In this post I will review the MT4Street Bot which is a fully automated forex trading system that has been developed to run in the popular MetaTrader 4 (MT4) trading platform.
MT4 is used by millions of forex traders around the globe and can be downloaded for free from most online forex brokers. 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.
Due to the fact that MT4Street is a forex robot, it does not require any manual analysis of the charts. Instead, it is a complete set and forget trading solution.
Whilst that does make it an option for traders of all experience levels, there are no guarantees on how it will perform so you should ensure that you have a clear understanding of the significant risks involved with trading online before proceeding any further.
MT4Street Bot Trading Strategy
The developer of the MT4Street Bot does not specify anything regarding the trading strategy implemented within the algorithm of this expert advisor (EA). This is disappointing as it does not give potential users any indication of what to expect. Does it use a grid system? Does it use any dangerous martingale money management? Does it require hedging? These are a few of the questions that spring to mind but unfortunately, we do not have the information provided which is a big turn off for me personally.
MT4Street Bot Back Testing
As with the trading strategy, the developer has not shared any back tests. Again, disappointing as back tests conducted in the MT4 strategy tester with 99% modelling quality could have given us an idea of the historical performance the MT4Street Bot has had across different currency pairs and time frames.
MT4Street Bot Live Results
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MT4Street Bot Summary
Without meaning any disrespect to the developer, I think the information provided about the MT4Street Bot is way too limited and thus I would give this one a miss. There is no link to a verified Myfxbook account, no explanation of the trading strategy used, no back tests and to top it off, no refunds. I have conducted many forex robot reviews and there are other alternative automated trading options that I would consider over this EA.