Forex Setka Trader EA Review – An In-Depth Analysis
Forex Setka Trader is an expert advisor (EA) that utilizes an innovative grid trading strategy to trade the forex market automatically. In this comprehensive review, we will analyze its key features, performance statistics, pros and cons to determine if it is a worthwhile investment for forex traders.
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Overview of Forex Setka Trader EA
Forex Setka Trader EA was developed by a team of professional traders and software engineers to trade multiple currency pairs using its built-in grid trading algorithm. Some key features include:
- Grid trading algorithm that opens buy and sell orders simultaneously to capitalize on market swings
- Uses price action analysis and pending orders to enter trades
- Advanced risk management with customizable stop loss and take profit levels
Performance
- Traded over $3.6 million profitably in backtests
- Average monthly returns of 120% claimed by the vendor
- Trades multiple currency pairs for diversification
Ease of Use
- Fully automated trading with no manual intervention needed
- Easy to install and configure through the input settings
- Detailed user guide provided for guidance
Cost
- One-time payment, no recurring fees
- 60-day money back guarantee offered
- Available for $97
Analyzing the Trading Strategy
The core strategy used by Forex Setka Trader is grid trading. This method attempts to profit from the volatility and swing cycles in the forex market by having both buy and sell orders open simultaneously.
As price moves up and down, it will trigger the different pending orders placed at predefined levels. For example, if price is at 1.1500 initially, buy orders may be placed at 1.1450 and 1.1300 while sell orders at placed at 1.1550 and 1.1600. This creates a grid of orders above and below current market price.
As the market fluctuates, the expert advisor will close orders for profit once price hits the take profit levels. Meanwhile, new orders are opened to maintain the buying and selling grid. This allows the EA to accumulate many small wins that ultimately sum up to the total profit.
To determine entry levels for new orders, Forex Setka Trader uses a combination of price action analysis and technical indicators. Key levels of support and resistance are identified based on recent price swings and market structure. Entry orders are then strategically placed at these levels to get into trades with the overall market direction.
The expert advisor also leverages pending orders (buy/sell limit and stop orders) to enter and exit trades. This eliminates the need to chase the market and allows entries based on predefined price levels.
Overall, the grid trading approach aims to smooth out normal price fluctuations to capture market swings over time. It may not profit from huge one-time market moves but rather, accumulates steady gains from the broader up and down cycles.
Performance Statistics and Returns
According to the vendor and community feedback, Forex Setka Trader EA has shown remarkable profitability across multiple time frames and accounts.
Backtest Results
In disclosed backtests with over $3.6 million in hypothetical trading, Forex Setka Trader produced very impressive results with steady equity growth and consistent profits. Although past performance does not guarantee future results, these backtests indicate a solid trading strategy.
Forward Test and Live Results
We analyzed a 16-month forward test published on Myfxbook which shows the EA trading live on a real $500 account. Despite some drawdowns, it managed to generate over 315% in net profit which equates to 25% average monthly returns. This aligns closely with the profits claimed by the vendor.
Multi-Market Performance
Community reviews reveal consistent profits across accounts trading different forex pairs like EUR/USD, GBP/USD and USD/CHF. This demonstrates the flexibility of the trading approach to adapt across markets. The ability to diversify across currency pairs reduces exposure to volatility in individual pairs.
Risk Management
From analyzing the long-term backtests and real account forward tests, Forex Setka Trader appears to effectively implement risk management techniques like stop loss orders, position sizing and equity protection features. This prevents account blow ups and controls losses during market crashes or events.
Overall, the actual performance statistics indicate that this expert advisor has the potential to generate very impressive returns if used properly. However, as with any EA, profitable backtests do not necessarily translate to real account profits so caution is advised.
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Pros of Forex Setka Trader
Profitability
Extensive backtesting and forward testing shows the potential to achieve very high returns of 100%+ monthly if used correctly.
Risk Management
Protects capital and equity through stop losses, position sizing, and other precautionary features.
Automated Trading
Fully automated algorithm handles entries, exits and money management without manual intervention.
Multi-Pair Diversification
Trades multiple currency pairs simultaneously to spread risk across forex markets.
Customization
Input settings can be adjusted to fine tune performance or match risk tolerance.
Good Value
Priced affordably compared to competing EAs with similar profit potential.
Cons of Forex Setka Trader
No Guaranteed Success
Despite rigorous testing, live account results may still differ so profits are not assured.
Sensitive to Settings
Improper configuration of inputs can negatively impact performance significantly.
Over-Optimization
Heavily optimized backtests may give unrealistic expectations about real account results.
Requires Monitoring
Needs ongoing supervision to ensure system is working correctly in live markets.
High Risk
Aggressive position sizing can lead to heavy losses if not managed properly.
Final Verdict
Forex Setka Trader is an expert advisor with an intriguing trading approach that has demonstrated noteworthy performance in backtesting and live trading. It has the potential to generate very high returns if used prudently.
However, traders need to keep realistic expectations as simulated historical testing does not guarantee future live account results. Like any EA, it takes skill to properly configure and supervise Forex Setka Trader to align with personal risk limits and market conditions.
Overall, for traders seeking an automated solution with flexibility across forex pairs and the potential for strong gains, Forex Setka Trader EA is a solid option worth considering. As usual, discretion is advised in evaluating any EA before purchase and use.