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Expert Advisors Reviews

Wildfire Expert Advisor: Risky Hunting of Trends

Today we'll be reviewing the Wildfire expert advisor (EA), another creation of the Cutting Edge Forex team which you may know thanks to our review of the Ascent EA. And whereas Ascent has some troubles generating big gains, while relying on a traditional risk-aversive approach, Wildfire makes hefty profits but they are accompanied by a trading method that is quite dangerous. The Wildfire EA has been applied to different accounts on Myfxbook depending on the money management and the currency pairs in use. We'll be exploring the account with the longest life and the most aggressive settings – this is a real account with Trader's Way, active since June 24, 2013. This gives us about seven months of trading activity to explore. Have in mind, however, that these are not the recommended settings for the robot.


Strategy: Trends, Pullbacks and Reversals

The Wildfire EA trades solely with the EUR/USD pair, using the one-hour (H1) time frame. The robot looks for trend reversals and pullbacks and opens positions in tune with the newly appeared trend. 
The issue at stake here is the level of the take profit and the stop loss, as we are talking about risky settings, these levels are so large that the EA sometimes awaits for days until a position is closed. This leads to high levels of drawdown.
Photo credit: Myfxbook.
In addition, the trade contract size is raised very often, pointing to a trading method that resembles Martingale and hence brings the trading method closer to gambling.

Performance: Great Profits, Great Drawdown

For seven months of activity, the Wildfire EA has managed to generate a gain of 120%, which is a significant result. The least to say, the robot managed to pay off for the investment in the account. However, the gambling methodology used has had its impact on the robot's performance and the drawdown is huge at 46%. This level points to substantial risks of losses, albeit it's not sufficient yet to trigger a margin call. One more issue about the drawdown is that it is continuous. If we look at the drawdown chart, we see a real wildfire. Hopefully this is not where the name of the robot comes from.
Photo credit: Myfxbook.
The return-to-drawdown ratio is at 2.6, which is not amid the most solid we've seen, it's a bit higher than the minimum of 2.5 which we recommend. Still, one can hope for decent returns in exchange for what is invested. But if the drawdown is not taken under control, this reading will soon decrease.
The average pips per trade provide a good bit of news, as they stand at 14.4 – this is a pretty strong result, pointing to the fact that the results which this EA shows will be similar across Forex brokers and will be hardly affected by spreads and slippage. 


You can purchase the Wildfire EA, along with the Ascent EA, from the designated website for $279. The sum is rather big, but the vendors say it covers a full-life license for six real accounts.

Verdict: Rather Risky but Profitable

Apparently one should be very careful with this EA, due to the risks implied in its trading strategy. However, the Wildfire EA has shown an ability to deliver solid profits, which makes it an interesting choice for those who are not afraid to risk. 
TAGS: wildfire  wildfire ea  wildfire ea review  forex robot  ea  expert advisor  automated trading  forex trading  mt4  martingale  pips  lots  drawdown 
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