Saviour Robot V8 Forex EA: A Comprehensive Review
The foreign exchange (forex) market is the largest and most liquid financial market in the world. With over $6.6 trillion in average daily trading volume, it offers immense potential for traders looking to capitalize on currency fluctuations. However, consistently profiting in forex trading requires advanced skills and expertise. This is where forex trading robots like Saviour Robot V8 come into play.
Saviour Robot V8 is an automated trading system designed to trade forex automatically on the popular MetaTrader 4 (MT4) platform. In this comprehensive review, we will analyze its features, performance, strengths and weaknesses to determine if it is worth considering for your trading needs.
Overview of Saviour Robot V8 EA
Saviour Robot V8 EA is developed by an anonymous group of programmers. According to various online sources, it has been available since 2018 and has undergone several updates over the years.
This expert advisor (EA) trades based on a combination of three key trading models – Price Channel, Pivot Points, and Price Action. It aims to identify potential breakouts from key support and resistance levels determined by these models to execute trades.
Some of the main features highlighted by the developers include:
- Fully automated trading – once installed, the EA will automatically trade based on its strategy without manual intervention.
- Multi-asset trading – can trade all major and minor currency pairs.
- In-built risk management – includes stop loss and take profit settings.
- News filter – avoids trading during high impact news events.
- No optimization needed – comes optimized and ready to use out of the box.
Let’s analyze these features in more detail to determine if they translate to consistent profits in live trading.
Detailed Analysis of Features
Fully Automated Trading
Saviour Robot V8 EA conducts fully automated trading once installed on the MT4 platform. The robot monitors the markets continuously, detects trading opportunities based on its strategy, and automatically executes entry and exit orders.
This hands-free approach can certainly save traders time from having to analyze charts manually. However, the caveat is that the success of the EA depends entirely on the efficacy of its trading logic. Flaws in the algorithm can lead to sustained losses.
The EA can scan and trade all major, minor and exotic currency pairs. This provides more opportunities to potentially enter profitable trades.
Having said that, some level of optimization and fine-tuning is recommended when switching across different currency pairs. So extensive forward testing is advised before using it on multiple currency pairs in a live account.
In-Built Risk Management
Saviour EA includes basic risk management features like stop loss, take profit and trailing stop settings. Stop loss aims to limit losses if the trade moves against the position, while take profit locks in gains once the profit target is reached. The trailing stop trails the price and aims to ride profitable trades.
These are essential features for any automated trading system. However, the default settings may need adjustments based on the symbol, account size and risk appetite. Over-optimizing these settings can also curve-fit the system to past data, so conservative adjustments are recommended.
To avoid volatile trading during high impact news events, Saviour EA has a news filter that pauses trading 30 minutes before and after scheduled high impact news releases. This can help mitigate spikes and slippage during volatile news events.
While useful, news trading is complex, as the market reaction is not always predictable. So this filter may not fully avoid volatility. Manual intervention around major news events is still recommended.
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No Optimization Needed
The developers claim that Saviour EA comes optimized and ready to use with the default settings. However, independent testing suggests that some parameter tweaking and optimization is recommended for stable long-term results.
Over-optimizing can lead to curve-fitting, but conservative optimization across different market conditions can improve performance. Independent optimization is advised, rather than relying on default settings.
According to various promotional materials, Saviour Robot V8 EA can generate between 250% – 450% in monthly returns consistently. However, it is important to take marketing claims with a grain of salt.
Independent testing suggests more modest returns closer to 5% – 15% a month for this EA. The performance can vary significantly based on parameter settings, symbol traded, market conditions, spread and execution quality.
Analyzing various customer accounts also shows alternating periods of wins and losses, with no steady equity curve. This indicates some degree of curve-fitting and optimization in backtests. Caution is advised when expecting consistent long-term gains.
Strengths and Weaknesses
Based on the features and performance analysis, here are some notable strengths and weaknesses of Saviour Robot V8:
- Automated trading improves convenience
- Trades multiple currency pairs
- Includes basic risk management features
- Has news filter to avoid volatile events
- Lack of transparency about developers
- Marketing claims exaggerate performance
- Requires optimization for best results
- No clear edge in trading strategy
- Alternating win/loss cycles indicate over-optimization
So in summary, while Saviour EA offers some useful features for automated trading, its purported performance is likely exaggerated. The lack of transparency around developers and reliance on hype makes it a high-risk EA to rely on for consistent long-term gains.
Costs and Licensing Options
Saviour Robot V8 EA is sold through various reseller websites for around $100 – $300 per license.
There are also “unlimited” versions that allow installing on multiple accounts for a higher fee. Additional costs may include:
- VPS service for uninterrupted trading ~$10/month
- Commission and spreads charged by broker
- Software maintenance fees for updates
The EA only works on the MetaTrader4 platform, so a brokerage account compatible with MT4 is needed. Overall, factoring in all costs, users are likely to spend around $500 or more per year on this EA.
Saviour Robot V8 – Verdict
In conclusion, Saviour Robot V8 EA shows promise in some areas like automated trading and basic risk management features. However, the lack of track record and reliance on hype makes it a high-risk EA.
The biggest red flags are the exaggerated marketing claims that are inconsistent with independent testing results. This reflects some degree of over-optimization and curve-fitting in backtests.
The EA may be able to generate modest profits with significant optimization. However, expectations of generating 250% – 450% monthly returns consistently are unrealistic. As with any EA, extensive backtesting and caution is advised.
We recommend starting with a demo account and micro-lot sizes to determine your own results. Avoid risking significant capital without personalized testing. Proceed with realistic expectations and use proper risk management for the best chance of success.