de | cn | ru

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. 
 
 

Pricing

 
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 
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$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
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website
UK, Cyprus, Dubai FCA, CySEC, DFSA MT4, MT5, Web,
PrimeTrader
$100 Review Website

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