In this post I will be reviewing the Ruby Forex Expert Advisor (EA). This is yet another forex robot that trades fully automated in the popular MetaTrader 4 (MT4) trading platform.
The software includes a user manual so that you can set it up on your MT4 charts in around 5 minutes. The Ruby Forex EA will analyse the charts that it is running on for trading signals and then place/manage trades on behalf of the user.
You simply need a forex trading account with a forex broker and the MT4 desktop platform. 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.
The automated nature of this forex robot means that it can be used for traders of all experience levels but you should have a clear understanding of the significant risks involved with trading online.
Ruby Forex Expert Advisor Trading Strategy
The Ruby Forex EA is fully automated and can be used with any MT4 broker. I would personally use an ECN forex broker as I find that they tend to have the most favourable trading conditions which include tight spreads, low commission charges and fast execution speeds with minimal slippage.
The software is designed to run on the EURUSD 1-hour charts but for those who have the experience and skills, you may wish to optimise it for other pairs and time frames to maximise trades. Otherwise it can be used out of the box “as is”.
The developer states that they regularly update the robot in order to keep it up to date with the latest market conditions. I like to think that if a trading strategy is good enough, it should stand the test of time and be able to automatically adapt to the dynamic nature of the forex market without being over modified. The Ruby Forex EA does not use any scalping or hedging strategies.
Ruby Forex Expert Advisor Back Testing
There is a back test on the Ruby Forex EA website but its modelling quality is limited to just 90%. This means that it is not using real tick data and does not take into consideration floating spreads, commissions charges, swaps or broker slippage.
To be fair, the back-test results are conducted in poor testing conditions. I think the developer could benefit greatly from using Birts TDS for 99% modelling quality back tests and providing those to potential users.
I would certainly be interested to see how the Ruby Forex EA holds up under such testing. 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.
Ruby Forex Expert Advisor Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Ruby Forex Expert Advisor Summary
Overall, I can see areas of improvement for the Ruby Forex Expert Advisor, specifically the money management. I find the drawdowns quite high and thus this particular EA is too risky for my trading style.
I would also have liked to have seen 99% modelling quality on the back tests provided whilst it would also be good if the EA could run on other currency pairs as this can help to show the robustness of the implemented strategy.
I have conducted many forex robot reviews and there are other alternative automated trading options that I would consider over this EA.
The Ruby Forex Expert Advisor comes with instructions, support, updates and a money back guarantee.