Hero EA MT5 Review: A Detailed Look at This Automated Forex Trading Software
Hero EA MT5 is an expert advisor for the MetaTrader 5 trading platform that uses algorithmic trading to automate forex trades. In this comprehensive Hero EA MT5 review, we’ll take an in-depth look at how this automated trading system works, its features and settings, performance statistics, pros and cons, and ultimately help you determine if Hero EA MT5 is the right forex robot for your needs.
Overview of Hero EA MT5
Hero EA MT5 was developed by a team of professional traders and software developers from Hero Trading Corporation. It is an automated trading system designed specifically for the MetaTrader 5 platform that places buy and sell orders on your behalf based on its built-in trading strategy and logic.
Some key features of Hero EA MT5 include:
- Fully automated trading – once installed on a MetaTrader 5 account, the EA will automatically execute trades based on its strategy without any manual intervention needed.
- Support for multiple currency pairs – EURUSD, GBPUSD, USDJPY, USDCHF, USDCAD, AUDUSD, NZDUSD.
- Customizable trading settings – users can tweak settings like lot size, stop loss, take profit, etc.
- Works with any MetaTrader 5 broker – you just need a broker that supports MT5 to run Hero EA.
- Includes basic risk management features to limit losses.
- Regular updates from the developer to improve performance.
So in a nutshell, Hero EA MT5 aims to automate forex trading in a profitable way by using an algorithmic approach. Next, let’s look at how it works.
How Hero EA MT5 Works
Hero EA MT5 uses an algorithmic trading system that is designed to identify high probability trading opportunities in the forex market across multiple currency pairs. It uses technical indicators like Moving Averages, RSI, Stochastics, MACD, and Bollinger Bands to analyze the markets and decide when to buy or sell.
The Hero EA team has put in thousands of hours of backtesting and optimization work to come up with the strategies and settings that work best. Some of the logic behind the Hero EA includes:
- Identifying trend direction using Moving Averages.
- Finding oversold and overbought levels using RSI and Stochastics.
- Determining momentum using the MACD indicator.
- Using Bollinger Bands to gauge volatility and trade breakouts.
- Filtering out risky trading conditions using custom indicators.
- Executing trades quickly when opportunities arise while managing risk.
The end result is an expert advisor that can monitor multiple currency pairs simultaneously, identify high probability trades, enter and exit positions automatically, and adjust itself to different market conditions.
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Hero EA MT5 Settings & Parameters
One of the benefits of Hero EA MT5 is its flexibility – users can tweak the settings and input parameters to align better with their trading style and goals. Here are some of the main settings you can customize:
- Lot Size – standard lot value for each trade. Default is 0.01 lots.
- Stop Loss – stop loss in pips for each trade. Default is 50 pips.
- Take Profit – take profit in pips for each trade. Default is 50 pips.
- Max Spread – maximum spread to trade. Default is 10 pips.
- MaxTrades – maximum number of simultaneous trades. Default is 1.
- MaxLosses – maximum number of losses before EA stops trading. Default is 20 losses.
- MaxDrawDown – maximum account drawdown before EA stops. Default is 20%.
- Start Hour, End Hour – trading hours between which EA can trade.
- Friday Exit Hour – time on Friday to close all trades.
- Slippage – acceptable slippage in pips. Default is 3 pips.
- Commission – broker commission per lot traded. Default is $5 per lot.
So in summary, Hero EA gives you ample ability to tweak settings around trading sizes, risk management, trading times, and other parameters. This allows fitting the EA to match your account size, risk tolerance, and trading style.
Live Performance Results of Hero EA
One of the most important aspects of evaluating any forex EA is checking its live performance across different market conditions. Hero EA MT5 provides verified live results on their website over a period of three years.
Here are some of the performance statistics provided:
- Total net profit over 3 years: Over $250,000
- Average monthly gain: 5-15%
- Largest winning trade: Over $7000
- Largest loss: Around -$2000
- Win Rate: 65-70%
- Drawdown: Under 25%
These results are across multiple live accounts trading the EURUSD, GBPUSD, and USDJPY pairs with $10,000-50,000 account sizes. The monthly gains, win rate, drawdown, and risk metrics are quite solid for an automated trading system.
However, past performance does not guarantee future results. The market is always evolving so the EA will need to adapt too. But the long-term track record indicates the viability of the underlying strategy.
Pros of Using EA
Based on our analysis, here are some of the main advantages of using Hero EA MT5 for forex trading:
- Proven long-term performance – The historically solid gains over 3+ years across live accounts builds trust in the product.
- Flexibility in settings – Ability to tweak settings provides more control in aligning the EA to your goals.
- Automated trading – The EA handles market analysis, identifies trades, and executes orders without manual intervention.
- Risk management features – Inbuilt settings like stop loss, max drawdown, max losses etc. help limit trading risks.
- Regular updates – The development team keeps improving the EA’s logic and performance through periodic updates.
- Good win rate – The average win rate of 65-70% enhances profitability provided losses are managed.
- Works on any MT5 broker – Since it is an MT5 EA, you can use any broker that supports the platform.
Cons of Using EA
However, there are also some downsides to consider:
- Requires monitoring – Like any EA, you still need to monitor its performance and update settings if needed.
- Drawdown risks – There will be periodic drawdowns that you need to be comfortable with.
In summary, Hero EA MT5 is a robust automated trading system for MetaTrader 5 that has shown consistent performance over multiple years of live trading. It uses an algorithmic approach to identify high-probability forex trading opportunities across currency pairs like EUR/USD and GBP/USD.
Some of the main benefits of this EA are its long-term profitability, flexibility in customizing settings, automated trade execution, and built-in risk management features. However, like any EA, it requires ongoing monitoring and has periodic drawdowns. It also involves recurring licensing and operating costs.
For traders looking for an automated solution to supplement their trading or replace manual trading, EA is worth considering. The combination of algorithmic trading and some human oversight can be beneficial. As always, use proper position sizing and risk management when running any Expert Advisor.
Overall, Hero EA MT5 is a solid option based on its track record and user reviews. But I would recommend using it alongside other strategies like manual trading or copy trading for diversity. Evaluate your individual trading goals and risk appetite before deciding if Hero EA MT5 is suitable for your needs.