the MQL code. For those who may not be aware, MQL is the programming language used by the MetaTrader platform and a popular choice of code when it comes to forex robots such as this one.
This automatic forex robot can work on both the MT4/5 platforms and it has been designed to trade on the following currency pairs: EURUSD, GBPUSD, USDJPY USDCAD, EURJPY and CHFJPY. You can choose to trade as little or as many currency pairs as you wish. I would always look to trade major currency pairs as I feel they can have better trading conditions such as plenty of liquidity for lower spreads and decent execution speeds. Of course, it is important to have a good forex broker as well.
The FXTrackPRO Expert Advisor works with 3 different types of indicators at the same time. The interesting thing is that this particular EA does not use them simultaneously to determine an entry point, it uses them based on a certain algorithm that can dynamically adapt the current financial market situation.
What this effectively means is that in one situation the FXTrackPRO robot can potentially take the data from one indicator and start trading, and in what it considers to be a different market scenario, it can take into account another technical indicator in order to try and choose the optimal entry point.
Thus, the software will try to adjust to use an appropriate trading style dependant on the current market conditions. This approach along with the multiple currency pairs does make it a flexible and diverse forex robot but my main concern is the money management which seems to allow for substantial drawdowns that are too high for my preferences.
There is a double protection money management system that is used in the EA. It uses a stop loss and online analysis of orders in the market for the possibility of forced closing of orders. Everything is calculated automatically based on a specified risk.
As the FXTrackPRO EA is a fully automated trading strategy, it can be used by forex traders of all experience levels. It comes with an instruction manual, free updates and support. There is no minimum balance required to start using it but you should never trade with what you cannot afford to lose. The expert advisor can be used on any forex broker that has the MT4 or MT5 platform, which is the majority.
It is important to make sure that you understand the significant risks that come when using any forex trading robot such as this one. There can be no guarantees on how good or bad it will perform. I would always prefer to start out on a demo account to check how a robot trades before even considering running it on a real account.
There are 2 purchase options. You can get one license for any trading account for $325. This option is limited to the EURUSD, GBPUSD and USDJPY currency pair. Otherwise, the $445 option works with the following currency pairs: EURUSD, USDCAD, GBPUSD, EURJPY, USDJPY and CHFJPY. Both options include lifetime updates, support and a money back guarantee. You can change your license over to another account at any time.
FXTrackPRO Back Testing
One of the best ways to try and understand what to expect from a certain forex robot throughout different market conditions is to check its performance over historical data quotes, which will show how it may have traded during previous years. Below you can see some FXTrackPRO backtests that have been published by the developers for each currency pair it trades over a number of years. You are also free to backtest the software as much as you like in the MetaTrader strategy tester just keep in mind that backtesting results are not always accurate and do not guarantee future results.
FXTrackPRO Verified Results
The developers have shared some FXTrackPRO results where you can follow its latest performance. I am not impressed with the significant drawdown the EA seems to be having at the time of me writing this review. You can click on the graphs to see more detailed statistical information about how FXTrackPRO is trading on a real money account. All of the accounts are verified by the independent and reputable company – Myfxbook. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
FXTrackPRO is a multicurrency forex EA that can be used on up to 6 currency pairs simultaneously, depending on how you set it up. The developer has made all of the most important settings available as external inputs so that you can adjust the settings according to your own trading style. For sure, considering the drawdowns I have seen this EA can have, you will certainly want to make sure the position size is set to a level that you feel comfortable with or you may even end up with a margin call or blown account if your not careful. You may wish to check some of the other forex robots that I have reviewed for another bot that doesn’t have so much drawdown based on historical testing.
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.