Forex Hunter EA is an automatic forex robot that belongs to a new generation of grid trading algorithms aimed at beginners in the forex market. The adviser consists of a set of special indicators that allow you to get the maximum profit from each transaction: the program analyzes the market → selects an asset with a lower value → enters the transaction and waits for the price to increase → fixes the profit. Let’s study this information in more details. You will learn how reliable the adviser is and whether it is realistic to make money with it.
Forex Hunter EA is sold by subscription and offers a choice of four tariff packages:
- 1 month of work costs $29 – technical support is not provided here, updates do not work and the 30-day warranty period does not apply when a payment can be returned. You are given a key that connects to one account. If, after activating the license, you change the broker, then to transfer the account you need to contact technical support – the service is available only once a month.
- 3 months of work cost $69 – here, along with the key, you can count on the help of a manager.
- 6 months of work cost $121 – free updates are added here, but if you don’t like something, you won’t be able to return the money spent.
- An unlimited subscription costs $500 – there are updates, support and the ability to return the adviser within the first 30 days. In the overview part, the details of the return of the adviser are not indicated, but usually, they look like this: you buy the adviser → follow all the settings → lose most of the deposit → get the opportunity to make a return. And now we translate this formula into numbers: you buy a license for $500 → open the recommended deposit for $5000 → lose most of the deposit (at least $2500) → get the opportunity to return $500.
You can make a payment using the payment systems VISA, MasterCard, PayPal, Skrill, and WebMoney. If you use another payment service and do not want to lose on commissions, you can write to [email protected] and discuss individual conditions. After payment you need to write in technical support, add a receipt and send the number of a valid trading account – the manager will check the data and activate the license.
How Forex Hunter EA Works
Forex Hunter EA is a grid trading algorithm that, according to developers, closes most of the inputs with a positive result. If the position closes with a negative result, the program will win back the loss by adding the martingale method – intentionally increasing the bet after each loss. This is an unsafe approach, following which in almost all cases ends with the loss of the entire trading account. The developers did not explain this point and only indicated that their martingale method was “carefully thought out” and set in the default settings. Why we should trust it is not clear.
The Q&A section says that the Forex Hunter EA adviser is incompatible with those brokerage companies that use the NFA technology – they prohibit the simultaneous opening of buy and sell transactions. It is also not recommended to work with brokers who do not allow arbitrarily adjusting leverage to a ratio of 1:300 or 1:500. Information about brokers suggests that the trading robot plans to use the martingale method in combination with large leverage and a large number of multidirectional transactions – all these are typical characteristics of a dangerous algorithm that you should not work with. We go to the “Risks” section and confirm the fears: the developers are not responsible for their product → you assume all risks → the site may be closed at any time and not resume working.
Let’s make a brief squeeze:
1) Forex Hunter analyzes the market, selects a direction and immediately opens several transactions with different trading volume and Take Profit order – level of profit-taking.
2) If after activation of orders the market starts moving in the opposite direction, then new ones will be added to existing orders. They will come with an increased lot and other Take Profit settings – this is necessary to cover the resulting loss.
3) If, after placing additional orders, the market continues to move against the selected direction, then the adviser will be rebuilt and open all orders in the opposite direction to all previous transactions. Now he will carry out calculations, close unnecessary orders and try to minimize losses.
4) If after activating the second grid of orders the market changes again, the EA will start adding new orders and continue until all positions are closed or you run out of money on deposit. The second scenario is more likely.
The developers claim that you can independently adjust the risk and specify in the parameters of the adviser the maximum drawdown size – any percentage of the deposit, after which the trade will automatically stop. The nuance is that arbitrary interference with the settings will not allow compensation in the warranty period. Plus, you will limit the adviser in the maneuver, reduce the amount of working capital and create adverse conditions for the implementation of the martingale method. That is, accelerate the loss.
You can also use additional settings, limit the number of transactions with the same currency pairs and look in advance at the number of funds that will be used in transactions – this is convenient, but the real risk does not reduce it.
Live Trading Results
On the official website, there is section “Tests” where transaction statistics for the following currency pairs are added: AUD / NZD, NZD / CAD, AUD / CAD, EUR / SGD, EUR / GBP, and GPB / CAD. What these screenshots are is not clear. It is not indicated in the section and on the site whether real tests were carried out and whether the CFTC 4.41 rule applies to the adviser when the statistics of the demo account will be very different from the data obtained during the current trading.
Forex Hunter EA is an insecure trading algorithm that has the worst of Forex advisors: an incomprehensible origin, the stealth of developers, a grid, martingale and excessive requirements for a starting deposit.