In this post I will be reviewing the MechForex Trading Robot. This is an automated forex trading strategy that has been programmed to run in the popular forex trading platform, MetaTrader. You can download MetaTrader free of charge from most forex brokers. It is worth mentioning that you will need the desktop version of the MetaTrader platform in order to run forex robots.
You can load the MechForex Trading Robot onto the charts in your platform and it will constantly scan the forex market for trading signals using the built-in algorithm. When the expert advisor determines that there is an opportunity for trade, it can enter the market and manage the position on behalf of the user. Whilst this may seem like an attractive proposition for those who do not have the time or knowledge required to trade manually, there are some key advantages and disadvantages to be aware of.
In this MechForex Trading Robot Review, I will be taking a look at the automated forex trading strategy that it implements, along with any back tests provided by the developer and most importantly, real verified account results. Hopefully, this can help you to decide if this is a forex EA that you would consider using on your own forex account or not.
MechForex Trading Robot Trading Strategy
The MechForex Trading Robot uses specialized methods of detecting market trends so that it can use its reversal strategy. Its implemented trading strategy combines various forms of technical analysis in order to try and determine the best point to enter the market in order to try and capitalise on a reversal in price action. The MechForex EA does not use any dangerous money management methods such as the martingale strategy.
I like how the MechForex Trading Robot has a news detection filter. This means that the MechForex expert advisor will automatically monitor important economic news events from Bloomberg and CNN Business to try and understand when to stay out of the financial markets due to potentially volatile trading conditions. This is not something you see with all forex robots so certainly a welcome addition. Forex brokers can have unsuitable spreads and lots of slippage around news releases, which is another reason why many forex traders actively avoid trading at these times.
I was quite impressed to see that MechForex Robot combines a wide selection of more than 30 different algorithms within the code which allows it to adapt to all market conditions. This means it can in theory adapt to trending and ranging markets. I think that the more analysis a particular trading strategy has, the better job it can do at filtering out bad trades. However, with the MechForex EA, there will be good and bad trades as with any manual or automated forex strategy.
MechForex Trading Robot can work in milliseconds after making a decision. It doesn’t have to wait for client login or take any action. Once installed, it will work 24/7, functioning at any time of day in any market condition. If you’ve ever felt that you missed out buying a dip while you sleep, a system like MechForex would fix that. Just keep in mind that there can be no guarantees on results so I would always say to first start on a demo account and always keep track of all trading activity on your account. You can of course intervene at any time you deem necessary.
Another unique feature of the MechForex Trading Robot is that you can attach it to any chart time frame and it will monitor all time frames automatically. It has multi-timeframe detection which will take all time frames into account before executing trades. Most forex robots only look at what is happening on the current chart timeframe which means they often overlook the bigger picture. An uptrend on the 1-hour chart, could be a down trend on a daily chart. If both the 1-hour chart and daily chart were heading in the same direction, one could argue that would give the system an edge.
You can start with any balance that you feel comfortable with, there is no minimum. The MechForex EA by default will scan your balance and set the recommended lot size for your account. You can change it to your preference anytime. It is important you only ever trade with what you feel comfortable with as every trader is different in this respect.
MechForex Trading Robot is capable of trading on all currency pairs. However, it will try to trade on the pairs that have the highest probability based on the robot’s algorithm detecting volatility. It will also try to avoid pairs that do not move much to help avoid unsuitable forex market conditions. You are free to use it on other trading instruments should you wish, including stocks, indices, commodities and cryptocurrency.
The MechForex Robot comes with pre-optimised default settings so you can in theory just change the lot/risk size to a sensible level for your own trading style. You are also free to experiment with the MechForex settings as much as you would like. I would probably run some optimisation in the MT4 strategy tester to try and find my own settings for my favourite currency pairs and chart timeframes.
MechForex Trading Robot Features
- Automated forex trading strategy
- Combines 30 technical indicators for analysis
- News filter to try and avoid volatile markets
- Customisable settings with defaults included
- Any currency pair and chart timeframe
- Any forex broker with the MT4 platform
MechForex Trading Robot Back Testing
When it comes to choosing a forex robot, I like to check to make sure the developer has provided back tests that show how the forex expert advisor may have traded over a good amount of historical data across various currency pairs. This can help us to understand how the automated trading strategy works and performed over different market conditions. Of course, historical performance is by no means any guarantee of future results, but it can be a good way to get a rough idea of what we might expect.
Unfortunately, the robot developer has not shared any MechForex Trading Robot backtests. This means we cannot see detailed statistics of how it may have performed based on historical data. I think they could significantly improve by adding 99% modelling quality back tests across a variety of financial instruments in order to help prospective users see how the EA trades and what it is capable of. If you are looking for a robot that does have plenty of back tests, then you may wish to consider the Forex Robotron EA as another option. They have multi-currency back tests that have been conducted using tick data.
MechForex Trading Robot Results
Whilst back tests are useful to some extent, the most important thing to look for in a forex robot in my opinion are real account results. This would enable us to see exactly how the MechForex Trading Robot has been performing through recent market conditions. That way you can determine if you are happy with the various statistics such as profit factor, drawdown, average win, average loss, trade duration, trading volume and more. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
The developer has shared some verified MechForex Trading Robot results via Myfxbook. It seems to be doing OK but I would personally prefer to see real live account results as it is only a demo account. This makes me wonder why the developer has chosen not to publish real live results. If the MechForex EA works as good as they claim, I think that they would be running it on a real account and sharing the results. If you would prefer a forex EA that does have real results, then the Forex Flex EA might be worth looking at.
MechForex Trading Robot Summary
Overall, I think the trading logic behind the MechForex Trading Robot is sound. It combines market analysis across multiple chart timeframes to help filter trades and also includes a news filter to avoid potentially volatile market conditions. The robot is versatile as it can be used on any trading symbol and does come with some default settings.
However, I think it is let down by a distinct lack of backtests and by only having demo account results. I think the developer could give some more guidance on the best currency pairs to run it on and elaborate more on how the implemented trading strategy works. As it is, most users would not know where to start on terms of what currency pair to load it on and what settings to use.
If you would like to give the MechForex Trading Robot a try, there is a free demo version. You could even run it on a demo trading account to get a feel for how it trades without taking any risk. I would always test a forex robot on a demo account to begin with. Just keep in mind that demo account results can differ compared to live accounts. This is due to factors that can be different between a simulated and real trading environment including liquidity, slippage and spreads.
To use the MechForex EA, you will need an account with a forex broker. With so many forex brokers to choose from nowadays, it can be had to decide which is the best forex broker for you. From my many years of experience in the forex industry, IC Markets are one of the best forex brokers when it comes to manual and automated trading. This is because they have tight spreads, low commission fees, reliable execution speeds, multiple funding options and excellent 24/7 customer support.
You can find out more about the MechForex Robot by visiting the website using the link below. It does come with instructions, full support, free updates and a money back guarantee. There is also a nice free bonus in the E-Swing Jackhammer manual forex trading system.
MechForex Trading Robot$97
- Automated Forex Trading Robot
- Any Trading Instrument
- Any Chart Time Frame
- Combination of Market Analysis
- Multiple Time Frame Analysis
- Verified Results
- Customisable Settings
- Free Updates
- Full Support
- Free Bonus Forex Strategy
- No Back Tests
- Demo Account Results Only
- MetaTrader 4 Only
- Confusing Settings
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.