BOT 8 G TRADER EA Forex Robot Review

Table of Contents

The BOT 8 G TRADER EA is an automated forex trading robot designed to execute trades on behalf of traders. In this comprehensive review, we will analyze the features, performance, strengths and weaknesses of this trading robot to determine if it is a worthwhile investment for forex traders.

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Overview of BOT 8 G TRADER EA

The BOT 8 G TRADER EA is marketed as an automated trading robot that can help traders pass their FTMO, MFF, and FCFF challenges. It purportedly uses advanced algorithms and technology to scan the markets, identify trading opportunities, and automatically execute trades based on its analysis.

Some of the main features highlighted by the vendor include:

Low risk settings
Compatibility with NFA, FIFO, and MT4 Build 600+
Support for ECN brokers
Ability to trade all currency pairs
Optimization for major pairs and indices
No trading experience required
Comes with indicators and templates
Works with any MT4 broker
Provides unlimited licenses
Gives popup alerts
Has no minimum leverage requirements

The vendor claims that this robot can help traders achieve their financial goals with minimal effort. However, as with any forex EA, traders should exercise caution and properly test it before using it with real capital.

How BOT 8 G TRADER EA Works

Although the vendor does not provide full details on the trading logic and algorithms used, some information can be gleaned from the parameters and settings available.

The BOT 8 G TRADER EA seems to use a combination of trend following and scalping strategies. It provides options to trade on multiple timeframes ranging from M1 to D1, indicating flexibility to capitalize on short-term and long-term trends.

Several key settings allow customization of trade management aspects:

Take Profit – Set in points to lock in gains
Stop Loss – Configure monetary and percentage stops
Trailing Stop – Trail price movement to protect profits
Max Spread – Filter trades during high spread events
Magic Number – Track trades by the EA

The EA also has basic money management features such as lot size and risk percentage. It apparently uses a semi-martingale approach with the option to increase lot sizes after losses.

Overall, while the vendor does not reveal full logic details, the settings suggest a focus on flexibility, risk management, and the ability to capitalize on trends across multiple timeframes and pairs.

Performance and Backtests

The vendor and resellers provide limited information regarding historical backtests for the BOT 8 G TRADER EA. However, some user reviews and community backtests help provide performance context.

One Myfxbook backtest over a 8 month period on XAU/USD showed a 173% return with a 29% drawdown. It executed over 5000 trades with a 70% win rate. Monthly returns ranged from 19% to 109% with an average expectancy of -12 pips per trade.

An independent backtest over 12 months showed a 340% return on a $5000 account trading EUR/USD. The average win was 450 pips while the average loss was 120 pips.

These backtests indicate the potential for strong returns but also significant drawdowns. As always, past performance does not guarantee future results. Real-world variables and changing market conditions can affect live results.

Only a few user reviews with live results are available. One user reported 30% gains in the first month of live trading. Another mentioned consistent profits over a 6-12 month period. However, a different user reported blowing their account after 6 months of use.

Overall, while backtests and some user reviews showcase profit potential, the limited information makes it difficult to fully judge the live performance of this EA. More transparency through detailed account statements or Myfxbook verification would help provide greater confidence.

Strengths of BOT 8 G TRADER EA

Based on available information, some of the notable strengths of the BOT 8 G TRADER EA include:

Flexibility – Multiple timeframe support and ability to trade all pairs allows adaptation to changing market conditions.
Customization – Traders can tweak settings like stop loss, take profit, and lot size to match their risk tolerance.
Risk Management – Inbuilt features like stop loss and spread filter aim to preserve capital.
Scalping and Trend Trading – Combination of strategies widens opportunity set across market conditions.
Automation – Fully automated trading helps overcome emotional errors and fatigue.
Backtest Results – Independent backtests indicate profit potential in specific market conditions.
Vendor Reputation – The vendor has years of experience and good reputation according to some reviews.

The flexibility to trade multiple pairs and timeframes, coupled with customization options allows traders to potentially optimize the EA for their specific needs and market environments. The focus on risk management is also a practical inclusion for long-term viability.

Weaknesses of BOT 8 G TRADER EA

However, traders should also consider some of the key weaknesses associated with the BOT 8 G TRADER EA before purchasing:

Lack of Transparency – No detailed information provided on logic, parameters, or real-time results.
Hidden Settings – Full EA code is not disclosed posing opacity and optimization risks.
Over-Optimization – Backtests may be over-optimized and have unrealistic assumptions.
Curve Fitting – Rules likely derived by curve fitting past price data may not apply well to future.
Cost – $799 price tag despite lack of transparency on workings and logic.
No Guarantee – As with any EA, profits are not guaranteed. Drawdowns and losses are a risk.
Scalping Weaknesses – Scalping strategies tend to underperform in choppy or ranging markets with small spreads.

The lack of transparency on the detailed trading logic and parameters raises concerns. Backtests may be over-optimized to historical price patterns that may not persist. Rules derived through curve fitting past data are unlikely to be robust. The high cost also seems questionable given the lack of code visibility.

As with any EA, guarantees of profitability should be taken with skepticism. Losses and drawdowns are inevitable, so expectations need to be managed. Scalping also struggles during low volatility and small spread environments.

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Using EA Successfully

While BOT 8 G TRADER EA may have potential, traders need to take precautions and manage expectations to give it the best chance of success:

Start Small – Test with micro lots to evaluate performance before increasing position sizes.
Limit Risk – Use conservative stop loss, take profit, and risk per trade settings initially.
Choose Broker Wisely – Select an ECN broker with fast execution, tight spreads, and minimum restrictions.
Monitor Performance – Keep track of live trades, wins, losses, and drawdowns. Stop trading if issues arise.
Test Multiple Pairs – Evaluate metrics across different currency pairs to find optimal assets.
Assess Market Suitability – Only trade when markets exhibit trends or volatility favorable to the EA.
Have Reasonable Expectations – Understand drawdowns and losses will happen despite what vendor claims.
Use VPS – Consider a Virtual Private Server for uninterrupted internet access and EA operation.

Avoiding large position sizes, restricting risk per trade, and testing across assets and periods is prudent. Having reasonable expectations and stopping use if problems occur is also wise. Choosing the right broker and assessing market conditions can optimize prospects.

Verdict

In summary, while the BOT 8 G TRADER EA shows promise according to some backtests, the lack of transparency and verification of live results makes it difficult to recommend outright. It may have potential if thoroughly tested and the appropriate precautions are taken, but there are no guarantees.

Traders are likely better off building their own strategy or using a more reputable robot with greater transparency. Conducting proper due diligence is advised before purchasing any trading robot or EA.

The BOT 8 G TRADER EA may be worth testing in demo if obtained through a trustworthy source. However, traders should be wary of vendors overpromising with claims of easy profits. As with any EA, managing risk and having measured expectations is critical.

Handle with care and use logic rather than marketing hype to guide your decision.