In this post I will be reviewing the fancily named FX-Neuro Bot which is a fully automated forex trading system that is compatible with the MetaTrader 4 (MT4) desktop platforms for Windows and MAC.
You can download MT4 for free from most online forex brokers. I personally prefer to use ECN forex brokers as they will usually have the lowest spreads, commissions and plenty of liquidity providers (LP’s) which can help to save on trading costs over the long term.
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.
The FX-Neuro BotEA does trade very infrequently so that is something worth considering for those who prefer more trading action on a daily basis.
FX-Neuro Bot Trading Strategy
The FX-Neuro Bot is suitable for all types of traders due to the fact that it is a completely set and forget forex robot that you can attach to the charts in MT4 for it to analyse the markets for potential trading signals according to its built-in algorithm. When the FX-Neuro Bot finds a signal, it will place and manage trades on behalf of the user.
It primarily trades on the AUDUSD currency pair although the experience traders amongst you may wish to optimise the EA in the MT4 strategy tester for other currency pairs. Just make sure that you use Birts TDS for the most accurate results possible if you decide to do so.
The trading logic implemented by the FX-Neuro Bot is to try and identify price swings between support and resistance levels. It uses MT4 default technical indicator analysis to achieve this.
I would have liked to have seen the developers make more effort for the EA to be able to conduct price action and fundamental analysis in addition to the technical analysis.
There is trade management that has been designed to try and exit a negative position as early as possible whilst allowing trades in wining position to remain open in order to maximise gains as much as possible.
The FX-Neuro Bot does not use any dangerous martingale money management systems where lot sizes are increased to compensate for losing positions.
FX-Neuro Bot Back Testing
Unfortunately, there are no back tests shared on the FX-Neuro Bot official website so we just have the provided FX Blue account to keep up to date with the latest results of this EA. I think the developer could benefit greatly by providing 99% modelling quality back tests for potential users to consider historical statistics.
FX-Neuro Bot Live Results
FX-Neuro Bot Summary
Overall, I feel that the FX-Neuro Bot is limited in certain aspects compared to many other forex robots, especially the lack of trades and diversity. It trades so infrequently that there could be months of stagnation which may deter some users. Others who do not mind long term trading and are happy to sit back and wait, may wish to look further into it.
I am disappointed by the lack of back tests and clarification on the actual trading strategy implemented whilst a Myfxbook account would also be useful. I have conducted many forex robot reviews and there are other alternative automated trading options that I would consider over this EA.
The FX-Neuro Bot includes instructions, support, free updates and a money back guarantee.