In this post I will be reviewing the Forex Spectre forex robot for use in the popular and free to download MetaTrader 4 trading platform (MT4). Forex Spectre has a high drawdown which makes it too risky for my trading style.
In order to use this forex robot, you will need a trading account with a forex broker. 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.
Forex Spectre Trading Strategy
The developer claims that Forex Spectre is able to adapt to different market conditions. Forex Spectre trades on the major EURUSD currency pair. The EURUSD can have some of the highest liquidity and thus lower spreads, slippage. I would be using an ECN forex broker with low commissions and the best possible trading conditions.
Forex Spectre Back Testing
There are back tests provided by the developer on the Forex Spectre website although it must be said the drawdowns are high and 99.9% modelling quality with real tick data, real spreads, real commissions and real slippage was not used. I would prefer to see Forex Spectre being back tested in the MT4 strategy tester using Birts Tick Data Suite for a more accurate expectation of historical performance.
Forex Spectre Live Results
Forex Spectre Summary
Overall, I would be careful of the drawdowns with Forex Spectre as they can be quite high. This makes this particular forex robot too dangerous for my taste. Full support, setup instructions and a money back guarantee are included.