In this post I will be reviewing the Forex Device forex robot for the free to download MetaTrader 4 trading platform. Forex Device is a fully automated forex trading system suitable for both novice and advanced forex traders. You simply follow the Forex Device provided instruction manual to setup the forex robot on your forex trading account and it will place and manage the trades for you. During the short time (a few months) that Forex Device has been running on a real verified by FX Blue trading account, it has made a modest 9% gain with around 1% returns per week. It should be noted that the drawdown is very low at just 1% which means that with a larger lot size the gains could potentially be greater with the drawdown still being acceptable. As always, trade with a lot or risk size that you feel happy with as trading does carry an element of risk.
Forex Device Trading Strategy
Forex Device trades multiple currency pairs and can be used on any account size with any leverage. The major currency pairs such as the EURUSD and GBPUSD should perform best as they have a lot of liquidity due to the amount of traders trading these pairs which means lower spreads and less slippage, provided of course you use a good ECN forex broker. Forex Device trades the market 5 days a week fully automated but make sure you keep an eye on its trade performance to ensure everything is working as it should and under control! We don’t want a forex robot going rogue! Forex Device can adapt to various market conditions but we do need a longer amount of real live statistics to judge it over the long term and more market scenarios.
Forex Device Back Testing
There are no back tests on the Forex Device official website but we do have a real live verified account to refer to, just make sure that you check the latest results to ensure it’s decent performance has continued.
Forex Device Live Results
Forex Device Summary
Overall, I would say that there is a lack of evidence and long term results to give a fair perspective on the Forex Device EA although it is off to a good start. Perhaps it would be wise to start on a demo account to begin with in order to familiarise yourself with how it works just bear in mind that demo account conditions can vary greatly from real account conditions due to the price feeds. Forex Device comes with instructions, support, updates and a money back guarantee.