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. I would always trade with a true ECN forex broker for low spreads and minimal slippage with any forex robot.
Dragon Forex Trading Strategy
The Dragon Forex Expert Advisor was developed to trade on the GBPJPY currency pair on multiple time frames. Trading multiple time frames is advantageous as it can help to verify signals. Furthermore, the Dragon Forex Expert Advisor uses the mid to long term time frames such as the 1 hour and 4 hour.
The GBPJPY currency pair has been chosen due to its high volatility and liquidity. The Dragon Forex Expert Advisor will detect trends and look for support and resistance breakouts in the direction of the trend.
Dragon Forex Back Testing
There are numerous back tests on the Dragon Forex Expert Advisor website showing results over a 5 year period. I would have liked to have seen the back tests use 99% modelling quality with real tick data and spreads using Birts TDS.
Dragon Forex Live Results
Dragon Forex Summary
Overall, this forex EA is more of a mid to long term strategy that will require patience (as any forex system does) throughout periods of drawdowns primarily because the Dragon Forex Expert Advisor waits to try and catch big moves on the volatile GBPJPY currency pair. It comes with full support, free updates and a money back guarantee.