In this post I will be reviewing the XFXea which is a forex robot that trades automatically on charts running in the free to download MT4 platform that you can download from most reputable forex brokers.
For the best possible trading conditions, I always prefer to use an ECN forex broker as they can save on trading costs in the long term by having tighter spreads, lower commissions, minimal slippage and reliable 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.
XFXea Trading Strategy
The XFXea is aimed at trading regularly through various different market conditions by implementing what the developer cleverly calls “special calculations and transaction algorithms.”
The software tries to recover from losses by using a money management strategy that can cause large drawdowns should the market continue moving against the extra positions the robot takes to make up for a bad initial entry. Way to dangerous for my trading style. I believe that a good trading system should not need to add positions to try and recover from bad ones.
XFXea calculates an entry point by evaluating a certain number of bars and then forms a range. Based on this range, it determines how and when to start trading.
XFXea trades on two currency pairs: AUDUSD and EURUSD. These are considered major currency pairs which means that they tend to have lower spreads and more liquidity than some of the more exotic forex currency pairs.
This forex robot does not look like it trades very often so will not be suitable for those who like plenty of action!
XFXea Back Testing
Whilst the developer does display XFXea back testing results for the EURUSD and AUDUSD on the official website, these only have a modelling quality of 90% which means they do not use real tick data and do not take into account variable spreads, slippage, commissions or swaps.
For this reason, I would not consider them to be reliable and would much prefer 99% modelling quality back tests conducted in the MT4 strategy tester in conjunction with Birts Tick Data Manager for the most accurate results possible.
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.
XFXea 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.