Trading the Forex has become more popular than ever. With that popularity has come a myriad of different software developers, each claiming that their software is the secret weapon that will take you straight to the top of the market. But, with so many EAs all making similar claims, how can you decide which Forex robot is right for you?
Today, our Forex Trend Detector review will take a closer look at Forex Trend Detector, one of the most promising EAs for analyzing market trends and making smarter trading decisions. Read on as we take a closer look at this exciting EA.
Forex Trend Detector is a relatively new Forex robot that’s been developed by one of the leaders in the EA industry, FXAutomater. The folks at FXAutomater are well known for developing many top-performing EAs, including Forex GOLD Investor, Volatility Factor 2.0, Forex COMBO System, and more.
Forex Trend Detector is an automatic trading robot that completely automates your trades. While it trades fairly aggressively, it doesn’t make use of any exotic or unorthodox trading methods, instead focusing on plays similar to what “smart money” traders are doing.
How does the Forex Trend Detector Work?
Forex Trend Detector is a fully automatic system that takes care of your trading work for you. Once it’s set up on your computer and you’ve configured it to your liking, this EA can immediately begin making trades for you.
This EA focuses on the volatility breakout method and adds to that a sophisticated algorithm to compensate for drawdown so you can exit your trades while minimizing losses.
Forex Trend Detector Offers a Money-Back Guarantee
The folks at FXAutomater are supremely confident in their software, and as a testament to that, they offer a 60-day money back guarantee on the Forex Trade Detector software.
The company encourages you to purchase the software, begin trading with and evaluate your results. If you find that the product isn’t up to your standards, or you aren’t achieving the type of gains you hoped for, you can return the software for a full guarantee within 60 days. No questions asked.
What Separates Forex Trend Detector from its Peers?
One of the most important questions you need to ask yourself when evaluating different EAs is “what separates this one from the competition?” With so many EAs on the market now, it’s harder than ever to evaluate the best options, because there are so many copycats on the market.
Forex Trend Detector is similar to other Forex robots, but what separates it from many competitors is the strategy used to make trades. Trend Detector uses logic and makes plays similar to that of highly successful brokers at major financial companies.
From there, their sophisticated drawdown reducing algorithm allows you to maximize your profits by exiting trades at the exact right time.
Staying on Top of the Market
When it comes to Forex Trend Detector, there’s nothing going on here in the way of smoke and mirrors. The robot simply uses a proven trading strategy that’s been employed by successful power brokers for many years already.
This “follow the money” strategy is a relatively safe play that traditionally results in solid gains for the broker. However, what differentiates this software and helps you stay on top of the market is the drawdown-reducing algorithm that’s designed to get you out at the exact right time to maximize your profits.
Here’s what’s included with your Forex Trend Detector software:
- The software itself (includes one live and two demo accounts)
- Members-only access to the Trend Detector site with tutorials, tips, and manuals
- 60-day money back guarantee
- 24/7 Customer support
- Free updates for the lifetime of the software
Once you’ve foot the bill for this EA, you’ll be able to instantly download the software, and begin taking advantage of all of the material in the members-only section of the site. There, you’ll find user manuals, detailed tutorials, and tips that will help you make the most out of the software, while also providing you with the knowledge you’ll need to become a better trader.
Also included are 24/7 access to customer support and free software updates for Forex Trend Detector for the life of the program.
Trading the Forex Market
Whether you’re doing your trades manually or enlisting the help of an EA, the market works in the same way. Traders speculate on the fluctuation of a pair of currencies and execute trades when market conditions seem favorable.
While the principles governing the Forex market are quite simple, there’s tons of nuance involved, and that’s what separates the good traders from the bad. The market rewards astute traders with a profit, and it tends to chew up and spit out rookies who don’t have a solid handle on what they’re doing.
New traders fail at an alarmingly high rate, and it’s common for as many as 90% of new traders to fail to make a profit during their time trading the market. They say that the key to successfully trading the Forex market is to survive long enough to understand the inner workings of the market so you can exploit them for a profit.
This is why Forex robots have become so popular. They level the playing field so that less experienced traders can leverage decades of industry experience so that they’re able to enjoy similar success to that of experienced traders who make a great living trading the market.
A Word of Caution for Beginners…
While it’s entirely possible for rookie traders to make money trading, it’s more likely that they will make rookie mistakes that can wipe out all their investment capital before they’re able to understand the market. EAs can exacerbate this problem because they make it incredibly easy to begin trading with little to no knowledge of the market.
While a Forex robot is a helpful way to level the playing field, it’s important to do your research, and enter the market with at least a 101-level understanding of how things work.
Before you begin making live trades, it’s a good idea to practice using a Forex signal program or demo account. That way, you’ll be able to get a feel for the lay of the land before you begin risking real money. When you’re confident enough to begin trading, it’s best to start small. There will be plenty of time for blockbuster trades once you have a handle on the market.
Many rookies are lulled into a false sense of confidence when working with an EA, but the fact of the matter is that most EAs work within parameters that are defined by the user.
If you don’t understand how the individual parameters work, or you do a poor job of setting your parameters, you open the door for poor and unsuccessful trades.
The owner’s manual provides a detailed explanation of each parameter and how they’re used. Be sure to familiarize yourself with each one, and understand how these parameters can help you achieve success.
Planning Ahead and Planning for Success
Before you head out and begin making trades, it can be helpful to establish a plan that will help govern your trading decisions. Consider your goals, how much risk you’re willing to tolerate, and how you’ll evaluate trades.
You’ll be able to define these parameters within the Forex Trend Detector so that the robot will be making trades with your exact plan in mind.
Practice Makes Perfect
Once you’ve purchased your software, set aside some time to read the manual and familiarize yourself with the ins and outs of your new EA. This will help you to understand how things work and keep you from getting blindsided when something you didn’t read up on or understand happens.
Start with a few dry runs so you can develop your understanding of the market, and then begin making live trades. Keep in mind that one of the most consistent things about the Forex market is losing. The best traders in the world still deal with losses.
What separates the pros from the rest is how you react to losses and bounce back.
As you’re getting your start, be sure to stick to your trading plan, and then evaluate your progress. If you’re not where you want to be, there’s a chance you’ll need to revise your trading plan so that it’s more in line with your goals.
Stay Grounded and Level
It’s common for rookie traders to get “lost in the sauce” so to speak, and take the lofty claims of different EAs as gospel, intoxicated by the promises of quick and easy money. It’s important to start small. You can always dial up your trading strategy as you become more seasoned.
But, when you’re getting your wits about you, stick with one EA, and be sure to keep your trading plan in mind when executing trades. Far too many rookie traders make mistakes by either using too many EAs or getting swept up by their first successes in the market.
What Makes Forex Trend Detector So Effective?
When it comes to being effective in the Forex market, the most important thing to understand is trends in the marketplace. By learning how trends occur, the factors that influence them, and the direction they’re moving in, you can make quite a good living trading in the Forex market.
Because this software leverages the tried-and-true trading play of breakout volatility, coupled with a complex algorithm designed to minimize drawdown, it offers users the opportunity to achieve great success within the market, without the years of experience that are typically required to do well in the Forex market.
While other EAs do a good job of following trends, Trend Detector takes it a step further by minimizing losses due to drawdown. This feature can be the difference between a successful play and one that results in a loss.
Another critical ingredient in the “special sauce” of this software is the fact that it’s designed in part by actual traders. Trend Detector was designed with one of the top traders in the industry. From there, it was tested, re-tested, and refined to provide the best EA experience possible.
Also, this EA is sophisticated enough to compensate for trades in every conceivable market condition. Each trading session is unique, and success is often determined by the trader’s ability to adapt to changing conditions in real time. Trend Detector’s algorithm is capable of these real-time adjustments, allowing the software to stay on the cutting edge despite turbulent conditions.
A Look Under the Hood
Now that we’ve covered many of the most important aspects of this popular and promising Forex robot let’s take a closer look at the meat and potatoes of our Forex Trend Detector review. Here’s what you can expect from this software from a user experience standpoint.
As we’ve discussed, this EA uses “smart money” trading plays to maximize gains for users. This strategy, coupled with a sophisticated drawdown reducing algorithm, makes it easy for experienced traders and beginners alike to make profitable trades while also minimizing the risks associated with trading the Forex.
The trading method used is similar to what other FGB or volatility factor EAs use. However, Forex Trend Detector does make use of grid trading, which is a style of trading that’s falling out of favor with many professionals. That said, this EA allows you to set your own parameters for trades, which makes it easier for you to maximize the potential of grid trading while minimizing potential loss.
FXAutomater is well known for providing an above-average visual interface for its users, and that reputation is further cemented with Forex Trend Detector. This EA offers graphs and charts that are easy to understand and allow you to draw solid conclusions about each trade.
Whether you’re a seasoned pro or a rookie, you’ll have no problem reading and understanding the data this EA puts forth.
From the user dashboard, you can also configure all of the different parameters, including MM parameters for your trades.
Customer Service Experience
FX Automater is also well-known for providing excellent customer service. They manage to provide impressive service even though all their representatives work via email, and there’s no number to call for real-time support.
While this is a negative, the company manages to circumvent that by ensuring that all service inquiries are handled as quickly as humanly possible. During high traffic times, inquiries are answered within six hours. However, during less popular times, it’s common to receive a response in just a few minutes.
From there, you’ll be able to talk to a knowledgeable service associate who will be able to handle any issue you’re having with the software quickly and efficiently. Customer service for Forex Trend Detector is available 24/7.
After taking a closer look at the performance tests of this EA, and learning more about the algorithms that are responsible for its success, you may think that this EA is priced among the high-end of the competition.
Thankfully, that’s not the case. In fact, Forex Trend Detector is one of the most affordable EAs on the market. The list price for this robot is $297, but FXAutomater has fairly regular promotions which enable you to save a nice chunk of change. We’ve seen the software selling for as low as $207 during promotional periods.
This is several hundred dollars cheaper than many top-of-the-line EAs and coupled with the 60-day money back guarantee that’s offered, it’s a software you can feel confident spending money on.
Of course, all the bells and whistles in the world won’t be worth a thing if the program doesn’t perform up to snuff. Thankfully, Forex Trend Detector delivers impressive performance, making it one of the leading EAs on the market.
When it comes to Forex Trend Detector’s backtests, the proof is in the pudding. The trading history in the example provided on the Forex Trend Detector site is verified by MyFXBook, and trading privileges have also been verified. This is important because it instills a sense of confidence that what you’re looking at is verifiable and nothing has been doctored.
Some other EAs provide test results based on demo accounts, or recommend only trading with specific brokers. These kinds of strategies are typically done to glaze over an inferior EA.
Based on the test results provided, this EA was able to realize impressive gains of over 500%. Other tests were done independently, and they reveal similar gains, with ThinkForex reporting gains of nearly 400% with a monthly gain of 9.9%. These are quite impressive numbers, and they should raise the eyebrows of seasoned traders and rookies alike.
Depending on the source of the backtests, the drawdown is a bit concerning with this EA. Based on the test provided on the Forex Trend Detector site, the drawdown is at a very tolerable 25.21%, however other tests show it as high as 48.29%, which is quite high in our opinion.
That said, while these drawdowns may be high, it’s hard to argue with the impressive profits that have been displayed for this EA across multiple tests.
An integrated risk management module makes it easy for you to understand the risk associated with each trade so you can adjust your parameters accordingly. Speaking of parameters, here’s a list of the different parameters you’ll be able to tinker with from the dashboard.
- Magic – the unique identifier Forex Trend Detector uses to recognize and manage its positions.
- Backtest_GMT_Offset – A critical parameter for backtests. Ensure the correct GMT Offset value is provided for accurate backtests.
- EA_Comment – Allows users to enter comments on their trades for reference at a later time.
- MaxSpread – The maximum spread allowed, expressed as standard 4-digit pips. Partial values can also be used.
- MaxSlippage – The maximum slippage allowed, expressed in standard 4-digit pips. Partial values can also be used.
- StealthMode – In stealth mode, stop loss and take profit levels are hidden from brokers.
- RecoveryMode – Allows the software to compensate current drawdown by smoothly increasing trading volumes.
- RecoveryMultiplier – Used in conjunction with RecoveryMode, this parameter sets the multiplier for your trading volume until the drawdown is compensated.
- AutoMM – A parameter that controls automatic risk management.
- AutoMM_Max – Controls the maximum permitted risk, expressed as a percentage of the account for each transaction.
- MaximalLots – Sets the maximum number of allowed lots.
- MaxTrades – Sets the maximum number of allowed trades.
A point of note with regard to the MaxTrades parameter, the default for this parameter is 10, and we don’t recommend tinkering with it much.
It’s not common for the software to regularly hit the maximum amount of trades allowed, but in periods where market conditions are perfectly suited to your success, the robot will open up as many trades as possible. If you reduce the MaxTrades parameter, you’ll also be limiting the potential for turning a profit during those times where conditions are ripe for turning a profit.
- Dedicated customer service staff
- Members only tutorials, guides, and tips
- Low cost of ownership
- Many positive reviews from actual users
- High drawdown percentage is a bit alarming