In this post I will review the Happy Fast Money expert advisor (EA) which is yet another fully automated forex trading system for the MT4 platform developed by the Happy Forex team.
The Happy Fast Money EA can automatically analyse the charts for potential trading opportunities according to its built-in algorithm. Once it spots a trading signal that matches its analysis, it will then place and manage the trade position on behalf of the user. This makes it accessible to traders of all different experience levels.
All that is required is an MT4 trading account and the MT4 trading platform which is free to download from most online forex brokers. For the best possible trading conditions, I always prefer to use an ECN forex brokers as they tend to have tight spreads, low commissions and rapid trade execution speeds from my experience.
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.
Happy Fast Money Trading Strategy
The Happy Fast Money EA has been developed to work as a grid/hedge trading strategy on the 1-hour charts with the following currency pairs: EURUSD, GBPUSD, EURGBP or AUDUSD, EURCHF, USDCHF.
The basic method is to open a transaction buy and sell limit. Buy and sell new limit means the transaction is executed if the price has touched the limits that the robot sets.
It should be noted that a grid/hedge style of trading is not for everyone and can lead to significant drawdowns. From my experience, more often than not I have seen such trading strategies lead to margin calls, stop outs and blown accounts.
That being said, make sure you have a complete understanding of the significant risks involved with such a trading strategy. I personally find them too risk and thus would not consider this particular EA.
Happy Fast Money Back Testing
Unfortunately, the developers over at Happy Forex have not shared on back tests of the Happy Fast Money EA. It would have been useful for potential users to see 99% modelling quality back tests using Birts TDS in the MT4 strategy tester.
This could have given an idea of the historical performance but of course would be no guarantee of future performance.
For the upmost accuracy back tests can be conducted using real tick data, variable spreads and including commission, swaps and slippage.
Happy Fast Money Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Happy Fast Money Summary
Overall, as a general rule of thumb, “fast money” would usually instantly trigger a red flag. This is trading and anything can happen.
This is evident from the verified real Myfxbook account that was shared by the developer on the Happy Fast Money EA website which you can see above. It emphasises my point above regarding the dangers of grid/hedging strategies as the account is showing open trades in draw down that are wiping out almost 5 years’ worth of gains.
Of course, I take no pleasure in pointing that out but hopefully by the time you are reading this review, the developers have taken some measures to significantly improve the money management of this particular forex robot.
I would personally avoid using this particular forex robot. I find that it is too risky for my personal taste. I have conducted many forex robot reviews and there are alternative options that I would prefer over this EA.
Happy Fast Money EA does include instructions, support, updates and a money back guarantee. The question is, will it make you happy?