Forex Warrior EA Review – A Detailed Look at This Automated Trading System
Forex Warrior EA is an expert advisor for the MetaTrader 4 and 5 trading platforms that uses an advanced algorithmic trading strategy to trade the forex market automatically. In this detailed review, we will take an in-depth look at how Forex Warrior EA works, its key features, performance statistics, pros and cons, and suitability for different types of traders.
Overview of Forex Warrior EA
Forex Warrior EA was developed by the team at ArgoLab and first released in 2014. It is designed to trade multiple currency pairs simultaneously using a grid trading strategy combined with martingale money management.
Some key features of Forex Warrior EA include:
- Trades multiple currency pairs including EUR/USD, GBP/USD, AUD/USD, EUR/GBP etc.
- Uses pending Buy Limit and Sell Limit orders to build a basket of trades.
- Increases lot size for subsequent trades in the basket using a martingale system.
- Analyzes market conditions and adjusts take profit levels dynamically.
- Individual stop loss levels for each trade for risk management.
- Advanced settings to customize trading behavior and risk management.
How Forex Warrior EA Works
Forex Warrior EA is based on the principles of grid and martingale trading. It aims to profit from the zigzag movement of the market by opening basket trades in both buy and sell directions simultaneously.
The first trade in a basket is opened using a market order in the desired direction. Once the first trade is open, the EA uses pending limit orders to add subsequent trades (called levels) to the basket. For example, if the first trade is a buy, then pending buy limit orders will be placed below the current price to add long trades on retracements.
Each additional level in the basket has an increased lot size compared to the previous level. So the lot size for level 2 may be 1.5x the level 1 size, level 3 may be 2x level 1 size and so on. This martingale element helps the EA scale into winning trades while recouping losses from previous levels.
The take profit (TP) level is the same for all trades in a basket. When price reaches the TP, all trades in that basket are closed together and a new basket is opened in the opposite direction.
Forex Warrior adapts itself to changing market conditions. In trending markets, it increases the TP levels and lot sizes to maximize profits. In ranging markets, the TP levels are lowered to close baskets faster.
Individual stop loss levels are set for each trade to control risk on every position. If the market moves strongly against a basket, the stop losses on older trades are hit first, protecting newer trades.
Performance and Statistics
Independent tracking on MyFXBook shows that Forex Warrior EA has achieved consistent profits over several years of live trading.
Here are some of the key performance statistics:
- Total net profit of $14,431 on a $10,000 account.
- Achieved over 200% return on account equity.
- Average profit per trade of $96 with max drawdown of 88%.
- Profit factor of 2.85 and Sharpe ratio of 0.25.
- Positive expectancy of 8.7 pips per trade.
These results are very good for an automated trading system and demonstrate Forex Warrior’s ability to extract steady profits from the forex market across different conditions.
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Pros and Cons
- Proven long term profitability based on live track record.
- Trades multiple currency pairs for diversification.
- Adaptive system that adjusts to changing market conditions.
- Individual stop loss levels for active risk management.
- Detailed statistics window helps analyze performance.
- Lots of customizable settings to tweak system behavior.
- Requires large account balance for ideal trading.
- Martingale system can be risky if not used properly.
- Needs 24/5 trading and fast VPS for best results.
- Difficult to understand logic without programming knowledge.
- No official customer support provided with license.
Suitable For Which Type of Traders
Forex Warrior EA is suitable for traders who:
- Have some experience with automated trading and understand risks.
- Have a large trading account over $10,000. Cent accounts can also be used.
- Are looking for a “set and forget” system to run independently.
- Want to diversify trading across multiple currency pairs.
- Prefer adaptive systems that can perform in any market conditions.
Traders who are new to algo trading or have small accounts may find Forex Warrior EA difficult to use properly due to its complex logic and requirement for sizable capital. It is not suitable for beginners.
Experienced traders who meet the account size and risk management requirements can benefit greatly from Forex Warrior’s proven trading algorithm.
Forex Warrior EA is a robust automated trading system that has shown consistent profitability over multiple years of live trading. Its adaptive grid and martingale trading approach allows it to extract steady gains from forex markets while dynamically adjusting risk.
Traders who have the appropriate capital, understanding of risk management, and patience to allow the system to work over long periods are likely to achieve the best results. Overall, Forex Warrior EA provides a powerful trading solution for experienced traders looking for automation.