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Forex Growth Bot Power-forex expert advisor

Forex Growth Bot Power-forex expert advisor
Click to enlarge
Price: $11 $6
Availability: In Stock
Model: 102
Manufacturer: Missionforex
Average Rating: Not Rated

Forex Growth Bot Power-forex expert advisor

Forex Growth Bot

The Forex Growth Bot Expert Advisor is not a brand new EA but has actually been around for a couple of months now. Having seen a number of positive reviews among early adopters of the system and also being aware that the vendor has recently dropped the price of the system, we decided to check it out for ourselves.

Forex Growth Bot Product Details

Product: Forex Growth Bot

Cost: $84.99, our price adjustment robot is $16.50

What You Receive:

- Forex Growth Bot Installation manual

- Forex Growth Bot (EX4 file,.dll file)

Forex Growth Bot Power-forex expert advisor

 

What’s Behind Forex Growth Bot?

This Expert Advisor seems to have followed a progressive path of development since its release, meaning that early reviews of the system are not really a true reflection of the way in which the EA performs today.

The strategy used trades the EURUSD only by default. The best insight into the strategy used is that it seems to make use of a volatility indicator which is used to signal the beginning of a trend. As the trend is confirmed additional positions are opened resulting in impressive profits when the strategy calls the direction correctly.

For those times when the trend is called incorrectly, the initial position is closed out and no further positions are opened. This actually gives the system a very good risk reward ratio and sets it out as markedly different from the many unbalanced risk reward ratios employed by many of today’s Expert Advisors.

Because of this Forex Growth Bot does not boast of a high win rate,nor in fact does it need one. Over the longer term the win ratio of the system is close to 40%. Now this may not sound too impressive when compared along side the likes of say, Forex MegaDroids mighty 95%+ win rate. However you need to respect the fact that the typical risk reward ratio here of around 1:5 (1 pip risked for 5 profit) is far better than say MegaDroids 12:1. So two profitable systems, two very different approaches.

Forex Growth bot can be purchased in either its basic version which ties you to using the default optimised settings or the Power Source Edition up sell. This offers a range of additional parameters. including the ability to add a fixed TP and SL levels (by default the system uses soft targets), an option called Wave Trailing which provides the ability for a dynamic stop loss and a couple of other minor features that may be of interest to more advanced traders.

While the trade parameters themselves in the basic version are likely to be fine for most users, we took the decision to make use of the assign SL and TP feature found in the Power Source edition. This was the result of a few reports we have heard of the EA losing trade management settings if it looses connection from the broker. Not something we have experienced ourselves but certainly a recommended fail safe for just a few dollars more.

Published results of the system are impressive and you can gain full access to live account results and a wealth of back tests on the vendors website.

How to Use Forex Growth Bot

This is a simple EA to set up and use. Just install the .ex4 file and .dll files in line with the instructions provided and restart your MetaTrader installation. Limited settings in the basic version of the EA make this a pretty much plug and play solution.

The strategy is optimised to run on the 15 minute chart time-frame on the EURUSD pair so there is only one chart to configure. However as the EA is not locked to only this pair you can also experiment with using the  strategy across other currency pairs and chart time-frames.

Both 4 and 5 digit brokers are supported. As is the case with any Expert Advisor you may experience different results depending on the broker used.

Forex Growth Bot – Verdict

The Forex Growth Bot Expert Advisor has a lot of things going for it. Firstly it is one of the very few strategies that actually makes use of a favourable risk reward setting. This is something that stacks the odds in the favour of the strategy used from the outset.

Secondly for those who like to see some trading action on their accounts, this system is happy to accommodate. You are likely to see a trade entered most days.

As mentioned above however, there does seem to be the potential for a disconnect issue causing the open trade management details to be lost.  If you take the Power Source option with the ability to add fixed TP and SL levels or keep an eye on your open trades then this issue can be comfortably managed . We understand the vendor is investigating a fix to resolve this reported issue but without a fixed release date we can’t say for certain when this will be available.

It is tempting to brand Forex Growth Bot as a flawed genius because of this issue. Ultimately however any strategy is judged by its performance and on this scroe the system excels. You will however need to re-educate yourself if you are used to using the usual low profit/ big loss systems out there. Forex Growth Bot hits a few losers but when it wins, which is frequently, it wins big. This is a core fundamental of Forex trading and one so often ignored by systems and traders alike. This is real grown up trading for a pocket money price.


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