In this post I will review the Falcor Forex Robot that is yet another fully automated forex robot that has been developed by the Forex Robot Trader team and is to be used in the MetaTrader 4 (mt4) trading platform. Mt4 is free to download from most forex brokers across the world and you can begin by running the Falcor Forex Robot on a demo account until you are familiar with how it trades at which point you may wish to trade with it on a real live account. I prefer to use an ECN forex broker for low spreads, low slippage and low commissions. These forex brokers tend to have the most liquidity providers (LP’s) which can help lower trading costs. The Falcor Forex Robot is suitable for beginner and advanced forex traders due to its fully automated nature and can be setup in minutes using the provided step by step instructions. You just need to set a suitable lot size depending on your account balance, leverage and risk preference whilst checking back regularly for the latest Falcor Forex Robot performance.
Falcor Forex Robot Trading Strategy
The Falcor Forex Robot looks to find weak areas of support and resistance which it combines with price action candlestick analysis to take advantage of and try to catch big moves. Price action analysis is good as it tends to be up to date with the current market conditions rather than relying on lagging technical indicator analysis. This makes sure the Falcor Forex Robot is adjusting to each differentiating market condition. Falcor Forex Robot can trade anytime the forex market is open, 5 days a week, 24 hours a day. It is fully automated and can run on multiple currency pairs. I prefer to use major currency pairs such as the EURUSD & GBPUSD as they usually have the most liquidity and bigger moves due to the vast amount of traders who use them.
Falcor Forex Robot Back Testing
There are no back tests shared by the Forex Robot Traders team on the official Falcor Forex Robot website. I would use Bits Tick Data Suite (Birts TDS) to back test Falcor Forex Robot with 99% modelling quality using real tick data, real spreads, real commissions and real slippage. This would help decide the best currency pairs and time frames to run it on.
Falcor Forex Robot Live Results
Falcor Forex Robot Summary
The Falcor Forex Robot seems good on the surface and the fact that it adapts to existing market conditions using price action analysis along with support and resistance is very good. The Forex Robot Trader team does share updated results which are showing a good performance although I would like to see these results verified by myfxbook or FX Blue. The Falcor Forex Robot comes with full support, detailed instructions, free updates and a money back guarantee.