A good number of you will have heard of the EA already. I’ve been requested to review it numerous times and taking a glimpse in its homepage and stats absolutely got my focus. So, I’ve sent the writer and quickly received a response using a review copy attached, but I’m a bit embarrassed to say that writing this post is on my TODO list for over 10 days now.
Because it runs only on EURUSD M15 and it’s really not what I’d call a feature rich applications, this review will probably wind up quite a bit shorter than my other reviews.
There’s no description of the strategy so this just guesswork: the entry influenced by a volatility index working with two intervals - when the volatility is changing, a tendency is thought to have started and the EA will open a position. From here, all the mojo lays in position management: the position will probably be quickly shut (at a mean loss of 30 pips, if the market goes against it) and also the EA will wait for other fish to fry. If, but, the market moves in the right course, it starts adding to the present position until it reaches up to 5 times its original size. Sure, occasionally the marketplace will retrace and the positions won’t consistently run their course, but they do so nicely, when they flow.
All In All, the win ratio is just about 40%, but this is more than compensated by the truth the average gain trade is more than twice larger compared to the typical loss trade. It’s the very definition of the trendfollowing robot and I’ve been searching for something like this for like two years without a lot of success until now.
Obviously, you will see days with 5 - 6 trades in addition to periods of several days with no trade, but on average it trades more than once daily. Opening positions isn’t restricted to any trading session, as is true with the majority of trend EAs and trades are merely opened around the clock when its sign conditions are satisfied.
It’s noteworthy the bot opens and closes its positions just from the beginning of every bar and that it doesn’t send a stop loss & take profit goal with each order. The latter can become a slight edge in case your agent’s out to get you, but it could still become a hindrance in case your internet connection goes down or in case your VPS crashes.
As far as I can tell, because some of its own positions get still open in the time and closed before those opened prior to them Forex Growth Bot complies with the nohedging rules, but doesn’t comply with the FIFO rules.