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Forex Bank EA MT4 With Set File – A Comprehensive Review

Forex Bank EA is an automated trading expert advisor designed specifically for trading Gold (XAUUSD) on the 1-hour timeframe using the popular MetaTrader 4 platform. This specialized forex robot has gained widespread recognition for its impressive profitability, reliability, and ability to maintain very low drawdown.

Forex Bank EA

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In this comprehensive review, we will analyze the key features of Forex Bank EA, evaluate its trading performance based on available historical results, highlight the main pros and cons, and provide actionable guidance for traders looking to obtain and utilize this expert advisor.

Overview of Forex Bank EA

Forex Bank EA utilizes an algorithmic strategy that analyzes the price action of the XAUUSD currency pair to generate automated buy and sell signals. It has been optimized and tailored to focus exclusively on Gold, allowing it to capitalize on lucrative trading opportunities.

The developers emphasize that Forex Bank EA is optimized for accounts as small as $200. This allows the EA to execute trades with a lot size of just 0.1 based on the account balance. Such flexibility positions it as an accessible automated trading solution even for traders with modest capital.

Key Features

Here are some of the standout features that characterize Forex Bank EA:

  • Platform Compatibility: Engineered for seamless integration with MetaTrader 4 (MT4), one of the most widely used retail trading platforms.
  • Optimal Timeframe: The 1-hour (H1) chart has been identified as the ideal timeframe for maximizing the performance of Forex Bank EA.
  • Specialized Currency Pair Focus: The algorithm powering Forex Bank EA focuses exclusively on trading the XAUUSD currency pair, allowing for trading precision.
  • Lot Size Flexibility: Enables efficient execution of trades with a micro lot size of just 0.1, making it suitable even for $200 accounts.
  • Default Settings: Comes preconfigured with settings designed to offer a balanced and dependable out-of-the-box trading experience.
  • Minimal Drawdown: Helps preserve capital by maintaining very low historical drawdown.

Performance & Backtesting Results

According to the developers, Forex Bank EA has demonstrated a consistent ability to generate reliable profits while keeping the risk under control by limiting drawdown.

Some key performance metrics highlighted include:

  • Profitability between 5-15 times higher than the risk taken on individual trades.
  • Drawdown capped to very low levels for risk mitigation.
  • Win rate of over 80% achieved through rigorous backtesting spanning multiple years of historical data.
  • Exceptional risk to reward ratios averaging 1:2 and higher per trade.

These metrics certainly seem impressive on paper if they translate accordingly into live trading environments. However, as is standard best practice when evaluating forex EAs, traders are advised to independently backtest Forex Bank EA over an extended historical period to validate its profitability.

Fortunately, Forex Bank EA comes equipped with default settings that serve as a dependable starting point for backtesting. Traders can then optimize various input parameters to align with their personal risk tolerance and profit objectives.

Pros of Forex Bank EA

  • Profitability: Forex Bank EA has a track record of respectable profitability levels based on backtesting results and some investor accounts.
  • Account Size Flexibility: Its ability to trade micro lots makes Forex Bank EA accessible even for traders with as little as $200 to fund a trading account.
  • MT4 Integration: Seamlessly integrates with the MT4 platform and is simple to install and operate.
  • Limited Drawdown: Preserves trading capital by maintaining low historical drawdown.
  • Customization: Input parameters can be optimized for alignment with personal trading style.

Cons of Forex Bank EA

  • Cost: The developer prices Forex Bank EA at a seemingly inflated $4999. However, discounted alternatives are available from various vendors.
  • Currency Pair Limitation: Trades only the XAUUSD currency pair, limiting opportunities in other forex pairs.
  • Black Box Model: The underlying algorithm and logic powering the system’s trading signals remain undisclosed.
  • No Guaranteed Success: As with any EA, profitable live trading results cannot be guaranteed, despite past backtest outcomes.

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Using Forex Bank EA

Here is a quick step-by-step overview of key actions required to install and commence automated trading with Forex EA:

  1. Obtain Forex Bank EA – Purchase and download Forex Bank EA from the developer or any trusted vendor selling discounted copies. Various package options include the .ex4 file, preset files, documentation, etc.
  2. Install Files – Copy the .ex4 expert advisor file, as well as any accompanying set files into the Experts folder of your MetaTrader 4 platform.
  3. Add EA to Chart – In MT4, add Forex Bank EA to run on an XAUUSD 1-hour chart by dragging the .ex4 file directly onto the price chart.
  4. Configure Settings – Double click on the EA in the chart to open the Inputs tab. Verify and configure key settings aligned to your preferences for money management, position sizing etc.
  5. Start EA – Enable auto trading by checking the “Allow live trading” parameter and click ok. Forex EA will now monitor the chart and execute automated trades based on signals generated by its internal algorithm.

Be sure to use a demo account initially to evaluate performance before risking real capital. Also take time to optimize the input settings through backtesting to maximize profitability.

The Verdict

In summary, Forex EA is a specialized automated trading solution focused exclusively on trading Gold. Its purported reliability in delivering steady profits while keeping risks in check has garnered significant trader interest. However, as with any EA, traders are advised to independently validate performance claims through backtesting before committing real money.

For traders specifically looking to automate a long-term trading approach centered around Gold, Forex Bank EA presents a potentially viable option worth exploring. Just be sure to realistically manage expectations, apply prudent position sizing that matches your account size, use stop losses, and monitor the system to ensure you fully comprehend its overall trading behavior.

Conclusion

This review has covered the key aspects that characterize Forex EA, one of the popular expert advisors available for automated trading of Gold on the MetaTrader 4 platform. The information provided equips traders with actionable insights to effectively evaluate the merits of this EA and determine if it suits their trading style and objectives.

As highlighted throughout the review, while Forex EA certainly demonstrates several strengths as a specialized automated solution, traders should continue exercising due caution by independently validating performance and appropriately managing trading risks.

Author: Dominic Walsh
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I am a highly regarded trader, author & coach with over 16 years of experience trading financial markets. Today I am recognized by many as a forex strategy developer. After starting blogging in 2014, I became one of the world's most widely followed forex trading coaches, with a monthly readership of more than 40,000 traders! Make sure to follow me on social media: Instagram | Facebook | Youtube| Twitter | Pinterest | Medium | Quora | Reddit | Telegram Channel

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