In this post I will be reviewing the Z Trader FX EA which is a fully automated forex robot that will place, manage and exit trades for you in the free to download MetaTrader 4 (mt4) trading platform. An EA is short term for an expert advisor which is basically the same as a forex robot. The mt4 trading platform is available to download from most good forex brokers worldwide and you can even start trading with the Z Trader FX EA on a free demo account to verify its performance just keep in mind that the price feeds on demo account can be different from real account and thus potentially give different spreads, slippage and commissions. For the best possible trading conditions and to save on trading costs, I personally always prefer to use an ECN forex broker. Due to its fully automated nature, the Z Trader FX EA is suitable for beginner and advanced traders, you simply set it up in a few minutes using the provided instructions, set a sensible lot size and let it trade for you whilst checking back on its progress.
Z Trader FX EA Trading Strategy
The Z Trader FX EA is fully automated and uses no scalping or averaging or dangerous martingale money management strategy. This can mean that it is not so spread / slippage dependant and could possibly perform well across multiple forex brokers. It is really easy to install, and the developer recommends a minimum $100-$200 account size. The developer has shared a real live verified by myfxbook account that has been running for around 6 months as I write this review in early 2019, with a monthly gain around 30%, drawdown of 10%, average win 25 pips with the average loss just 2 pips. Make sure you check back for the Z Trader FX EA latest performance after you have finished this review to see if the good performance has continued. The Z Trader FX EA trades on the EURUSD major currency pair which tends to have some of the lowest spreads due to the vast amount of liquidity, especially when using an ECN forex broker. In my opinion, the Z Trader FX EA is more of a long-term trading system thus not suitable for those who prefer high octane action! Sometimes, slow and steady wins the race!
Z Trader FX EA Back Testing
The official Z Trader FX EA website has an EURUSD back test shared by the developer showing impressive results although only over a few years so I would like to see how it performed over a longer period of time and thus how it adapts to different market conditions and events such as the financial crisis of the past. Furthermore, the modelling quality on the back tests is only 90% which means real tick data, real spreads and real commissions were not used. I would like to see back tests done with Birts Tick Data Suite (Birts TDS) for more accurate results in the mt4 strategy tester.
Z Trader FX EA Live Results
Z Trader FX EA Summary
Overall, the Z Trader FX EA is a decent forex robot with acceptable performance at the time of me writing this review although I would like to see results over a longer period of time and perhaps on other brokers other than Forex4you as the developer is using. The Z Trader FX EA does come with instructions, updates, support and a money back guarantee.