Wild Side is a Forex EA launched on 3rd April 2021. It is a fully automated Forex expert advisor using which you can trade in multiple currency pairs. As per vendor claims, the system has shown excellent results in backtests and forward tests. However, we need to conduct our own analysis before deciding whether the robot is profitable or not.
Wild Side: characteristics
Wild Side uses a take profit and a stop loss with trade it places. It avoids using grid and martingale, rather combining the author’s indicator with price action algorithms. According to the vendor, this EA does not require a news filter and it has a unique transaction tracking algorithm. However, they have not provided any information on how this algorithm works.
After purchasing the software program, you will need to install the EA on your trading terminal and apply it to currency charts. As per vendor recommendation, you need to use RAW or ECN accounts with low-ping VPS. You should use leverage of 1:50 and above. The transactions are FIFO compliant and for trading in 0.01 lots, you need to deposit a minimum of $50.
You can change the EA settings to suit your trading style. The lot type can be fixed or you can set it to increasing. In this case, you need to specify the amount of balance required to increase the lot size of each equity per step. The EA identifies each order using a unique magic number.
Currency pairs, strategy & timeframe
You can use Wild Side to trade in currency pairs like CHF/JPY, GBP/USD, AUD/USD, EUR/AUD, USD/CHF, EUR/USD, EUR/CHF, EUR/CAD, and USD/CAD. The vendor recommends using the M5 timeframe while trading with this robot.
Unfortunately, the vendor has not provided any explanation for the trading strategy used by this system. It is important for a Forex trader to know what strategy the EA follows, since it determines, to some extent, its profitability. The lack of strategy insight is a major red flag and it might deter many individuals from investing in this EA.
Wild Side trading performance
Here we have the results for a backtest conducted on the CHF/JPY pair from 2003 to 2021 with 99.90% modeling quality. During this time period, Wild Side conducted 2205 trades, winning 75.42% of them and generating a total net profit of $5201.99. It achieved all this using a deposit of $1000.
There were 28 maximum consecutive losses and 6 maximum consecutive losses for this backtest. The relative drawdown and profit factor were 18.47% and 1.77 respectively.
The vendor has not shared any links to verified live trading accounts on the MQL5 page. There used to be a trading account for Wild Side on Myfxbook. However, the vendor has chosen to delete this. This tells us that they are not confident about the performance of their system.
This is a live account on MQL5 having a short trading history of 115 days. During this period, the EA has placed 235 trades, winning 67.65% of them. The win rate is quite low in comparison to the backtest. To date, the robot has generated a minor profit of $21.75 through this account. The absence of verified trading results makes us think that Wild Side is not to be trusted.
How much does it cost?
Currently, you can purchase this Forex EA for $299. We feel this is a hefty price tag considering the system was launched only recently. There is a free demo version of the robot available for those who wish to test the performance on a demo account first. However, the vendor does not offer a money-back guarantee, which is not a sign of a trustworthy EA.
Reviews from customers
There are no customer reviews for this expert advisor on trusted third-party review websites. Therefore, it is clear that Wild Side doesn’t have a stellar reputation in the Forex trading community. We came across multiple user reviews on the MQl5 product page. However, we think the vendor could have manufactured the reviews on their own.
Should you use Wild Side EA?
|Trades in multiple currency pairs||Lack of strategy insight|
|No money-back guarantee|
|No verified trading results|
Wild Side is a Forex expert advisor you should avoid at all costs. It is sold by a vendor we know nothing about and they haven’t shared the verified trading statistics for this robot. We don’t know what strategy this system uses, which makes it an extremely risky investment prospect.