In this post I will be reviewing the Richeith Forex EA. This is a fully automated forex trading robot developed to run on the Meta Trader 4 trading platform – as with most forex robots! Despite being a relatively new release it has already made around 18% profit in its first month as proven by MyFxBook verified real account results. This may not be the same as some of the more extravagant gains we see with other forex robots but 18% per month is nothing to be sniffed at. Banks do not even pay anywhere near that on interest in a whole year! The draw down is VERY low so far and the average winning trade almost double that of a losing trade which gives a very favourable 1:2 risk to reward ratio. We can safely say that it is off to a good start and it is reasonably priced so certainly worth looking into in more detail. By the way, I still have no idea what “Richeith” means, perhaps a name?! Anyways, moving along swiftly…
Richeith Forex EA Strategy
As the Richeith Forex EA is a fully automated trading system (forex robot) you do not need to have any prior trading experience as you simply set it up on the Meta Trader 4 trading platform in just 5 minutes (comes with self-installation) and let it handle all of the trading for you – hopefully making you profits hassle free. The strategy is solid and stable with good consistency as backed up by the real results. It was developed by a team of professional traders who claim to make a living from it although the current real account they are sharing has made around $300 from a $2,000 deposit. Although, when you put things into perspective, it has only recently been running and the deposit is modest. If that initial deposit was $10,000 it could be looking at $1,500 profit or even more as the larger account would have allowed for larger positions sizes (leverage and all that!). The Richeith Forex EA strategy itself uses low risk and high reward principles with fully configurable settings if you wish to customise or even optimize it on any currency pair/time frame that you wish. In saying that, it is ready to use as is straight out of the box (or perhaps zip file in this case).
Richeith Forex EA Back Testing
Interestingly, the Richeith Forex EA developers have not posted any back tests on the website which I believe would have been useful, if done correctly of course. Birts Tick Data Suite is the best tool I would recommend for anyone who wants accurate back tests in Meta Trader 4. We do however have the verified real account results to follow with a keen interest.
Richeith Forex EA Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Richeith Forex EA Summary
As it is a new addition to the commercial forex robot market I would like to see it continue producing good results for a little while longer before drawing any firm conclusions. Perhaps if there were some tick data with real spreads/commission back tests on the website we would be able to get a better idea of how it would perform long term but for now we just have the real account results which it must be said are good thus far. The Richeith Forex EA does come with a 30 day money back guarantee, full 24/7 support, unlimited licenses (you can change them at any time), detailed instructions and free updates for life.