In this post I will be reviewing the MFM7 Forex Robot. This is a fully automated forex trading system that runs in the popular MetaTrader 4 (MT4) platform which is free to download. It can place and manage trades on behalf of the user. 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.
MFM7 Trading Strategy
The MFM7 Forex Robot does not use any dangerous martingale, hedging or grid strategies. It has 2 forex trading systems coded inside that can have up to 2 trades open at a time on each pair traded. Interestingly it can trade any forex currency pairs.
Other features of the MFM7 Forex Robot include settings being automatically updated from the server in real time to ensure it is up to date and it can switch itself off when there are impending major news releases.
I believe that it only trades in one direction on each pair (long or short) unless this has been changed by the developer.
MFM7 Back Testing
There are no less than 20 back tests on the website over 5 years periods with a high frequency of trading activity. The developer has made an effort to change the spread in back testing depending on the currency pair to try and be more realistic with the testing but I feel they are still at least a few pips short on most pairs.
It would have been useful for potential users to see 99% modelling quality back tests using Birts TDS in the MT4 strategy tester. This could have given an idea of the historical performance but of course would be no guarantee of future performance. For the upmost accuracy back tests can be conducted using real tick data, variable spreads and including commission, swaps and slippage.
MFM7 Live Results
Overall, I would personally avoid using this particular forex robot. 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. It does however come with instructions, full support and a money back guarantee.