A Metatrader 4 compatible EA system that is designed chiefly for use by ordinary traders, Forex Trend Hunter aims to provide profits for the long-term.
The trend-based EA provides the opportunity for traders to make huge profits from their transactions. Unlike scalping robots that rely on narrow spreads ending in quick losses, this trend dependent system helps limit losses.
The market conditions such as economic factors, geographical and political events, and other key market influencing factors are taken into consideration for the analysis used by this system.
Forex Trend Hunter: Characteristics
Developed by Automated Forex Tools, Forex Trend Hunter claims to be of superior quality ensuring huge profits for traders. The developer also has five other Expert Advisors using different strategies for Forex analysis. The characteristics of this EA are quite efficient. The working method of this EA is simple. The robot provides detailed instructions for the setup and compatibility criteria.
Once you have set all the limits and optimizations provided for making a trade, the EA takes care of them fully. The EA operates 24/5 and looks for profitable opportunities to ensure gains for you. The trading is done with certain specified risks.
Five main currency pairs are dealt with by this robot with the minimum recommended amount for trading being $500. The demo account allows you to first conduct a trial performance. The deposit for the demo account can be done with $5000 to $10,000.
Other important features include an inbuilt loss recovery process, protection against unfair techniques and deceptive brokers, compatibility with all US-based brokers and accounts, and diverse customization options.
Currency Pairs, Strategy & Timeframe
The main currency pairs traded by the EA include EURUSD, EURJPY, GBPJPY, USDCAD, and USDJPY. Market trends remain the key strategy for this robot. Thus, the EA uses overall market movement for its long and midterm trades. The Expert Advisor uses the H1 timeframe.
While the robot boasts of being a long-term trading system, the trading is done only on 15-minute charts, which is confusing as long-term trades usually go for a longer time frame.
Forex Trend Hunter Trading Performance
Backtesting results shown in the official site are for five years beginning from 2013 to 2018 and are of 90% modeling quality only. The lack of tick data use and absence of slippage, swaps, and other parameters in the testing does not give the process proper credibility.
The live results from FXBlue show a very low profit factor of 0.02 and high drawdown. And the Myfxbook page reveals that the EA account has been discontinued.
How Much Does It Cost?
The original cost of $69 has been reduced by 20% and the current price of the pack is $55. This includes two demo accounts and a real account. The robot provides updates for life and 24/7 support. The money-back guarantee period of 60 days ensures you have the option to return the EA if you do not find it effective.
Reviews from Customers
Although the EA has been available for over five years, there are not many user testimonials available, which makes us suspicious of its performance. The absence of tick data and the use of 90% modeling quality, and the poor real account results indicate a below-average performance, which may be the reason for the lack of user reviews.
Should You Use the Forex Trend Hunter Robot?
Customer support provided is only via the contact form at the site, which is something that traders would not want. The lifetime updates and money back offer are advantages of this trend-based robot. But, on the performance front, the EA lacks the dynamic strategy and parameters that can ensure traders make decent profits.
|Lifetime updates||Very minimal features|
|60-day refund||Live and backtesting results are not promising|
|MT4 compatible||Lack of customer support|
|The strategy is not effective in producing the desired results|
As part of Automated Forex Tools, Forex Trend Hunter claims infinite opportunities and incredible profits. But when we reviewed the features, performance, price, and working mechanism we found it lacking in several aspects. From a lack of authentic results and insufficient backtesting to poor customer support and minimal features, the robot does not have many benefits favoring it. It is definitely not an EA we would recommend.