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Expert Advisors Reviews

FX Hunter EA: Gambling but Still Safe

Today we'll be reviewing the FX Hunter expert advisor (EA), a Forex robot whose developers openly admit the use of gambling methods. Still, the robot shows nice result without any excessive drawdown, which makes it worthy of consideration. To explore the bot in detail, we'll count on two accounts: the first one has been active since September 11, 2013 with the robot trading with its default settings; and an older one, active since April 2, 2013 on which the developers test various settings of the bot.

Strategy: Grid trading

FX Hunter EA trades a variety of currency pairs: AUD/NZD, GBP/AUD, GBP/CAD, GBP/USD, NZD/CAD, and NZD/USD, using the 30 minute (M30) time frame. To open a position, the robot uses several technical indicators and seeks to follow trends once they are formed. If the position is loss-making, extra ones are opened – usually with increased trade contract size or in the opposite direction. Hence, we may safely call this strategy a gambling one: combining the grid and Martingale methods. The series of positions is treated as a whole and is closed according to a certain take-profit or stop-loss level. The increased trade contract size and the opening of trades seek to compensate for eventual losses.
Below is an example of the application of this trading method:
Photo credit: Myfxbook.
You can see that to compensate for a loss-making position, the EA needs to raise the contract size markedly sometimes, thus increasing risk. There's no wonder that we call these robots dangerous EAs.

Performance: Strong Gains,  Acceptable Drawdown

The newly launched account with the latest version of the EA has managed to generate gains of 11% in a month, which is a fairly good result and we can see a nice picture from the balance chart:
Photo credit: Myfxbook.
The picture is pretty for the account that has been active for six months too, with gains amounting to 179%.
Photo credit: Myfxbook.
But I guess most of you are curious about the weakest place of all gambling bots – the drawdown. For the account with the 11% gain, the drawdown is at 7%, while for the account with the 179% gain, the drawdown is at 24%. I would call these readings very good, as they indicate low risk of losses and, by the way, are some of the nicest I've seen with gambling bots.
The respective return-to-drawdown ratios are 1.6 (for the account that was launched only recently) and 7.5 (for the account with the longer activity). Both readings suggest some acceptable returns for what you invest. 
The last parameter of performance that we assess are the average pips per trade: they usually stand at some poor levels for gambling EAs. With this one, the reading is negative on the account active since September 11, 2013, indicating high-system sensitivity to market changes and various brokers' trading conditions. On the account with longer activity, however, the reading is fairly strong at 6, pointing that the system can survive during periods of sudden market changes. The differences in the performance of FX Hunter EA on the two accounts can be attributed to the different settings. 


You can purchase the robot from the designated website for $249 – but be careful because for some of you value added tax may apply. On the positive side, there is a 30-day money back guarantee, in case you change your mind.

Verdict: It's all about the settings

The performance of the robot appears to be fairly strong with the settings used by its developers and less successful with the default settings. I'd recommend visiting the official website and scrutinizing the variety of advice from the authors of this piece of software regarding deposits, type of accounts and certain brokers. On a personal note, I'd say that this seems to be one of the safest gambling bots out there.
TAGS: forex hunter ea  fx hunter ea  expert advisor  ea  fx hunter review  fx hunter gambling  automated forex trading  forex trading  mt4  forex robots 
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