In this post I will be reviewing the FXEURGrid expert advisor (EA) for the MT4 trading platform. For those who do not know, an EA is basically the term used to describe a forex robot.
This particular forex robot is fully automated which means it can place and manage orders on behalf of the user. You just need to download the MetaTrader 4 trading platform which is freely available from most good online forex brokers.
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.
FXEURGrid Trading Strategy
As the name rightly eludes to, the FXEURGrid EA incorporates a grid trading strategy. This involves opening multiple orders to try and capitalise from price movement regardless of the direction in which the markets move.I personally find this way too risk and would not trade with a grid strategy.
The system incorporates a drawdown limitation that will not allow you to have infinitely increasing losses, which you do not always encounter with some other grid strategies.
It runs on the major EURUSD currency pair which has some of the tightest spreads and plenty of liquidity, provided you are using a good ECN forex broker. Of course, the tighter the spreads and lower the commission charges, the better as with most forex systems.
The trading robot is easy to install and configure – the only thing that you need to do is to specify the desired risk (percentage) and choose one of the 3 trading modes (Safe, Normal, Aggressive).
The developer of FXEURGrid has stated that it has the following minimum deposit requirements:
- Safe mode $3000 ($300 for micro and $30 for cent accounts)
- Normal mode $2000 ($200 for micro and $20 for cent accounts)
- Aggressive mode $1000 ($100 for micro and $10 for cent accounts)
You should only ever trade with what you can afford and feel comfortable with. Nobody can tell you how much you should deposit and you should be fully aware of the significant risks involved with trading online.
FXEURGrid Back Testing
The FXEURGrid website does not have any back tests for us to refer to for a rough idea of historical performance of this EA. If there were back tests, I would have like to have seen them with 99% modelling quality using real tick data, variable spreads, commissions, slippage and swaps.
FXEURGrid Live Results
Overall, I personally feel slightly uncomfortable with the fact that the FXEURGrid robot uses a grid trading system and the draw down is too high for my liking. That being said, those who understand and accept the risks involved with grid trading, may be interested in this particular forex robot.
I have conducted many forex robot reviews and there are other alternative automated trading options that I would consider over FXEURGrid.
The FXEURGrid software includes instructions, updates, support and a money back guarantee.