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). At the time of me writing this Forex Spectre review, the real live cent account shared via myfxbook has shown an impressive gain of over 5,000% in over 6 years. Make sure you check the latest Forex Spectre myfxbook results to see if the performance has continued up until when you are reading this review. It is worth noting that despite the overall impressive gains, Forex Spectre has a high drawdown of over 60% with around 4 years of draw down periods which would require an extremely patient forex trader to keep up with it! Drawdowns can of course be lessened by using smaller lot sizes but then profit would also be affected.
Forex Spectre Trading Strategy
The developer claims that Forex Spectre is stable in all market condition which is questionable considering the 4 odd years where it wasn’t so stable. However, there may be traders amongst you who do not mind the extra risk and look at the past year or so Forex Spectre performance which at this time is very good in comparison. Forex Spectre trades on the major EURUSD currency pair with around a 50% win rate. The EURUSD is a good pair to trade for lower trading costs as it has amongst the highest liquidity and thus lower spreads, slippage and commissions provided you use a reputable ECN forex broker.
Forex Spectre Back Testing
There are back tests provided by the developer on the Forex Spectre website although it must be said the draw downs are still 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, Forex Spectre has decent potential based on the limited information we are given by the developer although it will depend on the market conditions and certainly needs a good ECN forex broker for best chances of being profitable. Be careful of the drawdowns with Forex Spectre also as they can be quite high so you wouldn’t want to go too mad with leverage and lot size. Full support, setup instructions and a money back guarantee are included.