Today we are going to review the Galileo FX automated trading system (EA) that has been developed to run in the MetaTrader platforms. You can download the MetaTrader platforms free of charge from most forex brokers, if you don’t already have it installed on your computer. Keep in mind that you will need the desktop version of either the MetaTrader 4 or 5 platform in order to run forex robots such as Galileo FX.
The platform must be up and running for the Galileo FX EA to be able to scan the markets for trades and manage positions. If it is not always convenient to have your computer running, you could always consider a Forex VPS, which will allow you to remotely run MetaTrader 24/7, without needing your machine switched on. You simply login to the VPS at a time that suits you, to see how things are progressing. Or, if you get the MetaTrader app for your phone, you can always keep an eye on your account from there.
Now, enough of my waffling on, let’s get stuck into this Galileo FX review!
Galileo FX Features
Galileo FX is fully automated and runs in the MT4/MT5 platforms. It will analyse the markets for you and enter trade positions when it finds a valid trading signal according to its built-in algorithm. Once a trade has been opened, Galileo FX will manage the position on your behalf. This makes it a “hands-off” trading solution that can be used by traders of all experience levels.
Of course, keep in mind that forex robots do not have the same emotions as humans. Whilst this does mean they can avoid mistakes caused by fear, anger and greed, it also means that they cannot always see things that the human eye can. That being said, it is important to be aware of the risks with any manual or automated trading system.
Here are some of the key features of the Galileo FX automated trading system:
- Fully automated, running 24/7
- Can be used on any forex broker
- MetaTrader 4 & MetaTrader 5 platforms
- No minimum deposit required
- Quick installation (guide & video)
- Fully customisable with over 60 optimised settings
- Major currency pairs
- Multiple timeframes
- Built in money management
- Trailing stops, break evens, etc
- Auto stop loss and take profit
- Runs on demo and live accounts
- 24-hour support via email
- Free lifetime updates
Galileo FX Trading Strategy
The Galileo FX trading strategy is based on consecutive bullish and bearish signals, it does not use a Martingale or Grid system. Users can set the number of consecutive signals to instruct Galileo FX to buy or sell automatically. Galileo FX consistently carries out the trading plan, be it an uptrend, downtrend or sideways move. There is no need to spend countless hours analysing charts day and night with complex technical analysis – Galileo FX does it for you. To manage risk, users can set Stop Loss and Trailing Step. Users can also manually close trades, using Galileo FX’s algorithm to open trades.
Every trader is different, which is why it is a good thing to have settings that can be fully customised according to the user’s individual preferences. That being said, users who do not have the time, knowledge or interest to customise, could just use the Galileo FX Bot with the “out of the box” settings. It includes a generous selection of over 60 pre-set files for multiple currency pairs (EUR/USD, GBP/USD, AUD/USD, USD/CHF, USD/JPY, etc) and timeframes (M1, M5, M15, M30, H1, H4, D1, WK, MN).
The developer states that the Galileo FX strategy has been tested on 12 different brokers, using different settings and in different market conditions. This is a good way to “stress test” a forex robot to see how it could work in various different scenarios. I have seen big discrepancies between brokers whilst running the exact same EA’s with the exact same settings. Therefore, the more different data sets that we have to test over and analyse statistics, the better.
Galileo FX Back Testing
Galileo FX can easily be back tested and optimised to suit various starting balances. Back testing and optimising a forex robot can be a great way to identify settings that work for you, on your preferred trading instruments and timeframes. It should be noted that the MetaTrader 4 strategy tester which is used for back testing EA’s, is quite limited. The MetaTrader 5 strategy tester is much better in my opinion. It has higher modelling quality and allows for multi-currency and multi-timeframe back testing.
If back testing with the MT4 strategy tester, I would personally always use tick data to ensure 99% modelling quality. Furthermore, I would want to back test with variable spreads, commission included and slippage. This will help to give the most accurate back testing conditions possible. I have seen so many forex EA’s that have been back tested with poor quality data and low fixed spreads, without including any commission or accounting for possible slippage. What this does, is give unrealistic expectations to the user. I use Birts Tick Data Suite for all my MT4 back tests, it allows the import of tick data and improved testing conditions.
You will find a limited selection of back tests on the Galileo FX website. There are not enough for my liking. Ideally, I would have preferred to have seen back tests for each individual pre-set file over at least a 5-year period. Yes, I know there are 60+ pre-set files to choose from, but without any inclination of historical results, it could be tough to know which pre-set file to choose.
Any professional trading robot should have plenty of back tests for us to get a clear idea about how it may have performed historically. If a developer does not provide them, I would always question why not. Forex robots should always include back tests over many years to see how they may have performed over various market conditions and currency pairs. I am extremely surprised that despite the Galileo FX sales page being packed with info about just how good it is, they haven’t shared complete back tests – developer if you are reading this, please add them, I think it would be a great way to help potential users out!
Galileo FX Verified Results
The Galileo FX developer has published some verified Myfxbook results on the website. This way, you can see how the Galileo FX robot has performed historically. Keeping in mind, that whilst historical results are a useful way to check performance in the past, but by no means any guarantee of future results.
Unfortunately, the Galileo FX results are not up to date at the time of me writing this review. I would always personally want to see real live up to date verified results. Without them, there is no way for me to know how well or badly a system has been performing recently. If the developers are reading this, then perhaps they may like to consider publishing verified results for us to see.
There are results of the Galileo FX EA running on the EUR/USD, BTC/USD, Gold, Silver and DAX30. This shows that this can be a versatile trading robot, which may be appealing to traders who have an interest in instruments other than forex. I would have liked to have seen some verified results trading other currency pairs and timeframes, especially considering the software comes with over 60 pre-set files.
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Galileo FX Summary
Galileo FX is one of the better presented automated trading systems that I have seen over the years. The developer has provided plenty of information on the Galileo FX website for those who may be interested in finding out more. However, verified up to date results are signficantly lacking.
On the surface, the implemented trading system is very flexible. It can be used on various trading instruments and timeframes, whilst being able to adapt to both trending and range bound markets. There is a plethora of already optimised pre-set files included, whilst you are also free to optimise the Galileo FX EA in your own time. It also has money management features to control risk, such as a stop loss, trailing stop, break even, etc.
That being said, no system is perfect, so there cannot be any guarantees on how it will perform. Although, we do have some verified Myfxbook accounts to use as a rough guide on past historical performance. Whatever the forex robot being used is, I would always start in a demo account and only switch to a live account when comfortable on how Galileo FX works.
I have read some reports online from users who claim that Galileo FX post suspicious reviews and some other forex review websites say they are scam. I am not by any means saying they are a scam, nor am I saying the reviews are fake, for me the lack of up to date verified real account results and back tests are as important. It is worth mentioning that they have reported some negative reviews on Trustpilot and threatened legal action against the reviewers.
Hopefully this in-depth Galileo FX review has helped you to learn more about this forex robot and whether it is something that you would like to try out for yourself. I would be more impressed if the developers would add up to date verified accounts to the website along with tick data back tests that use real tick data, include commissions, have variable spreads, include slippage and have 99% modelling quality.
Happy trading! 😉