In this post I will be reviewing the Happy Algorithm Pro fully automated forex trading system designed to run in the MetaTrader 4 (MT4) platform which is used by millions of traders from around the world and available free to download from most forex brokers.
I would personally always look to open an MT4 trading account with an ECN forex broker for the lowest spreads and good 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.
The Happy Algorithm Pro EA is suitable for traders of various experience levels due to the fact that it can analyse the charts and place/manage trades on behalf of the trader.
I have reviewed other forex software from Happy Forex including Happy Frequency EA, Happy Breakout EA, Happy Neuron, Happy Market Hours, Happy Fast Money, Happy News, Happy Trend, Happy Gold, Happy Power, Happy Indicators Pro, Happy Japanese Market, Happy Galaxy EA and Happy Way.
Happy Algorithm Pro Trading Strategy
The developers of the Happy Algorithm Pro EA state that it will try to measure deflections of the correlative and can also measure performance of the settings, conducting dynamic statistical analysis in order to get what it deems to be the optimal stop loss and take profit which can depend on current market conditions.
The EA can measure the valid deflection of the price of the particular correlative pairs and display the difference as a line. The close is usually presented within a particular limit. As soon as the close reaches off the limit, the EA will trade it and close it after the return into the middle value.
If that all sounds like gobbledygook to you than don’t worry. It is a fancy way of saying that this particular forex robot has a built-in algorithm that analyses you charts for entry signals that match its predefined criteria.
The main issue with automated trading systems such as the Happy Algorithm Pro EA, is that they are not able to spot things that the human eye can. This means that they may take a trade in unsuitable market conditions if the entry criteria are met. Therefore, I would always try to keep an eye on the trading activity of all forex robots and intervene if necessary. You can always set your EA’s to semi-automated mode so that they will alert you when there is a possible trading signal and you can then make a decision from there depending on your own market analysis.
The Happy Algorithm Pro EA has been optimised for the EURUSD and USDCHF currency pairs on the daily time frame. The more experienced traders amongst you may wish to use the MT4 strategy tester to optimise the EA for alternative currency pairs and chart time frames.
I actually quite like how the bot trades on the longer-term charts because I find there can be less market noise which means there can be less chance of getting whipsawed in and out of the market. However, it does also mean that trading activity may be slightly limited compared to forex robots that run on the lower chart timeframes, such as automated scalping systems for the 5-minute charts like the Forex Scalping EA.
Happy Algorithm Pro Back Testing
Disappointingly, the Happy Forex team have not shared any back-testing results of this particular EA. I would have liked to have seen some real tick data back tests using Birts TDS and the MT4 strategy tester for 99% modelling quality. 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. However, I do feel that backtests are important for us to get a clearer understanding of how the Happy Algorithm robot works so that we can make a more informed decision on whether it is something that is suitable long term. It would be great if the developers could add some backtests in the near future, preferably covering many years of data and multiple financial instruments.
Happy Algorithm Pro Live Results
Despite there being a distinct lack of Happy Algorithm backtests, we do have a verified Myfxbook account that shows the latest results of the EA. Whilst it is very important to see how good or bad a forex robot has been performing, I must say that the results are not great. There is significant drawdown on the account which leads me to believe that this particular forex robot is using poor money management and holding onto losing trades with the hope they will turn around. The problem with this is that if they don’t, this can cause a margin call and most likely a blown account. I have seen it happen all too often. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Happy Algorithm Pro Summary
Overall, the Happy Algorithm Pro EA it is not a strategy that I would personally use primarily due to the open trades and drawdown. That being said, it can be purchased as part of a package of forex robots from Happy Forex. The team have been programming forex systems for a long time now and are very happy to help. However, I really feel like they should have the expertise by now to put out forex EA’s with better money management.
I have conducted many forex robot reviews and there are other alternative automated trading options that I would consider over this EA. I think it could improve vastly by implementing an algorithm that uses sound trade entry and exit logic that is combined alongside sensible money management with a favourable risk to reward ratio.
Despite the negatives, if you do not mind the potential risks for the possible rewards, then you could always give the Happy Algorithm a try on a demo trading account to begin with to see if it is something that meets your expectations. The Happy Algorithm Pro EA does come with setup instructions, free updates, support and a money back guarantee.
Happy Algorithm Pro€299
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.