In this post I will be reviewing The Skilled Trader software from the team over at LeapFX. LeapFX already have a selection of automated trading systems which I have reviewed in the past, including Funnel Trader, Trade Explorer, AX Trader, DynaScalp, News Action Trader, Jet Trader Pro, Gold Trader, Arbitron, Econ Power Trader, Automic Trader, Auto Arb, Fund Trader, Easy Money X-Ray Robot, Pattern Trader Pro, Trend Hunter Robot, The Money Tree Robot, Wave Scalper EA, Quick Scalp Trader EA, Dax Day Trader, King Robot and InstantEA.
You can tell from the vast number of forex products that they have available they certainly have some experience. Here we will take a look at the Skilled Trader EA, covering the trading strategy that it uses, along with analysing any backtests provided and most important, verified real results. Hopefully this will help you to decide if this forex software is suitable for your own trading goals and style.
The Skilled Trader Trading Strategy
The Skilled Trader robot does not use any forex scalping strategies and is auto updating. The developer implemented this feature in order to try and help ensure that it keeps up to date with the ever-changing market conditions. There are also built-in money management features that can be adjusted according to your own risk preferences. Never ever risk more than you can afford to lose.
It can trade on GOLD and other trading instruments. The developers Myfxbook account is showing it running on the XAUSUD, GBPUSD and EURUSD. It should be noted that any past performance is by no means any guarantee of future results and you should be well aware of the significant risks involved with trading online.
The Skilled Trader also has a maximum spread and slippage filter to try and avoid trading around unfavourable broker conditions. When it comes to automated trading systems, IC Markets are my top choice of forex broker. This is because they have lots of liquidity which means that you can get access to tight spreads and quick trade execution speeds at some of the best prices on the forex market at all times.
The Skilled Trader is an expert advisor (EA) that runs fully automated in the ever popular MetaTrader 4 trading platform which is free to download and use on Windows and MAC computers. MetaTrader is also available for mobile devices but you will need the desktop platform to run forex robots such as The Skilled Trader.
In order to use this forex robot, you will need a trading account with a forex broker. 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 developer has made all of the Skilled Trader settings externally available which means that you can adjust them via the inputs window when you attach this robot to the charts in your trading platform. You can always just use the default settings provided by the developer that have already been optimised but you should always check to make sure that the lot or risk size is set to a suitable level for your risk preferences as every trader is different in that respect.
For those of you who have the experience, you are free to experiment with the Skilled Trader robot settings to develop your own bespoke set files. I would use the MT4 strategy tester to backtest the software across different currency pairs and chart timeframes to discover unique combination of settings that match my trading style and goals. There are recommend currency pairs to use but that does not mean you cannot run it on other financial instruments. However, if you do wish to experiment with the Skilled Trader software, then you may want to do so on a demo account to begin with and see how things go.
The Skilled Trader Back Testing
There are no back tests on The Skilled Trader robot website, which is disappointing. Whilst back tests are not always accurate, they could have given as a rough idea of how the EA performed over different market conditions for a sustained period of time. I would perhaps consider running my own back tests using Birts Tick Data Suite to find my own optimal settings over various currency pairs and time frames. Without backtests, we cannot see how the Skilled Trader would have traded throughout different market conditions. I think the LeapFX team could really improve by adding top quality back tests to keep up with some of the top trading robots such as the Forex Robotron EA.
The Skilled Trader Live Results
It is good that the LeapFX development team has provided a verified Myfxbook account showing some of the Skilled Trader results. The bad is that the account has not been updated for years. For this reason, I would instead consider another trading robot that does have up to date results such as the Forex Flex EA. Without any recent results, we have no way to see how the Skilled Trader EA has been performing in recent market conditions which have changed significantly since the last time the Myfxbook account was updated. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
The Skilled Trader Summary
Overall, The Skilled Trader robot does have some potential but I feel that there is a lack of clarity on the trading system implemented as the developer seems to focus more on a sales pitch. I would have liked to have seen real tick data back tests using variable spreads, commissions and slippage. The verified Myfxbook account has also not been updated in a long time so we cannot really draw a conclusion to recent results. However, some traders may say that the lack of results speak for themselves. In saying that, the LeapFX team provide full support, instructions along with a money back guarantee. You could always visit the official Skilled Trader website by using the link below to see if they have added some backtests and up to date results. Please let me know if they have and I will get this Skilled Trader review updated accordingly. Otherwise, please feel free to browse my forex robot reviews for some alternative options.
The Skilled Trader
$247
Pros
- Fully Automated Trading System
- Customisable Settings
- Detailed Instructions
- Full Support
- Free Updates
- Money Back Guarantee
Cons
- MetaTrader 4 Only
- Results Not Updated
- No Backtests
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.
