Forex Auto Advisor
I purchased the Forex Auto Advisor EA on April 14th and setup the program on a demo account as instructed in the PDF manual. This EA operates on any time frame so I have configured the platform to display six charts. The 1 minute, 5 minute, 15 minute, 30 minute, 1 hour and the 4 hour. There are several different setting options for the EA and my initial setup was really to get the program running and see if there were any trades taken. There were.
The trades were all profitable but I noticed that the default settings did not allow for much profit as the trades did not total much profit. Today I have adjusted each time frame with it’s own settings. Hopefully this adjustment will provide for better trades. The profitable trades that were made were on the 5 minute and 30 minute charts. These trades produced a $259.80 profit on the $50k demo account.
This EA was very inexpensive considering what some cost. My first clue that this might not be a “quality” product came from the PDF manual.
In this example, we will run the EA on 30M chart of EURUSD. So the currency pair is EURUSD and the period is 30M (Thirty minutes). Right click on EURUSD from the market watch window. When the menu pops up, choose “Chart Window”. On the periodicity toolbar, click 1H. Note that 1H stands for the one hour Chart. Each bar in the chart represents one hour.
In just a few sentences the manual starts telling you how to setup the EA on the 30 minute chart and finishes instructing on the 1 hour chart. I guess you get what you pay for. However, it did make a few profitable trades last week.
The manual finishes with this.
Forex Expert Advisor robot EA is a long term trader. That means, for best results you should leave it working for at least 1 month before you can judge its performance. It was designed and tested to work on EUR/USD – 1H chart with default settings. But feel free to test it on other currency pairs and other time frames. Forex Auto Advisor Robot is not a scalper, it’s an intraday trading robot. That means it doesn’t have to trade everyday or even every week. On the other hand, you can use it with more than 1 currency pair to avoid any non-trading days. Use a demo account for your tests and never trade with real money without backtest and forward test/demo trading. Forex Auto Advisor Robot is not the holy grail. You may end a month with negative results. That doesn’t mean in at all that the EA is not working the way it should. Forex trading is a risky business, So please use your EA with good money management and never risk more than what you can afford to lose.
I am starting this EA on the EUR/USD pair and may test additional pairs if it proves profitable.
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