Forex Flex EA Review
Forex Flex EA is a well-known Forex Expert Advisor, suited for both novice traders and professionals. According to the developers, the EA uses the concept of virtual trades. Virtual trades are opened by the EA in the background. These virtual trades are used constantly to monitor the market, helping the EA to determine the perfect entry point in the market. Once the perfect entry point is found, the EA opens real trades.
The website looks amateurishly designed, yet is filled with information regarding the features and the selling points of the EA. The EA is compatible with NFA and FIFO, as well as with the MetaTrader 4 trading platform.
Forex Flex EA has two versions available to the public. The Flex EA version is priced at $330 and comes with a single live account license. The Flex EA x2 version is priced at $495 and has 2 live account licenses included.
Trading Strategy Explanation
As mentioned before, the EA opens virtual trades in the background, which constantly search the market for the perfect entry point. It’s an automatic system that looks to find the likely trend directions of the market. It then opens the required order in a specified time, with calculations based on several indicators. The EA claims that it generates more than 90% of winning trades. There are twelve trading strategies to choose from, along with time filters and a money management function. A new Correlated Hedge EA has also been recently released by the Forex Flex team, for producing more reliable trading results.
Back-test Data Analysis
Forex Flex EA provides proof of two back-tests on the GBP/USD and EUR/USD currency pairs. However, no direct link is provided. Both the accounts show a modelling quality of over 99% with a 19397% gain in one and a 254490.7% gain in the other. While presenting back-test results as a proof is definitely a good sign, prospective customers tend to prefer back-tests which are verifiable on an authoritative site, before making any decision.
Live Trading Data Analysis
Forex Flex EA provides several links to live statistics of several modes of their EAs. For our review, we shall examine the Trend surfing strategy account which has a verifiable account on myfxbook, even though it’s from a demo account.
The above screenshot indicates the account was started on August 02, 2017, and has achieved a gain of 1502.94%. The drawdown rate is extremely high at 50.37%, although the returns look impressive. The final profit generated was $751471.62.
Pros and Cons
Forex Flex looks to be a promising EA, compared to other EA’s available in the same price range. It comes with an automatic updating system, a necessary feature required by almost all EAs these days. However, it falls short when it comes to the back-tests it provided, as they were both unverifiable. The live trading statistics indicate that the EA uses a high-risk strategy which is not explained fully on the official website.
The EAs themselves are pretty costly, although the user is getting 12 strategies to choose from. At these prices, there are several alternatives that are proven to be effective, even though they work with one or two currency pairs only.
Rating - 6/10
Don't miss: The Best Forex Robots in 2021