The Trade Explorer EA is an automated forex trading strategy that has been programmed in the MQL language for the MetaTrader 4/5 platforms. If you don’t already have a MetaTrader platform installed, you can download it free of charge and open a risk-free demo account from a forex broker of your choice. That being said, Trade Explorer is yet another forex robot from the LeapFX team who have really been busy pumping out various forex software over the years. I have previously reviewed some of their other product including The Fund Trader, Easy Money X-Ray Robot, AX Trader, DynaScalp, The Wave Scalper, News Action Trader, Jet Trader Pro, Gold Trader, Arbitron, Econ Power Trader and more. In this Trade Explorer Review, we will take a look at what makes it different from the large amount of forex robots out there today. The goal is to give you an idea of how it works so you can decide if it something you would consider using on your own forex account, or not. Thus, without further ado, let’s get right to it!
What is Trade Explorer?
Trade Explorer is an expert advisor (EA) that runs on the MetaTrader 4 or MetaTrader 5 platforms, which are the platforms of choice for millions of forex traders all over the globe. As an automated forex robot, Trade Explorer will analyse the charts that it is running on for buy and sell signals.
When it finds what it deems to be a valid signal according to its built-in trading algorithm, it can place and manage trades on behalf of the user. Users can adjust the settings according to their own needs. However, it can also be used “out of the box” with the default settings. Just make sure that the risk level set is something that you personally feel comfortable with.
LeapFX have developed Trade Explorer to trade on an impressive range of 27 currency pairs including AUD/USD, EUR/CHF, EUR/GBP, EUR/USD, GBP/USD, USD/CHF, USD/CAD, USD/JPY and more. Of course, you do not need to trade all of the currency pairs – you can pick or choose a few that you prefer.
I would usually opt for major currency pairs such as the EUR/USD and GBP/USD crosses. I find that they tend to have some of the most liquidity of all pairs. Why is this important? Well, it means that there can be plenty of movement that present ample opportunities for possible trades.
It also means that forex spreads can be tighter and execution speeds rapid. This can especially be the case with a true ECN forex broker that doesn’t have any dealing desk intervention. ECN brokers will usually pool together liquidity from various liquidity providers and match traders with the best available bid/ask prices at any time.
How does the Trade Explorer work?
One of the most appealing things about the Trade Explorer is the fact that it is a fully automated forex strategy that doesn’t require any particular trading expertise. Anyone can follow the setup process using the provided instructions and have it up and running on charts in the MT4/5 platform within minutes.
Once the setup has been complete, Trade Explorer then runs on auto-pilot. This means it will conduct all trading activity on behalf of the user running it on their forex account. You just need to have the MT4/5 desktop platform up and running in order for it to do its thing.
If it is not possible to keep your home computer or laptop running all of the time, you could consider a Forex VPS which will enable you to run the MT4/5 platform and any forex robot, 24/7 without needing your own machine switched on. You just login to the VPS at a time that works for you to see how things are progressing. There are some forex brokers who even offer a Free Forex VPS to clients who meet minimum trading volumes.
Trade Explorer Strategy
The Trade Explorer efficiently monitors the market trends and price action, while ignoring sharp movements and market noise. It implements the use of advanced dynamic trade management to try and adjust to current market conditions rather than relying on a more rigid money management strategy.
Trade Explorer Features
Now that we have covered what the Trade Explorer EA is and aspects of how it works, lets take a quick look at some of its core features:
- Fully automated forex trading robot
- Compatible with the MT4 platform
- 27 currency pairs
- Predefined and customisable settings
- Can be used on any forex broker
- Comes with detailed instructions
- Full support included
- Free lifetime updates
- Money back guarantee
Trade Explorer Back Testing
There are not any back tests on the Trade Explorer for us to see how it may have performed over historical data. Back tests would have been useful for us to see statistics of the Trade Explorer activity through various market conditions over a long period of time.
I would like to see LeapFX at least share 99% modelling quality back tests of the 27 currency pairs that it runs on. This would help me and many others decide if it is a forex robot that we like the look of.
I am sure a team of developers with their skills and experience level should not have any problem conducting back tests in the MetaTrader strategy tester that use variable spreads, commissions and slippage.
However, to be fair, they have shared some real verified trading accounts that are running the Trade Explorer EA which we will look at in the next section.
Trade Explorer Verified Results
Well, I must say that I am very impressed with the real live verified Trade Explorer Myfxbook accounts that show how this particular forex robot has been performing over recent months. Whilst things can always change between the time of me writing this Trade Explorer Review and you reading it, at the moment it is showing quite impressive gains with respectable drawdowns.
That being said, the average loss is a lot larger than the average win, but the strategy that is incorporated is very diverse, trading multiple currency pairs. It seems to enter additional positions as a trade moves against the original entry, with a view to closing all in a favourable position overall.
I would be interested to see how Trade Explorer hold up over the coming months. Whilst historical performance since the accounts have been published does look satisfactory, this is trading and anything can happen. Credit where it is due so far to LeapFX all being said.
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Trade Explorer Packages
There are a couple of Trader Explorer packages that you can choose from. The only difference between the packages are that one comes with a yearly license at $397, whilst the other comes with a lifetime license for $697.
Trade Explorer Conclusion
Putting this Trade Explorer Review together, I must say that this probably one of the better LeapFX forex robots that I have reviewed. Primarily because the drawdowns so far seem more acceptable than some of the others. Whilst that is by no means a guarantee of future results, I do also like the diversification that it incorporates along with the dynamic money management feature.
I think there are areas that could be improved. I would like to see some back tests provided and I must say, I am not a huge fan of the guaranteed returns claims that they make on the website.
One thing I have learned from my many years in the forex industry is that nothing can be guaranteed. Losses are a part of trading and even the best trading systems can have losing days, weeks, months, even years.
All being said, I would quite happily give the Trade Explorer EA a run out on a demo trading account to familiarise myself with the strategy it uses and see how performance compares with the official Myfxbook account. If all went well, I may then consider switching it over to a real live trading account.
If you like what you have heard about the Trade Explorer forex robot and would like to learn more, please feel free to visit the official website using the link below.