In this post I will be reviewing The Skilled Trader software from the team over at LeapFX. LeapFX already have a selection of automated trading systems which I have reviewed in the past, including The Wave Scalper, News Action Trader, Jet Trader Pro, Gold Trader, Arbitron and Econ Power Trader.
The Skilled Trader is an expert advisor (EA) that runs fully automated in the ever popular MetaTrader 4 trading platform which is free to download and use on Windows and MAC computers. MetaTrader is also available for mobile devices but you will need the desktop platform to run forex robots such as The Skilled Trader.
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.
The Skilled Trader Trading Strategy
The Skilled Trader robot does not use any forex scalping strategies and is auto updating. The developer implemented this feature in order to try and help ensure that it keeps up to date with the ever-changing market conditions. There are also built-in money management features that can be adjusted according to your own risk preferences. Never ever risk more than you can afford to lose.
It can trade on GOLD and other trading instruments. The developers myfxbook account is showing it running on the XAUSUD, GBPUSD and EURUSD. It should be noted that any past performance is by no means any guarantee of future results and you should be well aware of the significant risks involved with trading online.
The Skilled Trader also has a maximum spread and slippage filter to try and avoid trading around unfavourable broker conditions.
The Skilled Trader Back Testing
There are no back tests on The Skilled Trader robot website, which is disappointing. Whilst back tests are not always accurate, they could have given as a rough idea of how the EA performed over different market conditions for a sustained period of time. I would perhaps consider running my own back tests using Birts Tick Data Suite to find my own optimal settings over various currency pairs and time frames.
The Skilled Trader Live Results
The Skilled Trader Summary
Overall, The Skilled Trader robot does have some potential but I feel that there is a lack of clarity on the trading system implemented as the developer seems to focus more on a sales pitch. I would have liked to have seen real tick data back tests using variable spreads, commissions and slippage. In saying that, the LeapFX team have kindly shared some verified myfxbook accounts and provide full support, instructions along with a money back guarantee.