In this post I will review the Forex Alpha Robot EA. An expert advisor (EA) is the technical term given to forex robots in the MetaTrader platform.
This particular EA has been programmed to run in the ever popular MetaTrader 4 platform (MT4) and can be used on any online forex broker that provides the platform.
Many brokerages offer MT4 free of charge, including ECN forex brokers who can have some of the best trading conditions available to retail and institutional traders.
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.
Whatever your experience level, you can use the Forex Alpha Robot EA as it is a completely fully automated forex trading system.
I would be very wary of the money management used if the Forex Alpha Robot EA. I am not trying to be awkward or critical of the developer, simply stating what I see.
Forex Alpha Robot EA Trading Strategy
The Forex Alpha Robot EA analyses the markets 24 hours a day for trading opportunities. When it finds a signal based on the implemented trading algorithm, it will place and manage trades on behalf of the user.
The developer states that the EA tries to adjust to the dynamic market conditions and thus can run in both trending and ranging markets.
The Forex Alpha EA has a unique Automatic Leverage Levels Setup (or ALL) as the developer calls it. What this basically does is to increase the leverage used after winning trades and decrease it on losing trades.
I think it is slightly confusing when the developer talks about adjusting leverage because they are not referring to your trading account leverage which is chosen and fixed by yourself, but rather the trading positions.
Forex Alpha Robot EA Back Testing
To their credit, the Forex Alpha Robot EA official website has back tests on multiple currency pairs over a long time period.
The problem with these back tests is that they have a modelling quality of just 90% and therefore do not use real tick data, variable spreads, commission, swaps or slippage.
Anyone who is testing in the MT4 strategy tester should be using Birts Tick Data Suite for the most accurate results possible with 99% modelling quality and including tick data, real spreads, commissions, swaps and slippage.
Thus, I would take these Forex Alpha Robot EA back tests with a pinch of salt.
Forex Alpha Robot EA Live Results
Forex Alpha Robot EA Summary
Whilst the developer has gone through some effort to develop a multi-currency forex robot and to conduct back tests over many years, there are a few things that could be improved. Primarily the money management incorporated within the Forex Alpha Robot EA could certainly be a lot less dangerous whereas I would like to have seen 99% modelling quality back tests for greater accuracy.
Overall, I would personally avoid using this particular forex robot. I find that it is too risky for my personal taste. I have conducted many forex robot reviews and there are alternative options that I would prefer over this EA.
The Forex Alpha Robot EA includes instructions, support, updates and a money back guarantee.