In this post I will be reviewing the North East Way EA. 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 North East Way EA 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 North East Way EA 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.
North East Way EA Trading Strategy
The North East Way EA is a fully automated “pullback” trading system, which is especially effective in trading on popular “pullback” currency pairs: AUD/CAD, AUD/NZD, NZD/CAD. The system uses the main patterns of the Forex market in trading – the return of the price after a sharp movement in any direction.
Pullback trading works on the basis that price doesn’t move in a straight line. A pullback is a price movement that moves in against the trend. It is a temporary price movement before it resumes back into the main market direction. Pullbacks are sometimes referred to as price correction or retracement. Pullback occurs when the price moves against the opposite direction of the overall trend.
The idea is that you want to wait for the price to “pull back” during a trend to provide you with a better entry price. When the market is moving higher and you anticipate that the move will continue, you want to enter a trade for the lowest price possible.
I think that the implemented system has sound logic, it is well known that many forex traders want to buy low and sell high. This way, you have a chance of capitalising on big market moves from the very beginning. On the other hand, pullback strategies can be used for taking quick scalping trades that are either with or against the trade. I find it to be a very diverse trading strategy that can be used in different market conditions.
North East Way EA Features
- Fully automated forex trading system based on trading reversals (pullbacks)
- MetaTrader platforms
- Timeframe: 15-minute charts
- Base currency pairs: AUD/NZD, NZD/CAD, AUD/CAD
- Additional currency pairs: EUR/GBP, EUR/USD, GBP/USD, USD/CAD, GBP/CAD, EUR/CAD
- The developer claims that this EA is not sensitive to spread, slippage or any other broker related variables
North East Way EA 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 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.
I am pleased to see that the developer has shared some North East Way EA back tests. They cover multiple currency pairs over around 10 years of data which is very impressive. However, the back tests ended a few years ago now, so we do not have any idea of how they would be looking over recent market data. I think there is room to improve the back tests by updating them although it is good to see that they do have 99% modelling quality so were conducted using real tick data. They also used real variable spreads which improves accuracy even further, although it is not clear if the back testing accounted for commission which could also have had a big impact on performance.
North East Way EA 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 enable us to see exactly how a forex EA 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.
That being said, it is good to see that the developer has published multiple accounts showing the North East Way EA results using the various versions and settings of the expert advisor. Things look to have been stable for a few years now although I can see some instances where there were quite high drawdowns which leads me to believe there is perhaps some room to improve the money management of the EA.
I am also slightly confused by the various versions and results available as it is quite hard to tell which are the most recent settings to utilise. That being said, the developer will be more than happy to help you get setup accordingly. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
North East Way EA Summary
Overall, I quite like the North East Way EA and think that the number of subscribers and quality of the long-term results available on the MQL website show that it is certainly worth consideration. The concept behind the trading strategy is well known, whereas the settings are fully customisable and can be adjusted according to your own needs. On the other hand, I think the back tests need to be updated and the drawdown could be improved.
To use the North East Way 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.
If you would like to give the North East Way EA 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.
You can find out more about the North East Way EA by visiting the website using the link below. You can choose to copy the trades for a monthly fee or pay a hefty amount to activate the EA.
North East Way EA
$30 per month
Pros
- Fully Automated Forex Strategy
- Combination of Market Analysis
- Multiple Currency Pairs
- Customisable Settings
- Verified Results
- Back Tests
- Full Support
- Free Updates
- Detailed Instructions
Cons
- Very Expensive
- Back Tests Need Updating
- MetaTrader Platforms Only
- Potentially High Drawdowns
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.
