Waka Waka EA Review

In this post I will be reviewing the interestingly named Waka Waka EA that has been programmed for automatic trading in the MetaTrader desktop platforms, MT4 and MT5. You can load it onto the charts in your platform and it will scan the forex market for trading opportunities. It can place and manage trades on your behalf which may be an attractive proposition for some traders, but there are some limitations to be aware of. Mainly, there can be no guarantees of results and forex robots cannot always account for the human intuition that is present when trading forex manually.

That being said, in this Waka Waka EA Review, I will be taking a look at some of the pros and cons of the robot, the trading strategy that it uses, back tests over historical data and most importantly, any real live verified results. Hopefully, this can help you to decide if this is an automated trading system that you would like to use on your forex account, or not.

This is another forex robot form Valeriia Mishchenko. She has a collection of forex EA’s which you can get from her own website “Valery Trading” and the MQL website. You can also find them from the marketplace within the MetaTrader platforms. I have reviewed some of her other forex robots including the News Catcher Pro EA, Evening Scalper Pro EA, Night Hunter Pro EA and the Golden Pickaxe EA.

Waka Waka EA
Waka Waka EA

Waka Waka EA Trading Strategy

The Waka Waka EA uses an advanced grid system which instead of fitting the system to reflect historical data (like most expert advisors do) it was designed to exploit existing market inefficiencies. Therefore, it is not a simple “hit and miss” system which only survives by using grid, instead it attempts to utilise real market mechanics to its advantage.

However, there are some significant dangers to be aware of when using a grid trading strategy. Grid trading is when orders are placed above and below a set price, creating a grid of orders at incrementally increasing and decreasing prices. Whilst this can work if the market conditions are ideal, in other instances it can lead to multiple open position going against the market with increasing positions sizes.

More often than not, I have seen grid trading robots end up in significant drawdowns. In my opinion, they are too dangerous and will eventually cause a margin call and blow up accounts. Granted, some of them can last quite a while if you do not mind the significant risks, I would just prefer a logical forex system that uses a sensible stop loss. I would be looking to cut losing trades short, locking in good trades at break even point and trailing them with a trailing stop in order to try and maximise the potential from each move.

The Waka Waka EA strategy uses a combination of technical indicators to identify entry points into the forex market, mainly the RSI and Bollinger Bands. The Relative Strength Index (RSI) can spot overbought and oversold market conditions where the Bolling Bands can be used for identifying both breakouts and reversal opportunities. I think it is good that the EA combines various forms of market analysis as this can give each trade additional confirmation. However, this does not really make up for using a grid trading system which will always increase risk.

One of the most impressive things about the Waka Waka expert advisor from my perspective is that the developer has made all of the most important EA input settings available for the user to adjust. I love to experiment with EA’s in the MetaTrader strategy tester to come up with my own combination of settings on my preferred financial instruments and chart timeframes. More often than not, I can come up with something more suited to my needs than what the developer had themselves provided with the EA.

You can in theory use the Waka Waka EA on any trading instrument and chart timeframe, although it does come with some recommendations based on the developers back tests and optimisations. As with the majority of forex EA’s, you can use the default out of the box settings or experiment with your own if you have the skills required to do so. At the very least, you will need to change the lot/risk size to something that you feel comfortable with because every trader is different in that respect.

Supported currency pairs: AUD/CAD, AUD/NZD, NZD/CAD

Recommended timeframe: 15-minute Charts

In order to use the Waka Waka robot, you will need a trading account with a forex broker. With so many forex brokers to choose from nowadays, it can seem very difficult to find a suitable option. If you are new to forex trading online and looking for some ideas, please feel free to browse my best forex brokers for some inspiration along the way.

IC Markets are my top choice of forex broker for manual and automated trading strategies. This is because I find them to have tight spreads, low commission fees and plenty of liquidity which means that you can get your trades executed at some of the best forex market prices at all times. From my experience, they also provide excellent 24/7 customer support and have a good variety of convenient account funding options for you to choose from.

Waka Waka EA Features

  • Fully automated grid trading robot
  • One chart setup – you only need one chart to trade all symbols
  • Multiple currency pairs support
  • Backtest and live performance
  • No need to adjust GMT
  • Simple instructions provided

Waka Waka EA Back Testing

I must admit that I am impressed by the Waka Waka EA back tests. This is because they have been conducted with 99% modelling quality so they are using tick data and just as important, variable spreads. However, it is not clear if they are accounting for commission just as the Forex Robotron EA does with its back tests. I like how the Waka Wake robot has been back tested simultaneously across multiple currency pairs over a decent amount of historical data. However, always keep in mind that past results are no guarantee of what will happen in the future. None the less, they can still give us a rough idea of how a particular expert advisors trading strategy works.

Waka Waka EA Back Test
Waka Waka EA Back Test

Waka Waka EA Results

I am pleased to say that there is a real verified by Myfxbook account where you can see the latest Waka Waka EA results. The account has been running for quite a few years now and has one of the lowest drawdowns that I have seen from any grid trading robot to be fair. However, the risk element is still there but things have been steady if the graph is anything to go by. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.

Waka Waka EA Summary

Overall, I think that the trading logic is generally quite sound, but in my opinion the Waka Waka expert advisor is let down by a risky grid trading strategy. You should make sure that you have a clear understanding of what grid trading entails and only proceed if you are comfortable with the significant risks involved. Even then, I would only commence on a forex demo account to begin with until you become familiar with exactly how it works. In saying that, it is certainly one of the better grid trading robots that I have come across, along with the Forex Flex EA.

You will find that the Waka Waka EA can be customised according to your own need and it also has a very active developer who is always happy to help. It comes with a user guide, free updates, full support and a money back guarantee. You can get it from the Valery Trading website, MQL website and from directly within the MetaTrader platforms via the marketplace. It is not the cheapest option you will find but there is a free demo version available if you want to give it a try before making any commitment.

Waka Waka EA









  • MetaTrader 4 & MetaTrader 5
  • Customisable Settings
  • Multiple Currency Pairs
  • Any Forex Broker
  • Combination of Market Analysis
  • Detailed Instructions
  • Dedicated Support
  • Verified Results
  • Back Tests
  • Money Back Guarantee


  • Grid Trading Strategy
  • Potentially High Drawdowns
  • Very Expensive