Welcome to my Channel Trader Pro Forex Robot review. This is a fully automated forex trading system that runs in the popular MetaTrader 4 (MT4) platform which is free to download. It can place and manage trades on behalf of the user. In order to use this forex robot, you will need a trading account with a forex broker. 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.
Channel Trader Pro Trading Strategy
Channel Trader Pro is a fully automated forex robot that incorporates a combination of forex trading strategies. Channel trader Pro focuses on 3 pairs that the developer believes have a recurring pattern and aims to takes advantage of them.
Looking at how it places entries, takes its exits I would say that it is using a combination of oscillators and trend indicators across multiple time frames. Forex traders often overlook the importance of multi time frame analysis but it can be very important because what may look like a pullback during a downtrend on a shorter time frame such as the 5 minute may actually be occurring during a strong uptrend on a higher time frame such as the 4 hour.
Channel Trader Pro Back Testing
The developer has not included any back tests on the website which is disappointing. It would have been useful for potential users to see 99% modelling quality back tests using Birts TDS in the MT4 strategy tester. This could have given an idea of the historical performance but of course would be no guarantee of future performance. For the upmost accuracy, back tests can be conducted using real tick data, variable spreads and including commission, swaps and slippage.
Channel Trader Pro Live Results
Channel Trader Pro Summary
Overall, this forex robot can analyse currency pairs and place trades for you but it does have some limitations. I have conducted many forex robot reviews and there are other alternative automated trading options that I would consider over this EA. It does come with instructions, support and a money back guarantee. 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.