RedFox Copier Pro EA – An In-Depth Review
The RedFox Copier Pro EA is an expert advisor designed to copy trades from Telegram channels directly to your MetaTrader 4 (MT4) account. This handy utility aims to save traders time and effort by automatically executing trades based on signals received via Telegram.
The RedFox Copier Pro EA connects your MT4 platform to your Telegram account. Once configured properly, it will monitor specified Telegram channels for new trading signals and automatically replicate those trades in your MT4 account.
- Copies trades from unlimited Telegram channels
- Fast trade execution in under 100ms
- Supports all order types – market, limit, stop orders etc.
- Closes trades, modifies stop loss/take profit based on Telegram commands
- Easy to set up and configure
The developer claims their unique parsing algorithm can understand any signal format, even complex ones with images. It also comes with a range of risk management features to control position sizing and risk per trade.
How it Works
Here is a quick overview of how the RedFox Copier works:
- You connect your Telegram account to the EA by obtaining a Telegram bot API token
- Specify which Telegram channels you want to copy trades from
- The EA monitors your Telegram feed for new signals
- When a new signal is detected, the EA opens the same trade in your MT4 account
- It tracks the Telegram channel for updates like closing trades or modifying stop loss/take profit
- The EA replicates any updates from Telegram in your MT4 trades
So in essence, it mirrors the trades from Telegram signal providers directly into your MT4 terminal automatically. This saves you from having to sit in front of charts all day manually entering trades.
The main benefits of using the RedFox Copier Pro EA include:
You no longer have to waste time manually executing every trade signal you receive. The EA handles all of that automatically in the background.
You can connect as many Telegram channels as you like and copy trades from multiple signal providers into one MT4 account.
Trades are copied in less than 100 milliseconds according to the developer, which leads to better entries and exits.
Comes with features to manage risk like maximum daily loss, martingale options, position sizing based on account balance etc.
Provides detailed stats on performance of each channel and pair, helping you fine-tune settings.
Once set up correctly, it runs automatically without supervision, copying every trade and update from Telegram.
Available for only $15 on the MQL marketplace, there are also free trial versions.
Check my advanced Forex CLEVRFX Expert Advisor
Setup and Configuration
The developer provides documentation on how to set up and configure the EA properly:
- MetaTrader 4 platform
- Valid Telegram account
- Purchase EA from MQL marketplace
- Obtain Telegram Bot API token
- Add EA files into MT4 platform
- Allow automated trading and web requests
- Enter Telegram bot token
- Select Telegram channels
- Adjust risk management settings
- Run EA on chart
The developer also offers a support group for guidance during initial setup stages. Once installed correctly, the EA runs automatically in the background without needing further supervision.
Performance and Results
It’s important to evaluate performance reports before purchasing any EA. Unfortunately, detailed backtests and account statements are not publicly provided by the RedFox developer.
However, based on user reviews, some clients report achieving:
- 10% to 28% monthly returns on low risk settings
- 17% to 48% monthly returns on aggressive settings
- Maximum 18% overall drawdown on portfolio
Of course, past results do not guarantee future performance. As with any EA, users should run extensive backtesting and demo testing before using real capital.
The RedFox Copier Pro EA is listed on the MetaTrader Marketplace for $15.
There are also free trial versions available with limited features. This allows traders to test functionality before purchasing the full product.
For the price, RedFox provides an affordable solution to copy trades from Telegram or other signal sources into MT4.
Pros and Cons
- Saves time copying trades manually
- Low one-time cost
- Fast, reliable trade execution
- Detailed stats for performance analysis
- Customizable risk parameters
- Little verified history from developer
- Telegram issues can interrupt copying
- Needs monitoring during first few weeks
- Locked to Telegram platform only
The RedFox Copier Pro EA provides an easy way to leverage Telegram signals directly in your MT4 account. For traders already using Telegram channels for trade ideas, this utility eliminates the manual work of executing those trades yourself.
It offers reliable, low-latency trade copying along with risk management features absent from most competitors. The low $15 price point makes it affordable for all account sizes.
As with any EA, traders should demo test first and understand the logic behind trades before going live. Used correctly, RedFox Copier Pro provides an efficient solution to put Telegram signals to work in your MT4 account automatically.