In this post I will be reviewing the Dragon Forex Expert Advisor that has been developed to run on the free to download MetaTrader 4 trading platform. As with all forex expert advisors Dragon Forex is a fully automated trading system that will trade for you. You simply set it up in a few minutes using the simple to follow instruction guide that is included and let the expert advisor do all the rest for you so that you can make forex trading profits completely hassle free. There is no prior forex trading experience required thus it is suitable for even the most novice of forex traders. The Dragon Forex website even includes real live verified by MyFxBook trading results so that you can see its latest trading performance and if it is doing as well as it is at the time of me writing this review then it is certainly worth considering for using as an automated forex trading system.
Dragon Forex Trading Strategy
The Dragon Forex Expert Advisor was developed to trade on the GBPJPY currency pair on multiple timeframe. Trading multiple timeframes is advantageous as it can help to ensure that the signals are strong as they have been verified and checked on different timeframes thus making them more reliable. Furthermore, the Dragon Forex Expert Advisor uses the mid to long term timeframes such as the 1 hour and 4 hour which again leads to more reliable trading signals. Another advantage of trading different timeframes is the diversification. The GBPJPY currency pair has been chosen due to its high volatility and it is also suitable as it has plenty of liquidity. For best results ensure that you are trading with a true ECN forex broker for the best spreads and minimal slippage. The Dragon Forex Expert Advisor will detect trends and look for support and resistance breakouts in the direction of the trend. It uses a favourable risk to reward ratio which ensures that a losing trade will not wipe out the winners.
Dragon Forex Back Testing
There are numerous impressive back tests on the Dragon Forex Expert Advisor website showing some good results over a recent 5 year period. The returns are very good and the drawdowns acceptable. I would have liked to have seen the back tests use 99% modelling quality and thus real tick data and spread however we can see from these back tests that the potential is there and so far the real live results are doing well.
Dragon Forex Live Results
Dragon Forex Summary
Overall, this isn’t the most popular of forex robots but that is not to say that it is not a good choice provided you are happy to trade a volatile pair like the GBPJPY. It is more of a mid to long term strategy and will require patience (as any forex system does) throughout periods of potential drawdowns primarily because the Dragon Forex Expert Advisor waits to catch the big moves which can be very favourable in the long run. It comes with full support, free updates, unlimited licenses option and also a money back guarantee.