de | cn | ru

Expert Advisors Reviews

FX Lightning EA: Profitable Multi-Currency Scalper

Today we'll be dealing with the FX Lightning expert advisor (EA), a forex robot that trades various currency pairs using the scalping method. I'm confessing at the onset of this review that I had had doubts about the success of this robot especially after the rather unconvincing performance in the end of September, as shown by the real account with Alpari NZ launched on June 16, 2013. After this problematic period, however, the performance managed to pick up and has been sufficiently robust so that we can review the robot here.
 
 

Strategy

 
The EA is a scalper, trading with seven currency pairs: AUD/JPY; EUR/JPY; EUR/USD; GBP/USD; NZD/USD; USD/CAD and USD/CHF, with the trade being most frequent with the AUD/JPY, GBP/USD and NZD/USD. The time-frames used are M15 (fifteen minutes) and H1 (one hour). In the case of the particular account, the trade contract size rises along with equity.
 
As any scalper, this one seeks to benefit from market volatility and reap series of small profits. However, despite its name which suggests a rather aggressive approach to trading, this is not among the most aggressive, impulse scalpers. The average trade duration is 5 hours and 17 minutes – that's a way milder than the trade duration of 4 seconds for the Fast Scalping EA
 
 

Performance

 
After four months of trading the robot has managed to generate a gain of 54%, which is a good result. The main factor behind this equity growth is the successful trading with NZD/USD and AUD/JPY. By the way, this robot does not shoot for the sky when it comes to the size of profits. In fact, a backtest (fixed contract size, M15 time frame) with the NZD/USD pair for the period from March 30, 2007 till August 19, 2013 shows an annual profit of $227, after an initial deposit of $10,000. 
 
Photo credit: Myfxbook.
 
The balance chart shows the somewhat controversial performance, but you can also observe that the robot is successfully recovering from troublesome moments.
 
The relative drawdown accompanying the gain is at 18%, which is an acceptable level and indicates low risk of losses. As a result, the return-to-drawdown ratio is at 3, not a stunning reading, but strong enough to indicate that we can expect some nice gains in exchange of what we invest.
 
The average pips per ratio are at 2.9 – a very weak reading, showing that the system is very sensitive to broker choice, the size of spread and slippage. This is a traditional problem for scalpers, this is why I totally agree with Pavel, the owner of the account we are exploring, that for this robot  you should pick an ECN account. And since we've started discussing trading conditions, make sure to pump at least $100 into an account to which this EA will be applied. Otherwise the size of your profits will be negligible.
 

Price

 
You can download the FX Lightning for free from Pavel's website - scroll down the page and click on the blue button. By the way, you can a set of backtests with this bot on this page.
 
 

Verdict

 
FX Lightning is a very good scalper, suitable for those who like mildly aggressive expert advisors, which trade a variety of pairs. The fact that it's free adds one more perk to this one. The only problem is the choice of a broker, but you may consult our comprehensive list.
TAGS: fx lightning  fx lightning ea  expert advisor  ea review  fx lightning review  forex robots  forex trading  automated trading  scalper  scalping robot  pips  forex accounts  ecn 
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Hong Kong SFC MarketSpeed FX,
Trading Station
$1 Review

More Forex Expert Advisors Reviews

Forex Strategy Builder Review: Build FX EA without coding skills?

May 07 2019 16:37:02

Forex Strategy Builder is a professional software for building Expert Advisors. It is the alternative of coding the strategies on MQL language. With Forex Strategy Builder it is possible to create FX EA (stands for Forex Expert Advisor) without programming skills. Read more

Forex robot builder review: EA Studio vs FSB Pro

Feb 26 2019 15:35:18

  Forex robot builder is any software that allows the trader to generate, automate and analyze trading strategies. Today we are going to compare two of the most commonly used robot builders - EA Studio and FSB Pro. Read more

Forex Gold Investor EA Review - Is it scam or good forex system?

Nov 01 2017 12:40:41

The Forex Gold Investor is an automated trading systems which, as its name partially suggests, trades gold. In this review, we will attempt to unveil its secrets. Read more

Forex Fury EA Review - Is it scam or good forex system?

Sep 27 2017 15:32:55

 The Forex Fury EA is a product which you may have heard about. The team behind it runs a website, which reviews other Expert Advisors and recommends two of their own. In this review, we will give you our unbiased opinion on the Forex Fury EA. Read more

FXCharger EA Review - Is it scam or good forex system?

Sep 26 2017 15:27:24

This will be a review of the FXCharger Robot, a relatively new and interesting Expert Advisor. While not much is known about the essence of this system, we will delve into it. Read more

Long Vision EA Review - Is it scam or good forex system?

Sep 12 2017 13:34:59

The Long Vision EA is a portfolio of automated systems, which trade the currency markets. The system is being offered by a company called Feycox Development S.L. In this review, we will try to get a better picture of its performance. Read more

Einstein Trader EA Review - Is it scam or good forex system?

Aug 29 2017 09:18:04

The Einstein Trader EA is an automated system which has performed well in recent times. That being the case we decided to take a closer look at it, and see if we can figure out how it generates the results. Read more

Inertia EA Review - is it scam or good forex system?

Aug 18 2017 14:17:15

Have you ever wanted to hire a professional price action trader to manage your funds? If so, the Inertia Trader may be your solution. Here is out our honest review of this interesting trading robot. Read more

Funnel Trader EA Review - Is it scam or good forex system?

Aug 17 2017 11:24:02

We would like to present you the Funnel Trader EA, an automated system, which you can try for a very low price. But before we get to that, let’s take a look at the strategy behind it.   Strategy   The team which created the Funnel Trader does reveal much. Read more

Cash Cow EA Review - is it scam or good forex system?

Aug 15 2017 13:24:24

The Cash Cow EA is interesting not only fot the funny logo, which the developers have chosen. We will take a closer look at this system and reveal the basics of how it trades. The developers claim 98% of trading is automated, while the human element is still occasionally there. Read more

de | cn | ru