Forex EA Review

Forex Striker EA Review – Will This Robot Strike For Profits or Outright Miss?

Blue Glowing Hand Pointforex Trading

The world of forex trading is constantly evolving with new automated trading systems and expert advisors (EAs) emerging to assist traders. One such EA that has been gaining popularity recently is the Forex Striker EA.

But does this EA actually deliver on its promises? Can it generate consistent profits for forex traders? Or is it all hype?

This comprehensive review will provide an in-depth analysis of the Forex Striker EA based on performance metrics, features, ease of use and more. We’ll uncover the pros and cons to determine if this robot can strike it rich or miss the mark completely.

Overview of Forex Striker EA

Forex Striker is an automated trading system designed specifically for the MetaTrader 4 platform. It was developed by FXAutomater, a team of professional forex traders and programmers.

The EA uses mathematical algorithms to scan the markets for profitable trading opportunities. Once an opportunity is identified, the robot can automatically execute the trade.

The main features and selling points of Forex Striker EA include:

  • Fully automated trading system
  • Specializes in short-term scalping strategies
  • Trades EUR/USD, GBP/USD, USD/JPY, USD/CAD, AUD/USD, USD/CHF
  • Customizable trading settings and money management
  • Works with any MetaTrader4 broker worldwide
  • Includes license for one live and one demo account

The developers promise that Forex Striker can deliver consistent profits month after month by capitalizing on small intraday price movements. But does it live up to the claims in real trading conditions?

Performance Metrics and Backtests

One of the first things to analyze with any EA is the past performance data. Forex Striker provides limited backtesting reports on the vendor’s website showing some impressive metrics:

Backtest Results (2010-2011)

  • Profit: $39,526
  • Pips: 11,249
  • Profit Factor: 2.53

However, it is important to take these backtest results with a grain of salt. Backtesting does not equate to real-world trading performance. The market conditions in the past will differ from present and future environments.

More transparent EA vendors provide months and years of actual myFXbook verified real account results. Unfortunately, Forex Striker does not provide any third-party verified performance data. This makes it difficult to objectively evaluate their claims.

Without seeing real-time verified FX Blue or myFXbook results, traders should be wary of promised gains. It’s best to demo test the EA thoroughly across different market conditions before considering investing real money.

Forex Striker EA Settings

One appealing factor with Forex Striker is the ability to customize the trading settings and preferences. The Inputs tab within the EA allows you to adjust parameters to align with your risk tolerance and account size.

Some of the key settings traders can modify include:

Money Management Inputs

  • Lot Size – default 0.1
  • Maximum Lot Size
  • Maximum Spread

Trading Conditions

  • Trade on New Bar Open – true/false
  • Close Orders on Friday Before Close – true/false

Timing Filters

  • Trade Session Time
  • Do Not Trade on News Events – true/false

Technical Indicators

  • Enable Moving Average filter – true/false
  • Moving Average Period
  • Moving Average Shift

The ability to optimize inputs and filters provides traders with enhanced flexibility. You can adjust the EA to be more conservative or aggressive depending on your preferences.

Which Currency Pairs and Timeframes are Best?

Forex Striker is designed to trade the major currency pairs including EUR/USD, GBP/USD, USD/JPY, USD/CAD, AUD/USD, and USD/CHF.

It uses an aggressive scalping strategy, meaning it looks to capitalize on small price movements. As such, the lower timeframes perform best.

The vendor recommends using the M15 or M30 timeframes when running the EA live. Some traders have also had success with H1 charts. Higher timeframes like H4 and Daily are not optimal with this trading style.

Sticking with the suggested currency pairs is also recommended, at least initially. The EA is not designed to work seamlessly across all currency pairs. Exotic crosses may underperform.

Strengths and Benefits of Forex Striker

Profitable Backtests: The backtests shown for 2010-2011 are impressive with over 11,000 pips in profit. If those results could be replicated moving forward, Forex Striker could be extremely profitable. However, backtests don’t always translate to live trading.

Customizable Settings: Having the ability to optimize inputs and filters is a big plus. You can modify the EA based on your own trading plan and risk parameters. Not all EAs provide this level of flexibility.

Automated EA: Automated trading removes emotion and second guessing from the equation. Forex Striker will trigger and manage trades according to the strategy rules programmed into the algorithm.

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Scalping Strategy: The short-term trading approach allows the EA to capture many small moves throughout the day that individual traders may miss. Scalping done properly can be extremely profitable.

No Experience Needed: Since the system is fully automated, no trading experience is required. Complete beginners can allow Forex Striker to handle all of the market analysis and order execution.

Weaknesses and Concerns

No Verified Performance: The lack of real account statements verified by MyFXbook or FX Blue is concerning. Traders have no way to confirm the accuracy of backtest results. More transparency is needed.

Potential Overoptimization: Whenever backtest results look too good to be true, overoptimization is a concern. Curve fitting the EA to past market data does not guarantee future profitability.

Scalping Drawdown: Scalping EAs tend to have frequent small losses that can accumulate into sizable drawdowns. Strict risk management rules are essential.

Requires Monitoring: Like all EAs, occasional supervision and intervention may be needed if market conditions change. Fully “set and forget” systems are rare. Expect some maintenance.

Locked to One Broker: The Forex Striker license only allows use on one live account at a time. Switching brokers requires purchasing a new license. This restricts flexibility.

Does Forex Striker EA Pass the Test?

After reviewing the features and capabilities of Forex Striker EA, does it pass the test in terms of expected profitability? Can it deliver on the developer’s promises?

The lack of any real account trading statements makes it difficult to conclude definitively that Forex Striker will be profitable long-term. Any EA making big claims should have verified myFXbook results to back it up.

That being said, the backtests and user feedback look promising. With the right optimizations and risk management precautions, Forex Striker has the potential to generate consistent returns. It offers the benefits of automated scalping combined with customizable settings.

Our verdict is that traders should approach with cautious optimism and moderate expectations. Demo test extensively and start small if trading live. Do not risk significant capital until the EA has proven itself in real market conditions on your account. Avoid overtrading and use tight stop losses.

With the proper precautions, Forex Striker may be able to strike for profits, but there are never any guarantees in trading. Do your due diligence and implement robust risk practices.

Frequently Asked Questions

What is the ideal account balance for Forex Striker EA?

Forex Striker can work with accounts as small as $500. However, it is recommended to start with at least $2,000-$5,000 to properly account for drawdowns and provide adequate margin.

Does Forex Striker allow hedging?

No, the EA does not support hedging and opens one position at a time. It uses a fairly straightforward approach focused on scalping trends.

Can I run it on multiple currency pairs?

Initially it is best to stick with one main pair like EUR/USD. Once the EA has proven itself profitable on one pair for a few months, you can cautiously add more pairs.

What are the costs and fees?

Forex Striker is sold for a one-time fee of $167. There are no additional fees, subscriptions, or commissions. You only need a MetaTrader4 broker account.

What account leverage does Forex Striker need?

The vendor recommends a minimum leverage of 1:200, but 1:300 or 1:500 is ideal. Scalping EAs work best with higher leverage due to the small stop losses.

How much can I realistically expect to earn monthly?

Conservatively, aim for 2% to 4% per month. Shooting for 10%+ monthly is unrealistic and will likely result in overtrading and large drawdowns. Be patient and focus on steady growth.

Are there any special broker requirements?

You can run Forex Striker with any true ECN/STP broker that provides low, fixed spreads and fast execution on MetaTrader 4. Re-quotes and high spreads will negatively impact performance.

How much monitoring is needed?

Monitor the account at least a few times per week, especially when first starting. Check for any errors or abnormal trades. The vendor also recommends occasional re-optimization.

What risks should I be aware of?

Like any EA, be aware of overoptimization, overtrading, widening spreads, execution lags, and sudden market changes that could lead to losses. Use proper risk principles and avoid overleveraging.

Is there a money back guarantee?

Forex Striker comes with a 60 day money back guarantee. If not satisfied after testing the EA, you can request a full refund within 60 days of purchase.

The Bottom Line

Forex Striker EA shows some potential to generate consistent profits from short-term scalping strategies. However, the lack of third-party verified performance makes it difficult to fully trust the claims and backtest results.

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Approach with careful expectations and demo test extensively before going live. Be sure to use proper risk management principles such as reasonable position sizing, tight stop losses, and avoiding overleveraging.

With the right optimizations, Forex Striker may be able to effectively automate scalping the short-term trends on major forex pairs. But there is no guarantee of long-term profitability. Proceed with caution and manage risk wisely.

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About Amelia Clarke

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