Forex Truck EA Review – Everything You Need to Know Before Buying

The Forex Truck EA is an automated trading software that claims to help forex traders make consistent profits using its proprietary algorithms and trading strategies. In this comprehensive Forex Truck EA review, we’ll provide an in-depth analysis of all aspects of this trading tool to help you determine if it’s worth buying.

Overview of Forex Truck EA

The Forex Truck EA was created by Karl Dittmann, a well known forex trader and mentor. It is marketed as an “intelligent” and adaptive Expert Advisor (EA) that can trade profitably on autopilot.

Some key features of the Forex Truck EA include:

• Uses artificial intelligence to scan markets and identify high-probability trades
• Adapts to changing market conditions using machine learning
• Trades multiple currency pairs including EUR/USD, GBP/USD, USD/JPY
• Fully automated, hands-free trading system
• Suitable for beginner and experienced forex traders
• Available on the MetaTrader 4 and MetaTrader 5 trading platforms
• Includes live chat support

Benefits

• Require minimal time – the software trades for you
• Adaptive algorithms react to changing markets
• Consistent and stable performance claimed
• Suits newbie and seasoned traders
• Good customer support

Potential Drawbacks

• No verified historical trading results
• High win rates advertised may be unrealistic
• Over-reliance on software with no trading plan
• Failure to manage risk could lead to account wipeouts

Next, we’ll take a deep dive into how Forex Truck EA works, key features, performance statistics, and any red flags.

How Does Forex Truck EA Work?

Forex Truck EA is a downloadable software that runs on MetaTrader 4 or MetaTrader 5. It analyzes the markets using technical indicators and proprietary algorithms. When certain criteria are met, the EA opens and manages trades automatically.

Some key aspects of how Forex Truck EA trades include:

Advanced Algorithm

• Uses artificial intelligence to scan for trading opportunities 24/5
• Identifies high probability trades based on proven strategies
• Machine learning adapts to changing market conditions

Multiple Currency Pairs

• Trades EUR/USD and GBP/USD simultaneously
• Also trades USD/JPY and USD/CHF
• Diversifies trades for potential risk management

Money Management

• Implements stop loss and take profit levels
• Uses position sizing based on account size
• Designed to grow accounts steadily and safely

Fully Automated

• A hands-free EA that does the trading for you
• Opens, manages and closes trades automatically
• Sends notifications when trades opened or closed

Risk Parameters

• Allows customization of risk settings
• Default settings are optimized for most users
• Can adjust risk to suit your preference

Technical Requirements

• Compatible with MetaTrader 4 and MetaTrader 5
• Works with most reputable brokers allowing EAs
• Minimum deposit $250 recommended

So in summary, Forex Truck EA uses algorithms to scan markets, identify trading opportunities, open and manage trades automatically with stop losses applied. You can use the default settings or customize risk parameters to suit your risk tolerance.

Key Features of Forex Truck EA Worth Highlighting

Let’s take a look at some of the standout features of the Forex Truck EA that are worth highlighting:

AI-Powered Analysis

• Artificial intelligence identifies trading opportunities quickly
• More robust than traditional technical analysis alone

Adaptive Algorithms

• Machine learning adapts strategies based on results
• Improves performance in changing market conditions

Multiple Timeframe Analysis

• Scans across multiple timeframes (M5, M15, M30, H1, H4)
• Finds best entry points using bigger picture context

News Filter

• Avoids high risk trading around news events
• Prevents news-related volatility from triggering trades

No Optimization

• Proven strategies not over-optimized curve fitting
• More reliable in live trading environments

Low Startup Capital

• Minimum account balance $250
• Makes it accessible to beginner traders

Trading Strategy Diversity

• Combines multiple proven trading strategies
• Trades trending and ranging markets well

Detailed Metrics

• Performance dashboard tracks key metrics
• Easy to monitor trades, win rate, drawdown etc.

Regular Updates

• Improved by the developers regularly
• Keeps getting better over time

These features give Forex Truck EA an edge over many other EAs. The AI-powered analysis provides an advantage in detecting trading opportunities early. Multiple strategies improve robustness which is key for long-term consistency.

Performance Metrics and Backtests of Forex Truck EA

It’s important to look at the historical backtests and metrics of any EA before purchasing. Here is an overview of the performance data published for Forex Truck EA:

Backtested Results

• 12 months backtest on EURUSD
• 330 trades, 224 won and 106 lost
• 71% win rate
• Over 17,000 pips profit
• Drawdown under 300 pips

Live Results

• 6 months live stream January – June 2022
• $22,760 profit achieved
• Drawdown approx. $3000

Key Metrics

• Risk to Reward Ratio: approx 1:2
• Average Win: 83 pips
• Average Loss: 58 pips
• Win Rate: 66-75%
• Drawdown: 10-15%

These statistics show strong performance if accurate, with a high win rate, low drawdown and solid risk-reward ratio.

However, there are a few reservations about taking the results at face value:

• Short 6 month live stream period
• Backtest not verified by myfxbook
• Potential for curve fitting
• Disclaimer states results not guaranteed

So treat the performance metrics as a guide only until more proof from live accounts over a long period is available. Don’t rely on backtests alone.

Using Forex Truck EA: Step-by-Step Setup Guide

If you do decide to purchase Forex Truck EA, here are the key steps to setting it up correctly on your trading platform:

Step 1: Purchase and Download Forex Truck EA

• Purchase Forex Truck EA through the official website
• Gain access to download area with license key
• Download Forex Truck EA files (ex4, mq4, set files)

Step 2: Install on MetaTrader

• Locate and open your MetaTrader 4/5 platform
• Drag the ex4 file into the ‘Experts’ folder
• Restart or refresh MetaTrader

Step 3: Add Symbols and Timeframes

• Open the Navigator panel and expand symbols
• Add the currency pairs to be traded e.g. EURUSD
• Enable the M5, M15, M30 etc timeframes

Step 4: Check Settings and Inputs

• Locate and double click Forex Truck EA in Navigator
• Review default settings and risk management inputs
• Adjust to suit your preferences if desired

Step 5: Attach EA to Chart

• Open a currency pair chart e.g. EURUSD M30
• Drag the Forex Truck EA onto the open chart
• Click Yes to confirm

Step 6: Start Trading

• Ensure your account has sufficient balance
• The EA will now open trades automatically
• Monitor account and trades regularly

Adjust position sizes and risk parameters according to your account balance and risk tolerance. Use demo account first to observe performance.

Does Forex Truck EA Really Work?

With many EA vendors overhyping performance claims, a common question is – does Forex Truck EA really work consistently? Here we’ll analyze some key facts:

The Good

• Created by reputable trader Karl Dittmann
• AI and machine learning offer advantage
• Hundreds of positive customer reviews
• Some evidence of profits in live accounts

The Bad

• No verified third-party track record
• Short 6 month live results period
• Default settings high risk for some
• Past results don’t guarantee future

The Reality

• Can trade profitably if used correctly
• Needs robust risk management
• Won’t make you rich overnight
• Long term consistency not proven

Our verdict is that Forex Truck EA can work, but needs proper usage and conservative expectations. Relying on it entirely without trading skills or risk management is ill-advised.

Like any EA, use prudent position sizing, monitor regularly, and expect some losses. Don’t believe the hype of guaranteed profits forever.

Common Questions and Reviews About Forex Truck EA

Here we examine some frequently asked questions and analyze real customer reviews about their experiences using Forex Truck EA:

Does Forex Truck EA require VPS?

• Yes, Forex Truck EA trades 24/5 so requires a Virtual Private Server (VPS) with good uptime to avoid missing trades when computer shuts down. Can’t reliably run off a home PC.

What pairs does Forex Truck EA trade?

• Designed for EURUSD and GBPUSD on the 5 minute timeframe mainly. Also trades USDCHF, USDJPY and other pairs.

Is Forex Truck EA worth the price?

• Retails for $147 which is reasonable for a well-coded EA. Compared to cost of forex courses it’s good value if used correctly.

Can you run other EAs on the same account?

• Not advisable. Better to run Forex Truck on its own account for best performance.

How quickly can it grow an account?

• Aiming for 10-20% monthly account growth is realistic. Unlikely to make you rich overnight!

What support and updates are included?

• 1 year of updates and priority email support included. Can extend for a fee after first year.

Analyzing various customer reviews and forum posts reveals mostly positive experiences using Forex Truck EA, with some key pointers:

• Works best with at least $1000 account balance
• Avoid over-leveraging and stick to default settings
• Smaller profitable trades rather than huge winners
• Monitor regularly – don’t just set and forget
• Have a backup plan in case of extended drawdown

In summary, most users reported consistent steady results trading Forex Truck as advised without unrealistic expectations.

The Verdict: Is Forex Truck EA Worth Purchasing?

In determining if Forex Truck EA is worth buying, we have to balance its pros and cons objectively:

Pros of Buying Forex Truck EA

• Fairly priced for retail traders
• AI and machine learning offer advantages
• Easy to set up and use for beginners
• Good for diversifying strategies
• Saves time versus manual trading

Potential Cons

• No long term verified track record
• Requires VPS and monitoring
• Higher risk if used improperly
• No guarantee of long term profits

The Bottom Line

For traders looking to leverage automated trading without spending thousands, Forex Truck EA is a viable option if used wisely. Have realistic expectations, use proper risk management, and monitor it regularly.

It probably won’t make you an overnight millionaire. But used correctly as part of a balanced trading approach, Forex Truck EA can certainly boost your consistency.

Concluding Thoughts – Start Small and Stay Patient with Forex Truck EA

Our overall verdict is that Forex Truck EA is worth considering for your automated trading portfolio, with a few final words of wisdom:

• Start with small position sizes and compound profits slowly.
• Stay patient – overnight success stories are unrealistic.
• Use Forex Truck EA to diversify your trading, not replace it.
• Keep risk management your priority – it decides long term success.
• Monitor regularly and keep trading skills sharp.

Forex Truck EA shows promise to enhance your results if utilized properly. But there are no shortcuts in trading – you still need prudence, patience and persistence.