SoftechFX Tiger EA: A Comprehensive Review
SoftechFX Tiger EA is an expert advisor (EA) that utilizes grid trading strategies to maximize profits for forex traders. As one of the latest offerings from SoftechFX Robot, a provider known for its extensive catalog of automated trading tools, this EA aims to deliver consistent returns with minimal effort.
But does SoftechFX Tiger EA live up to its promises? This comprehensive review will analyze its features, performance statistics, strengths and weaknesses to determine if it’s worth the investment for your trading needs.
Overview of SoftechFX Tiger EA
SoftechFX Tiger EA is marketed as a set-and-forget EA that can trade continuously 24/5 across all currency pairs using grid trading strategies. It functions independently without needing optimization or manual intervention.
Some of the key features highlighted by the developer include:
- Works on all currency pairs
- Opens continuous trades for steady profits
- Requires a minimum account balance of $500
- Leverage ratio of 1:500
- Take profit and stop loss levels can be customized
The EA is currently priced at $35 and available for purchase through the SignalStart platform.
Understanding Grid Trading Strategies
Before assessing the potential of SoftechFX Tiger EA, it’s important to understand what grid trading entails and how the EA utilizes this strategy for automated trading.
Grid trading relies on placing a series of buy and sell orders at predefined price levels to capitalize on market volatility. As prices fluctuate between support and resistance levels, orders get triggered to bank profits. It aims to accumulate many small wins to ultimately deliver positive overall returns.
Some benefits of grid trading are:
- Profits from volatility instead of market direction
- Potential to capitalize on ranging or trending markets
- Trades are diversified across multiple entry points
Some risks involved include:
- Increased exposure from multiple open trades
- Potential losses if support levels break down
- Requires strict risk management
SoftechFX Tiger EA uses an independent algorithm to place grid trades automatically based on settings like order distance, take profit, stop loss etc. The logic aims to maximize profits while minimizing drawdowns and risk from individual trades.
Performance Statistics at a Glance
Independent verification of performance claims is crucial for any EA before committing real capital. SoftechFX Tiger EA stats across various platforms present a mixed picture in terms of risk-adjusted returns.
Myfxbook Verified Results
SoftechFX Tiger EA Signal
- 60.68% net profit over 6 months
- 33.54% max drawdown
- 1:500 leverage used on a $1083 account
Signal Start Results
SoftechFX Tiger EA Micro
- 127.73% net profit over 4 months
- 25.5% max drawdown
While the EA shows decent profitability, maximum drawdowns of 30%+ highlight the inherent risks of grid trading strategies. Strict risk controls are essential to limit capital erosion during volatility spikes.
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Strengths of SoftechFX Tiger EA
1. Flexible Customization Options
SoftechFX Tiger EA provides multiple adjustable inputs to customize grid settings and money management based on individual risk tolerance. Traders can fine tune parameters like grid distance, TP/SL levels, max orders etc as needed.
2. Transparent Track Record
The developer shares verified performance history through reputable tracking services like Myfxbook. This transparency helps traders gauge the EA’s profitability across different market conditions.
3. Responsive Customer Support
SoftechFX Robot is known to provide timely customer assistance for technical queries and guidance on optimal EA settings. Helpful support contributes to a smoother user experience.
4. Reasonable Pricing
At $35, SoftechFX Tiger EA is competitively priced compared to other grid EAs costing upwards of $200. The affordable cost allows traders to test it out before committing higher capital.
Weaknesses of SoftechFX Tiger EA
1. Risks of Grid Trading
While grid trading can accumulate profits over time, it carries innate risks of losses accelerating if markets trend strongly. SoftechFX Tiger EA may face drawdowns exceeding 30% during volatile markets.
2. Over-optimization Concerns
Critics argue that performance returns may be over-optimized and not translate accurately across different time periods and account sizes. Real-world results can vary significantly from backtests.
3. Negative Balance Risk
With 1:500 leverage, negative price spikes can trigger margin calls and potentially wipe out accounts. Strict risk controls are essential, but problems like platform glitches also pose risks.
4. Lack of Investor Password Access
The developer no longer provides investor password access to traders for independent monitoring of live performance. This lack of transparency has caused some distrust.
Final Verdict – Who is SoftechFX Tiger EA For?
- Experienced grid traders: The EA can be a useful addition to spot potential trading opportunities across currency pairs. But appropriate risk management is still imperative for long term success.
- Beginner traders: Lack of experience in gauging markets or managing risks makes this EA too risky for beginner traders. Ample practice is needed before using grid strategies.
- Investors seeking “set and forget” passive income: The EA still requires active monitoring and intervention. Seeking unrealistic profits without accountability only leads to blown accounts over time.
In conclusion, SoftechFX Tiger EA shows potential for disciplined traders adept at managing risks or volatility-based strategies. But like any EA, risk of ruin still exists if used recklessly, especially with excess leverage. Reasonable expectations, robust risk controls and active accountability is key to long term profitability.