In this post I will be reviewing the XFXea which is a forex robot that trades automatically on charts running in the free to use MT4 platform that you can download from most reputable forex brokers free of charge. Although a forex robot can be a hands-off solution for those of you who might not have the time or knowledge required to trade manually, there are some key advantages and disadvantages to consider.
For the best possible trading conditions, I always prefer to use an ECN forex broker as they can save on trading costs in the long term by having tighter spreads, lower commissions, minimal slippage and reliable execution speeds. 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.
IC Markets are one of my top forex brokers for running automated forex trading robots. This is because they are an ECN broker with lots of liquidity which means that you can trade with tight spreads, low commission fees and rapid trade execution speeds at the best available prices.
In this XFXea Forex Robot review we will take a look the trading strategy that it uses along with the backtests and most importantly, any verified results. Hopefully this will help you to decide if the XFXea Robot is something that you would consider using on your forex trading account to help you achieve your trading goals.
XFXea Trading Strategy
The XFXea is aimed at trading regularly through various different market conditions by implementing what the developer cleverly calls “special calculations and transaction algorithms.”
The software tries to recover from losses by using a money management strategy that can cause large drawdowns should the market continue moving against the extra positions the robot takes to make up for a bad initial entry. Way to dangerous for my trading style. I believe that a good trading system should not need to add positions to try and recover from bad ones.
XFXea calculates an entry point by evaluating a certain number of bars and then forms a range. Based on this range, it determines how and when to start trading.
XFXea trades on two currency pairs: AUDUSD and EURUSD. These are considered major currency pairs which means that they tend to have lower spreads and more liquidity than some of the more exotic forex currency pairs.
This forex robot does not look like it trades very often so will not be suitable for those who like plenty of action! If you are searching for a more active forex robot, then you could take a look at the Forex Scalping EA instead.
The developer has made all of the XFXea 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.
XFXea Back Testing
Whilst the developer does display XFXea back testing results for the EURUSD and AUDUSD on the official website, these only have a modelling quality of 90% which means they do not use real tick data and do not take into account variable spreads, slippage, commissions or swaps. These are all very important factors that can have a huge impact on the results of any manual or automated forex trading strategy. For this reason, I would not consider them to be reliable and would much prefer 99% modelling quality back tests conducted in the MT4 strategy tester in conjunction with Birts Tick Data Manager for the most accurate results possible. Most of the top forex robots nowadays have 99% modelling quality tests, including the Forex Robotron EA. It should be noted that there are no guarantees on how any system will perform and historical results are by no means an indication of future performance.
XFXea Live Results
It is good to see that the developer has provided us with a Myfxbook verified account where we can see the latest XFXea results. This can be a good way for you to get an idea of how the robot trades and analyse the latest statistics. Up to date results are one of the most important things too look for when choosing a suitable forex robot. Without them, we wouldn’t have any idea of how good or bad a system has been performing in the current market conditions which are constantly evolving. I think that the XFXea has performed very poorly when you look at the huge drawdown on the account. It has more or less wiped out all of the progress that it made which shows that the expert advisor is using poor money management. I would much rather use a forex robot that had a tighter stop loss and more favourable risk to reward ratio. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
XFXea Summary
Overall, I would personally avoid using the XFXea forex robot. I find that it is too risky for my personal taste. I also think the developer needs to improve the money management of the implemented trading strategy as it causes very large drawdowns. They should also include spreads and commission when conducting EA backtests for more accurate historical results.
I have conducted many forex robot reviews and there are much better alternative options that I would prefer over this EA. It does however come with instructions, full support and a money back guarantee. You could always try it on a demo account to see if the results live up to your expectations. Just keep in mind that demo trading account conditions can vary greatly from a real live trading environment.
XFXea
$260
Pros
- Fully Automated Forex System
- Multiple Currency Pairs
- Customisable Settings
- Full Support
- Detailed Instructions
- Free Updates
- Money Back Guarantee
Cons
- MetaTrader 4 Only
- High Drawdowns
- Poor Money Management
- Poor Verified Performance
- Risky Trading Strategy
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.
