In this post I will be reviewing the Happy News expert advisor (EA) which is yet another fully automated forex trading system for the MT4 platform that has been developed by the team over at Happy Forex. I have previously reviewed other forex robots from the developers including the Happy Frequency EA and Happy Breakout EA.
For those of you who may not be familiar with trading terminologies, an expert advisor is a fancy name for a forex robot given by the popular MetaTrader 4 trading platform. MT4 is freely available to download from most online forex brokers.
I always prefer to use an ECN forex broker for the best possible trading conditions which includes tight spreads, completely low commissions along with excellent support and fast trade execution speeds. 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 Happy News EA is suitable for traders of all experience levels as it can analyse the charts and place/manage trades on behalf of the user.
Happy News Trading Strategy
As the name suggests, the Happy News EA incorporates a forex news trading strategy. The robot places pending orders in both directions in order to try and catch moves from news releases that can have a significant impact on the forex market.
The developer states that the news is automatically downloaded from reputable online places such as Forex Factory and then screened according to your needs and preferences. You can choose whether you want to see and trade all the news, or just the ones related to the current pair on the chart.
Moreover, there are several other filters, such as the impact the news is considered to have on the markets, whether or not the forecast outcome of the reports to be released should be different from the previous report (an indicator of a larger price movement expectancy), and others.
From my personal experience, the markets can be very volatile around news releases. This can cause spreads and slippage to be higher than usual. It can also mean price moves so fast that stops are not always executed at the required prices.
For this reason, amongst others, many traders decide to actually actively avoid trading around news releases. However, if you understand the significant risks involved with trading news releases and discrepancies between brokers price, you may wish to delve deeper into this particular forex robot.
Happy News Back Testing
There are no back tests shared by the Happy Forex team on the Happy News website although it may not be possible for them to implement the news releases into back testing along with tick data, commissions, variable spreads, slippage and swaps.
Back tests are not that accurate as it is already let alone without taking into consideration the significant volatility that can occur around news releases – it would be almost impossible in my opinion to accurately back test a news trading strategy due to important factors such as brokers slippage, spreads and available liquidity around news releases.
Happy News Live Results
Happy News Summary
Overall, if you are an advocate of forex news trading then you may find this particular forex robot of interest. For me, news trading is too volatile and are too sensitive to forex brokers trading conditions.
I have conducted many forex robot reviews and there are other alternative automated trading options that I would consider over this EA.
The Happy News EA comes with detailed instructions, full support, free updates and a money back guarantee. It can also be purchased as part of a forex robot package from the Happy Forex team.