In this post I will be reviewing the Covert FX automated forex robot. Covert FX is a fully automated forex trading system developed to trade on the MetaTrader 4 trading platform. There is no previous trading experience required to use it. All you need to do is download the MetaTrader 4 trading platform and follow the Covert FX instruction manual to have it setup and running on your account in just 5 minutes. It is a diverse forex robot and completely hands free once setup.
Covert FX Trading Strategy
Cover FX is a rapid breakout trading system. Breakout trading can be very powerful and when price does break out and there is good money management in place. If a breakout fails I would keep the stop loss tight and wait for price to break out again. This is the type of strategy that Covert FX uses. It trades on multiple currency pairs on the 15 minute time frame. The currency pairs are: AUDUSD, EURAUD, EURGBP, EURUSD, GBPAUD, GBPJPY, GBPUSD, NZDUSD, USDJPY, XAUUSD. You can choose to trade it on all pairs to diversify your portfolio and spread out the risk or trade it on a few of your preferred currency pairs. I personally like the EURUSD and GBPUSD major currency pairs due to the low spreads and plenty of liquidity for fast execution. I would usually always be using an ECN forex broker for the best possible trading conditions.
Covert FX Back Testing
The Covert FX website shows some back testing results on multiple currency pairs. The modelling quality is an impressive 99% which means tick data was used so they are accurate results. The tests were done over around 6 years of data which shows that Covert FX can trade through many different market conditions. It is not clear if they used real variable spreads, swaps, slippage and commissions in testing. These factors can have a major impact on results.
Covert FX Live Results
Covert FX Summary
Covert FX is another forex robot from well know forex robot developers who have been around for a while and made some other automated forex trading systems in the past. Covert FX comes with excellent support, licenses, lifetime updates and a no questions asked 60 day money back guarantee.