Forex Perk EA Review: A Powerful Automated Trading Solution

Forex Perk EA is an automated trading software that utilizes multiple built-in indicators and price action to place high-probability trades automatically. Developed by a team of trading experts, this expert advisor (EA) promises consistent profits with low drawdowns through its advanced recovery strategies.

FOREX PERK EA

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In this comprehensive review, we will analyze Forex Perk EA’s features, performance statistics, strengths and weaknesses to determine if it delivers on its promises.

Overview of Forex Perk EA

Forex Perk EA trades the EURUSD and GBPUSD currency pairs on the 1-hour (H1) timeframe. It is compatible with the popular MetaTrader 4 (MT4) platform and works with any broker, although IC Markets is recommended for their tight spreads.

This 100% automated trading solution places trades based on combinations of multiple custom indicators and price action strategies coded into its algorithm. It also features a sophisticated recovery system to hedge and average losing positions.

Key features include:

  • Fully automated trading, no manual intervention needed
  • Trades EURUSD and GBPUSD on H1 timeframe
  • Compatible with any MT4 broker
  • Comes with default optimized settings
  • Easy one-click installation
  • Free lifetime updates included

Performance Statistics and Verified Results

According to the developer, Forex Perk EA has gained +395.55% in profits since 2020. While promises of extremely high returns should always be taken with skepticism, MyFXBook verification shows promising results across multiple accounts.

As of July 2022, the public account shows $12,464 equity growth from a $5,000 balance in 2 months. Although suffering a significant drawdown of -99%, it has since recovered to achieve over 250% returns.

The EA’s [verified statistics][12] across over 2500 trades include:

  • 64% win rate for long trades and 72% win rate for shorts
  • Average win of $8.44
  • Average loss of -$24.27
  • Max drawdown of -99.96%

These statistics indicate good profitability overall, although the huge drawdown shows the high-risk nature of the trading strategy. As with any EA, proper risk management is essential.

Strengths of Forex Perk EA

Here are some of the notable strengths of this automated trading software:

  • Fully automated algorithmic trading removes emotional decision-making
  • Multiple built-in indicators combine for a robust trading strategy
  • Advanced recovery system to hedge losses and average down positions
  • Easy one-click installation with optimized default settings
  • Free lifetime updates to stay up to date with the latest version
  • Good average win rate based on historical performance statistics

Weaknesses and Risks

However, there are also some weaknesses and risks to consider:

  • Extreme drawdowns exceeding 99% on multiple accounts
  • Potential for over-optimization on simulated backtests
  • Lack of long-term live results over multiple market conditions
  • Requires good capital to withstand high drawdowns
  • No guarantee of profits despite good backtest results

The huge drawdowns are particularly concerning, as they can quickly wipe out trading capital without good risk management. Traders should be prepared to withstand equity swings of 100% or more when using this EA.

Suitable Market Conditions

Based on its trading logic, Forex Perk EA is best suited to ranging or moderately trending market conditions. Its combination of indicators attempts to identify high-probability turning points in the market.

As a result, big trending moves where the market moves strongly in one direction for an extended period may cause multiple losing trades. Sideways and choppy markets with good two-sided liquidity provide ideal conditions for this EA to capitalize on short-term reversals.

Best Broker for Forex Perk EA

The developer recommends using IC Markets due to their raw spreads and fast execution on the EURUSD and GBPUSD. These currency pairs generally have good liquidity, which allows the EA to enter and exit positions smoothly.

Traders wanting to use Forex Perk EA should choose a broker with:

  • Tight raw spreads on EURUSD and GBPUSD
  • Fast execution speeds with minimum slippage/requotes
  • MT4 platform support
  • Allowance for expert advisors

Besides IC Markets, other reputable brokers like Pepperstone, FXCM or XM.com also meet the above criteria.

Settings and Parameters

The best part about Forex Perk EA is that it comes fully optimized with default settings. Users only need to load the expert advisor file onto a chart to start automated trading.

For those wishing to customize settings, the following parameters can be adjusted:

Trade management settings:

  • Lot size: Auto or fixed
  • Stop loss: 40-100 pips
  • Take profit: 20-60 pips

Risk management settings:

  • Max spread: 2-5 pips
  • Max trades per day: 5-20
  • DD Stop loss: 800-2000

Money management settings:

  • Fixed lot size: 0.01-1.0
  • Risk percentage: 1-5%

It is recommended to start with the default settings first and only make minor adjustments based on your account size and risk tolerance. Over-optimizing can lead to curve-fitting.

Installation and Setup

Installing Forex Perk EA is simple:

  1. Download the files after purchase
  2. Unzip ForexPerk_EA_Fixed.ex4 file
  3. Open MT4 platform and drag the EA file onto the chart
  4. Load optimized settings file or use defaults
  5. Enable automated trading and start!

The entire installation process takes less than 5 minutes. Detailed instructions are provided on how to install the expert advisor file correctly on MT4.

For added convenience, a video guide also covers the setup process showing the exact steps.

FOREX PERK EA Customer Support and Services

Forex Perk provides responsive customer support through email and chat. There is also an FAQ section covering common questions and issues faced.

As part of the purchase package, traders gain lifetime access to:

  • Latest version updates
  • Installation and troubleshooting help
  • Settings advice and optimization
  • Broker compatibility confirmation

Considering the technical nature of EAs, good support coverage provides helpful assistance, especially for beginners.

FOREX PERK EA Pricing and Purchase Options

Forex Perk EA is available through two purchase options:

  1. One-time payment of $197 for lifetime license
  2. $67 per quarter recurring subscription

The lifetime license includes access across 2 live accounts plus free updates forever. For casual traders or testing purposes, the quarterly billing may provide cheaper entry.

Payment can be made through PayPal, card or crypto payments for convenience. There is a 60-day money-back guarantee, allowing sufficient time to test the software.

Compared to competitors, Forex Perk is affordably priced considering the performance potential. Advanced algorithms, regular updates, and strong support coverage justify costs.

Final Verdict – Excellent for Risk-Tolerant Traders

For traders comfortable with high risks, Forex Perk EA provides an intriguing automated trading solution capable of generating very high returns. However, the extreme drawdowns associated with its aggressive trading strategy can also completely wipe out accounts.

Pros:

  • Fully automated algorithmic trading
  • Powerful combination of indicators
  • Advanced recovery hedge system
  • Good average win rate
  • Easy installation with default settings
  • Great customer support services

Cons:

  • Extremely high drawdowns
  • Potential curve-fitting without out-of-sample proof
  • Higher risk compared to other EAs

In summary, Forex Perk EA shows promise but carries higher risk. Appropriate position sizing, risk management, and mental preparation are essential. While not for novice traders, it can be very profitable with discipline and proper expectations.

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 | Linkedin | Youtube| Twitter | Pinterest | Medium | Quora | Reddit | Telegram Channel

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