The Patriot EA is an automated Forex trading system that utilizes a combination of price action analysis and technical indicators to identify trades. It is designed to be user-friendly and can be customized to cater to individual traders’ needs and preferences. On the other hand, The Patriot EA trading system follows the trend-following concept, where it seeks out trends in the market and trades accordingly. Interested parties can obtain this Expert Advisor from the MQL Marketplace. In this discourse, we will delve into how The Patriot EA operates, which may aid in deciding whether this trading robot is suitable for one’s trading account.
The Patriot EA Features
- EA version 1.1
- Trades on XAU/USD (Gold) Only
- Developed for Scalp Trading
- Can only be used for MT4
- It Follows Market Trend in placing trades.
- Fully automated trading strategy
- Customizable settings including 8 optimized preset files.
The Patriot EA Strategy
The Patriot EA is designed for Low to Mid Risk trading and incorporates innovative methods to identify trend direction. With a short-term scalping technique that aims to minimize losses, the Expert Advisor executes trades with a minimum profit and monitors each trade closely. Its algorithm constantly evaluates the trading instruments on the chart, looking for buy and sell signals. When opportunities arise, the Patriot EA can automatically place and manage trades on behalf of the user.
The Patriot EA trading system offers traders flexibility through its customizable settings. Traders can adjust the system to match their trading style and preferences. For instance, they can set their own stop loss and take profit levels, as well as modify the sensitivity of the technical indicators utilized by the system.
The Patriot EA trading system stands out for its simplicity and ease of use, making it ideal even for novice Forex traders. Additionally, it is fully automated, allowing it to operate 24/7 without manual intervention. This feature can be beneficial for traders who lack the time or experience to monitor the market constantly. The system can execute trades automatically based on predefined rules, thereby minimizing the influence of emotions in trading decisions and reducing the risk of human error.
While the Patriot EA trading system has many advantages, it is important to note that it is not guaranteed to be profitable. Like any trading system, the Patriot EA system is vulnerable to market conditions and cannot assure specific returns. Therefore, traders should assess their risk tolerance and investment goals before using the system.
The Patriot EA Settings
The Patriot EA is a versatile system that allows users to personalize settings based on their preferences. To achieve the best performance, it is advisable to take note of the following suggestions:
- Timeframe: The Patriot EA is equipped with 8 preset files that are optimized and customizable to fit the user’s trading rules and limitations. For optimal performance, it is recommended to use preset settings on the M1, M5, and M15 timeframes. This allows for increased trading volume and the ability to close trades quickly, reducing swap fees.
- Trading time: The Patriot EA operates continuously, 24 hours a day, 5 days a week. This feature enables traders to take advantage of market opportunities at any time, regardless of their location.
- Strategy: The Patriot EA utilizes an algorithm that follows the current market trend to make trading decisions. The system analyzes the market in real time and looks for buy and sell signals based on its programmed parameters. This approach aims to increase or lower the loss percentage by trading in the direction of the market trend.
- Instrument: The Patriot EA focuses on trading one pair, namely the XAU/USD. This pair is well-known in the forex market and is typically favored by traders due to its liquidity and potential opportunity. By focusing on one instrument, the Patriot EA can optimize its performance on this specific pair, potentially resulting in an increased positive ratio.
Conclusion
The Patriot EA is an automated Forex trading system that combines price action analysis and technical indicators to identify trades. It is user-friendly and can be customized to suit individual traders’ preferences, making it suitable for novice traders. The EA operates 24/7 without manual intervention, reducing the risk of human error and emotional trading decisions. While it has many advantages, it is important to note that it is not guaranteed to be profitable, and traders should assess their risk tolerance and investment goals before using the system. The Patriot EA is a versatile and customizable trading system that can potentially optimize trading performance on the market.
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.
