In this post I will review the HotEAForex trading software. As the name suggests, this is an expert advisor (EA) which is the technical term for a forex robot.
For those who may be new to trading forex online, an EA is an automated trading system that can scan the charts for potential trading opportunities.
When an EA finds a trade based on the algorithm it has built in, it can execute the position and manage it on behalf of the user. This makes them accessible to traders of all experience levels although of course, ensure that you have a clear understanding of the significant risks involved with trading online.
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.
HotEAForex Trading Strategy
The HotEAForex places a single order and states that it “hides the stop loss and take profit from the broker”. Well, I have never really been a big fan of what some people think is “hiding a stop loss or take profit”. Reason being, if you are using a shady broker who is going to hunt your stops, it doesn’t matter if you try to hide them in my opinion, they will find another way to get you!
Personally, I would always use a regulated ECN forex broker for the best possible trading conditions and the peace of mind that it is in their own interest that traders are successful.
The strategy implemented within the EA aims to determine the trend direction, trend reversals, and sideway markets. There is also a semi-automated version of the HotEAForex which could be useful for those who prefer to maintain control of their trading.
The HotEAForex can be used on any currency pairs and time frame. I would use major currency pairs such as the EURUSD and GBPUSD as they tend to have the most liquidity and thus tighter spreads. Higher chart time frames can also help to filter out some of the noise from lower time frames.
HotEAForex Back Testing
There are no back tests shared on the HotEAForex website which is disappointing. Despite their inaccuracies, MT4 strategy tester back tests can still give a guide on how an EA trades and historical statistics.
HotEAForex Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Truth be told, the HotEAForex implements a vast array of features, too many to list within this HotEAForex review. You can find more details over at the official HotEAForex website although I did find it to be slightly over whelming with the broken English making it difficult to clearly understand what the developer is trying to get across.
There is full support and updates offered but no refund policy. I would look elsewhere for an alternative forex software to be honest. I have conducted many forex robot reviews and there are other alternative automated trading options that I would consider over this EA.