In this post I will be reviewing the MT5 FX ROBOT. 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.
MT5 FX ROBOT Trading Strategy
The MT5 FOREX ROBOT trades 2 of the major currency pairs in the EURUSD/GBPUSD. I would personally use a regulated ECN broker with any forex system. They do state that you can trade other currency pairs such as the USDCHF/USDJPY.
The MT5 FX ROBOT uses a forex scalping system that makes a high frequency of trades. It does not use any technical indicator analysis and instead compares prices in real time to anticipate market movements. The MT5 FX ROBOT has some filters to try and avoid certain market conditions.
MT5 FX ROBOT Back Testing
The developer has not provided any back test results. 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.
MT5 FX ROBOT Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
MT5 FX ROBOT Summary
Overall, I would personally avoid using this particular forex robot. I find that it is too broker dependant for my personal taste. I have conducted many forex robot reviews and there are alternative options that I would prefer over this EA. It does however come with instructions, full support and a money back guarantee.