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.
I have reviewed other forex software from Happy Forex including Happy Frequency EA, Happy Breakout EA, Happy Neuron, Happy Market Hours, Happy Algorithm Pro, Happy News, Happy Trend, Happy Gold, Happy Power, Happy Indicators Pro, Happy Japanese Market, Happy Galaxy EA and Happy Way.
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 trading robot that uses a hedge trading strategy on the 1-hour charts with the following currency pairs: EURUSD, GBPUSD, EURGBP or AUDUSD, EURCHF, USDCHF. These are some of the major currency pairs which means there is usually a decent amount of trading volume so you can get ample trading opportunity.
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. The Happy Fast Money robot attempts to take advantage of the market in both directions which can work well in a ranging market but can also be dangerous if the market is trending and the EA keeps on opening positions against the overall trend. This means you can end up with lots of open trades in both directions whereas I would prefer to use a forex robot that uses logical market analysis and sensible money management rather than trying to “trap” the market with multiple buy and sell trades all open at once.
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. They can go on winning streaks just like any other automated system, but it can only take one or two bad trades to wipe out a chunk of gains and even more. 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. I would look for another trading robot that uses a tight stop loss and trades according to the overall trend direction.
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. Unfortunately, without such back tests being provided, we have no way to gauge how the EA may have performed across different financial instruments and market conditions.
For the upmost accuracy, back tests can be conducted using real tick data, variable spreads and including commission, swaps and slippage. If back tests do not account for these important factors, the results can be very misleading.
Happy Fast Money Live Results
It is good to see that the developer has shared a real live verified by Myfxbook account of the Happy Fast Money EA. This can give you an idea of how it has been trading over a sustained period of time to help you decide if it is an automated system that you would like to use. However, the Happy Fast Money robot results confirm what I was talking about earlier in terms of quite significant drawdowns. I mean, if we had started using the EA just before that drawdown occurred, things wouldn’t be looking great.
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. I would never expect this EA or any other for that matter, to deliver fast money. Trading can take many years of practice to master and even then, there are no guarantees.
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. If you are aware of the dangers when it comes to grid trading, you might want to experiment with the Happy Fast Money robot on demo accounts and test different settings to see what works best for you.
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. I think it could improve significantly by trading in one direction based on trend analysis and also by using a favourable risk to reward ratio of at least 1:3 so that a few losing trades do not cause so much damage.
Despite the negatives, the developers are very helpful and the Happy Fast Money EA does include instructions, support, updates and a money back guarantee. The question is, will it make you happy?
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.