Forex Hunter Review: A Worthy EA?
In this post, we review an expert advisor known as Forex Hunter. This is a fully automated EA that works using the grid forex strategy.
We analyze every major aspect of this forex robot. We tell you about its performance and the user reviews. To conclude, we give you our opinion based on the evidence we gather.
What is Forex Hunter EA?
This is a forex robot that is 100% automated. The website claims that this is a new generation robot that is unique. It utilizes the grid approach to trade, buying cheap and selling high.
This EA is offered in four packages. The 1-month package is the cheapest, priced at $29, while the unlimited version sets you back $500. You are only able to download this EA after you pay the subscription fees.
Payment for the EA is possible through Skrill, Visa, PayPal and Mastercard.
Forex Hunter trades in multiple currency pairs including AUDNZD, NZDCAD, AUDCAD, EURSGD, EURGBP and GBPCAD.
As we have stated earlier, this EA utilizes the grid trading technique which many experts consider risky.
This forex robot works by opening several orders of various sizes in the same direction. Such orders opened together as a group is known as a basket. When the market prices move against the basket, this EA reacts by adding individual orders known as levels. Orders in the same basket have similar Takeprofit levels, which change when new orders are added. Finally, when prices in the market reach the target set by the EA, all orders in the basket are closed simultaneously. The EA automatically weighs the right moment to enter and exit the market.
Additionally, this EA allows for new levels in the basket due to flexible multiplier settings.
This EA works in one direction; however, a trade may be conducted in both directions. More so, Forex Hunter allows users to set their trading preferences. For instance, if your broker does not allow hedging, you can set this EA to trade in one direction only.
The developers also incorporated risk management into this robot. This is meant to protect your account by regulating risks. Users can set a limit of maximum drawdown.
The EA can calculate the remaining deposit to make decisions on whether to add new levels to your basket or not.
Finally, this robot has a unique control indicator that provides additional measures to mitigate risks. The site claims that this is important for multi-currency trading.
Now lets analyze the performance statistics for this robot as well as user reviews.
Forex Hunter EA: Performance Stats
The developers have provided several backtest results.. In this instance, we check two of those backtests. The first case shows EURGBP currency pair data over a span of 8 years with M30 timeframe. From an initial deposit of $5,000 the EA got a net profit of $10,973 while relative drawdown stood at 20%.
The second backtest result shows trading for AUDNZD currency pair. Relative drawdown stands at 23%. From an initial deposit of $5,000, the EA got a net profit of $27,440 which is commendable.
Backtest results are all good. However, to get the real feel of any EA, we check real live verified stats. These we get from reputable site such as Myfxbook.
Real Verified Results
With a low-risk setting, this EA raked in a profit of $6,648 over a period of 5 years. The big concern here is the drawdown which stands at 70%. This is completely different from the drawdown we saw in the backtests. However, there is some modest gain of 88% over the 5 years. The net gain stands at 43% over the period.
We found another account with updated results from Myfxbook. Results displayed are over a period of 1-year. Although the risk setting is not shown, the drawdown for this account is at 18%. This is much better compared to the 70% for the account above.
Additionally, monthly growth stands at 4%, while relative gain stands at 63%. When gain for this is weighed against absolute gain, we determine that this account has seen some real growth over 1-year period.
More Stats from Real Verified Results
This EA also seems to be performing moderately when set to medium risk. Over a period of 5 years, the net gain stands at 32%, with monthly growth at 1.5%. However, drawdown is still a big issue at 78%. From an initial deposit of $6,000, the net profit stands at $7,200. These are verified results from Myfxbook.
There is a significant difference in results especially the drawdown. What we can infer is that risk preferences and brokers are major factors for the success of this account.
We did not find any user reviews for this forex robot. Although the EA was launched in 2020, we expected to find some reviews from reputable sources.
We did not find any background information about the team behind this EA.
The website makes a good effort to provide contacts to the support team. Customer support emails and a contact form are available for clients to reach out to the EA team.
More so, they also provide a disclaimer and FAQ section where they try and answer most questions. There is important information including settings, activating licenses and more.
There is a 30-day money back guarantee. There are no conditions stated on how to get your refund unlike other EAs. We could not verify if the team behind this EA honor their refund policy.
Our Final Thoughts
The developers have provided a lot of performance statistics for this robot. This boosts transparency which is commendable. Moreso, they have explained how this EA works in detail.
The only drawback we found is the lack of customer reviews.
Therefore, we do not recommend this EA for traders who are beginners. However, we reckon that seasoned traders can have a crack at this and find it worthwhile. None the less, this EA offers money-back guarantee which should come in handy if you do not get reliable services.