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In this post I will be reviewing the Odin Forex Robot that has been developed by the team over at Forex Robot Trader and runs in the free to download and extremely popular MetaTrader 4 (MT4) trading platform that is available by most forex brokers across the globe.
How does the Odin Forex Robot work?
The Odin Forex Robot is fully automated so it will do all of the trading for you, just keep in mind that it is a grid-based forex trading system which I personally find way too risky for my trading style.
If trading with the Odin Forex Robot, I would personally use a true ECN forex broker which can help me to lower my trading costs as I find they have some of the best bid / ask prices primarily due to the vast amount of liquidity that they have.
As with any automated forex system such as the Odin Forex Robot, the broker it is running on should have low spreads, low slippage and low commissions.
The Odin Forex Robot can be used by any level of trader from beginners to the more advanced traders amongst you. It comes with easy to follow setup instructions provided by the developers who state that you can get up and running in less than 5 minutes. They are also on hand to assist you should you need help during the installation process.
The process involves downloading the MT4 platform if you don’t already have it, creating a forex trading account and attaching the Odin Robot to your charts. From then on, it will place and manage trades on your behalf. You can just check back to see how it has performed when it is convenient for you.
Odin monitors the market 24 hours a day, 5 days a week. The MT4 desktop platform does need to be up and running in order for it to trade. It will not run on the MT4 web platform or MT4 mobile trading app. If it is not possible for you to have your MT4 platform up and running all of the time, you could consider using a Forex VPS to run MT4 for you 24/7. You just access the VPS and check its performance at any time.
It should be noted that there are no guarantees on how any system will perform and historical results are by no means an indication of future performance.
Odin Forex Robot Trading Strategy
The Odin Forex Robot uses an advanced grid trading strategy to find entry points in the market, targeting reversals and trends to try and catch big moves for a large amount of pips.
The Odin Forex Robot will open, manage and close trades for you, just make sure that you keep an eye on it to see how it is going and be aware of the significant risks involved with trading any system.
The developer does not share verified results on the website. If they did have accounts running the Odin Forex Robot, then I would like to see the results verified by MyFxBook or FX Blue as I think the majority of traders reading this would also. Without any verified results, we have no way to verify the results shared by the developer.
The Odin Forex Robot includes a broker shield feature in an attempt to avoid unsuitable broker conditions and to try and keep your trade and terminal information hidden from curious brokers.
It comes with set files for 20 popular forex currency pairs although I would personally prefer to trade the major pairs such as the EURUSD & GBPUSD as I find they tend to have some of the lowest spreads and slippage due to the amount of liquidity that they have the majority of the time.
Furthermore, the Odin Forex Robot also uses a stop loss and take profits whilst also trying to lock in profits so that a winning trade does not eventually turn into a losing one. Whilst this can help to catch some bigger moves, it can also mean that some trades will get taken out prematurely should the price temporarily reverse before continuing in the original direction.
Odin Forex Robot Back Testing
Unfortunately, there are no historical back tests shared by the Forex Robot Traders team on the official Odin Forex Robot website.
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 should be conducted using real tick data, variable spreads and including commission, swaps and slippage.
In saying that, if you do get a copy of the robot and you have the knowledge, you are free to experiment with back testing the Odin Robot as much as you like. You could run various settings across different trading instruments and chart timeframes in an attempt to get a rough idea of past performance.
Odin Forex Robot Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Odin Forex Robot Summary
The Odin Forex Robot has some unique features such as the broker shield, although I am not a big fan of the grid style trading that it implements. More often than not, I have seen such grid systems get really messy, especially if the strategy ends up with multiple open trades against a trending market.
I would personally start on an MT4 demo account to begin with until I became familiar with the EA although keep in mind that demo account conditions can vary greatly from live account conditions due to the different price feeds and liquidity.
I have conducted many forex robot reviews and there are other alternative automated trading options you may wish to consider over this EA. I would have liked to have seen real verified results provided by the developer. If the robot is doing so well, I am surprised we don’t already have this information.
There is also a lack of back test results provided. Whilst they are not 100% accurate, back tests can still give a rough idea of what to expect and to see how the robot may have performed historically across different market conditions.
The Odin Forex Robot comes with instructions, support, updates and a money back guarantee. It should be noted that there are no guarantees on how any system will perform and historical results are by no means an indication of future performance.
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.