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 who might not have the time or knowledge to trade manually.
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, 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 from the very talented Valeriia Mishchenko. She has a collection of top performing forex EA’s which you can get from her own website “Valery Trading”. I have reviewed some of her other forex robots including the News Catcher Pro EA, Evening Scalper Pro EA, Night Hunter Pro EA, Golden Pickaxe EA and the Perceptrader AI 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. Grid trading is when orders are placed above and below a set price, creating a grid of orders at incrementally increasing and decreasing prices.
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 Bollinger 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. This is important as it means the initial grid entry can be timed well.
One of the most impressive things about the Waka Waka expert advisor aside from the excellent results 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 forex trading robot
- Implements a unique trading strategy
- One chart setup – you only need one chart to trade all symbols
- Multiple currency pairs support
- Backtest and verified live performance
- No need to adjust GMT
- Simple instructions provided
- Excellent support
Waka Waka EA Back Testing
I must admit that I am very 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. 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. Judging by these back tests, the Waka Waka EA has performed exceptionally through various different market conditions as you can see from the chart below.
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. The overall results are looking extremely impressive, showing things have been steady if the graph is anything to go by.
Waka Waka EA Summary
Overall, I think that the Waka Waka expert advisor is one of the best forex robots that is commercially available for retail traders to use. This is because it has shown long term consistency and a great performance in historical testing, whilst also being backed up by impressive real verified results. The Waka Waka EA is ready to use straight out of the box with the already optimized settings provided by the developer.
You will find that the Waka Waka EA can be customised according to your own needs 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.
It might not be 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. Sometimes it is worth paying more for quality, and the Waka Waka EA certainly stands out amongst the thousands of forex robots that I have reviewed and tested over the years.
The Valery Trading website does have a great collection of forex EA’s that you should certainly checkout if you haven’t already.
Waka Waka EA$1980
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.