In this post I will be reviewing the Grid Master Pro forex robot which is yet another automated trading system from the “fxautomater” team.
Grid Master Pro runs in the popular MetaTrader 4 trading platform which is free to download and use from most reputable online forex brokers.
This robot is suitable for new and experience traders as it is completely set and forget with detailed setup instructions provided.
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.
It is imperative to ensure that you know how a grid trading system works before using this expert advisor (EA) due to the fact that grid systems can be very dangerous. I would personally avoid uding any grid trading system as I find them too risky for my taste.
Grid Master Pro Strategy
As the name eludes to, the Grid Master Pro EA uses a grid trading strategy that is the professional version of the developers BF Grid Master EA.
In this version they have implemented a lot of new additional features and systems in order to improve its overall performance.
They have added 3 additional trading strategies in the Grid Master Pro along with an added Advanced Time Management system, Notification System, Friday Exit System, Advanced News Filter and additional parameters for making Grid Master PRO more flexible.
Grid Master Pro has primarily been designed for trading the GBPUSD currency pair, although it can be adapted and applied to use on almost any trading instrument. How it will perform on other instruments remains to be seen.
It would probably require some intense optimisations if you wanted to find some of your own bespoke settings for other instruments. I would certainly use Birts TDS if I was looking to back test for my own set files, this would give the best possible back testing conditions.
It is imperative you understand the potential pit falls of a grid trading strategy before using this EA. The reason being is that a grid system tends to keep opening positions in order to try and capitalise in whichever direction the market goes in.
Whilst this can work in a ranging market, if there is a breakaway trend, things can get very messy. This usually leads to margin calls, stop outs and unfortunately blown accounts. Thus, a grid trading system is not for everyone, certainly not for me.
Grid Master Pro is designed to try and pick the right moment for the initial market entry and for the following additional grid-based recovery trades.
The second safety line of additional trades allows a set of “high frequency” scalping trades, when the price is in narrow range and as well a second line of distant drawdown compensating trades in case the market price breaks in the wrong direction.
The second line of drawdown compensating trades is initiated only in extremely stretched in the “wrong” direction market, only after a very strong market reversal pattern is detected.
If this all sounds too confusing, it means that given the right conditions, the EA will look to conduct trades. However, in the wrong market conditions, things could well get out of hand.
Grid Master Pro is equipped with advanced recovery system which opens additional recovery trades with high risk to compensate the initial losing trades – most of you will hopefully realise how this can soon get ugly.
Grid Master PRO Features:
- Overbought-oversold trend filter
- Long only and short only option
- Add on reverse option
- Second line of recovery option
- Advanced News Filter
- New and improved trading logic
- Email and Push Notification system
- Advanced Time Management system
- Friday Exit System
The developer states that the minimum capital required to use the Grid Master Pro EA is $1,000 and that it runs on the GBPUSD m15 charts. You should only ever trade what you can afford to lose due to the risky nature of trading.
Grid Master Pro comes with an implemented Money Management System. You can set your required risk as a percentage and the robot will automatically calculate the lot size according the risk and your account free margin.
Grid Master Pro is also equipped with a built in Advanced News Filter. Using this filter, you can set the EA to avoid trading during specific economic news and events. This is disabled by default and you can configure it according to your individual requirements.
There is a time management system. With this, you can precisely configure the robot to trade only during specific hours. You can also configure the robot to trade or not on individual week days.
The robot can inform you about all actions performed in your account and send email and push notifications to your mobile phone to inform you about its trading activity.
Grid Master Pro Back Testing
There are some back tests on the Grid Master Pro website including some with 99.9% modelling quality which means they are using tick data.
It also states that they used variable spreads although it is not possible to see if commission and slippage was accounted for along with swaps. These could have had a big impact on the results.
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.
Grid Master Pro Live Results
Grid Master Pro Summary
Overall, the Grid Master Pro EA requires ideal market conditions and a broker with low spreads, low commissions, minimal slippage and plenty of liquidity. An ECN forex broker would be a must for me but to be honest, I would personally avoid grid trading systems as in my humble opinion they all eventually blow up accounts. I don’t think any amount of fancy features could prevent this with all due respect.
That being said, if you are happy to accept the significant risks with a grid trading robot, the Grid Master Pr does include instructions, support, updates and a money back guarantee. I find that it is too risky for my personal taste. I have conducted many forex robot reviews and there are alternative options that I would prefer over this EA.