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Expert Advisors Reviews

Review of WhateverFX: Successful Martingale Forex Robot

Since the onset of the week, we've been presenting you with new stuff in the expert advisor (EA) world: a newborn scalper and a useful Library for Forex robots. Today we keep that direction of research and we'll present with a review of the WhateverFX: the newest EA from the EM Innovations (the company that also gave us the IrisFX and the LongRunFX). WhateverFX is a newborn bot: it's tested only since the start of April, and its name derives from the dull fact that its developer “has not yet decided what to do with it”. 

 
For the short period of its activity so far, the EA has shown some pretty robust results and I've decided that it would be interesting to dig deeper into this piece of software. For that matter, we'll need the help of a demo account with AlpariNZ, active since April 4.
 
 

Gambling Strategy

 
The WhateverFX trades a number of pairs: AUDJPY, CADJPY, CHFJPY, EURJPY, GBPJPY, NZDJPY, USDJPY.  
 
The EA, which trades around the clock, opens a series of trades counter the trend and increases the trade contract size after each trade opened: basically, the strategy is based on the assumption that any trend will not continue forever and that sooner or later correction occurs. After a raft of trades have been opened counter the trend, the robot awaits for the tide to turn and when (and if) this happens, it closes the group of trades. The problem is that there seems to be no hard stop loss, meaning that the losses cam grow infinitely.
Below is an example (from the history of trades) showing a group of four trades, and you can see how the losses make the robot open additional trades with a higher contract size. 
 
Photo credit: Myfxbook.
 
And yes, that's a clear form of the Martingale method. Moreover, the grid method is involved as you can see that the difference between open prices of trades is fixed.
Let's explore how this strategy leads to the strong results that have fascinated me so much.  
 
 

Performance Metrics: Solid Gains, Low Drawdown

 
An initial deposit of $1,000 has grown to $1,695 during a relatively short period of two months and a half: the gain is rather impressive at 69.5%. And if we look at the balance chart, we see that the balance is rising and that there has not been a month without some gain growth so far.
 
Photo credit: Myfxbook.
 
The drawdown accompanying this gain is at 4%, a very nice level, indicating low risk of losses – let's not forget, however, that the account to which the robot is applied has been launched only recently and we cannot claim that this drawdown level will remain so low after six months, for example. 
The drawdown chart looks really beautiful, as there are no prolonged drawdown periods.
 
Photo credit: Myfxbook.
 
The return-to-drawdown ratio (calculated for the period of activity of the account) is stunning at 17.3, showing impressive relation between risk and return. But let's keep in mind that to assess this ratio adequately, one needs data for at least one year of trading.
 
 

The System is Frugal

 
We've now reached the point where we discuss the average pips per trade, a criterion for gauging the stability of a system: its resilience to sudden market changes and its (eventual) dependence or independence to brokers (and factors like spreads and slippage). The ratio in this case is at 3.5, a reading that lags behind the recommended level of 5 and, given that the account is a demo one, the reading can be even worse. The system appears quite exposed to market changes and broker-sensitive.
 
 

Verdict 

 
I think the WhateverFX is an interesting combination of a counter-trend approach and gambling, which has so far led to strong gains and has kept drawdown low. The downsides stem from the fact that the EA has so far been tested only on demo and that the strategy features gambling methods and not everyone likes that. I'll keep monitoring the fortunes of the WhateverFX and I'll hope that the success of the demo account is also observed in live-trading conditions.
 
TAGS: forex  fx  forex trading  forex robot  expert advisor  ea  review  counter trend  gambling  em innovations  martingale  grid  gain  drawdown  pips 
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