In this post I will be reviewing the Wall Street Forex Robot 3.0. Straight away I must say that the website for this particular forex robot is very impressive – not that it makes a difference to the quality of the software offered but it is aesthetically pleasing at least.
Fxautomater are the developers of the Wall Street Forex Robot 3.0 and have a large selection of forex robots that I have previously reviewed including News Scope EA Pro, Forex Trend Detector, Forex Diamond EA, Forex Gold Investor, Volatility Factor Pro, BF Scalper Pro, Grid Master Pro, Smart Scalper Pro, Gold Scalper Pro and the Omega Trend EA.
This is yet another fully automated forex trading system that runs in the popular MetaTrader 4 (MT4) platform which is free to download from most forex brokers. 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.
You just attach the Wall Street Forex Robot to the charts in your MT4 platform and it can place and manage trades on your behalf. However, that does come with some pros and cons. In this Wall Street Forex Robot 3.0 review, we will take a look at the automated trading strategy that it uses along with backtests and most importantly, real verified results of the expert advisor.
Wall Street Forex Robot 3.0 EA Strategy
The Wall Street Forex EA will open the majority of its trades (quoted around 90%) during major market hours (NY, London). It was developed and tested thoroughly by a team of traders and programmers who have spent a good number of years tweaking the code which is evident by the fact we are now on the Wall Street Forex Robot 3.0. Whilst it is always good to see robot developers remain active, it does of course not guarantee good results as this is trading and anything can happen.
In terms of the Wall Street EA trading strategy, the robot looks to scalp short to medium term trends. The robot is self-updating in an attempt to adjust to the current market conditions which is a unique feature that you do not see in many forex robots. Some of the other automated systems can be quite rigid which means that they require the ideal broker or market conditions in order to fulfil their potential. The Wall Street Robot has built in money management which can be customised along with the other settings.
Whilst the Wall Street Forex EA is a fully automated forex trading robot, you could always set the software to semi-automated mode in which instance it would send you an alert when it finds a trading signal and you could decide from there if you would like to enter the market or wait for the next opportunity to come along. I would always like to perform my own additional market analysis where possible as extra confirmation for all trades. This could include technical analysis, fundamental analysis and price action analysis. Generally speaking, the more aspects of market analysis that you have covered, the more informed your trade decisions can be.
The developer has made all of the Wall Street Forex Robot 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 Wall Street Forex Robot EA 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 Wall Street Forex software, then you may want to do so on a demo account to begin with and see how things go.
Wall Street Forex Robot 3.0 EA Back Testing
On the Wall Street Forex Robot website there are some long-term back tests across multiple currency pairs: EURUSD, GBPUSD, USDJPY and USDCAD. These are the currency pairs it predominantly trades. They did have more currency pairs but it looks like the developer narrowed things down to focus on the better performing pairs based on historical data. You can choose to trade one, a few or all of the recommended currency pairs. You may also experiment with testing on your favourite trading instruments and chart timeframes.
It is worth noting that the back tests do not have 99% modelling quality which means that the Wall Street Forex Robot results are not going to be accurate. It would have been useful for potential users to see 99% modelling quality back tests using Birts TDS in the MT4 strategy tester. This could have given an idea of the historical performance but of course would be no guarantee of future performance. For the upmost accuracy, back tests can be conducted using real tick data, variable spreads and including commission, swaps and slippage. If these factors were accounted for in backtesting, the results may have been significantly different.
Wall Street Forex Robot 3.0 EA Live Results
The verified accounts of the Wall Street Forex Robot are interesting, simply because the results differ greatly and I have seen the developer keep adding and removing accounts over the years. Granted, it is because each account is running a different version of the Wall Street EA with different settings, but I would like them to leave old accounts published as I think it is fair to let potential users know what happened to these accounts. If they failed miserably then it is only right that we see what happened to help us understand if we are willing to take the risk that my occur when using the Wall Street robots. None the less, credit due to the fact we do have multiple verified accounts to keep track of the latest Wall Street robot results. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Wall Street Forex Robot 3.0 EA Summary
Overall, I feel like the Wall Street Forex Robot 3.0 EA is one of the better options out there but I would say there are other options such as the Forex Robotron EA. The software implements a versatile trading strategy that can automatically adapt to different market conditions but I do feel like the money management could be improved with a better risk to reward ratio. Furthermore, the Wall Street 3.0 backtests may have been conducted over a long period of time and across different currency pairs, but they are only 90% modelling quality so not really a fair way to judge the historical performance of this EA. On the other hand, there are some verified Wall Street Forex accounts which can give you an idea of how it has been performing in recent market conditions.
Wall Street Forex Robot includes 2 bonus forex robots, Wall Street Asia and Wall Street Recovery Pro. These trading robots along can cost at least as much as the original Wall Street Forex Robot. Interestingly there is a MetaTrader 5 version included along with the common MetaTrader 4 forex robot. You get life time support, free updates, instruction manual for a quick and easy setup and a 60-day money back guarantee. Visit the Wall Street Forex Robot website using the link below. If you are curious to see what this expert advisor can do, you could always test it on a demo account to begin with and see how things go. Just keep in mind that results can vary significantly between demo and live accounts.
Wall Street Forex Robot 3.0 EA
$227
Pros
- Multiple Currency Pairs
- Customisable Settings
- Various Packages
- 60 Day Money Back Guarantee
- Full Support
- Lifetime Updates
- Detailed Instructions
- Fully Automated Forex System
- Bonus EA's Included
- Verified Results Provided
Cons
- Limited Backtest Quality
- Potentially High Drawdowns
- Requires Some User Input
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.
