In this post I will review the FXHelix expert advisor (EA) which is an automated forex trading system for the MT4 trading platform. MT4 is one of the most popular trading platforms used by millions of forex traders from all over the world and is free to download from most good forex brokers.
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.
FXHelix will trade in 90% of cases without a martingale money management (increasing of lots), but in rare cases it may slightly increase lots to try and make up for any losses.
This can be a dangerous strategy because if the markets keep going against the trade positions, it can lead to a margin call or stop out. I have seen martingale strategies blow up accounts more often than not.
Thus, please ensure you understand how they work and only proceed if you are prepared for the significant risks that they pose.
This particular forex robot analyzes the history of price movements in order to try and notice a price movement that goes against the expected average movement on a currency pair.
Based on this data, the EA makes a decision about opening a trade and its direction. FXHelix does not trade very frequently thus not for the impatient.
It has primarily been designed to trade on the AUDUSD currency pair which can have tight spreads provided you are using a good ECN forex broker.
The main idea of the EA is that a price in the Forex market to a greater extent has a certain amplitude of fluctuation – replacing an upward movement, by a downward movement.
Based on this principle, the EA collects a recent data on price movements, in order to find a deviation from the average rate of price movement during a certain period of time.
When such a moment has been found, the EA aims to anticipate in which way the price may move, and after that begins to trade.
The FXHelix EA uses pending orders to accurately execute each trade, it is not based on scalping or arbitrage.
Taking into account features of the algorithm and the fact that the EA uses a sufficiently large target, sometimes trades can stay open in the market for a while.
FXHelix Back Testing
There are some back tests on the official FXHelix EA website that show the robot running with 35% and 100% risk. Not sure who would dare run any strategy with 100% risk but there you go.
The problem with these back tests which are on the AUDUSD by the way, is that they are using only 90% modelling quality and a spread of just 0.3 pips.
This means they are not as accurate as they would be if they were conducted in the MT4 strategy tester with Birts TDS for 99% modelling quality using real tick data, variable spreads, slippage, swaps and commissions.
Therefore, these should be taken with a huge pinch of salt.
The more experience traders amongst you may wish to conduct some back tests of your own to optimise the FXHelix EA over different currency pairs and time frame in order to come up with your own settings.
It should be noted that there are no guarantees on how any system will perform and historical results are by no means an indication of future performance.
FXHelix Live Results
Overall, the FXHelix EA has significant draw downs that may put off many a trader and certainly is not a forex robot that I would use.
If you are happy with the great risks involved with using a martingale money management strategy then FXHelix may be of interest for you.
It is a way too dangerous for my personal taste and I would consider the fact that minor discrepancies between brokers spreads, commissions and slippage, could have an adverse effect on performance.
I have conducted many forex robot reviews and there are alternative options that I would prefer over this EA.
FXHelix EA comes with full support, instruction manual, free updates and a money back guarantee.