Forex Trend Detector: Forex Robot Review

Forex Trend Detector: Forex Robot Review

Forex Trend Detector: Forex Robot Review

The Forex market is always a place filled with opportunities, with Forex traders amassing fortunes from the gains that they’ve generated over the years. A major part of Forex trading involves trading with trends, which require a certain amount of experience and knowledge. Forex Trend Detector is an automated trading software which claims that it can do exactly that, trade with trends.

Forex Trend Detector    
Forex Pairs: EUR/USD
Broker: Compatible with any MetaTrader broker
Price: Regular Price – $297

Discounted Price – $187

Recommended Minimum Deposit: $200
Refund policy: 60 day money back available

Conditions

Forex Trend Detector has a convenient risk management protocol implemented within its system where users have the ability to set a fixed lot size or enable the AutoMM option. The AutoMM allows lot sizes to automatically change, depending on input parameters and the percentage value of risk. A Visual risk level indication is provided by the broker, as attached below.

In order to better understand how the Forex trend Detector works, certain special parameters should be known to the users, some of which are explained below.

  • Magic: It is a unique identifier     which helps the software to recognize and manage its own positions.
  • Backtest_GMT_Offset: An important     parameter for generating correct back tests.
  • MaxSlippage: Refers to the maximum     allowed slippage in standard 4- digit pips. Partial values can also     be entered.
  • Max Spread: Same as the above,     only for spreads
  • Stealth Mode: This mode allows the software to hide the stop Loss and take Profit level from the     brokers, allowing for more security.
  • Recovery Mode: When this mode is activated, the current drawdown is compensated by an effective     algorithm, which increases trading volumes. This is only allowed     when the AutoMM is greater than zero.

An area of concern is the fact that the brokers never really reveal or explain the strategy that the software implements. The website states that they don’t use any of the exotic trading strategies. They instead implement a system comprising of Smart Money, a good volatility breakout strategy and a sophisticated drawdown compensating algorithm. The volatility breakout strategies are most likely similar to the ones implemented on other EAs such as Volatility Factor and FGB.

Trading Accounts

Just like the industry norm, Forex trend detector provides us with two verified myfxbook account with trading privileges verified. The broker used is ThinkForex, which has quite a positive reputation in the market.

Trading Accounts

As evident from the above screenshot, the total profit accrued almost crossed the 400% mark. The monthly gain is 9.9% with a drawdown of 48.29%. The drawdown levels for such an EA are not favorable.

As evident from the above screenshot, the total profit accrued almost crossed the 400% mark.

Open order durations are usually about an hour. Even though the website claims that the average trade length is just over 9 hours, trading results reveal that some trades have durations of up to 5 days.

Conclusion

Pros  

Cons

 

Compatible With Most OS  

Only supports one Forex pair

 

60 day money back guarantee available  

Steep Price

 

Customer Service is responsive and instantaneous  

 

 

There are many software programs which include trends that allow Forex users to effectively trade with trends. However, Forex trend detector certainly does not fall into that criteria as it does not include features that warrant its high product pricing. The trading results, although verified, were not impressive enough for us to recommend this trading software to you. Overall, there are several better alternatives that you can get for much less of what Forex Trend Detector charges.

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