In this post I will be reviewing the Red Horse EA for the MetaTrader 4 (MT4) platform. This is a forex expert advisor (EA) that will automatically scan the forex market for trading opportunities. When the Red Horse EA finds a trade setup according to the built-in trading logic, it will then place and manage positions on behalf of the user.
Whilst this does make it a hands-off solution which can seem attractive to new traders, there are some advantages and disadvantages which I will cover in this impartial Red Horse EA Review. Hopefully, this can help you to make a decision if the Red Horse expert advisor is something you would consider using on your trading account, or not.
Red Horse EA Trading Strategy
The Red Horse EA is another automated forex trading strategy from the development team over at SinryAdvice. I have reviewed some of the other forex software they have put out, including Promax Gold EA, Scalp Pro Indicator, Swing VIP EA, TJ10X Forex Indicator and the SFI Indicator. The SinryAdvice mission is to create a community based on transparency and legitimate result for users.
The Red Horse EA trades the XAU/USD based on market price using a top bottom strategy whilst it is both volume and volatility based. This is combined with an intelligent signal where the Red Horse robot will place an order buy or sell when the implemented algorithm finds an opportunity to do so. Red Horse does not rely on any type of time session and has multiple scalping systems that do 3 types of trading in one robot.
The Red Horse’s System is capable of understanding the markets sentiment but if it gets the position wrong and the market goes beyond a specified price level, the EA will then start using a grid trading strategy. In my opinion, this is a very risky money management strategy that can cause significant drawdowns. In my many years of forex, more often then not I have seen grid trading robots lead to margin calls and blown accounts. I really think you should have a clear understanding of the risks involved with forex grid trading before even considering the Red Horse EA.
The Red Horse EA is not actually fully automated because clients are connected to one main trading system which is controlled by the SinryAdvice team of traders. The main system trades based on the given strategy however the SinryAdvice traders set the time, drawdown and days that the EA should trade.
Although some may argue that it is advantageous to have a human eye watch over the robots trading activity as they can spot things that an EA cannot, there are some disadvantages to consider. Mainly, the trader entering and exiting positions may have a completely different trading style to the user at the other end. There is no “one size fits all” solution when it comes to money management. Therefore, I think it would be imperative for anyone who considers using this system to keep track of how trades are being placed and managed.
Red Horse EA Features
- Ability to analyse technical and fundamental news
- Customizable News Filter
- Only for XAU/USD pair on Metatrader4
- Money Management
- Risk Management
- 2 Account license keys – 1 Real & 1 Demo (Only one account can be activated at a time)
Red Horse EA Back Testing
You will not find any Red Horse EA back tests on the website but there is a good reason for that. It is because Red Horse cannot be back tested due to fact that the EA signal only works on live market movement and not on historical chart data. By this, I think that the developer is referring to the human element required from their side. If you are looking for a trading robot with comprehensive back tests over many years of historical data, then you might want to have a look at the Forex Robotron EA as an alternative option.
Red Horse EA Results
Although there is a lack of back tests, we do have some real live Red Horse EA results that have been verified by Myfxbook. This can help to give you an idea of how the bot has been performing in recent market conditions. At the time of me writing this Red Horse EA Review, I would say things have been slow but steady.
I do think that the risk to reward ratio needs some work as it seems like just one loss can wipe out a run of winners which is not ideal. I think the developers could improve it by cutting losing trades short and letting winners run. They could always lock in good trades at break-even point and use a trailing stop to try and maximise each move.
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Red Horse EA Summary
When it comes to XAU/USD robots, there is not a great selection available out there. Other options include the Goldify EA, Gold Scalper Pro, DynaScalp, Forex Gold Investor EA and Happy Gold. That being said, I feel like the semi-automated aspect of the Red Horse EA helps it to stand out from the competition. Just keep in mind that you can set any MT4 EA into semi-automated mode so that it will send you trading signals to confirm before taking a position or waiting for the next signal to occur.
It does combine technical analysis with fundamental analysis which is great, but I think it is let down by using a grid trading system which is too risky for my personal taste. If you understand how grid strategies work and do not mind the risk involved, then by all means it may be a forex expert advisor worth trying on a demo account at least. The Red Horse expert advisor does come with full support, instruction guide, tutorial videos and a money back guarantee.
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.