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Price: $239

Forex Warrior

Added on February 8, 2013 05:27 AM
(3 / 5)
Trading style: grid
Currency pairs: GBPUSD, EURUSD, EURGBP, AUDUSD, NZDUSD, USDJPY
Time frame: H1
Money-back guarantee: 30-day
NFA compliance: No

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Forex Warrior is a grid trader that trades forex markets around the clock and stays in the market 100% of the time. The EA comes with lots of features that can be customized to a trader’s preference – parameters that are paramount to the effective running of the system. The bot comes with a well put together manual and the website contains lots of important information regarding how to use the system. This includes a section on money management which details how to set up the martingale risk management approach that is used here. Though grid trading will not appeal to everyone, Forex Warrior comes with a number of back tests and verified forward tests that prove the potential of the robot.

Strategy

Forex Warrior is a grid trader which attempts to take advantage of the natural ebbs and flows of the forex markets by placing orders above and below the current market price, thus catching profits as the market touches these levels and moves away. It is a relatively complex process and requires robust settings of parameters and a confident approach to risk management. The advantage of grid trading is that it requires almost no prediction as to where the market may be headed and instead relies on the volatility of the market.

In terms of markets, Forex Warrior trades on an hourly time frame and is recommended to be used with GBPUSD. However, it can also work reasonably well on EURUSD, USDCHF, EURGBP, NZDUSD and others.

As a grid trader, Forex Warrior stays in the market 100% of the time. That is to say, Forex Warrior always has orders in the market and trades frequently – 2 to 5 times a day. It does not scalp, trade with the trend or take reversal positions. This is a grid trader with little need to predict market turns.

Without getting too technical, it is enough to say that Forex Warrior comes with a great deal of variability in the parameters that can be set to allow the bot to work at its best. Different settings such as flags, base risk, grid parameters and other safety features can all be fine-tuned to get the bot trading in the market to different frequencies. It is fair to say that the number of parameters that need setting is a little overwhelming to the beginner trader. Fortunately, the Forex Warrior manual and web site provides a good grounding in how to set the parameters and recommends the best combinations of settings.

Risk

Forex Warrior uses a martingale approach to money management so it is fortunate that the makers of Forex Warrior go to great lengths to emphasize the most favorable criteria in which to implement the bot.

For some traders, the martingale system is too risky, since it relies on taking bigger and bigger risks that make small profits on the short term but will ultimately lead to one big loss that could wipe out the account in the long term. For others, the martingale is justifiable, as long as the system is carefully tuned with settings that are robust enough to keep losses to a minimum.

Profits in forex trading do not come easily, so when the martingale approach does result in handsome profits, it is often a good time to bank some of those gains.

Past Performance

Historical back tests of the Forex Warrior are shown on the Forex Warrior web site and go some way to showing the profit potential of the system.

A back test on GBPUSD from February 2009 to June 2012 revealed a total net profit of $61,540 with a profit factor of 1.73 and a maximum drawdown of 33%. Although the drawdown is high, it is justifiable given the high return. It is also a realistic figure for a trading system of this nature.

Another back test on GBPUSD revealed even stronger returns. In this back test, total net profit was $1,169,249 with a profit factor of 1.92, maximum drawdown of 54% and win percentage of around 60% for long and short positions. Thus, the Forex Warrior is seen to do just as well on the short side as the long side.

GBPUSD default setting

 

GBPUSD set1

 

GBPUSD set2

 

GBPUSD set2mm

 

GBPUSD extra mm

 

EURUSD default settings

 

EURUSD set1

 

EURUSD set2

 

EURGBP

 

AUDUSD set

 

NZDUSD

 

USDJPY

Future Performance

A number of future tests back up the Forex Warrior EA, many of which can be found on the Forex Warrior web site and have had their track records verified by myfxbook.com.

One such test, started in October 2012 and running to the present day, shows an 82.94% gain for the EA with a profit factor of 1.83 and a maximum drawdown of 29.21%.

Interestingly, the stats compare favorably with the back tests of the system - a good sign for any robot.

The percentage of winning trades was slightly higher at 63% for longs and 62% for shorts, and the average trade length was 1 day in duration. It is shown therefore, that even though the Forex Warrior is a grid trader it does not necessarily open too many short, quick profit trades. In fact, the best trade was shown to be very high at 175 pips of profit.

As can be seen from the report, this future test has produced strong returns over a decent amount of time and there is no sign of any martingale crash in these statistics.

Forex Monitor Forward Test

Conclusion

Grid strategies have a controversial reputation among some traders and martingale strategies even more so. But what is clear, is that the Forex Warrior EA has been able to produce very consistent returns since it was brought to development.

Future tests verify the profits that the bot has made and go some way to disprove the cynics that say martingale systems are destined to crash. To trade the forex warrior, one must be in complete understanding of the risks involved and the parameters that need to be set to reduce those risks. The Forex Warrior can be aggressive and is likely to hit some very profitable hot streaks once put into action. And as any good trader knows, it can sometimes pay to quit while ahead.


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