In this post I will be reviewing the Prince FX EA. For those of you that are not familiar with the term EA, it basically means Expert Advisor which is simply another term used to describe a forex robot. The Prince FX EA (forex robot) runs in the free to download MetaTrader 4 trading platform. For latest results of all forex robots including the Prince FX EA, please refer to my forex robots comparison table.
Prince FX EA Trading Strategy
The Prince FX EA trading strategy is based upon a scalping method by which it aims for a small amount of pips by getting in and out of the market quickly. This is by no means extreme scalping but it does mean that there is a wider stop loss that leads to a lob sided risk to reward ratio. I would only trade such trading strategies on an ECN forex broker for low spreads and plenty of liquidity for reliable execution.
The Prince FX EA trades on multiple currency pairs but I would stick to the major pairs such as the EURUSD & GBPUSD due to these pairs having some of the lowest spreads and decent liquidity which can save on trading costs. There are no martingale or arbitrage techniques used.
Prince FX EA Back Testing
The official Prince FX EA website does not share any back test results from the MT4 strategy tester. There are some back tests uploaded on the Prince FX EA MyFxBook page which you will find under “strategies”. 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.
Prince FX EA Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Prince FX EA Summary
Overall, this forex robot can analyse currency pairs and place trades for you but it does have some limitations. I have conducted many forex robot reviews and there are other alternative automated trading options that I would consider over this EA. It does come with instructions, support and a money back guarantee. 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.