The Forex Truck EA (expert advisor) is an automated forex trading system developed to run in the MetaTrader 4 (MT4) and MetaTrader (MT5) platforms. MetaTrader is a popular platform used by millions of traders across the globe that is free to download and use from most forex brokers. You will need the desktop/laptop version of the platform to run forex robots such as Forex Truck.
Forex Truck EA Features
Forex Truck is completely automated meaning you can load it onto your charts in MT4 and it will analyse the markets for trading opportunities. When it finds them, it will place, manage and close trades on your behalf.
Forex Truck has been developed and optimised for the USDCAD currency pair. This could be considered a major currency pair which means it should have reasonable spreads and decent liquidity. I would use an ECN forex broker for the tightest possible spreads with low commissions and plenty of liquidity for rapid trade execution speeds. This ensures that trades get executed at the best possible prices and that I can save on my trading costs over the long term.
The Forex Truck EA uses a “block feature” where it can open multiple orders if the market turns against a position. Whilst this can get dangerous if lot sizes are too high and there are too many positions, there is a stop loss and close all function if things get messy. Of course, only ever trade with a lot/risk size that you feel happy with and never ever risk more than you can afford to lose.
The developer has shared a verified myfxbook account which shows the latest performance of the Forex Truck EA. It should be duly noted that past performance is by no means any indication of future results. You can visit the Forex Truck website for the latest results.
Forex Truck EA Back Testing
The Forex Truck EA has some back tests on the USDCAD currency pair, in aggressive and normal mode. These tests run over a 5+ year period but are limited to 90% modelling quality. This basically means that they are not as accurate as they can be. I would like to have seen the developer use Birts Tick Data Suite (TDS) for back testing with 99% modelling quality using tick data, variable spreads, commissions and slippage.
Whilst the developer is running the EA on the USDCAD currency pair, I would also be tempted to optimise the settings on various instruments and timeframes in order to create some customised set files that are suited towards my own individual trading style, preference and goals.
Forex Truck EA Live Results
Forex Truck EA Conclusion
The Forex Truck EA has some potential as is shown by the back tests (albeit limited quality) and verified myfxbook account. I am personally slightly cautious about the fact that it enters multiple positions if trades go against the EA. Without the correct money management, things could go south very quickly. That being said, I would certainly give it a go on a demo account and see how it performs. Forex Truck EA comes with instructions, support, updates and a money back guarantee.