The Forex Truck EA is an automated forex trading system designed to operate within the MetaTrader 4 and MetaTrader 5 platforms. MetaTrader stands as a widely-used platform embraced by millions of traders worldwide, available for free download and utilization by most forex brokers. To utilize Forex robots like Forex Truck, you’ll require the desktop or laptop version of the platform.
This review of the Forex Truck EA aims to provide insights into whether its claims are supported by robust trading strategies, high-quality backtests, and verified real account results. We’ll examine critical factors to consider when selecting a Forex robot, aiding you in determining whether this expert advisor aligns with your trading objectives.
Live Results
It’s commendable that the developer has furnished us with a Myfxbook-verified account, enabling access to the latest results of the Forex Truck EA. This provides a valuable opportunity to observe the robot’s trading behaviour and analyze recent statistics. Keeping abreast of up-to-date results is crucial when selecting a suitable forex robot. Without them, it’s challenging to gauge the performance of a system in current market conditions, which are constantly evolving. The Forex Truck EA has demonstrated respectable performance, although there may be room for improvement in mitigating drawdown.
Trading Strategy
Forex Truck operates entirely on automation, allowing you to install it onto your MT4 charts, where it will analyze market conditions for potential trading opportunities. Upon identification, it autonomously executes, manages, and concludes trades on your behalf.
Developed and fine-tuned specifically for the USD/CAD currency pair, Forex Truck focuses on a major currency pair known for its reasonable spreads and ample liquidity. Opting for an ECN forex broker is recommended to capitalize on tight spreads, minimal commissions, and robust liquidity, ensuring swift trade execution at optimal prices and long-term cost savings.
Utilizing a “block feature,” the Forex Truck EA can initiate multiple orders if the market moves against a position. While this approach may pose risks with high lot sizes and numerous positions, safeguards such as stop loss and closing all functions are in place to mitigate potential losses. It’s imperative to only trade with lot sizes and risk levels that align with your risk tolerance, never risking more than what you can afford to lose.
The developer has made all settings of the Forex Truck externally accessible, allowing for adjustments via the inputs window when attaching the robot to your trading platform charts. While default settings provided by the developer are optimized, it’s crucial to verify that lot and risk sizes are set to levels suitable for your risk preferences, recognizing individual differences among traders.
Back Testing
The Forex Truck EA includes some backtests on the USD/CAD currency pair, conducted in both aggressive and normal modes. These tests span over a period of five or more years, yet they are constrained by a modelling quality of 90%, indicating a potential lack of accuracy. Utilizing Birts Tick Data Suite for backtesting with 99% modelling quality, incorporating tick data, variable spreads, commissions, and slippage, would be more advantageous. Without accounting for these crucial factors, the backtests may be rendered ineffective, as they play pivotal roles in shaping the performance of any automated forex trading strategy.
While the developer primarily operates the Forex Truck EA on the USD/CAD currency pair, there’s the option to fine-tune settings across different instruments and timeframes to generate customized set files tailored to your specific trading style, preferences, and objectives. Although certain currency pairs are recommended, it’s worth noting that the EA can also be deployed on other financial instruments. However, if you’re considering experimenting with the Forex Truck robot, it’s advisable to initiate such trials on a demo account initially to assess performance and outcomes.
Conclusion
In conclusion, the Forex Truck EA exhibits promise, as evidenced by its backtests and verified Myfxbook account. However, approach with caution as the strategy revolves around entering multiple positions if trades move against the EA. Without proper money management, this approach could lead to rapid losses. While the Forex Truck EA may experience extended periods of winning trades, the implemented money management strategy entails inherent risk. Nevertheless, it may be worth experimenting with the EA on a demo account to gauge its performance. The Forex Truck EA package includes instructions, support, updates, and a money-back guarantee.
