In this post I will be reviewing the Happy Forex Robot which scans the forex market on autopilot. 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 Algorithm Pro, Happy News, Happy Trend, Happy Gold, Happy Power, Happy Indicators Pro, Happy Japanese Market, Happy Galaxy EA and Happy Way.
This is a fully automated forex trading system that runs in the popular MetaTrader 4 (MT4) platform which is free to download. It can place and manage trades on behalf of the user. In order to use this forex robot, you will need a trading account with a forex broker. 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.
Once you have the MT4 platform installed on your machine, you can load the Happy Forex EA onto your charts and it will automatically scan the markets for trading signals based on the built-in algorithm. When there is a valid signal according to the EA., it can place and manage a trade on behalf of the user. If you want to still maintain control over your trading, you could always set it to semi-automated mode and confirm each signal yourself before entering the market or waiting for the next opportunity to come along.
Happy Forex Trading Strategy
Technical indicator analysis is used to determine the market entries and it can run on multiple pairs. For the most competitive spreads I would personally use an ECN forex broker as I find that they can have some of the best possible execution with minimal slippage. IC Markets are one of my top choices for automated forex trading as they have tight spreads and lots of liquidity which means that you can get your trades executed at some of the best prices available on the market at all times.
The Happy Forex Robot uses a grid strategy which can be dangerous if not used correctly. Even the “safest” grid trading strategy can still end up causing large drawdowns which can lead to margin calls and blow accounts if you are not careful. This is because a grid trading system will open multiple orders in both directions (buy and sell) which can get messy really quick if the market starts to move significantly in one direction. Grid trading tends to work best in ranging markets as evident by the screenshot below.
Some key features of the Happy Forex Robot include a news filter to try and avoid trading around news releases which can cause a spike in the market movements (and high spreads/slippage), maximum spread filter, minimum equity risk management, maximum loss risk management, open orders limitation and other useful features. It is great that the Happy Forex EA developers have made all of the important inputs externally available so that you can adjust them as required according to your own preferences. If you don’t have the knowledge to do so, you can just use the default settings but you will want to at least check and adjust the lot/risk size used to a suitable level.
Happy Forex Back Testing
Happy Forex does have limited back tests on the website. 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. I personally do not feel we can take anything from these Happy Forex backtests as they are lacking in terms of both data quality and quantity. I think this EA can be greatly improved by adding top quality backtests across different currency pairs and timeframes for a much longer period of time.
Happy Forex Live Results
Although the Happy Forex backtests are lacking, there is a real verified Myfxbook account being shared which gives us an idea of how the Happy Forex EA has been performing recently. It seems to be doing OK at the moment but I feel the drawdown is quite high. I can also see that it has a trade which has been open for a while that could cause a significant loss because the EA is waiting for it to turn positive before closing. However, if the market continues to move against this trade, things could get ugly and fast. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Happy Forex Summary
The Happy Forex Robot is a fully automated trading system that runs on the MetaTrader 4 trading platform and can be used by any trade by following the simple to understand instruction manual for a quick and easy 5-minute setup. Whilst it is easy to use, I think that the money management could be improved simply because I am not a fan of grid trading. I would prefer to use another forex robot that has sensible money management which will cut losing trades short and let winners run to try and maximise potential gains.
That being said, the Happy Forex Robot includes instructions, license for your trading account, free support, life time updates and a money back guarantee so you can test it for a while to see if it is suitable for you. They have a bundle option where you can get all their forex robots in a package for a very reasonable price. You can use the link below to visit the Happy Forex Robot website to see the latest results and for more information. The Happy Forex team are always happy to help, excuse the pun!
- Fully Automated Forex Trading
- Multiple Currency Pairs
- Customisable Settings
- 30 Day Money Back Guarantee
- Full Support
- Lifetime Updates
- Detailed Instructions
- Versatile Forex Robot
- Any Forex Broker
- Verified Results Provided
- Limited Backtests
- Risky Trading Strategy
- High Drawdowns
- MetaTrader 4 Only
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.