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New Forex Robot Roundup
There has been a huge number of MetaTrader4 Forex robots (Expert Advisors) coming out over the last few months.
Many of them are the usual over-hyped nonsense, some are rip-offs/modifications of free robots found in Forex forums, most of them are the usual disastrous scalpers, but (shock horror!) we have actually found a few gems that may be worth checking out.
We start with TradeChimp, by Renegade FX, a “hyper-scalping” robot with human intervention. We have had a lot of emails about this one, and live trading results looked great.
On closer inspection, this one has a closed trade Risk:Reward ratio of 8:1. On that basis, it falls into the same category as FAPTurbo, IvyBot and others.
Trade Chimp - Renegade FX
Next on the list is a profitable manual trading system that has been turned into a MetaTrader 4 EA. FXProfitMountain is designed to work on H4 and Daily timeframes, and works on multiple currencies. This is a decent robot with an average Risk:Reward of 1:2, and is definitely worthy of consideration.
FX Profit Mountain Trading Robot
The Primeval-EA is an interesting Forex robot that combines six different trading strategies in one. Whilst MetaTrader 4 backtests are not the most reliable, this has delivered positive growth for 10 years on backtests, so it has not been “curve fitted” like most commercial robots. Curve fitting is optimizing trading parameters for a certain period, which is why some robots do great in some years, but are losers in others.
The only drawback with this EA is that it is somewhat complicated – one for the experienced user, we think.
Primeval-EA
CaliberFXPro is another EA which seems quite decent. This one has a good Risk:Reward ratio of around 1:2 based on closed live trading and seems to be delivering solid equity growth on a weekly basis. The only drawback we can see so far is that it trades all USD crosses, but apart from that, this one may be worth a punt.
Caliber FX Pro Expert Advisor
FXRangeBreaker is the last EA on our review list. This EA trades with a fixed stoploss of 40 pips and works on three GBP crosses – GBPUSD, GBPCHF and GBPJPY. All three of these pairs have good volatility and daily ranges, meaning lots of chances to win pips – or lose them!
This EA is delivering solid growth on a weekly basis, and apart from the fact that it is only trading on GBP crosses, which may result in heavy losses should the pound collapse, it’s pretty good.
FX Range Breaker
Conclusion
We have never recommended robots before. We love the concept and are not against the idea per se. The issue has always been that robots scalp for small profits, with wide stop losses. The fashion for this seems to be going away, and the new breed of robots above (TradeChimp excepted) are using sensible stop losses and good Risk:Reward ratios. We hope this trend will continue.
If we were to recommend a product from the above list, we would suggest either CaliberFXPro or FXRangeBreaker. As they trade four different pairs (plus GBPUSD which they both trade), you may even want to consider running both robots and reducing your risk per trade.
Otherwise, CaliberFXPro is the cheaper of the two, and you may want to add this to your trading arsenal.
One final word: you will definitely want to use an ECN (Electronic Communications Network) or STP (Straight Through Processor) Broker when trading EAs (you should be trading with one anyway!). The very small spreads and low commissions will greatly enhance your bottom line over time.
We have recently started using ATC Brokers. They are perfect for all the EAs listed above and you can read our review of them from the link below:
ATC Brokers Review
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